Intercede Share Discussion Threads

[outsider] 25/6/2010 02:04

thanks for that felix appreciated.

[felix99] 24/6/2010 09:26

I heard it all went well and they were impressed with mgt. They said legal case was best settled due to legal fees but don;t think they managed to find out much about any royalty situation.

I suspect the legal case would have scared a lot of potential deals and customers off so suspect they settled for that reason alone.

I assume the fools will be posting a write up - or perhaps they are waiting to stock up before posting any summary :-). Not seen trades lately so I am probably completely off base.

Happy to hold. My longest ever shareholding this one I think - must be 2 or 3 years . A week is often a long term hold for me !

[outsider] 24/6/2010 08:58

Is there any feedback from the meeting held a few nights back to share......anyone?

[wjccghcc] 21/6/2010 20:39

Sorry davidosh - was going to make it but ill baby intervened. Look forward to hearing the feedback.

[glasshalfull] 21/6/2010 19:23

Davidosh - I replied to you via email (TMF). Appreciate your invitation. Extremely thoughtful.

Kind regard
GHF

[iicb] 21/6/2010 19:17

David, sadly I've just returned from Las Vegas, so can't attend the event this evening, though I would have very much liked too. I would appreciate hearing anything of interest from our men in charge.

Regards,
iiCB

[rambutan2] 21/6/2010 16:07

davidosh, thanks for the invitation but can't get out of other commitments tonight. However, I will be very interested to hear what folks make of the IGP duo and how they present the company's prospects etc.

[davidosh] 21/6/2010 01:31

Any of you wanting to join us for dinner and the presentation are very welcome

[rambutan2] 15/6/2010 14:22

The art of small cap company broking no longer really exists. No one has a book. No one is interested - unless there is a capital raising. I wouldn't have any expectations of broker usefullness.

[aphrodites] 15/6/2010 12:45

With the 50k sell at 33p today it finally looks like we have got some volume selling at the bottom of the market and at a price where there is a solid buyer.

If you recall I did mention several weeks ago I was told someone was hawking a line of shares around and could only find a buyer at 34p when the price was 37/42p. Clearly not the same seller but at this low price it might have stimulated Katie into showing her hand again as a buyer.

It will not take a lot to turn the price around and we are due for some more news which is likely to move the price.

But what are the company brokers up to?

[igoe104] 15/6/2010 10:39

hopefully it wont be long before more news is out about the iraq id card, which our partner thales is involved in which is 300 milion dollar contract evenually, and would expect this could be far bigger than anything else we have ever been involved in, (thats if we are involved, which you would expect we would be.)

we need some news some positive news to but some life back in the share, things are very boring at the moment.

[davidosh] 14/6/2010 14:35

The spread is very wide at present and well over 10% which does not encourage investment.As the results are just out you would think this would be the time to encourage some buyers and sellers ?

[felix99] 14/6/2010 13:29

aiming left will usualy exacerbate the slice Yump - so perhaps not such a good idea.

Better still you need to adjust the weight and flex of your golf shafts to counter the slice .

Amazing what they can do with golf technology these days.

Sorry its a bit off topic to IGP :-)

[yump] 14/6/2010 11:12

Nice to see lots of common sense being posted and whether as an investor you happen to like the speed of progress or not, that is the nature of investing in this sort of company. You could get the timing spot on, you could be late or early, but you don't know in advance. The one thing you can't really legitimately do is moan at the company, unless they squander your money, pump up announcements to make you think things are progressing better than they are, etc. etc. IGP have done none of these things. Criticise one's own judgement and timing perhaps, although that doesn't really help. Next time the timing could be spot on.

I suppose if you're consistently too early or too late, then the strategy needs adjusting. Or in resigned golfer speak: if you slice and its a 20 year habit, then may as well just aim left a bit.

[jailbird] 12/6/2010 19:02

Recently CBI and INVOCOAS which incidentally had director's as major shareholders have decided to de-list, stating lack of trading activity because
of liquidity, consequently share price not reflecting true value of company and also cost of being listed on AIM .

Could his happen here?


edit - looking further into majoity holdings
Only thing I can see is that there are many major shareholders here unlike the other two Companies

[rambutan2] 11/6/2010 10:25

Exactly. IGP has grown into a business with great stategic value and simply by looking at this year's numbers and nitpicking, the writer is failing to see this.

Unfortunately, due to its business model, IGP will most likely continue to struggle to attract the attention of analyst and small cap fund managers who simply don't have the time (or inclination) to learn about a company enough to go beyond the latest figs.

