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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fin.Objects | FIO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 59.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 59.25 | 59.25 |
| Top Posts |
|---|
Posted at 27/8/2008 15:27 by rivaldo You'd have thought so. Meanwhile FIO keep wining new business:"Financial Objects' activebank Treasury chosen by Alpha Bank London Group Wednesday, August 27, 2008; Posted: 04:06 AM 7 Stocks You Need To Know For Tomorrow -- Free Newsletter Aug 27, 2008 (CORPORATE IT UPDATE via COMTEX) -- FNLOF | Quote | Chart | News | PowerRating -- Financial Objects plc, a supplier of software solutions to the financial services sector, announced on Tuesday (26 August) that Alpha Bank London Group, a subsidiary of Greek banking and financial services group Alpha Bank Group, has signed a contract to deploy activebank Treasury to three of its entities. According to the company, the deal comprises of the base analytics system, the risk management element of activebank Treasury, as well as some additional enhancements. Alpha Bank London Group reportedly required detailed analysis on interest rate sensitivity to complete new interest rate gap reporting for the UK Financial Services Authority (FSA) regulatory perspective and for internal management reporting purposes. The Financial Objects solution will initially be implemented in Alpha Bank London Limited to facilitate automation of the interest rate gap reporting requirements of the FSA, followed by a roll-out to Alpha Bank Jersey and Alpha Bank AE, London branch, providing real time risk analysis across the group, the company said. The initial implementation is expected to take six weeks. No financial details were disclosed." |
Posted at 17/8/2008 20:36 by davidosh FIO mentioned in this post and there are a few more companies listed with similar characteristics that may benefit over the coming months |
Posted at 27/7/2008 10:23 by rivaldo From Small Cap Shares this week - interesting that even now they say there's still the chance of a counter-bid.I notice that last week FIO won a major contract with Rabobank too. "FINANCIAL OBJECTS FIO £25.6m 57.5p HOLD TAKEOVER AIM The financial software provider Financial Objects has received a £27.2 million, or 60p a share, cash offer from banking software business Tenemos. The directors of the company are recommending that the offer be accepted. So far Tenemos has received irrevocable undertakings to accept the offer in respect of 46.7% of Financial Objects' share capital. COMMENT ▼ Financial Objects released a profits warning in May and the share prices has plummeted since then so it is no surprise to see this bid come in from Tenemos. The bid is at a 90% premium to Financial Objects' share price the day before the deal was announced. Given forecast earnings of 6p in the current year to 31st December 2008 the bid values the company at 10 times earnings, or 8.2 times earnings if we strip out 10.8p of cash that the company had at the end of December 2007. In the current market, where the financial software sector is experiencing deteriorating market conditions, that is probably about the best price that the company will get in our opinion. With management backing and a not insignificant amount of irrevocable undertakings received the deal looks like it will go through. However, there is still the chance of a counter bid and as such we suggest that until the deal is declared unconditional that you HOLD" |
Posted at 03/7/2008 20:21 by michaelmouse SKYSHIP - "It was just the Market totally undervaluing the small caps. There will be many more bids at double the market price, just like this one".I am absolutely sure that you are right. Times are tough at the moment and there are certainly some companies in vunerable market sectors with ropey balance sheets that will go to the wall. However, there are a significant number of small and micro caps that are ludicrously undervalued. This bid for FIO at an almost 100% premium to yesterday's closing price is indicative of the current market madness. I suspect even at 60p that FIO is still a bit of a steal. I hope that holders receive a counter bid to make things even sweeter. IMO the market is beginning to throw up 'once in a lifetime' opportunities. The real bargains will no doubt prove to be the companies that avoid being taken out on the cheap since when the good times return they will multi-bag. For me FIO was a stock I watched for some considerable time a year or two ago (maybe more) when it appeared stuck at around 40p-44p but I never did buy any. Well done holders with the added bonus of freeing up some more cash to catch another bargain. Cheers. Michael. |
Posted at 03/7/2008 16:42 by techmark Could Misys come in with an offer in the 75-80p area?FIO must be heading for £6 million of cash on the balance sheet, so at 75p that would value the company at around £33 million, or about 10 times earnings forecasts. Strip out cost savings and they wouldn't be overpaying at that price. |
Posted at 03/7/2008 08:42 by littlemadam FIO....FLO.... so spot the next target. any guesses? |
Posted at 27/6/2008 15:12 by rivaldo I still hold here (at a loss obviously!).FIO remain interesting to me. At 34p on a £15m m/cap, Edison forecast 6p EPS this year having downgraded, and EVO still go for 6.9p EPS! There's also a 5% divi as forecast for this year. There was £4.8m net cash at 31/12/07 against that m/cap, and Edison forecast over £6m at this year end. The gamble is whether the banking has fallen off a cliff or simply reduced temporarily. With increased regulation (MIFID etc) the need for FIO's software is surely only increasing? And with the risk management division and everything else, an EV of around £10m for £20m of turnover and a load of IP is surely tempting to someone. An interesting nugget re FIO in the FT today too: "Private equity gaze likely to turn to Aim By Martin Arnold, Private Equity Correspondent Published: June 27 2008 03:00 | Last updated: June 27 2008 03:00 Companies listed on Aim, especially those with high levels of cash and a large strategic shareholder, could provide tempting targets for private equity, according to research published today. Likely targets include: Panmure Gordon, the mid-market brokerage; Character Group, the maker of Dr Who toys; and WH Ireland Group, the Manchester stockbroker, according to Noble Group, the investment bank. The research, produced by Absolute Strategy Research, a consultancy, says credit market turmoil will prompt private equity groups to seek targets with healthy cash balances and strong growth potential, as shown by some Aim companies. To compile a "private equity