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| 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 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,069.00 | 2,069.00 |
| Top Posts |
|---|
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 21/3/2013 11:31 by cockneyrebel I think they have scope to surprise still hybrasil - and at worst a lot of investors see the results and realise these are a 3D Printer play - the techy thing to be in at the moment imo.Tues will be interesting anyway :-) CR |
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 15:32 by staverly Ferret - you're so right, Lord Lee of Trafford is a wise old bird. It sounded like Delcam was his favourite LSE stock. His Investor column is greatly missed. |
Posted at 16/1/2013 00:09 by staverly Sleepy, Your nomenclature belies your impressive observational powers. And thank you for your comments. I decided to simplify things a little. The revised copy beneath is shorter but still in keeping with my original arguments albeit without the qualitative angle. To be fair, any self-respecting value investor should be able to see this as a stand out opportunity (why else would RSW own 20%). P/Es can be poor arbiters of value; let's hope so given that the FTSE SmallCap index currently trades on a price-earnings ratio of 37 (source: Economist 12th Jan 2013. All other data sourced from ShareScope). Delcam's current (FY2013) earnings estimate of 62.1 per share, using last Friday's closing price of 1155, gives a P/E of 19. My expectations for Delcam, as you know, are somewhat higher. Their "consensus" numbers being produced by only a single research analyst (no sponsored equivalent exists) greatly excites the possibility of persistent market pricing anomalies. Unsurprising then, that this steady little slow burner has estimates that, in the past few years, have had to be materially revised on a regular basis. Take FY2012 for example: this time last year (so barely one month into their last fiscal year as Dec year-end) 38.8p earnings were predicted. Less than eleven months later 38.8p had become 57.1p only the small matter of a 47% increase during 2012. You should note that FY2012 is not yet in red ink but figures are unlikely to be materially different when released in March as evidenced by recent trading update. FY2013 earnings target of 62.1p may not receive such a pronounced hike over the next eleven months, nevertheless it appears too modest. Now that their material R&D spend has been assuaged due to consistent organic top line growth, the consistently high margins (~70%) have created an operational gearing powerhouse . FY2013 estimates might well appear anomalous to a keen eyed investor. Ever since H2 2010, 30p out of each additional £1 turnover has dropped straight down to profits. However, FY2013 operational gearing appears to only produce 12p profit for each additional pound of revenue. That doesn't seem right. Of course the world is far from a certain place but unless some unexpected macroeconomic issue develops I expect there to be on-going improvements to these numbers throughout the year. I have pencilled in earnings of around 79p per share for the current year. That is the equivalent of the "consensus" only needing to be corrected by 29% this time. My seventy-nine pence calculation equates to a P/E of 14. Too low a valuation given the high quality of earnings, capital structure, the honest and competent management, a durable competitive advantage and not least the on-going stellar capital reinvestment rate of around 55% . So in relative and absolute valuation terms Delcam, imo, is still attractively priced despite the recent share price rise. As ever please undertake your own research. Apologies to all of you who don't use ShareScope, the same data maybe available for free at finance.yahoo or Digital Look. |
Posted at 23/8/2012 12:46 by sleepy Hybrasil - good to hear from youAm normally a "value" investor but this is one of a very small number of tech shares I have ever owned. Also one of John Lees holdings I believe it is much more profitable than the numbers in the accounts show as software development costs are written off as incurred. Invested heavily in product development and foreign distribution in recent years and good sales increases from Asia and Americas in today's numbers Has the possibility of doubling sales over the next 4 or 5 years which at an incremental margin of 25% would give potential for profits of £13 million pa giving EPS of c £1.20. May be bought out by Renishaw a 20% shareholder, hopefully at £14/£15 in short term taking into account growth prospects, understated profitability and cash. Would expect over £20 if it happens in 3 years time |
Posted at 05/2/2007 12:21 by hybrasil It just goes to show how many private investors still are not signed up to advfn when you see how many trades have taken place here today.I bought 1st thing this am based not only on Mr Lee but also this am,s rns. |
Posted at 30/3/2004 17:33 by djalan Wonder if DLC will get a mention in investors chronicle?I don't buy it any more We have really great potential in China, they were slow joining the technology boom, now they are racing to catch up jal |
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