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Share Name Share Symbol Market Type Share ISIN Share Description
Gresham Technologies Plc LSE:GHT London Ordinary Share GB0008808825 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 180.00 138,629 08:00:00
Bid Price Offer Price High Price Low Price Open Price
176.00 184.00 180.00 180.00 180.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 37.03 0.43 -1.31 150
Last Trade Time Trade Type Trade Size Trade Price Currency
15:14:35 O 28,218 177.00 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
15:16:22177.0028,21849,945.86O
15:14:36176.567111,255.35O
13:48:09177.2539,70070,368.25O
13:30:31180.0025,00045,000.00O
10:29:11180.0045,00081,000.00O
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Gresham Technologies (GHT) Top Chat Posts

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Posted at 11/1/2023 11:10 by inforprofit
Continuing good news from GHT.

Danish pensions services provider Forca has selected Gresham Technologies’ Control solution for holdings, cash, and transaction reconciliations. By automating all data validation, reconciliation, and regulatory reporting, Gresham’s solution will allow Forca to tackle ongoing industry data control issues and focus on exception management and transaction reconciliation.

Posted at 30/12/2022 14:16 by richjp
These recent announcements have given a nice little year end boost to my portfolio, considering my somewhat overweight position in GHT.

I like Singer's comments that there is likely to be "upward pressure" on their twelve month 220P price target. I know they first gave that target some time ago however the whole market has been pretty grim since then.

They also describe the company as fast growing. I would say steadily growing but maybe the growth will increase next year.

At the very least I think we can expect a decent 2023 for GHT and possibly better than decent.

Posted at 05/10/2022 09:24 by richjp
It was a good trading update but it takes a lot to move any share price in a positive direction at the moment.
Posted at 04/10/2022 12:19 by kalai1
Gresham Technologies plc issued a Trading Update this morning announcing a key Clareti client win, confirming another positive quarter and including some modest positive FY22 guidance. The Company now expects Group FY22 revenues and earnings to be ahead of market expectations currently for revenues of £42.0m and adjusted EBITDA of £9.2m. The Clareti business also continues to grow strongly and in line with expectations. The Company benefits from a solid pipeline of new opportunities and expects to close further new subscription business before the end of the year. The business is growing robustly, margins are widening. Valuation is average with forward PE ratio at 20.1x, share price is in a correction through 2022 so far and lacks near term momentum. But the balance sheet looks strong and the business has growth potential. There is no rush to buy here, but GHT is certainly a here worth monitoring for now....

...from WealthOracle

hxxps://wealthoracle.co.uk/detailed-result-full/GHT/559

Posted at 23/3/2021 10:31 by gottafly
Well another positive signing announced yesterday and the second new 'fresh' deal this month and a new usage to boot. I think this clearly shows that if you have no legacy system then Clariti is the product of choice.

planet2, you are correct that GHT stopped posting each new deal as an RNS some time back. They moved, thankfully in my view, to a more measured approach, with only significant wins being individually announced. The problem with this change though was that because GHT provide 'enabling software' (and therefore are not naturally front page news) this exposed the poor level of their other news channels - social media, blogs, white papers etc. GHT went from 'overkill' to largely 'radio silence'. Getting the right message to the market is not something that GHT has been particularly good at (which doesn't help share price stability) but as I posted earlier I get the sense of a significant change of 'mood music' and determination from the new board.

Borisjohnson, you are correct about the GHT share price being circa 110p when IM took over and yes no great progress, despite the strong product offering, over his 5 year tenure. This is really time to deliver and I say again, I think the new board are very focused on achieving share holder value, hence the transformative M&A statement.

Getting back to the share price I believe it is at a crossroads, apparently somewhat stuck in the 150's yet with N1Singer stating they believe it is undervalued. As an example, Yahoo finance are predicting 180p within the next 12 months, good but not earth shattering.

Whilst it is great to see these two new significant deals, they did not replace an existing legacy system, which is where I beleive the real prize is and I believe is the basis for the transformative M&A statement. IM has stated that replacing legacy systems takes considerable effort and has protracted time scales, so this is a long hard slog hence the search for a better way. Watch this space!

As always DYOR.

Posted at 18/3/2021 11:44 by gottafly
richjp - you make a good point about GHT share movement on minimal trades.

jadeticl3 - I believe that some 80% plus of GHT shares are in the hands of institutional/large holders/insiders so the level of freely available/traded shares for 'public consumption' is limited which can cause exagerated movements, both up and down. The good news however is that the underlying share price trend seems to be very much in the upwards direction.

