Indigovision Share Discussion Threads

[dlku] 10/8/2015 11:49

not good


im waiting for 140p on the next profit warning

[aishah] 10/8/2015 11:47

Can buy in size (10k shares) around 220p at the mo.

[exotic] 10/8/2015 10:14

Just added another £10k worth (4591 @ 217.55)

[balcony] 06/8/2015 12:07

Almost all the overhang gone now,7500 all they will sell.

[balcony] 22/7/2015 10:50

Decided to buy some this morning,Just feel the company still has a lot going for them,and always the chance of a cheeky bid

[topvest] 01/5/2015 19:56

Yes, they could be a tad exposed to a bid from a competitor given their low rating. I'm happy to hold and hopeful that these could do very well when they start doing better on the contract front,

[blanketstacker] 01/5/2015 08:26

Thank you SRSM. REALLY useful.

[boisterous] 01/5/2015 01:22

Pistoia won't bid they are setting up for somebody else to bid.

[srsm] 30/4/2015 20:19

Repost from over there.


Lost count of how many of these I've been to. Arrived late so didn't get any vibes from pre-agm mingling.

Thought the Directors looked a little glum during the meeting, but warmed up when the post AGM talks occured.

Marcus did a short talk and Holly handled the finance stuff.

Intro from the company docs
"IndigoVision networked video security systems provide the best quality and most secure video evidence, and use market leading compression technology to minimise network bandwidth usage and reduce storage costs."
For
"enterprise market (broadly over 250 video cameras) and the mid market (those between 100 – 250 cameras)."


Holly presented a graph showing sales broken down by Region. Latin America fell off a cliff - but US sales are heading up, now a close second to EMEA. Could IND finally break the US?

But the main event was from two Pauls.
Paul Murphy, originally in Engineering, moved to Sales but now Marketing. I think he's behind the more confident marketing we've been seeing for the past year or two. So refreshing to see a UK Tech company finally realise "it is not enough to win, others must lose". Hence the video comparing leading competitors in low light conditions. And making them look a bit inept. Excellent. More please.


Some of the new products. Frontline and THE INTERCEPTOR!!!!
ISC West - whose theme this year was End to End Solutions. Finally, the industry has caught up with the approach Oliver and the Team got working in the last century. Is the market moving towards IND?


THE INTERCEPTOR!!!! When you see it (took a photo but can't upload here) you can see where they got the retro 50's horror / alien invasion styling from. It looks terrifying. For a camera.


Frontline complete with Game of Thrones like soundtrack and horror ending!


Paul explained how a competitor saw Frontline at ISC West and "chin dropped".
IND are the only CCTV company to have joined the dots and added people centred cameras into their lineup, where is it written that CCTV has to be stuck up on a pole? First big sale has already occured to a Middle East company. Note, these don't stream video so technically not traditional CCTV - used for evidence gathering and protection from lawsuits.


They've got a new strapline coming too - I'll leave IND to launch that in their time. More people focussed than the worthy but dull of the past.

Marcus explained to me over tea and biscuits. "We used to be a boring company".

All good stuff.


Paul Theasby is the new COO. Recruited from Bosch directly by Marcus. IND try to avoid huge head-hunting fees (still looking after the pennies). He is very impressed by the Engineering talent at IND, hinting they are better than Bosch. He did a bit of Bosch Bashing but not much as he stated "I still like Bosch".

Engineering advantages abound at IND.
Control of Integrated Circuitry. Bosch buy off-the-shelf. End to End IND customise for maximum control and performance.
Known as the Smart Core.
Best Compression in the industry.
Best low light cameras in the industry. There is a video where IND gleefully name and shame the competition (excellent confidence). Can't find it just now.
Just as many mega-pixels as the best of the rest. The Ultra 2K and 5K Camera range. I think this was a huge weakness in the past.
hxxp://www.indigovision.com/ultra2k


ONVIF for integration of other bits. Harder than it seems.
Distributed Network Architecture (DNA). "You cannot fail with our system". "It just works".
Best in class Video Management System (VMS - Control Centre). Paul (Bosch man of 5 years) described Control Centre as "10 times better than anything Bosch has".


And Reliability too, which did dip a bit a few years ago. Current percentage returns at IND is lower than than Bosch's target. Hinting that Bosch aren't close to their own target but IND comfortably beat it.


At questions I asked. "Given Best in Class at nearly everything why are sales so much lower than competitors"?
Hamish and Paul thanked me for the question (awww shucks).

Sales. The problem is in the whole sales structure and people and scale and reach.
Very honest as always with IND.
A big problem being the size of the sales force (and resellers etc). As Marcus observed "a buyer in Chicago wants a local supplier AND he wants to hear a Chicago accent on the telephone".

The ducks have never quite been in a row for IND. Axis sales are 8 times higher I think. Starting from more or less the same place as IND and more or less the same timeframe.

But they now have one big problem to fix rather than lots of product range and price issues of the past.


Finally, a nice out of the box thinking for marketing. The new (and very cute) 3Mb Dome camera can be installed in under a minute (assumimg cabling is in the ceiling). The installation video has music: the Minute Waltz by Chopin. Timers shows installation complete at 55 seconds. Music still has a bit to play...


Strong Hold at least I think. Buy if you think Frontline will open many doors. Buy again if you think a better Sales impact is on the cards.