However, it is worth noting that industry expert Herald did recently take the plunge and will now be a close follower, and of course Hargreave Hale, who are easily the most adventurous of the small cap managers, are also on board and when I recently checked are still holding pretty much what they took in the 33p placing.

I've learned to look at IGP as essentially a publicly listed vc investment. It came to the market (too) early and has been growing through a tough decade for the industry after the excess of the tech boom. However, it has now reached early maturity and the odds are it will be taken out at a multiple of current value if that's what the management are looking for. aimho

[outsider] 11/6/2010 08:46

spooky nice post and gives a whole lot more balance reading recent comments on this thread.

[spooky] 11/6/2010 08:43

Rivaldo - In my opinion the article is neither good,insightful or balanced,it is written by someone who in my opinion is experienced at looking at tech company statements but in this particular case has no understanding of Intercede's business.As a result it is worthless and misleading.

I believe that a lot of people are becoming confused when looking at Intercede as an investment,i feel that any discussion on the subjest should be rather brief and should focus on two things.

1.Do you believe that the market in which they operate is global,growing and of significant size.

2.Do you have any reason to believe that Intercede will lose it's number one position in the space.

If you believe in 1. and believe Intercede will remain the market leader then the shares are going a lot higher,maybe not this week,maybe not next week but they are going up.If they stay down here they will receive a takeover approach which itself will result in a higher share price.

Focussing on the short term and one set of figures or one contract is a mistake,i believe you should focus on the market space and Intercede's position within it.

I am a significant shareholder i picked up 25,000 shares yesterday,my first purchases since the placing at 33p,the movement of small company share prices can be depressing at times but sometimes you have to remember why you were there in the first place.If you had told me that i would be able to buy shares in Intercede at 8.5 times with £4 million in the bank, no convertible overhang and no legal issues i would never have believed you.So what do people do, they try to find another reason for not buying the shares,today's appears to be that they are not paying a dividend.

Nothing is ever certain but on currently available information the shares are significantly undervalued in relation to Intercede's business potential,take advantage of it while the opportunity exists unless of course you don't believe in the market or Intercede's position within it in which case move on.

[wjccghcc] 11/6/2010 08:24

balanced - ish. Saying they underperformed the trading statement with growth of 8.6% is a bit niggling given they said "approximately 10%".

Also, I think she's confusing their license revenues with a normal software company (which receives upfront licenses). For IGP, the bulk of the 33% licence sales are further issuance for existing projects rather than coming from new contract wins. i.e. they can count on 200k TWIC issuance and 50k NHS issuance a year from staff turnover etc.

[wjccghcc] 11/6/2010 07:49

I see Finncap are forecasting flat PBT for this year at 2mm with EPS of 4.1p giving a fwd PE of 8.5 and EV/FCF of 6.

IMHO that's on the conservative side but I'd guess management have guided them to the low end of their targets after this year's experience with the market's reaction to the last trading statement.

[smartmoney100] 10/6/2010 23:58

Awilson, no idea what the policy will be, IGP seems an odd choice of investment if your priority is income?

[awilson] 10/6/2010 21:40

SmartMoney 101

I fully agree with your sentiments. I could have bought at 34.75 but IGP
is my second biggest investment and at my age I need income. On the stated figures, it could pay a 1p dividend so I am hoping for some further guidance at the agm as to when distributions will begin and what the cover policy will be.

[accumulat0r] 10/6/2010 18:59

Nice to see so many positive posts today. As usual WJCC is spot on with every aspect.

Particularly #2097, " ...the fact that once a company has implemented MyID, it would be extremely disruptive to change ..."


I can't imagine any government organization ever cutting back on identity management. Security is paramount these days. So it must surely be a good thing, that Intercede has high exposure to the public sector.

It seems ridiculous to me that brokers who don't understand such things (like this guy from Astaire), should be allowed to comment:




Thursday, June 10, 2010
Broker roundup

Both Finncap and Astaire commented on preliminary results from software company Intercede (LON:IGP). Intercede reported revenue growth of 9% in the 12 month period to March 2010, while adjusted profit before tax climbed 14%. Finncap was upbeat on the results, noting that the software company retained £4.8 million in cash, equal to 28% of its market capitalisation, while it traded on a FY 2011 P/E of 8.7. Astaire was more cautious on the outlook for Intercede, noting that revenue growth had decelerated from the previous year, and raised concerns about the company's exposure to public sector spending, with 65% of FY10 revenues coming from government customers.