Share Name Share Symbol Market Type Share ISIN Share Description
Falanx Group LSE:FLX London Ordinary Share VGG3338A1075 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.15p +3.08% 5.025p 4.85p 5.20p 5.20p 5.00p 5.00p 374,645 14:00:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2.7 -1.7 -1.5 - 7.90

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11:31:024.8725,0001,216.88O
11:04:264.8790,0004,380.75O
11:03:244.8790,0004,380.75O
11:00:025.208,999467.95UT
10:02:244.8711,000535.43O
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DateSubject
19/1/2018
08:20
Falanx Daily Update: Falanx Group is listed in the Support Services sector of the London Stock Exchange with ticker FLX. The last closing price for Falanx was 4.88p.
Falanx Group has a 4 week average price of 4.63p and a 12 week average price of 3.63p.
The 1 year high share price is 10.13p while the 1 year low share price is currently 3.63p.
There are currently 157,290,075 shares in issue and the average daily traded volume is 632,741 shares. The market capitalisation of Falanx Group is £7,903,826.27.
02/1/2018
14:23
yump: MidGard contracts will be between GBP50,000 and GBP300,000 according to FLX. So easy enough to track progress. Depending on what size of contract is considered material and might affect the share price, there will have to be RNS's. Given that a £100K contract is pretty significant given FLX's turnover, we should expect a string of announcements for MidGard if it gets going. But are FLX going to split the announcements clearly, between the movement of existing clients onto the MidGard platform and the acquisition of completely new clients as a result of something special about MidGard ? Given the past waffle from them, I wouldn't be surprised to find existing client transfers onto MidGard announced as contracts which get everyone excited, despite just being renewals onto a different platform. Bear in mind MidGard is in part just a higher margin replacement for FLX's existing set up for clients, instead of using third party stuff.
21/12/2017
10:15
ramda: 20 December 2017 Falanx Contract Win With Global 50 Firm REC: Speculative Buy Target price: 10p (+110%) Ben Maitland CFA UK +44 207 382 8420 Ben.Maitland@beaufortsecurities.com Falanx PLC (FLX), the AIM listed global intelligence & cyber security group, has announced a multi-year contract win with a Global 50 financial services firm. This contract was won amidst stiff competition after completing a simulated ‘hacking week’ which further validates FLX’s product suite. This win improves the firm’s revenue run-rate such that the FLX business should now break-even on an underlying EBITDA basis from March-18. FLX are now looking forward to an especially strong Q4-FY18 from a cash flow perspective, as this new contract win and existing contract subscriptions are received. Net cash should be at least £0.2m at the year-end date, after capex, but the balance may be higher post advance customer payments. MidGARD, Now Completed ‘Proof Of Concept’ phase. The global cyber security market is estimated to be worth around US$170bn by 2020 with near term opportunities worth cUS$ 3bn we believe. FLX’s recently launched MidGARD cyber threat detection & response platform has now completed its ‘proof of concept’ (POC) phase, with commercial roll-out of this Managed Services business now in process with hard evidence of client implementation on the table. This positions FLX well in the corporate cyber security market as new rules regarding data management under the General Data Protection Requirement (GDPR) come into effect in May-18. Expect Near-Term Positive Newsflow. NFX’s now strengthened management team (also with new CFO due to start in January) has been hard at work with NFX’s existing and potential client base, thus we expect positive news flow during Q4-18 and beyond. Valuation and Recommendation Falanx’s recurring revenue stream is unquestionably augmented by today’s announcement, such that FLX is now looking at around £1m EBITDA in the next financial year to March 2019. The quality of the revenue stream is also improving, with the Managed Services aspect continually increasing as a proportion of total revenues. FLX remains funded in the near to medium term, with organic cash flows likely to grow strongly during FY-19. With hard evidence of MidGARD gaining traction, we remain positive on the outlook for FLX’s share price and thus reiterate our Speculative Buy recommendation with target price of 10p (12p) per share, slightly reduced due to us adjusting our near term revenue and cost phasing. Equity Research Long Term Classification & Overview Objective: Growth Profiling Code: C-3-7, Horizon: > 12months Falanx plc (FLX) operates two main divisions; its Cyber-security division, which has just completed the proof of concept phase for MidGARD, its new Managed Detection