Stuart

[sharw] 30/4/2015 18:35

I have seen this before in the case of Jaques Vert (JQV). In 2011 it was struggling but had a good cashpile backing a decent yield. New Pistoia upped its stake to 5% in August, 6.47% in October and then 7.61% in November. In December Minerva Bidco made a successful bid at 21p (it had traded between 12 and 18p in 2011 closing at 12.5p the day before the announcement).

[gengulphus] 30/4/2015 11:23

I'm surprised Inflection Point were able to dispose of 348,625 shares so quickly, wonder who bought them.

I think basically answers that question - New Pistoia have increased their holding by 337,500 shares and now own 29.16% of the company.

An intriguing situation, as they cannot buy all that many more shares without having to bid for the company. So either there's a takeover bid in the offing (good news for us, at least if it's at a decent price) or a buyer who has shown high willingness to soak up shares dumped on the market is going to have to stop doing so (not so good news!).

Gengulphus

[exotic] 29/4/2015 13:58

I'm surprised Inflection Point were able to dispose of 348,625 shares so quickly, wonder who bought them.

[blanketstacker] 29/4/2015 09:09

Singers now say profit for year to be $2.3m, so rather better than my £1m. The dividend will be retained. EPS is 20p, and PER becomes 13.5. Yield is now 3.5%. This has slipped out of the value category, but still seems a decent one to hold onto. There may be management problems, but management can be changed.

[topvest] 28/4/2015 21:18

I'm going to hang in there. Hopeful that trading will bounce back again. It's just quite a volatile revenue line and they have expanded the cost base a little too quickly. Certainly not a basket case though, so will watch and wait.

[dozey1] 28/4/2015 16:26

I'm afraid this is an excruciatingly badly managed serial disappointer, always showing its potential but seemingly just mouldering away in its little Scottish office away from the real world. As a long-term holder, always blinded by the illusion that the next six months will see the upturn, I feel rather stupid. This isn't helped by the fact that I sold some for over £9 in October 2007. Fancy hanging on to the rest. Perhaps it was due to my ditching all my ASOS at 79p at the end of 2004 having bought them for 8p in the January.

[blanketstacker] 28/4/2015 15:27

The dividend will probably be maintained across the coming year as there is money in the kitty and sound assets behind the company. That gives a yield of about 4.5%. The year SHOULD see an overall profit, probably above the £1m mark. Trade has not been great for the last year, but turnover SHOULD still be about £28m. ROCE is about 12%, and the company has no debt. Measures are in place (again) to cut costs. Yes, we have had a rather vague if portentous profit warning, but there is still value here. The business tends to rely on large one-off contracts, so fluctuation has become the norm. I hold some, and was hoping to top up at around 280. Any more slippage and I will take a few more if the cash allows.

At this price a takeover is also a very real possibility.

[samenic] 28/4/2015 15:17

Well guess if you knock off the cash and net fixed assets you could buy it for less than 10 mio.Be interesting to hear what they say at the AGM on thursday !!

[advfn_thefall] 28/4/2015 14:33

I thought this would be worth more than 19 million

[cockerhoop] 28/4/2015 13:04

Yes, that's now 11 months (last 5 months of last year and this H1) of really poor trading.
The releasing of RNS's at random times and all the tomfoolery of changing year end and reporting currency without sufficient clarification suggests a certain opaqueness at the top imo.

[topvest] 28/4/2015 12:52

Oh dear - not good news. Definitely bought too early. Probably a good buy once things start coming back, but looks like a tough year in prospect.

[aishah] 28/4/2015 12:38

Trading Update

As indicated in the 2014 annual report, IndigoVision has had a subdued start to the current financial year. UK and Europe has seen good growth, however trading conditions in Latin America and Asia Pacific have remained challenging, and North America and the Middle East have also experienced delays in project spending. Revenue streams from the enterprise market are project-dependent and lumpy in nature, and the Group won a number of large projects in the prior year which have not thus far been replicated in the current year.

We are continuing to target mid-market sales channels to improve the pattern and predictability of sales and the quality of earnings. We have also reduced overhead to reflect the reduction in overall activity. However, due to the slowdown in sales in H1, we expect to record an operating loss for the first half. We expect performance to recover in the second half, but as a result of the operating loss for H1, it is likely the full year result will fall below market expectations.

[exotic] 08/4/2015 23:36

In the news today, American police officer sacked and charged with murder - because a bystander filmed him firing 8 shots into the back of an unarmed black man who was running away. The officer was later filmed going back to the scene and apparently tampering with evidence.

If the bystander had not filmed all this, there's every reason to believe the officer would have gotten away with it.

These type of incidents are causing huge problems right across America now. In all the news bulletins I've seen, there is only one potential solution being reported: Police body-worn cameras.

I believe the Obama government will have no qualms about throwing vast amounts of money at solving the problem, and I'm hoping IndigoVision FrontLine arrived just in time.

[dozey3] 01/4/2015 12:14

New Pistoia bought a few more yesterday to above 24%. They are an income outfit, but I can remember when this was generally thought to be a growth share. Come on you NP guys, buy the whole outfit and put us out of our misery. The present lot have the technology but couldn't sell hot water bottles to Eskimos.

[exotic] 24/3/2015 09:33

Well the video will always need to be able to be exported from CC to be used as evidence etc.

If they added a hidden marker, this could be removed simply by processing it with basic video format converter, or at least by using screen grab software.

I'm guessing they've done something to CC's video export function so that it includes a visual marker which YouTube has agreed to detect and block.