The last major trades I can find, ones which are greater than 100k shares and so are unlikely to be private investor dealings, are back in early March which went through at circa 152p. So I would suggest that the share price rise from that level has been caused of 'day trades' and is therefore potentially subject to some volatility.

GHT is also an unusual beast in that yes it is small cap but it is on the main market. Also, pretty unusually for a tech stock, it is debt free and all Clareti investment has been performed without additional finance, this is something that IM appears to be very proud of! Further, GHT also tends to be fairly conservative as regards press/news so there is not a steady flow of information to continually feed price activity.

However, N1 Singer released a revised note, as per below, on 9th March when the share price was sitting at the 152p level which then jumped to 162p.

"After producing impressive 17% organic growth in Clareti ARR in FY20, despite COVID headwinds, we expect ARR growth to accelerate to >25% in FY21, with 85% plus of this revenue already visible given the recurring revenue model. We introduce forecasts today of a further 20% ARR growth in FY22. Stripping out cash of £9m, valuing legacy revenues at 1x (£9m) and Clareti Services at 2x (£11m), the residual £78m is 4.9x FY21 Clareti ARR, falling to 4.1x FY22 ARR. This looks too low to us: a key reason GHT is one of our top picks for 2021."

So, house broker N1 Singer, believe that GHT is under valued and it is one their top picks for 2021. Personally, I am pretty relaxed about the current share price level and the direction of travel, especially given the N1 Singer support which has not always been the case in the past.

Posted at 20/11/2020 14:09 by gottafly
Well where do we all think we are with GHT progress and the future SP, any guesses for where the share price will be at the year end and into next year? As a GHT long term shareholder, using my rose coloured spectacles of course, I view the current share price level as significantly below where it should be.

All stocks took a hit with Covid, including small market cap stocks, but overall they have recovered back to pre Covid levels, however this is not the case with GHT, perhaps it is just lagging behind the curve? The share price was circa 150p back in Feb/March so why is the share price currently well below this.

I don't have access to professional research on GHT (too mean I guess) so rely on trawling the public interent sites to get a concensus, overall it does seem pretty neutral with the occasional strong buy recommendation, but in general I think the stock is a little unloved. I did find one site that stated GHT were trading at a 44.58% discount to the analyst concensus target price of £229.07. Another forecast a short term share price increase (to 135p) but then the share price down to £104.777 in a years time! Yet another, with a strong buy recommendation, quotes an analysts 12 month concensus price of 180p (this price has been around for some time).

As I said in a previous post, the recent trading statement made little sense to me, it did not say a great deal new (but overall was positive) and therefore why did GHT decide an unscheduled announcement was needed. From the contents, there does not seem to be a clear and obvious reason for the trading update but clearly GHT decided that one was required.

Significantly I think, the trading update was made just a couple of weeks after the board changes where Knott and Wandhoffer were appointed. I have no personnal knowledge of these individuals but they do seem to have the expertise/experience that GHT desparately need as regards delivering on the potential of the Clareti product line. Im my view, progress in the last couple of years has been woeful, with perfomance more like a family run firm than a Fintech.

So my guess is that the new directors (or should I say the new board) took stock of where GHT was and concluded that a public restatement of progress - the trading update - was required. I have previously stated that the half year results announcement was lacklustre and yet the investor presentations were much more positive, so there was a disconnect created here.

The other thing that concerns me is that UK Equity stocks are, in general, seriously under valued so GHT potentially looks to be a cheap aquisition (especially to a foreign buyer). So yes, I do have rose coloured spectacles, but to me everything points to GHT being significantly under valued or at this price an attarctive acquisition target.

Looking at the GHT share chart, if it was worth 150p back in March then, with continued progress, it should be worth at least that now. If that were the case then the 180p level is not that far away.

Ramble (due to lockdown) over, any thoughts anyone?

Posted at 27/10/2020 16:05 by richjp
amt, I am keeping a fair bit of my portfolio in cash at the moment in case the wider market crashes in these volatile times, otherwise I might already have dabbled in D4t4. There may be a better moment in the short term however I don't think most of us can time the bottom of a dip.

If the GHT share price perks up a bit more, that might tempt me in to having a small punt in D4t4. I can always add more later.

With every year the GHT foundations seem to me to be getting stronger as is the cash position, so I think the downside risk is pretty limited at the moment. GHT is over 20% of my portfolio, which is high I know, but it does mean that the strength of GHT influences other decisions I might take.

