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
  4.00 3.45% 120.00 75,200 16:35:06
Bid Price Offer Price High Price Low Price Open Price
112.00 120.00 116.00 116.00 116.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 24.96 0.30 2.78 43.2 82
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:06 UT 500 120.00 GBX

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Gresham Technologies Daily Update: Gresham Technologies Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker GHT. The last closing price for Gresham Technologies was 116p.
Gresham Technologies Plc has a 4 week average price of 105p and a 12 week average price of 105p.
The 1 year high share price is 154p while the 1 year low share price is currently 86.50p.
There are currently 68,256,458 shares in issue and the average daily traded volume is 44,903 shares. The market capitalisation of Gresham Technologies Plc is £81,907,749.60.
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:// 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.
jadeticl3: QANTAS, this is a very interesting discussion you have pointed us to. IM comes over as a person who knows what he is talking about, and is able to point out the quality and need for what GHT are selling. It certainly makes me feel more comfortable as a shareholder, even if I had hoped the recent results would encourage a rise in share price, which did not happen—-although clearly other factors were dominating the market!
6gr: Thanks for the kind words on my first post. In relation to the share price move, I've seen 35% upside in 2 months from the point I first invested which is encouraging. I feel that the right range for the current outlook is 150-200p and that to go beyond that would require meaningful new contract wins and/or an update to a more promising 2020 projection. In relation to the dividend comment, I want GHT to spend all their money on the sales force for their existing proven products as well as investing in the products themselves to both protect them against innovation and increase the ability to upsell extra features to existing users. A suitable small acquisition that fitted strategically would also be good, especially a private company valued at a lower p/e multiple. Regarding dividends, they are for low-growth stable stocks, like energy, utilities etc. They can often not use the money internally and the market values them as dividend payers. For growth stocks dividends are a distraction and the management have to believe they can deliver a 20-30% return internally, so should be seeking to re-invest aggressively and not distribute cash.
6gr: Thats an interesting analysis of the holdings, but I would be careful about drawing too many conclusions from it. The institutional figure will include the market-makers holdings which is very much liquid stock and some of the institutions are also happy to buy and sell based on price movements, as happened after the Trading Update, where volume was huge. The price movement then was less than has been seen in recent days on very small volumes. Additionally many holdings from individual investors will be held within nominee accounts at stockbroker, investment firms or SIPP providers, which are likely reported as 'institutional holdings'. My holding is reported by a SIPP provider for example. What is clear though is that there is good momentum in trading, with GHT having products that clearly work well for their financial sector clients. This is a very deep global pool of potential clients, so the potential for new clients is massive and the investment in the sales force welcome. The switch towards recurring revenue is great as although it can be a little painful during adoption, it provides a huge stability of revenue, enabling better planning and also a higher p/e attribution. The operational upside leverage of the business is huge, given that the cost of providing services to new Clareti clients is small. Whilst there will be swings in some of the lower profitability consulting aspects of the services (which is of little concern) the Claretti revenues should keep growing every year by 20-30% in my opinion. My investment horizon is 5 years+ so the bullish case for me is that in 5 years time they could have a revenue of £60m+, be generating profits of £20m+, have a market cap of £500m and a share price of £7+. The costs of Claretti to many of the clients is actually very small. I worked in global investment banks and financial institutions and their total spend on IT and compliance is in the billions per annum. The annual cost of the Claretti products are less than the loss on a single deal if it goes wrong or a fraction of a fine for non-compliance from a regulator. If anything the risk is that GHT as a small company is too conservative in its pricing and underprices its products, which is commonly the case when a smaller company engages with massive clients. I suspect that many of the sales of these products are to companies who MUST buy a solution, so the only issue is ensuring that GHT can prove they have the best product and that they are a credible competitor to the larger legacy vendors. They have done so with many big wins and their increased financial stability, cash reserves and profitability will help calm nerves with buyers. Once they start to really threaten the legacy vendors (which they are already) I'd be amazed if they weren't subject to a bid. At that point my concern is that the low ownership of the stock by management means any takeover will be determined by the institutional fund holders with management unable to hold much sway over the direct voting share. This often results in companies being sold too early during a growth phase. I believe we are just at the start of a long slow run of upward momentum in both trading results and share-price.
jprich: re PE we will have to wait till 2021 or 2022 for it to come back inline as people understand it, currently it is 55 for 2020 on Bloomberg. If you dont have Bloomberg have a look at this link where the pe is 64 for 2020: hTTps:// But doesnt mean the share price will be static as until the trading statements, the pe was 75 for 2019, now 58. Hopefully with time this year and perhaps another upgrade after the interims, the share price will move higher and could command a higher pe again.
jadeticl3: Let’s give them the benefit of the doubt (and because it is what we hope will happen) and believe that, at last, this company truly is a rapidly growing fin-tech. I think we all believed that to be true about 18 months ago, and the share price then reflected that. However, it is clear from the current share price that most interested parties are not fully convinced today.
jadeticl3: In the period from mid July to end of November there was hardly any movement in GHT share price. Now it is all excitement. About 6 weeks ago we were speculating on whether there would be “the normal update” on January 9th. Well-before-that we had news we did not want to hear, quickly followed by more news we are not sure about, like “the curates egg”. Do we still expect the “normal update”? Now, today, the share price has jumped up over 10% (it was before I started to write this). Is this simply that the fall was overdone? Or has the existing news been read differently? Or what? This is exciting, is it not? At least I am pleased that I bought more of these when the price was below 70p!!
jadeticl3: Is richjp correct in saying “we may have to wait for the January trading update, or even the full year results” for the market to start moving GHT share price? That is a long wait for us who think things must be happening, but we cannot be sure.
inforprofit: Well it looks like some confidence is returning to the GHT share price. The presentation had a large section on the B2 acquisition and clearly GHT are pretty excited about it. B2 was not cheap but it does look a good fit with some strong upside potential but only time will tell, so potentially another blinding deal. As the Holway report says this is now all about delivery and fulfilling the undoubted potential (and I think technical lead) of the Clareti product set. Management are confident in delivering an enhanced H2 to rescue the H1 miss, if they do not then I would expect changes. One last thought, at the current share price and with the undoubted potential that GHT has, they are increasing looking like a take over target. As always DYOR.
gottafly: GHT share price 'guestimate game' of one year back. The table below (thanks to 4-10) shows our predictions for the share price at the end of 2017, with a mid market price of 192.35p it would seem that jadeticl3 is the winner of our little competition. 160p Qantas 175p crazycanuck 199p jadeticl3 199.50p shytalk/gottafly 200p noble3r 200p richjp 207p inforprofit 210p luckymouse 260p double double 280p 4-10 Anyone brave enough, before the Jan 9th trading statement, to give it a shot?
Gresham Technologies share price data is direct from the London Stock Exchange
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