and Response platform aimed at the corporate market. Secondly it operates Falanx Assynt, which is a subscription based Intelligence service for its multinational corporate clients who operate in riskier parts of the world such as the Middle East, Russia, and South Asia. Source: ProQuote Share Price (Mid) (p): 4.75 EPIC Code: FLX.L NOS (m) & Free Float 157 86.0% Mkt Cap (£m) 7.5 Net Debt : EBITDA (x) N/A 2 Year Beta 0.77 Average Daily Volume 1.1 0.7% Next Results: FY18 TBC Share Price History (1 Year) Falanx FY-18 Revenue Breakdown Consensus Forecasts & Key Metrics Year to Mar: 2017 2018E 2019E Financials (£m) Revenue 2.7 3.5 6.2 Underlying EBITDA -1.2 -1.5 1.0 EBITDA margin (%) - - 16.1% EPS (p) - - 0.01 DPS (p) - - - Valuation P/E - - 6.5 EV/EBITDA - - 5.4 DIV Yield (%) 0.0% 0.0% 0.0% Source: Company Historic Data, Consensus Data, Beaufort Estimates THIS RESEARCH BROCHURE IS A MARKETING COMMUNICATION: For full disclosures, please see the back page. Beaufort Securities Ltd Beaufort Securities is Authorised and Regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange. Falanx Strengths Weaknesses • Falanx (FLX) has built a strong and very capable management team in the high growth International Cyber Security arena. • With the recent launch and completion of ‘proof of concept’ of MidGARD, FLX’s Managed Detection & Response platform ahead of the new General Data Protection Regulations (GDPR), FLX is well positioned in the cyber security marketplace. • FLX has two independent revenue streams, one from cyber defence solutions, and the second from Intelligence Consulting. • FLX’s balance sheet is strong, we expect net cash of at least £0.2m at the balance sheet date of 31 March-18 • The cyber security market is changing rapidly, with new, disruptive technologies continually evolving which could threaten the financial viability of FLX’s technology. • Falanx Assynt is still not Digitally Enabled, the division still relies upon traditional information dissemination techniques. • Developing new technology can be expensive, with no guarantee of future revenues. • Share liquidity is relatively low, with around 86% free float and an average daily volume (ADV) of around 1.1million shares per day, which is less than 1% of the total number of shares outstanding. Key Aspects Of The New Contract Win Falanx’s new contract win has come at an important time in the company’s development. Firstly because it validates FLX’s MidGARD technology in the cyber security penetration testing and protection fields and secondly, because the contract revenues are partly paid in advance and this is high margin business, so very positive for near term cashflows. Proof Of Concept Achieved, Thus Roll-Out Of MidGARD Commenced MidGARD, FLX’s cyber security managed detection and response platform has now completed its proof of concept phase, thus the commercial roll-out of this service can commence rapidly from now onwards. FLX has confirmed that it has five ’early adopting’ clients who are now converting to full implementation, with a high number of near, and potential clients with whom FLX is in current negotiations. As a result, we expect a strong ramp-up in cyber revenues in FY-19 to around £3.8m, as shown in the table on the following page. Recent And Future Management Changes Mike Read has taken over as Chairman and CEO on a permanent basis now, and has announced that a new CFO will be joining the Board in January 2018.
10/12/2017
16:30
yump: "It's fun to watch folk guessing about things" Well that pretty much shows no respect for shareholders as he is clearly not stupid and must know that there are serious shareholders on the boards, who do not think its 'funny' looking at the FLX share price. I think that says it all - I'm expecting nothing of note now. Well RM, I'm sure you don't have to guess how much money you will earn next month, now do you ? Disgraceful.
27/11/2017
10:36
ebomber: Really surprised no bounce in share price unless others also recognise the "disruptive" business model is broken coupled with the 11 million shares in the sell system. On significant contract news will be the time to review again IMHO. Future must be in the balance as the low share price is not conducive to a premium priced fund raising in the near term. With the 11 million Ruffer shares in the sell system it will be some further days before they are consumed and the share rallies. Suggest end of Jan 2018 signs of a recovery from whatever the future low will be.
27/11/2017
08:29
michaelsadvfn: It sure is.... Professor Pettigrew - 11 Sep 2017 - 06:32:52 - 2201 of 3288 FALANX another potential ASOS in the making in terms of share price gain.. - FLX A first-class RNS. It's not overdoing it to say that the wording in the header is absolutely correct - another ASOS in the making in terms of share price. This stock is going places. Rapidly.
