Share Name Share Symbol Market Type Share ISIN Share Description
Eurovestech LSE:EVT London Ordinary Share GB0002292810 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.75p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 13.3 -4.9 -1.4 - 22.41

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kenmitch: As I guessed would happen, the share price has done nothing (gone down in fact) since the flurry of posts here following the Investors Chronicle article. Recent results passed without comment as did the positive write up in Investors Chronicle. I've posted the following on Mike Walters website. "I posted about Eurovestech for years but then gave up because also for years the share price has done nothing despite EVT hardly putting a foot wrong. That still applies with the share price now down to 9.5p to buy and at a big discount to current NAV of 16.6p. Until the share price starts to wake up it is probably safe to watch and wait, though I added more following Simon Thompson (Investors Chronicle Companies Editor)including EVT in his bargain shares list in February. Eurovestech issued their results on 29th March. ADVFN There are so many positives and so much potential that I can't resist posting some of the details. Before a few facts and figures let's start at the end with the important "Prospects" paragraph as that really caught the eye! Comment there included this huge plus with markets and economic news so iffy.... "EVT is largely unaffected by different economic conditions. Our individual Companies serve specific needs, and are unaffected by gross economic measures... the markets our portfolio of companies serve in are in RUDE HEALTH (my capitals). We view the future in a fashion that is tinged with reality, but in a manner that brims with confidence." WOW! So what evidence is there in the results to back this up? 1. Initially not the profits, since they moved from profits of £0.6 million last time to a loss of £2.2 million this time. BUT profits are volatile and EVT explained why years ago. Companies like this are best judged on their NAV. Anyway the reason for the loss was that this time there were no disposal profits and there were exceptional charges at otherwise very successful KSS because KSS bought a close rival. 2. NAV was actually up 4% over the 6 months. 3. 4p in cash was returned in October last year to add to the 2.18p returned in 2010. They floated at 5p so have now returned more than that in cash. And some of us bought the shares as low as 1.75p. 4. TOLUNA - now ITW Acquisitions Ltd, and now a private company is still doing well for EVT. EVT originally staked £2 million. They have already banked a £40 million profit for a 20 bagger and still own 10%, and £12.2 million of loan notes. Investors Chronicle covered their results last week, concluding "BUY." I/C point out that in two months these loan notes mature, meaning Eurovestech either get £12.2 million more cash, or their stake in very successful Toluna will increase from 10 to 16%. Eurovestech say they are "confident about Toluna's continuing growth prospects." 5. Revenues from their other star company KSS Fuels rose to £7.1 million and are forecast to rise to £12.8 million to year ending in June 2012. And integrating the KSS acquisition should bring annual cost savings around £1.2 million. Indeed KSS Fuels is thriving. KSS has won new contracts since the year end and EVBT have now increased the carrying value of KSS Fuels to £13 million from £9.5 million. KSS is 100% owned by EVT. EVT also have large stakes in 4 other companies. 1. AUDIONAMIX. Sound Separation Technologies. EVT owns 45.5%. Revenues grew rapidly in 2011 but EVT say its advances are modest relative to potential. Accordingly AUDIONAMIX is targeting further substantial growth. 2. MAXIFIER. On line advertising technology solution - increased the effectiveness of adverts. EVT owns 49.9%. Maxifier won a number of new contracts and "several significant contract wins in recent weeks." But further funding will be needed and EVT will be joining in. "Maxifier's success and technological strength is becoming widely recognised" EVT claim. 3. LOGNET INFORMATION SYSTEMS. Billing and ebilling solutions. EVT owns 26.5%. Promising and profitable. 4. MAGENTA. Real time dynamic software scheduling in the transportation industry. EVT owns 49.6% Profits of £381,000 and generating enough cash to fund its growth. According to the Investors Chronicle update, two of EVT's investments may float.. They also say that there seem to be a number of investors keen to buy in to Maxifier. And I/C comment on the recent deal between EVT and Cenkos where for £900,000 Cenkos has agreed to pay EVT a proportion of any commission earned from clients introduced by EVT. Cenkos will also provide discounted commission rates on funds raised for EVT and its investee and associated companies. Also worth mentioning is that Richard Bernstein EVT C/E is still encouraging other Companies to follow EVT in donating shares to charities.They have recently issues another 1,100,000 to several very worthwhile charities with listing costs of £11,000 funded by Richard Bernstein, and since floating have gifted shares worth more than £2 million to over 100 charities. So though for ages the share price has done nothing, there is plenty to suggest that before too much longer that will change. I've held the shares for years and one big plus point is that even in the worst of market falls the share price holds steady, as it does unfortunately when many other shares are going up!BUT this is a share that won't give any sleepless nights and that has a lot of upside potential in time."