watch list" for Aim, it used a filter including only companies with a market capitalisation between £15m and £100m, net cash positions, an institutional investor with a holding of at least 10 per cent and staff with at least 5 per cent. John Llewellyn-Lloyd, chief executive of investment banking at Noble, said: "In a post-crunch world, conservative financing structures will be the norm. Aim-listed companies, which have on average the lowest net debt-to-equity ratios in the UK equity market space, will look very attractive to private equity buyers." Other companies thrown up by the watch list included Gulf Keystone Petroleum, an oil exploration company; Financial Objects, a software developer for the financial services sector; and Arden Partners, the stockbroker. While figures this week from the Centre for Management Buy-out Research showed a steep drop in the value of buy-outs in the first six months of this year, many of the biggest deals were public-to-private buy-outs of listed companies. These included Emap, the publishing company; Abbot Group, the oilfield services company; and Biffa, the waste management group. "There has been a continuing interest in private equity-backed public-to-privates but this may be set to accelerate, which is undoubtedly positive for the [Aim] market," said Mr Llewellyn-Lloyd." |
Posted at 15/5/2008 20:07 by rivaldo Interesting post 348 - but one which might be somewhat inaccurate based upon these contract wins last year for IBIS?FIO themselves have hopefully addressed whatever shortcomings there were in this division with the new sales teams they've repeatedly talked about recently. I also happen to believe that the risk and wealth divisions will continue to do well. A couple of mentions FYI: ""We continue to believe Financial Objects is undervalued due to the strong balance sheet, defensive business model structure, and market-leading software products," said Roger Phillips, an analyst at house broker Evolution Securities." And this is interesting in terms of the wealth management market available to FIO: "14 May 2008 - Tara Loader Wilkinson Many wealth managers yet to automate systems, survey Currently only half of tier two and tier three wealth managers in the UK have automated systems which allow them to compile client reports at the touch of a button, according to a report from Financial Objects, the UK-based software supplier. The study shows that the electronic systems of many wealth managers are woefully inadequate to handle the increasingly sophisticated demands of clients. Brent Randall, managing director of Financial Objects said: "The benefits of automated systems have already been proven in investment banks where the return on investment in technology such as algorithmic trading is clearly understood. "We believe that wealth managers and private banks should not be wasting valuable man hours on menial tasks when they could triple their number of clients, spend more time on analysis and less time on gathering information." He added that by implementing the latest software, wealth managers would also attract the top talent to their ranks." |
Posted at 08/5/2008 20:35 by rivaldo Just read the May issue of Small Cap Shares. They had a Buy rec at 42.5p on forecast EPS of 7.4p this year.More importantly, they stress that 75% of FIO's revenue is recurring. Even if EPS were to halve to 3.7p, with £4.8m or more net cash on a £17m m/cap FIO is hardly expensive. There are of course risks of further warnings. It'll be interesting to see if the directors dip in again. Equally there's the possibility that those contracts will come in and the extra staff will deliver. And the banking side is getting smaller and smaller anyway. Since FIO is positioned as a defensive stock with that high recurring income I'd hope that it won't take too long for FIO to recover. |
Posted at 23/4/2008 10:12 by rivaldo FYI here's the summary of FIO from SCSW a couple of weeks ago - note that the conclusion is "dirt cheap":"Financial Objects (Sharewatch) Financial Objects has reported solid results for the year to 31 December, with no sign of weakness in its core financial services markets. This was the third year of growth with revenue up 7% to £21.2m and pretax profit up by 40% to £2.8m. Adjusted earnings were up 27% to 7p. All three software divisions performed strongly and were profitable: banking, wealth management and risk management. The key driver to these strong results was a turnaround at the risk management division, which was established after the group acquired Raft in '06. The division supplies software products for managing operational risk (mostly sold to international banks) and credit risk (mostly sold to energy clients) and has been successfully restructured since '06 when it was losing £1m. Raft, a former quoted PLC, now relocated to Financial Objects' low cost facility in Bangalore, reported a profit of almost £1m before central costs on sales of £4.3m that were boosted by major new contracts from Shell, E.On and Calpine (a Texas power utility). That turnaround was quite a nice surprise for us when we spoke to management last month. A further key misconception amongst investors and explaining the present low rating is that Financial Objects is heavily reliant on new software licences in the banking arm. Indeed, that division is a big swing factor to performance with sales and profits going backwards due to fewer licence wins. But the group's dependency on new wins is low, shown by the divisional sales of £9.5m, of which only £935,000 was from software licences whilst the bulk (£5m) is from contracted maintenance revenues from the installed base of IBIS wholesale and Activebank retail banking products. Elsewhere, the final division, Wealth Management, remains healthy and well. Like Raft, the business has performed better since Financial Objects took it under its wing. Becoming part of a larger organisation added credibility in the eyes of customers. Last year, the division, which supplies portfolio management systems, reported a profit of £0.3m on sales of £3.4m. It's probably fair to say that Financial Objects' modus operandi has shifted from selling software to instead acquiring other quoted rivals, eliminating duplicated overheads and thus seeking non economic drivers to profit growth. With net cash at the period end of £4.8m and a significant derating in the quoted software sector, the company looks well placed to conclude further deals. Broker Evolution forecasts sales of £22.7m, pretax profit of £3.6m and eps of 7.5p this year. Recurring revenues represent 75% of total sales, making the shares a defensive prospect on a PE of 5. Dirt cheap." |
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