24/11/2017
14:22
ebomber: Probably best to have no exposure to FLX over the weekend. Really surprised no bounce in share price unless others also recognise the "disruptive" business model is broken coupled with the 11 million shares in the sell system. On significant contract news will be the time to review again IMHO. Future must be in the balance as the low share price is not conducive to a premium priced fund raising in the near term. With the 11 million Ruffer shares in the sell system it will be some further days before they are consumed and the share rallies. Suggest end of Jan 2018 signs of a recovery from whatever the future low will be.
17/11/2017
09:55
yump: I have never seen so much nonsense posted in my life. By the look of it most of you won't actually know what any announcements mean positively or negatively, as you just follow the share price, not the product and not the business. If its disruptive, it doesn't need director buys, it needs director sales - of the product. If directors are buying to prop up the share price - that is a sell for ever signal.
16/11/2017
10:42
wedward: It is good to see so many new posts here on the back of what is a rather dull announcement. I said a while back that if there are no MiDgard contracts announced the share price would probably drop to 4p it seems to be heading that way. Obviously miDgard has not been around long and contracts could be in the pipeline in which case the share price should recover some of these loses It is always difficult to stay invested when the management hype expectations and do not deliver on time but it does not mean they won't deliver. The management now need to show that they have confidence in themselves and buy shares anything less that £25k worth each would be just another kick in the face to shareholders who have seen a 30% drop in share price year to date!
24/10/2017
11:12
opodio: The Beaufort summary: The global cyber security market is estimated to be worth US$170bn by 2020 with near term opportunities worth cUS$ 3bn. FLXâ€482;s recently launched MidGARD cyber threat detection & response platform positions the firm well in the corporate cyber market as new rules regarding data management under the General Data Protection Requirement (GDPR) come into effect. Sharply stronger cyber revenues pre & post GDPR are very likely to be a characteristic of Falanx FLXâ€482;s second business activity, that of Business Intelligence, is also well positioned, with some 60 Corporate Subscribers to its 33 biweekly geo-political and security focused reports. This is a highly visible and predictable revenue stream, which we believe has significant revenue upside potential. Current clients include global professional services firms and multinationals in sectors such as Insurance, Resources, Beverages and Telecoms. From last year’s reported revenues of £2.7m, we forecast FY-18 revenues (to end March) of some £4.1m, rising to around £6.0m by FY-19, with the business turning EBITDA positive in FY-19. Until then, FLXâ€482;s current net cash position and cash burn rate are such that it should still have c£1m net cash by the FY-18 balance sheet date. We value this business on a sum-of-theparts basis, which leads us to an equity value of £18.9m, equivalent to a share price of 12p per share. We thus ascribe a Speculative Buy recommendation to the stock with target price of 12p.
13/10/2017
08:57
jurgenklopp: The Beaufort summary: The global cyber security market is estimated to be worth US$170bn by 2020 with near term opportunities worth cUS$ 3bn. FLX’s recently launched MidGARD cyber threat detection & response platform positions the firm well in the corporate cyber market as new rules regarding data management under the General Data Protection Requirement (GDPR) come into effect. Sharply stronger cyber revenues pre & post GDPR are very likely to be a characteristic of Falanx FLX’s second business activity, that of Business Intelligence, is also well positioned, with some 60 Corporate Subscribers to its 33 biweekly geo-political and security focused reports. This is a highly visible and predictable revenue stream, which we believe has significant revenue upside potential. Current clients include global professional services firms and multinationals in sectors such as Insurance, Resources, Beverages and Telecoms. From last year’s reported revenues of £2.7m, we forecast FY-18 revenues (to end March) of some £4.1m, rising to around £6.0m by FY-19, with the business turning EBITDA positive in FY-19. Until then, FLX’s current net cash position and cash burn rate are such that it should still have c£1m net cash by the FY-18 balance sheet date. We value this business on a sum-of-theparts basis, which leads us to an equity value of £18.9m, equivalent to a share price of 12p per share. We thus ascribe a Speculative Buy recommendation to the stock with target price of 12p.
Falanx share price data is direct from the London Stock Exchange
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