kenmitch: sbs. You haven't named your Company so we can't know whether your claims are for real. There have been plenty of examples of EVT investing when the pay off was years away so that won't have been the reason. Do you talk more than you listen? EVT are shrewd and would notice that, as they would claims with little to back them up. e.g The disadvantages of buybacks have been well covered here. You haven't countered any of them by persuavive argument. Instead you claim that the EVT share price would rise a lot if they bought back heavily.... at least I think that's what you mean by "They could easily push the price up a long way by buying." With far fewer shares in issue then NAV would of course be higher - but that alone doesn't guarantee a higher share price. It could instead just give an even bigger discount to NAV than now - at least until investors decide the shares are an irresistible bargain. Serious buying would lift the share price. ozz2 The big discount to NAV simply shows that the share is very cheap. That's reassuring rather than worrying. What's more their NAV figures are conservative - which makes the share even cheaper. There's not much EVT can do about it - and as explained I don't think buybacks are the answer. They already have very strong Institutional support including two top Fund Managers in Neil Woodford and Colin McClean and Institutional share holdings in EVT are large. I agree the share price performance has been very disappointing but newsflow has been good - including the recent KSS update. Further good news/NAV enhancing news will make the shares even cheaper, and some of their investments are showing great promise. At some point this will attract new buyers of the shares and get the share price moving up again. Meanwhile in a bear market this is one to hold and lock away for very good returns again in time imo. It is certainly a worry free investment for me and in the unlikely event of the share price falling further - unless because of bad news - one to top up on any further weakness.
kenmitch: sbs. Interesting post, but you've ignored the key question. How is it better to get no cash than cash? The answer is it is never better. Just imagine if every one of our dividend paying shares paid no dividend and instead spent that money on buybacks. Our dividend yields would go from maybe up to 10% or more for long term holdings to ZERO! You are clearly clued up on the theoretical case for buybacks. Trouble is evidence (e.g detailed research from Morgan Stanley) shows clearly how Companies buying back saw their share prices go on to UNDERPERFORM those in the sector that did not buy back. Yes, it obviously makes sense to buyback at a low price - but even then it is a pointless exercise and you don't have to look beyond EVT to see that. What did their last buyback achieve other than a lower share price? OK. Yes it means assets per share increase but that doesn't automatically mean a higher share price as EVT investors have learnt the hard way. I've known Companies (e.g Unitech Corporate Parks, admittedly with much less proven assets than EVT) trade at a 90% discount to NAV. You say that a lack of a buyback could lead to a sharp fall in the share price. Why, when the shares are already trading well below modestly calculated NAV? The shares have had a very bad run since they bought back even when the markets have risen. This was to be expected as anyone who has bothered to check out research on buybacks (instead of taking the dodgy theory about them as being good as read) will know. Obviously I can't prove this but fwiw I'm confident that the EVT share price would be higher now than it is if they hadn't wasted money on the last buyback. And there is a high chance (read research on it) that if they have another one that after a short bounce at the time of the buyback the share price will then go lower again. EVENTUALLY EVT and their investors so keen on them might cotton on. But don't hold your breath as BP who have now spent around £30 billion on buybacks (enough to fund the Olympics around 3 times!) only to see their shares languishing STILL haven't got the message! Sorry to state this so bluntly, but buying back is the same as throwing money away or burning it.
kenmitch: In case one or two haven't seen it I posted the following on Motley Fool Paulypilot's Pub earier today. fwiw I still think that the EVT share price is too low the more so after recent good news including the latest from Lognet. "The first post on this thread (on Motley Fool) gives the basic information on Eurovestech,and detail on Toluna a successful AIM quoted Company where EVT hold just under 30%. Since then, though progress has been good, again with examples posted on this thread,like the postive "above expectations" recent trading statement from Toluna, the Eurovestech share price has not gone up much, rising from 14.75p to the current 16.5p. Last week came more news. First, that £7.5 million of the cash from the recent sale of KSS Retail is being returned to shareholders via a cash dividend of 2.18p a share. Though this is unexciting for smaller shareholders it is an excellent way of realising cash for their long standing Institutional shareholders like Amvescsap who have held the shares, and added, from when the share price was as low as 1.75p. btw the delay in announcing this - it had been expected by mid February - was apparently because of technical/procedural issues and not because of disagreements behind the scenes. Their large shareholders were unanimous in support for the cash return and the decision to go for a share buyback up to £2.5 million. On the buyback, the key thing here is to emphasise "up to." i.e EVT will go for buybacks up to £2.5 million as, when and if it is likely to be beneficial and NOT as so many other Companies seem to do and go for buybacks regardless of the level of the share price. Examples where it could prove beneficial are with distressed sellers being forced to dump the shares. I hadn't realised this but Progressive is one such Institutional example. They are being wound up and so have been forced sellers and are now under 3%. This probably explains the disappointing share price reaction to recent excellent news like the announcement last month of a contract for KSS worth $several million with The Pantry, one of the largest Independent retailers in the US. With the facility to be able to buyback shares they could pick them up cheaply from distressed sellers. The current EVT share price