Posted at 27/7/2020 13:43 by richjp
I think the recent results are as good as could have been expected in the circumstances, although GHT is unloved again today.

As far as I am concerned IM is definitely the right man for CEO and I hope he continues. There is also nothing untoward about Ken Archer standing down. That was announced a year ago. As a non exec he is legally obliged to stand down after nine years in office. In fact it will be around ten when he finally leaves. The new chairman seems to have the right background and it seems that the company took it’s time in finding him. I do hope however that he puts has hand in his pocket and buys a decent number of shares.

I was surprised to see how confident they were in the online presentation. If the formal announcement seems a bit subdued I feel we have to remember that they have issued two profit warnings in recent years, although both times it was simply a case where major orders got deferred for a few months and the share price got hammered. In making optimistic public announcements you could say that they are damned if they do and damned if they don’t.

The presentation made it clear how demanding it can be to win new major accounts. It is not just about having a superior product or getting onto to tender lists. From my own experience it’s about getting to know how an organisation works, understanding the decision making process and who the influential figures are. It would be easy to throw a number of sales people out there and having them chase opportunities that will not come to fruition. Historically it has been the face to face contact whereby good professional sales people get to qualify opportunities, which is why I am a bit cautious when they seem to be saying that conducting sales business remotely is effective. Perhaps in that respect it’s because I am an old geezer and not up to date with modern methods of working!

At the presentation I attended a year ago, they were asked if they were concerned about the share price They said it was an issue not only because it might make it difficult to raise money in the market if needed, but also because the employees share scheme is affected.

In the longer term it is always the market that decides the share price no matter what the company may say. The GHT share price moves up and down on small volumes of share transactions. The trading updates last December and this January were upbeat and in fact I bought more. Pre Covid the share price was recovering steadily and I think would be much further ahead if it were not for Covid. When they first turned cautious concerning Covid was when the share price fell.

It is frustrating but it is what it is. Markets get it wrong on both the upside and downside.

The hot money in the market is elsewhere at the moment rightly or wrongly. GHT is not seen as a high growth stock but I still think that consistent growth is there. The business model as far as I am concerned is good and they are generating cash.

Posted at 18/3/2020 18:25 by richjp
I had to curtail a ski trip in Italy last week and was unable to attend GHT’s presentation as I usually do. I am now self isolating. I think the results were excellent and in accordance with the expectation set up by the January TU. There were one or two blips but that is to be expected and the bigger the company gets the less impact they will have.

amt, I think you may be placing too much emphasis on the PE ratio. As shown on this website the PE, although based on 2019 earnings, is dynamic and changes with moves in the share price and market cap. As I type this it is down around 41 rather than 50 a couple of weeks ago. There were also a number of exceptionals this year including the £647K write down because of the discontinued venture with Mountview and others which I do not fully understand. That had a significant impact on the bottom line and hence the PE. Many tech companies pour a lot of money into market development and have much higher PEs still. The likes of Uber, Snapchat and Spotify do not make profits at all, yet the market has been quite happy with that, so they will not even have a PE even though they are billion dollar companies. If the PE has significance, I would be more interested if one of the brokers has provided a forward PE for 2020, which should be free of exceptionals because exceptionals cannot be known at this time.

An often preferred measure for growing tech companies is the price to sales (PS) ratio. Again as reported on ADVFN it is dynamic and for GHT currently standing at 3.14. The lower the PS ratio the better. Everything I have read says that PS ratios should be compared with companies within their specific industry sectors. The following site gives the average PS ratio for software and programming companies as 5.86 hxxps://csimarket.com/Industry/Industry_Valuation.php?s=1000

I believe the figure of 5.86 is based on the last four quarter earnings so therefore is not dynamic. As there are no reported figures for any companies for Q1 2020, that average PS ratio is not up to date and will not take into account the recent market falls. If we use the recent high of 150P for the GHT share price to compare like for like (i.e. before the crash) the PS ratio was still only 4, well below the average. The share price crash is purely down to the coronavirus scare.

I think the biggest concern for GHT is the travel ban. Although they are expanding their sales teams internationally, I am sure IM and perhaps other senior management get involved with the major deals. A tier one bank I suspect will want to meet the CEO face to face. Having said that, most prospective clients should by now have completed their budgets for the year and know which projects they want to sign up and get started and will hopefully still try and go ahead.

If not for the coronavirus problem I think the share price would be progressing beyond the recent high and moving up towards more like 180. If the GHT share price ratio were to increase to the industry average of 5.86, that would give a share price of 215P which two weeks ago I would have thought to be a reasonable target for the end of this year.

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