Indigovision Share Discussion Threads

[mister md] 22/9/2015 09:58

I was looking to buy in, but the results showed falling revenues, inventories up 50%, cash depleted since a year ago, dividend halted ... decided to wait and see, despite the technology looking impressive

[opodio] 21/9/2015 13:52

falling again

[tongosti] 21/9/2015 10:45

Thanks for sharing Exotic

[topvest] 17/9/2015 20:44

Not really - the broker forecasts have been out of touch with events. The share price proved that. This is a poor year, but sounds like things are bouncing back. It's a good company and probably quite exposed to a bid at this lowly valuation.

[exotic] 17/9/2015 18:40

exotic 29 Aug'15 - 00:21 - 3408 of 3440 0 0 edit

New Projects

[...]

US Airline JetBlue have a central monitoring suite in New York, monitoring 85+ airports across the US and Caribbean using IndigoVision kit. (Contract date unknown)




Published on 11 Sep 2015
A short video on how IndigoVision helped Jetblue protect staff in 85+ locations across the US and Caribbean.



Bit of a boring seminar though!

[exotic] 17/9/2015 18:13

17 September 2015

IndigoVision Launches Control Center Aquarius

Announcing the Release of Control Center Aquarius®, giving the world's first truly integrated Body Worn security solution and many more exciting features.

[cockerhoop] 17/9/2015 16:53

Just to clarify

Before todays results N1 Singer were suggesting 30.5c for 2015

They are now suggesting 6.2c.

That is some downgrade. I surprised anyone is surprised the share price went down :-)

As for 2016 they have retained their $3.0m PBT forecast but 'clearly these forecasts will be refined as the year progresses'

[rmillaree] 17/9/2015 16:41

yep not nearly as rosy when i use the right currency - sigh - although still a p/e of under 10.

[sharw] 17/9/2015 16:03

37.9c = 24.39p =PP/E 9.02 @ 220p

[rmillaree] 17/9/2015 15:49

Doh EPS forecast is in cents and not pence as per my original post sigh

[dlku] 17/9/2015 15:24

Dividend cancelled

[rmillaree] 17/9/2015 14:56

The new Broker note is on the Website - it all makes fairly decent reading with forecast EPS of 37.9 cents (correction) for 2016 - so i have bought in.

I can understand why though the Market simply doesn't believe that things will be that rosy going forward as they have had a very patchy recent history but at this lower than average Historical price level i feel the balance of probabilities have swung in favour of a punt at this price. If they do have a good run and the shareprice does re-rate though i would be pretty tempted to exit sharply simply due the fact that everything always tends to be way on lumpy side with regard to the good news bad news front.

[kiwihope] 17/9/2015 09:07

I think there is a bit of an over-reaction here so I have bought a few more. Of course there are worries but ....

[topvest] 17/9/2015 08:58

I've tripled up - looks an odd reaction to what was quite an upbeat outlook. Business is lumpy. They have passed on the interim dividend which is very sensible really, but confirmed a pretty clear intention to have a final dividend. Excellent cost cuts and product development. Looks a BUY to me.

[brummy_git] 17/9/2015 08:46

Agreed Paul

In terms of cash flow outflow, I think the company has experienced a working capital build at the end of H1, in order to service higher demand in H2. This is natural and should unwind later in the year - assuming of course standard customer payment terms have not been extended...

Additionally I'm very interested to hear about the new range of on body cameras for the police, security services and armed forces. This is potentially a really big area that is already a long way down the pipe in the US, driven by the likes of Taser and Digital Ally. Here's hoping IndigoVision can snaffle some of this market too.

[paulypilot] 17/9/2015 08:36

Good morning,

I'm surprised by the sell-off this morning, as my feeling on reading the results was relief that things are now on an improving trend. The key sentence is;

"profitability in the second half is expected comfortably to exceed first half losses."

Some good recent contract wins & new product launches, so it looks to me as if there's still everything to play for here.

Loss-making H1, as expected & flagged up in Ape 28th.
Note the cost-cutting, so improved H2 profits may not be such a big stretch as people think. I like that IND can flex its overheads in response to trading.

The company's Achilles Heel remains lumpiness of contracts.

Increased inventories has been a positive sign historically - coming in advance of a sales increase.

Maybe I'm too optimistic, but to me the glass is half full this morning! Clearly the flurry of small trades this morning are people who see it half empty.

Regards, Paul.

[exotic] 17/9/2015 08:21

Above: "Another worrying thing is that there was no mentioning on how how the company intends to balance revenues and shifting the weight towards the mid market segment."


From results: "A low cost camera range was launched this period to complete the three level product strategy being targeted across IndigoVision's end-to-end system. The Group's camera range now consists of the new GX entry level range, the BX midmarket range, and the Ultra range for the ultimate in camera performance, as well as a number of specialist cameras .."

[tongosti] 17/9/2015 08:16

Another worrying thing is that there was no mentioning on how how the company intends to balance revenues and shifting the weight towards the mid market segment. Over and over again, they simply describe the problem as sales being skewed towards the enterprise market Identifying the problem is only the start. You need to have and execute a strategy which eliminates the problem. So far the company does not have a plan at all on this point. Very disappointing

[exotic] 17/9/2015 08:00

Revenue $22.6m (2014: $31.9m)
Overheads reduced by 19% to $12.9m (2014: $16.0m)

"As announced in April, sales slowed in the six months ending 30 June 2015. The Group operates in the large project market where timing of revenue is uneven; and first half trading has also been impacted by economic and political challenges in certain geographies."

"...the Group experienced an improving trend in financial results as the first half progressed. The pipeline of large projects for the second half is significantly stronger than the first half and, as a consequence of this and management actions taken to reduce costs, profitability in the second half is expected comfortably to exceed first half losses."

"We currently expect to recommend a final dividend to shareholders along with the annual results."

[cockerhoop] 17/9/2015 07:53

To hit current FY expectations (of £1.5m PBT, 17.6p EPS from sharelockholmes) they need to achieve £2.7m PBT 30p EPS in H2. That looks a stretch to me.

[tongosti] 17/9/2015 07:50

- sales significantly down- worsening working capital position (inventories considerably up; bank overdrafts used for first time; cash down). This points to a significant deterioration in liquidity. If the situation persists, the company will have to either a) reduce costs (fire a few more); b) borrow against assets (assuming they find a willing lender); c) raise equity. Whist I see option c a a bit of remote prospect at this stage, unless the second half improves as we are told, options a and b are very much on table. Contrary to company's statement, I struggle to see how the company can pay a dividend at the end of the fiscal year. - first half loss- interim dividend cut