is covered by the current £37 million value of their stake in AIM quoted Toluna, and their cash. Even after handing back a lot of cash they will still have more than £5 million available for new investments. The rest of the EVT portfolio including profitable KSS, Magenta and Lognet are all in the share price for free. Liberum in a buy note issued after the news of the return of cash said that they think that EVT will make healthy write ups to its unlisted portfolio in its 31/12/2009 Results (expected later this month). Liberum also have a buy note on Toluna, and Killik are also bullish on EVT. One investee Company that has not been covered here is Lognet, where EVT hold 25%. This is another of their investments in the share price for free that seems to be doing very well, so I'll finish the post with information about Lognet. Also although it is disappointing that the EVT share price has not risen further, in time surely the market will recognise their success? Maybe a further rise in the price of TOLUNA following their results will provide a trigger? There was a positive update from Lognet Information Systems a few days ago. Although no fgures are given revenues are up 216% and EBIT at 16% so they are another of the EVT investee Comapanies making profits. Lognet is at an earlier stage than the likes of KSS and Magenta, also profitable, and also in the share price for free. A couple of other Lognet positives were the forecast of "rapid growth" and the "excellent references" they got in 2009. "24/02/10 LogNet Systems Announces Record Financial Results for 2009 Company sees continued growth and expansion in 2010 and beyond Yoqneam, Israel (February 24, 2010) – LogNet Systems, a global provider of customer management and billing solutions for multiple play service providers, today announced strong financial results for fiscal year 2009. Despite slow economic conditions, 2009 proved to be a record year for LogNet Systems in terms of revenue, profitability and new business momentum. The company increased total revenue by 216 percent compared with 2008 and achieved EBIT of 16 percent. During 2009, LogNet Systems won five new customers and performed significant upgrades for several key customers, while the value of the company's pipeline has more than doubled compared with the same period last year. Looking forward to 2010, the company's management strongly believes that LogNet Systems will capitalize on existing opportunities, expand into additional vertical markets and continue the company's rapid growth. "The strong growth that we experienced in 2009 clearly demonstrates that telecoms realized the importance of e-billing and self service for cutting their operational costs," said Taly Eshel, President of LogNet Systems. "Moreover, our multiple play billing and customer care solution for telecoms and utilities has proven to enable our customers to achieve greater profitability and we are confident that the excellent references we won in 2009 will cement the continuation of our growth." About LogNet Systems LogNet Systems empowers leading service providers worldwide navigate their businesses to greater profits. By providing a range of innovative customer management and billing solutions, LogNet Systems enables service providers to deliver a personalized and profitable customer experience, expand service and product offerings and increase operational efficiency. Solutions from LogNet Systems are based on a modular product portfolio that includes billing, rating, product catalog, CRM, self care, e-billing and data analysis. LogNet Systems has designed and deployed over 50 complex customer management and billing solutions for communications, utilities, financial and transportation service providers worldwide. LogNet Systems is headquartered in Israel and has offices and representation across EMEA, APAC and Americas. For more information, please visit our web site at" And for further information on Eurovestech see their website with details of all their portfolio Companies at www.
kenmitch: Exactly Jambo. Although the EVT share price has risen it is still far too cheap. Also the Toluna share price rise should feed through to the EVT share price. Toluna being tipped as a share of the year in The Sunday Times seems at last to have woken up a few investors. For too long the shares were hardly ever traded. Maybe Toluna should go for a Main Market quote now. Next thing of interest for Toluna will be the trading update - next month? Confirmation that the bargain acquisition was indeed a bargain could give the shares a real lift. Toluna used to trade on a high forward PE - but now the prospective PE ratio is very modest. After months of frustrating disappointment share price wise things are at last looking up. I hope they go for a special dividend and not a share buyback, so that ordinary investors see the money. Good point too about the other KSS. To think EVT bought the lot for just £1 million! Another stunning buy/multi bagger, and they've still got half of it. Also the fact that the purchaser of KSS Retail is owned by Tesco says something.
kenmitch: The shares certainly look cheap now - the more so since newsflow has been good while the share price has fallen from 24p to 14p. I posted about EVT on Mike Walters bb last week and one or two here fairly new to this Company might find it interesting. Not much in it that those who have held the shares for ages or followed the Company for a long time won't know already. I agree re quiet ADVFN bbs being preferable to those full of rampers - but arguably EVT could do with getting a bit better known and understood, as it needs buyers to get the share price up. Anyway here is the post from the other bb. If anything is incorrect or if having more positives (or negatives) to add please post. "Plenty on this thread about Eurovestech and Toluna. It's been a wonderful winner for a few here over the years since posted about a few years ago at just 2p. BUT it is also true that some have bought and made very little as at times the shares have done little or even gone down - as they did last year after peaking at 24p. I held almost continually from 2p but then sold last year partly because I couldn't see the EVT share price holding around 24p when so many shares were falling, but also because one of their last acquistions, MIST, did not come up with the immediate good news that was largely behind the quick rise in the share price from 18p to 24p. I also sold as I needed the money after suffering losses