Iqgeo Share Discussion Threads

[p1nkfish] 07/8/2023 12:17

Directors chipped in £400K approx at 125p per Share, approx 8p discount on the market price at the time of the Comsof acquisition. They have seen approximately 2.38x increase in their investment in less than 12 months. From memory Chapman couldn't take part as CFO. Exempt Petti as he has bought some.

Are they unable to invest another 10% between them, < £40K x-Petti at this juncture?

Real message is it's their Gravy Train.
They had all the knowledge, bought at discount and pi's were not invited.
Now buyers are needed to clear a seller and where are the BoD?

[p1nkfish] 06/8/2023 12:07

I'm very pro-IQGEO.

BoD support outside of taking advantage of a one way bet, not so sure about them.

Anyone could do that at the time given the info they had.

Now is time for them to show support. Hands in pockets.

[p1nkfish] 06/8/2023 11:49

BoDs that only take part because its a one way street with access and knowledge they have others don't are not indicative of a good set-up.

PIs need to take care with such.

[p1nkfish] 06/8/2023 11:47

With the director activity I doubt there's much chance of corporate activity in the near future.

Chapman couldn't get involved with taking part in the Comsof benefits, shares issued at an attractive price.

Would be interesting to see some directors that did benefit substantially buy a few now rather than just Petti and Kestrel.

Put their hands in their pockets instead of just sitting back. Leadership at the entire BoD level matters and that includes indicating they think there is further to go by buying some from the market.

Its not just a cash machine for those in the know.

I hope Chapman also benefitted from the Comsof work.

[p1nkfish] 04/8/2023 19:56

Kestrel buying again, Petti nibbling, wife of Chapman sold 35,000 shares, Aug 3rd, at 290p.

Churn.

[p1nkfish] 03/8/2023 18:20

Good news.

[w13ken] 03/8/2023 15:50

IQGeo honoured with 2023 ISE Network Innovators’ Award...
"Cambridge, 03 August 2023 - IQGeo (AIM: IQG), a developer of geospatial software that is “Building better networks” for telecom and utility operators, today announced that its Network Manager Telecom software was recognized among the best fiber industry products in the 2023 ISE Innovators’ Awards. An esteemed and experienced panel of judges from the Telecom/Broadband Network Service Provider Community recognized Network Manager Telecom as a honoree, achieving a high score of 4.5 out of a possible 5.0 points..."

[p1nkfish] 02/8/2023 08:30

Looking at new CTO background and what IQGEO needs to scale he is as good a fit as possible and more use than Batty probably would have been as the world has moved on.

It's clear IQGEO want to go large. Chasing those multi-million $ opportunities Steve Tongish alluded to.

Valuation is stretched but tempted to add on weakness.

[p1nkfish] 02/8/2023 08:22

New CTO was supervised in his PhD by Andy Hopper, a founder and subsequent Chairman of Ubisense, leading to IQGEO.

[w13ken] 02/8/2023 08:22

Yes, this seems like an idea way to be able to pitch Network Manager to customers, large and small (and growing). Sign them up early and they'll be customers for life

[p1nkfish] 02/8/2023 08:10

Old OSPInsight product will be maintained for old customers but all new customers encouraged onto the new 3 stage Network Manager Telecom. Sensible as it allows easier migration up the product stack as smaller deployments and Altnets grow.

[p1nkfish] 02/8/2023 00:58

New CTO looks very useful and its clear he's there to address larger customers and SaaS and sounds like an ambitious plan will unfold.

Keep watching.

[p1nkfish] 02/8/2023 00:55

If they have dropped a clanger it might account for the selling.

Either way more care is needed with the results presentation.

I give them the benefit of the doubt, others might not.

[p1nkfish] 02/8/2023 00:39

Quick look.

Net recurring rev retention = 114% states circa.

Exit ARR = (Current Period ARR) - (Churn) = 16.9M (states approx)

Previous period ARR = Entrance ARR = FY2022 Exit ARR = 15.1M

In this case:

Retention ARR = (Exit ARR)/(Entrance ARR)

Adam - I agree it doesn't line-up in the presentation between the two H1's but how much is down to sandbagging this time? Best to wait until September for more solid figures and a possible exit ARR increase towards 20M from 16.9M (or 17.2M) approx. The alternative interpretation is they have dropped a clanger but I find that hard to believe. The truth lies around the approximations and some sand bagging imho and a less than careful RNS.

