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DLC Delcam

2,069.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Delcam DLC London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 2,069.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
2,069.00 2,069.00
more quote information »

Delcam DLC Dividends History

No dividends issued between 28 Mar 2014 and 28 Mar 2024

Top Dividend Posts

Top Posts
Posted at 07/11/2013 17:36 by cockneyrebel
Never miss a chance to ramp your sh!te tara.

PTO isn't in DLC's league.

Sadly sold my DLC back when Ed Lambourn Tech Dir sold 570K in Sep. That was 60% of his holding! Bet that's hurting today ! :-) Tho 570K shares sold at £16 I dare say he has enough to get over it :-)

Well done those still holding.

CR
Posted at 07/11/2013 15:51 by staverly
Not happy with a 21% premium and a crystallised tax situation. It takes a lot of time and energy to find publicly traded business's as good as DLC. Bad day for any long term GARP investors.
Posted at 04/3/2013 16:57 by staverly
varies: You are welcome.

Bandwagons, personal liquidity and tax issues aside, DLC is a stock that deserves to be held for the foreseeable future, not least as to get back in has historically involved absorbing such a huge spread.

Even for the pros it is often difficult to articulate with conviction beyond simplistic quantitative reasons why a stock is under/overvalued. No wonder so many PI's emotions exert such control.
Posted at 04/3/2013 16:27 by varies
Staverly
Thank you for referring me back to my own recent offering (Jan 29)
I am sorry for being repetitive and will try to restrain myself from making similar observations until the price goes up another 15% !
Much as I hate CGT, it does sometimes inhibit one from selling a share too soon and I am thankful that I have retained more shares in DLC than I would have done otherwise.
Posted at 04/3/2013 15:23 by staverly
Unquestionably RSW is DLC's best proxy for LSE read ax valuation. Whilst i realize relative valuations should be treated with care, but even with Delcam's impressive share price rise today (+110p) RSW is still EV valued ~ x13 higher vs DLC. IMO this comparison materially undervalues DLC (and FWIW i consider RSW underpriced!).
A more reasonable basis of x10 EV in RSW favour would give DLC a share price of >£17; just a thought. DYOR
Posted at 01/3/2013 11:08 by staverly
Apad: You are correct; £5m in 2011 and a further £4m was injected during Dec '12. Their early adoption of IAS19 will mean FY11 net income needs to be restated (~600k lower) as will quite a few other listed entities with legacy defined benefit plans. But unlike DLC, who have now fully funded their shortfall, some will be very exposed with materially suppressed future earnings (and vicious restatements) but more importantly many of them will require serious cash injections.
Given that average age of Delcam scheme participants is around 45 (reasonably assume disproportionate equity weighting) might suggest that situation might even play out positively in FY13 onwards albeit on a non-cash basis.
Posted at 30/1/2013 23:46 by staverly
quantumx: Fair play. It does seem rather aggressive for FY2014 earnings. I thought the News Bites article was worth regurgitating as it presented a balanced view. I don't have a clue how the 9.6 figure was reached. Though IMHO it has to be more on the money than some of the high double digit P/Es that abound. I noted tonight's ShareScope data with surprise as it reflects revised numbers for sales & earnings that appear wrong in the context of yesterdays announcement.

To explore your reasoned point further, let's reverse engineer the income statement by assuming that operational gearing from past 18m persists at same level. Each additional £1 of sales then increases PTP by 30p. So then it would require FY2014 revenue of ~£63M (15% CAGR over next two years) to produce 128p ps PTP. We then have our P/E of 9.6. Reaching maybe, but not ridiculous if global economic conditions continue to improve. There is plenty to play for and DLC are well-equipped to exploit the situation globally. Looking further out, Delcam is poised nicely on the fringes of a potential game changer - 3D manufacturing. Their acquisition of a minority stake of Fattify in 2011 suggests intent to position the business to take advantage of the progressive move from subtractive to additive manufacturing.

There's is a still a lot to like about this stock. It is hard for a value investor to buy in when a share price has moved so strongly. £24 a share only equates to an EV of £180m ...... that doesn't sound crackers to me.
Posted at 29/1/2013 18:58 by staverly
This appeared on News Bites newswire a short while ago (note the forward year P/E of 9.6 ...... is that expensive for a high quality growth stock?):

Delcam PLC (DLC.L), the 15th largest software & programming company by market capitalisation in the United Kingdom, surged GBX95.0 (or 8.4%) to close at GBX1,232.50. Compared with the FTSE 100 Index, which rose 44.8 points (or 0.7%) on the day, this was a relative price change of 7.6%. The volume was 2.3 times the average trading of 3,731 shares.

RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTALS

Bullish Signals:

Valuation

- Price/Sales of 2.3 versus sector average of 2.4 and market average of 0.7. We estimate the shares are trading at a current year Price/Sales of 2 and a forward year Price/Sales of 1.7.

- The company is cash rich with Cash to Market Capitalisation at 10.5%

Performance

- Return on Equity of 20.1% versus sector average of 8.3% and market average of 11.5%.

- Year-on-Year Earnings growth of 25.8% versus sector average of -25.0% and market average of 15.0%.

- Return on Assets of 10.1% versus sector average of 4.7% and market average of 1.4%.

- Return on Capital Employed of 20.4% versus sector average of 11.0% and market average of 15.5%.

- Interest cover defined by EBIT/I is 56.7 times. This indicates it is less leveraged.

Bearish Signals:

Valuation

- Price/Earnings of 31.4 versus sector average of 23.5 and market average of 10.0. We estimate the shares are trading at a current year P/E of 17.3 and a forward year P/E of 9.6.

- Dividend Yield of 0.2% (based on trailing 12 months dividends of GBX2.50) versus sector average of 2.1% and market average of 2.1%.

- Tobin"s Q Ratio, defined as MCap divided by Total Assets, is 3.2. Compared with the rest of the market the stock is overvalued and ranks in the bottom 10% of stocks by value of Q Ratio.

DYOR
Posted at 29/1/2013 09:46 by varies
Having held DLC shares for many years (in at about 130p which I see as the price in 2002 at the head of this thread)I am, of course, delighted with its progress. I was misguided enough to sell some at prices between 650p and 850p last year and sold a few more last week at 1126p.
The price seemed high enough to me at 650p and I am lucky that CGT deterred me from selling more. At 1190p I find it incomprehensible, this being about 24x pre-tax profits and presumably some 30x net.To my mind an increase in profits of about 40% in 2013 over 2012 would be required to bring us down to a sensible multiple.
Is this what the optimists here are expecting ?
Posted at 29/1/2013 07:40 by bonzo
29 January 2013

AIM: DLC

DELCAM PLC

("Delcam" or "the Company")

Pre-Close Trading Update

The Board of Delcam, the UK's leading developer and supplier of advanced software solutions for metrology, product development and manufacture, today reports on trading as it enters the close period in respect of its preliminary results for the year ending 31 December 2012, which are due to be published on 26 March 2013. Revenue is expected to be at least GBP47m and profit before tax is expected to be approximately GBP5m (stated after share option and pension charges of GBP0.2m and GBP0.2m respectively).

Are these good, bad or indifferent? Look to be substantially up on last year?

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