last year and at least EVT was going for a good profit - a rarity with sales in the depths of the bear market. The shares are now 14p to buy having bottomed at around 11p a while ago. I bought them back at 11.5p and have added more at 13p and am tempted to add again. Recent news suggests they are now a strong buy with (barring surprise bad news from Toluna) little downside and considerable upside potential over the next few months. I'm hoping for around 50% on the current share price within a few months, with maybe more to come after that. Why? The current market cap of about £47 million only covers their remaining 30% stake in Toluna and the £11 million net cash on the balance sheet. EVERYTHING ELSE is in the share price for free. Before a brief look at what is in the price for free, a mention of recent news from Toluna. This includes recent purchase of a Company from Microsoft for just $40 million when not so long before Microsfoft expected to sell it for $120 million. Yet another example of their ability to spot a bargain - assuming it proves a good buy. It should. It is expected to be strongly earnings enhancing and means Toluna now has a 12% share of the market. So there is a good chance that the Toluna share price could go up a good bit more, once increased profits are confirmed. It held up very well during the bear market - but is overdue a bounce now as the price has also done nothing while many other shares have been soaring. The PE ratio, not so long ago very high, is now down to around 15, quite modest for such a fast growing Company. What about that £11 million cash? Based on previous experience EVT are likely to spend it well. Maybe not in such a stunning way as with Toluna - where their intitial £2 million investment has turned in to £50 million so far. Nor perhaps as good as KSS bought for peanuts and now doing very well - but they are very good at finding bargain buys. Anyway what is in the share price for free? 1. KSS. See the previous post on this thread for the latest RNS posted by Man in Grey. At first glance it looks bad - delayed contracts. But read on and see the likelihood of several contracts soon. This has happened in the past. EVT would rather lose a contract than sign on poor terms just to get them included in the next set of figures. KSS retail has been winning some good contracts including a mulit million dollar one with dunnhumby coupled with a strategic partnership that includes Kroger and Tesco. If their cost saving technology is good enough for Tesco others might decide it is good enough for them too. KSS is now making significant profits and must be worth £10 million at least, yet is in the share price for free. Magenta has imo been a disappointment. BUT they are breaking even and have no debt. They have also recently moved in to online marketing with their Maxifier brand and prospects for this section of their business look very good. What is Magenta worth? A conservative £5 million and probably more - and again in the share price for nothing. Two of their latest acquisitions again in the price for free are Lognet and MIST Technologies. Lognet is expected to become profitable in 2009. Apparently more and more blue chip customers are signing up, adding to an already strong customer base. Again this Company too must be worth £several million. MIST got me and others very excited last year with a technology to reengineer sound to a high definition quality. Apparently the market opportunities are huge. So far that hasn't been shown in contract wins - but one major win would change that. There is much more on MIST in posts on this thread last year. Major sharholders include Invesco who hold nearly 30% and SVM Asset Management with 20%. Richard Bernstein holds over 8% and Artemis over 7%. The main negatives? In terms of how they are doing very few - aside from Magenta taking longer to fulfil the promise, and that possibly applies to Mist too. But since both are in the share price for free and Magenta is breaking even and has no debt that is not much of a negative! The other main negative from an investment point of view is that aside from investors who have known about EVT for years there seems to be little investor interest or understanding about the Company. That may well be a factor in the shares lagging recently. But that could change - either with more impressive contract wins, say for KSS, and/or even more impressive results from Toluna. That might well give the TOL share price a lift and if that didn't lift the EVT share price too then EVT would be even cheaper than it is now. So if looking for a quick multi bagger EVT is the wrong share. If looking for a top quality, well managed, successful small Company trading at a bargain price with the potential for at least 50% share price upside over the next few months then EVT is worth checking out. There is loads on EVT and Toluna on this bb."
kenmitch: Apologies for being lazy and just copying a couple of posts I've done on Mike Walters site. With luck any who agree/disagree or who can add anything else will post. "Toluna has announced an acquistion and share placing at 210p to raise £28 million. They've bought Greenfields Online Inc a wholly owned subsidiary of Microsoft and claim it will be significantly earnings enhancing. At the same time EVT have sold about 3.5 million of their holding in Toluna for £7.5 million. That reduces the EVT Toluna stake to 29.9%. Toluna cost EVT about £2 million. EVT have now realised around £15 million from sales of Toluna shares and their remaining stake is worth £31.3 milion at the 210p placing price and a bit more at the current 226p Toluna share price. That's a genuine multibagger. The TOLUNA news today is on top of the excellent contract news from KSS yesterday. KSS was a similar bargain - bought for £1 million and already profitable, and now with that big multi million dollar contract win yesterday. EVT shares are up again today gaining another 0.75p on top of the 0.75p gain yesterday. I've mixed feelings about EVT selling more TOL shares,just when TOL has made what looks an exciting acquisition and further strengthened their finances. The acquisition means TOLUNA is now the leading online Company - yet because it is French owned few here seem to realise this and the shares can go days without any trades. Even with this news today so far there hasn't been a single TOL share traded. Maybe this is a factor in EVT selling reducing their stake - and it gives them useful funds for further investments. In