[p1nkfish] 01/8/2023 17:47

First one: agreed. 1.14 x 15.1M = 17.2M for the period but the 114% is for the 6 month period.

Need to look closer into the constituent parts of the below and make sure the time periods compared are appropriate and see what doesn't line-up. Recurring revenue net retention.

Net Revenue Retention = (Current Period Revenue - Churned Revenue + Expansion Revenue) / Previous Period Revenue

New CTO reads as aimed at more SaaS and bigger customers.
New Telecom s/w intended to cover whole life-cycle - in 3 stages.

[p1nkfish] 01/8/2023 17:44

Not a good break through 300p to the downside. Next break looks like 280p unless buyer arrives.

Decent hire for CTO.

There was a £1.8M exit ARR add (approx) in H2 2023.
Will look over notes when get more time.

[p1nkfish] 31/7/2023 11:38

Need time for that, best to ask the company for a quick answer.

[adamb1978] 31/7/2023 11:14

Hello

I'm new to IQG though had them on the watch-list for a while. Couple questions for anyone who has been through the ARR data:

First one:

- Dec-22 ARR was £15.1m
- based on the NRR figure in the Jul-23 update, the Jun-23 ARR pre-new logos would be £17.2m
- they quote £16.9m ARR at Jun-23, pre new logos

so the £17.2m and £16.9 could be the same with the difference from FX, but implies no new customers in H1

Anyone disagree?


Secondly:

Their 'new ARR intake' figures in their announcements seems to be different in their interim figures this year vs last. What I mean is:

In Fy22:

- opening ARR of £8.2m with their NRR applied gets you to £8.4m and then adding the £1.9m intake gets you to £10.3m...which is exactly the closing ARR figure. Suggests new logo ARR isnt in their intake figure

however in FY23:

- as above, ARR of £15.1m with their NRR applied gets you to £17.2m and then adding the £3.3m intake would get you to £20.5m so far above their £16.9m and surely cant be explained by FX. So new logo ARR IS in their intake figure

So have their changed what is in/out of their intake figures? I can't see how they're the same. Makes quite a difference if you're trying to project this forwards.
Cheers

Adam

[p1nkfish] 31/7/2023 08:33

Recent buy may also suggest no near term corporate actions as it's considered a Director buy.

No one currently holding would want to see a breach of 300p on any volume as then its likely to head much lower. Unless you want to add of course but Kestrel close to limits.

[p1nkfish] 31/7/2023 08:30

30% limit normally.

[w13ken] 31/7/2023 07:51

And at that point would they be obliged to make a cash offer for the whole company under the Takeover Code?
As you suggest, they're likely to pull up short.

[p1nkfish] 31/7/2023 07:12

Kestrel started nibbling again around 301p.
They can still add about 3% before hitting about 29.55%.

[p1nkfish] 28/7/2023 13:12

Interesting, unless they move fast an electricity shortfall is ahead and looking to call-up generators to cope with the heat this summer. Solar no use at night. Need different alternatives at low CO2 for peak demand and at night. Whatever it is it needs field work.

"The PJM Interconnection, the nation's largest electricity grid operator, is working to alleviate a logjam of renewable projects waiting to be connected to its system, while also warning in a recent analysis that thermal generation retirements could outpace these new intermittent resource replacements."

[p1nkfish] 27/7/2023 16:20

Hope so but if the seller has volume held and a mandate (which we don't know about) stranger things have happended.

Mandate can be the total amount of small cap they can hold as a % of portfolio or a limit to the % amount in anyone name in small cap. That can mean a need to sell and less price sensitivity as the holding has gone through the limits set - coincidentally IQG has run up in price a lot.

Last RNS for sales recently was Ameriprise and they still hold 15.9% after about a 25% run up in price in 1 month until they sold down. Recent fall might have taken the heat off them having to sell more.

TBD.

They hold enough to be able to swamp the market if they want to release a few per-cent. That or they act as lid on future run-ups as they sell into strength if they still need to.

[w13ken] 27/7/2023 13:38

I don't believe so and would be surprised if if it dips under 300p for long. H1 results in about 7 weeks and I expect there to be further contract extensions or new customers by then.