a couple of recent posts I suggested that the EVT share price would continue to do little until there was proper good news from the likes of TOL, KSS and Magenta and also from their news acquisitions like MIST. Well we've now had news from TOL and KSS that has indeed given the EVT share price a lift. Now fingers crossed for more of the same and from other of their investee companies to help the shares continue their recent good run. " AND "Wow! I posted on the Toluna acquisition yesterday. Seems they got a bargain - and that's on top of Toluna being such a bargain buy in the first place. Here's Geoff Foster's comment in his Daily Mail market report today. "AIM listed media company Toluna improved 2p to 228p after raising £28 million in a placing at 210p a share to help fund its acquisition of the internet services arm of Greenfield Online from Microsoft for £24.5 million. It appears that Toluna got a bargain because Microsoft had plans to sell the business to private equity for around £75 million but the credit crunch put the kybosh on that. It's good news too for investor EUROVESTECH 0.75p dearer at 13.5p. It did own 50.6% of Toluna but that has now been reduced to 29.9%. It keeps a stake worth £31.3 million at the placing price, so its initial investment of £2 million is now worth a stonking £46 million." The only slight negative in the above is that it reinforces my disapppointment that EVT have sold down their TOL stake to just 29.9%, as if the acquisition beds in well, and proves to be an absolute bargain, then TOL shares could go up a lot. otoh EVT have taken another £7.5 million profit and you can't lose taking a profit. Even though the EVT stake is now down to 29.9%, EVT remains the better choice imo as their shares are so cheap and even now if the TOL share price does rise strongly then the EVT price should also go up in response. And with EVT you also get the other bargains like KSS, and now even more cash, thrown in as well. I hold EVT - looks good as a longer term lockaway with surely limited downside? The share price bottomed out at 11p not so long ago and with the recent good news from KSS and now this from TOL surely a fall lower than that is fairly unlikely now? The rise might be fairly gentle too - but no reason why the shares should't go back to their 2008 price in the mid 20s in time. i.e a good chance the share could double. You'll be buying a share where Management have proved both their quality and their eye for a real bargain."
kenmitch: Interesting to see a lot more trades in Eurovestech today. Maybe Institutions and ordinary investors beginning to wake up to the huge potential, including in exciting new investment MIST Technologies. I posted the following on Mike Walters subscription site earlier this week, and the one or two others who still check this one out might find it interesting. Apologies for any bits that are only relevant to Mike's subscribers, but with so few now posting here it doesn't seem worth going through it to clear those bits out. Some of the following might well explain the interest and gain in the EVT share price today......... "This post is aimed at existing Eurovestech fans/shareholders here, and for newcomers to EVT. Apologies. It's a long post, but it seems a good time to put a fuller picture than normal. fwiw I continue to believe that EVT remains a wonderful long term investment with the possibility (probability?) that investors will cotton on to the continued big progress in their 3 biggest existing investments, Toluna, KSS and Magenta, and wake up to their two potential very big new investments, MIST and Lognet, before too much longer. Before explaining that progress and potential, some information/discussion on the share price, for those who have been invested only over the last 18 moths or so and are very disappointed with the performance of the shares so far. Although the shares have been a big success story for those who got in 5 years ago when the price was under 2p compared with 18p now, that has not been the case for those who got in 18 months ago when the share price was about the same as now. It's a real shame that those here who bought around 2p seemed nearly all to have sold again around 3p OR only bought after the big rise to 15p or more and have seen their investment as dead money so far. That applies even to the odd one or two like me who have been in the shares for years. Great investment and success story that EVT has been can't hide the fact that investment wise for the last 18 months it has been a sleeper. But in those 18 months while the share price has done nothing EVT has made enormous progress - explanation shortly. Meantime just to put the share price performance into perspective. In their latest report and accounts to March 2007 EVT compare their share price performance over the last 5 years with the TechMark index and two similar investment outfits, Prelude Trust and New Media Spark. In that time while the TechMark has gone up about 160% the EVT share price is up over 1100%, and has outperformed New Media Spark and Prelude Trust fivefold. So although the share price stagnation over the last 18 months is frustrating for EVT investors and the Company, this does put it into perspective. In all probability just a too lengthy pause until investors again wake up to the very positive newsflow. Even so EVT seem sufficiently concerned about the low level of the share price relative both to their assets and the prospects for their investee Companies, to have decided to seek shareholder approval for share buybacks. I really hope they will only do that as a last resort and then only when the shares are crazily cheap. Then there is a case. Otherwise a few £million spent trying to get the share price up a few % would imo be much better spent on seeking out more spectacular multi baggers like Toluna. No way can a share buyback do that and so often Companies that have sought the buyback solution to a low share price have seen the buyback fail to make any difference. Indeed I emailed Luminar when I held their warrants about the lunacy imo of their buying back shares at their all time high around £8. Thye disagreed of course, but now the shares have fallen to around £6. Point proved. EVT are too astute to make that mistake - and it's one also made by many of our largest Comnpanies where buybacks at record highs haven't, despite the theory, prevented the share price subsequently tumbling. So fingers crossed that if EVT buybacks are approved, then it will only be as a last resort when the discount to NAV is extreme. EVT issued their final results last Friday and they were impressive -details here Profits of over £5 million compared with a small loss previously.They also have cash of over £5 million. For any newcomers, Eurovestech is a pan European Development Fund and with such Funds NAV is a key way of measuring progress and value. Now for the STORY. EVT has gone for a small top quality portfolio. Although they have small stakes in a number of successful companies I ignore those as even if very successful the EVT stakes are too small for that success to have much influence on the share price. Instead I concentrate on the main 3 (now growing to 5) investments, where their stakes are large. So here are details of the big 5. Make your mind up and decide whether you agree that all 5 have either already proved to be wonderful investments or are on the verge of doing so. 1. KSS. Knowledge Support Systems. KSS is a global provider of pricing analystics, price management, rules based pricing and optimisation technology and services to the oil and gas, convenience store, grocery and chain drug sectors. Might not sound a must have technology, but fact is that Companies who use it find it helps them make huge savings. It seems to be a must have offering and the main difficulty -as with some other must have products - Companies only realise that once they are using the technology. Proof of the pudding is in the quality of the Companies that are clients of KSS. BP, STATOIL and WAL-MART for starters. They don't come bigger than that - and for a small British Company to win contracts in the notoriously difficult to succeed in US market and when they win to get the likes of WAL-MART sums it up imo. btw KSS originally paid just £1 million for now profitable KSS with latest revenues of over £6 million, and at the time of that £1 million purchase they also got the then KSS £6 million cash pile. Recently the two parts of KSS - Fuel and retail - have been demerged to allow for even greater visibility and to create further shareholder value. Also presumably the two could now be sold off as separate entities. EVT now record KSS as having a carrying value of just £4.2 million! And EVT Directors report that they believe that KSS is now in a period of EXCEPTIONALLY RAPID DEVELOPMENT. EVT owns 100% of KSS. 2. TOLUNA. EVT OWNS 50%. So much has been posted here on this stunningly successful online research Company. The shares have been quoted on AIM for a couple of years with the price rising from 70p then to just over £2 now. As with the EVT share price though, Toluna shares too have done nothing this year and are down from their peak of £2.60. But progress has been every bit as good, or even better than forecast. Revenue and profit growth is very rapid and that looks almost certain to continue - even in difficult markets imo as the cost savings and speed of online surveys compared with the old fashioned methods might even tempt yet more Companies to switch to the likes of TOL if times get harder. Latest results last month showed revenues up another 67% and profits up another 53% with an increased dividend too. The online research market is expanding very fast but still accounts for only a small percentage of all surveys. Rapid growth in the sector where TOL, along with YouGov, is the leader seems assured. Again the TOL client list is top quality with many major Companies using their services. It's a French based Company and many of their major clients are big European Companies like Avensis. Clients here include Barclays. And btw Toluna has again retained 100% of their customers for their Automate Survery offering as well as a very high rate of customer renewals for other offerings. Their online panel has increased to 1.6 million in 26 Countries! i.e the second huge EVT investment success story. EVT originally paid just £2 million for their stake in Toluna. They have already sold £7.4 million worth of shares. And their current 50% stake in Toluna is worth around £37 million. ie a multi bagger. 3. MAGENTA. EVT has a 44% stake. Magenta is another world leader. This time in Commercial Multi agent systems. As explained before I don't understand these, but apparently Magenta's software enables Companies to react quickly to unplanned and unforseen events beyond their control, and react intelligently to these events as they happen.The Magenta solutions then provide savings that would not otherwise happen. How? Goodness knows. And for a while lack of contracts made me wonder whether anyone else knew either! But now Magenta is winning contracts thick and fast with a number of major Companies signing up for major long term development contracts. This includes their first £1 million contract with Tankers International and another with Addison Lee. i.e as with KSS and TOL big name clients too. What's more Magenta is now profitable and prospects look very exciting. So that is an outline of their big 3 investments and an indication of how good progress in all 3 has been while the EVT share price has been sitting still. Now we get to the really exciting bit - their two promising new investments. 4. MIST-TECHNOLOGIES. EVT hold 41%. This one looks so promising that it is almost unbelievable! MIST - a Paris and London based Company has a unique patented sound separation technology that enables mono and stereo sound/film/music files to be re-mastered into high definition, cinema quality surround sound. Think about it. The prospects are senstional. Elvis in high definition quality sound, or Edith Piav - or anyone or anything. The prospects for this in cinema, TV, the home and music on the internet are mind boggling. Already the technology has been used in the film La Vie en Rose. Following that MIST is now in discussions with some of the World's leading music and film distribution companies with a view to updating existing catalogues using MIST's sound conversion technology. Already clients include Studio Canal, French TV station TF1 and Pathe. No doubt there will be many more and soon. Further details in this article in French newspaper Les Echos. Translation - discovered this after ploughing through the French one! - underneath. EVT looks to have done very well getting into this one at minimal cost. Carrying value just £0.3 million. Another Toluna or better in the making? 5. LOGNET INFORMATION SYSTEMS. EVT holds 25%. This looks another likely very big EVT winning investment. Lognet is a provider of e-billing and customer self-service solutions. Lognet is currently focussing on the telecommunications market. Among several big name clients already are ORANGE,CELLCOM and UNITEL. Carrying value for this investment is £2 million. Maybe suggesting this is another potential blockbuster is getting carried away, but the potential looks very large. That's it. EVT have 5 main investments. 3 are proven successes. The two new ones could prove even bigger successes and the prospects for MIST look huge, and probably fairly short term too. And nobody new seems to notice. Old hands do. e.g Main EVT shareholders are top fund Manager Neil Woodford/Amvescap with a 21% stake. Another proven quality Fund Manager Colin McClean with 20% and Chief Ex Richard Bernstein with 13%. A couple of other Institutions, one French, hold 4% and 3%. Oh and I've topped up my holding recently at 18p! Otherwise hardly a mention in any newspaper or bb. Except this little article a couple of weeks ago. So if deciding to buy, when to? If worried that the shares might stay stuck for a good while longer then wait for the price to start moving or act on more positive news and or positive articles about EVT if/when they appear. Or buy now and be prepared to wait. That way you don't miss the boat if the shares do suddenly rise -which they could on sudden big newspaper publicity about the sensational MIST technology. The shares have not reacted at all to big market moves in recent months staying not so merrily stuck around 17 or 18p. Guess that until there is more good news that that will continue. No negatives posted here. But for every share there is a bull and bear case. For TOL EVT identify the main risks as repeat business - best solved as now by offering top quality service and offerings. The other main risk is a fall of in panellists. So far there has been a steady increase. For KSS the main risks come from being in a competitive market. Despite that their offering is so good that they are winning contracts in the US where some of their biggest competitors also operate. And even WAL-MART has chosen KSS. For Magenta I'm not sure what the negatives are as their offering looks unique. For MIST the risk must be of someone coming up with a similar technology, but they have patented their technology and anyway have much more than a head start on anyone else. Here's an investment that should really reward in time -even for those who've held EVT for a while and are very frustrated with the share price over the last 18 months. EVT is a quality Company with a superb record of discovering hidden gems. They are also good at spotting undervalued quoted shares and buying stakes in those too - e.g Arc International - stake sold on at a big profits within weeks, and this year another big profit when undervalued Pixology was bid for. So it is always interesting as an EVT shareholder looking out for newsof their next new investment. Loads more, including details of all their investee Companies on the Eurovestech website DYOR of course. But fwiw it would be a major surprise if EVT gave investors sleepless nights, and the chance of EVT proving a very rewarding investment is high imo. EDIT. One final point. EVT has now gifted nearly 8 million shares to genuine charities - hospices,childrens' charities, blind, cancer etc etc. 68 charities in all, listed in their latest Report and Accounts. I know Kentan disagrees, but this seems a brilliant way of giving to charity. Value of these gifted shares is now over £1.3 million. EVT hope other Companies will consider doing the same."
kenmitch: Another buy note. This time from Arbuthnot Securities. Very positive about Eurovestech. I haven't got a link. I posted the key details on Mike Walters bulletin board and have copied and pasted most of it to here. Apologies to those who don't approve, and for the irrelevant asides. .................................................................................................................... Arbuthnot head it "Eurovestech. Nurturing Investments with outstanding growth potential." They then mention the proven success of Toluna, and suggest that similar successes are achievable with KSS and Magenta. A key new point - well new to me anyway - was their suggestion that considering Eurovestech as a technology fund, it is by far the cheapest, trading at a discount of 19.3% to estimated NAV. Discounts in the sector have narrowed. The key drivers of the EVT share price they suggest will be a continued srong performance from Toluna, and they speculate - in addition to everything that has already been posted here about Toluna - that Toluna is likely to be acquired by a trade buyer at a healthy premium. The other key drivers of the share price should be KSS and Magenta which are held at carrying value because both have been undergoing rapid development, making it impractical to benchmark their market value. They think there is strong value to be unlocked, and suggest that like TOL, KSS too is likely to go to a trade sale, or IPO. Finally a narrowing of that discount should help lift the share price. They point out that EVT has around £7.4 million cash - worth over 2p a share, and their stake in TOL is worth 15p a share. That leaves the remaining assets, trading at a 57% discount. A selection of other points. 1. They note the similarities and differences between EVT and Prelude Trust. Prelude used to be a bit of a favourite here, and at that time I think I was the only one here who much preferred EVT to PDT. EVT held a stake in PDT but that has now been sold at a profit. Their note didn't mention that EVT shares have way outperformed PDT. 2. New investments for EVT are likely to be in sectors like WIMAX, websearch and oil and gas exploration. (Some oil and gas exploration Companies are at bargain prices just now. EVT is very good at spotting bargains. Could be some interesting new investment news before too long. They have funds available). TOLUNA. 1. Arbuthnot discuss the 50.2% EVT holding in TOL in some detail, but most of it is familiar to EVT and TOL fans here. They point out that TOL is continuing to improve margins (up from 21 to 25%) and that TOL has a competitive advantage over RNOW and YOU thanks to their proprietary software "Panel Portal" and "Automate Survey." 2. Online market research still only accounts for 5% of market researcy, compared with 30% in the US. Richard Bernstein (EVT C/E) believes TOL will be a principal beneficiary as this gap closes. (surely the online research sector is heading for significant further rapid expansion? This has got to be good for all three of the main companies in this sector.Yes, the shares in RNOW,YOU and TOL are all on high current ratings.But these are probably justified by the very rapid and proven growth in turnover and profits. By buying EVT you are getting exposure to this sector via their 50% stake in TOL, but you are also getting the potential upside from KSS and Magenta as well, and from any major new investments). 3. The Arbuthnot note points out that EVT have sold enough TOL shares to cover their initial cost. (It's better than that. They've already taken a profit of over £5 million on their original investment, and are running the 50% stake currently worth around £47 million for free). KSS.100% held by EVT. Again the following from the Arbuthnot note is mainly in addition to what is already known by EVT fans here. 1. The EVT 100% stake continues to be held at a carrying cost of £4.2 million. BUT they say that Richard Bernstein is confident that the current year will meet expectations of pre tax profit of £2.5 million on revenues of £9 million. Arbuthnot reckon that on fully taxed earnings of £1,6 million an equity value for KSS of £21 million. 2. They also point out the heavy investment in KSS, and the stronger product offering and new contracts. 3. They believe KSS could be a strong candidate for a trade sale or IPO. They say that large players like Oracle and SAP have been making acquisitions in this sector, and that Oracle Corp's purchase of privately held Prologic in 2005 is widely believed in the market to have cost $160 million. (i.e the hint there is that KSS could be worth a good deal more to a bidder than £21 million). MAGENTA. EVT holds 43.7%. 1. They point out that EVT's total cost for their 43.7% investment (including a £1 million addition in June 2006 to take their stake from 37.7%) is £2.4 million, and that EVT has not adjusted the valuation for the subsequent funding round which implies a valuation of £16.7 million. 2. They say that read- across valuations would suggest that the £16.7 million valuation is still conservative. Quoted UK Company CODA trades on 22.6 times 2006E. 3. They also point out that Systems Union was bought by Extensity for £220.5 million. They made profits of £16.5 million on turnover of £113.4 million which valued their business at 13.4x pre tax profits. ie. the value of Magenta's technology and expertise to a large company could be significant. (Certainly worth a good bit more than the current £2.4 million carrying value! A few more contracts might well increase the appetite of potential bidders imo). ................................................................ So there we have it. Another positive note on Eurovestech. The amazing thing is that even after a 10 fold rise in the share price the EVT share price still looks cheap. They are trading at a near 20% discount to estimated NAV. Unquoted assets could well be trading at a 57% discount, say Arbuthnot. With EVT you've got a stake in TOL - in the go go online research sector, and in the great promise of KSS and Magenta. Then there is that £7 million cash, and all their other stakes - mostly admittedly very small ones. Still not too late to buy imo. Run your winners and cut losers is the way to win at this game, and this winner looks as though it could run and run.
kenmitch: Very positive portfolio update yesterday. Even KSS where delays in signing contracts have probably impacted profits short term, the confirmation of big contracts recently, including US major Safeway, as well as one delayed contract signed immediately after the year end means that any worries about KSS now seem misplaced. Other than that it is all plusses. e.g EVT when selling over 2 million of their shares in TOL to satisfy Institutional demand, realising £2.9 million pre costs means that their profit on that small stake alone more than covers their original £2 million investment. The remaining 57% stake worth more than £30 million today is in for free! Cofirmation too that TOL continues to perform ahead of their (already ambitious) expectations. TOL shares up 7p yesterday - presumbably on the news posted by rambutan2 - and up another 10p today on a down day for the market, to a new all time high. Also delighted to learn of the increase in the EVT stake in Magenta and real signs now that Magenta will prove to be the third jewel in the EVT portfolio before much longer. That could well give the EVT share price an overdue lift - as indeed should a rising TOL share price. The longer the EVT share price sticks while TOL shares rise, and we could soon be getting KSS and Magenta in the EVT share price for next to nothing. Finally very interesting to see all the trades in EVT today. Seems like 4 million shares sold. Will be very interested to learn who is going to/has bought them. Another Institution taking a stake, or an existing one upping their stake? Either way it suggests continuing confidence among astute Institutional investors in EVT and TOL. TOL of course is in a little followed very very fast growing sector and (ditto RNOW and YOU) Companies in the sector are already profitable and seeing profits grow at an explosive rate. Few seem to be noticing beyond a few private investors and a few canny Institutional ones. What a wonderful investment EVT has proved to be for those of us who have held the shares since the awful days when they tumbled to less than 2p. Newsflow was positive even then - e.g the purchase of KSS for around £1 million and for that they got the business and the KSS £6 million cash pile. Now look at KSS today. i.e the share price falls were not because of anything wrong with EVT. The same applies now imo. The share price has risen very little over the last couple of years, but in that time newsflow has been very positive, including the floating of TOL at 70p - now 160p - and huge progress at KSS. Newsflow from Magenta has been slower than I had hoped - but that too could well be about to change. i.e imo it is NOT too late to buy EVT shares, and the price after too long just ticking along could soon rise. This is not a ramp - I've been posting on EVT somewhere - e.g iii and Mike Walters for years - and anyone with nothing better to do can check out the posts. EVT never over promise, but nearly always deliver. i.e EVT has excellent Management. What more can we ask for?
Eurovestech share price data is direct from the London Stock Exchange
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