Ix Europe Share Discussion Threads

[togglebrush] 30/3/2007 10:04

Directors selling ... see RNS !

[togglebrush] 27/3/2007 11:18

Back in the '90's these were often called Data Hotels and Hotel seems a good word because room (space) and occupancy rate seem the key numbers. They have a business model which works and are acquiring others which didn't (possible speculative built after the World Trade Centre, New York disaster?). It appears to be a growing business with potential just like the share price.

Brief extracts from the Annual Review 2006

Page 1 ... last year to this

In 2006 they had 26,400 m2
65% of the total 35,400m2 planned space was contracted as at 31 December 2006

Page 7

Scalability...future potential

A further 9,000m2 is planned or under construction, of which 2,700m2 was pre-contracted to customers as at 31 December 2006. Furthermore, the group has potential to build and power up more than 30,000m2 of additional datacentre space in London4 and at the Frankfurt2 13-acre campus.

Page 9

Acquisitions...they have bought cheaply

IXEurope added four IXDatacentres™ in 2006, three of them as distressed asset purchases and one new-build (London4).

[wjccghcc] 26/3/2007 11:37

Loss making on a PBT basis but not on an EBITDA or cashflow basis.

[spaceparallax] 26/3/2007 10:50

A remarkable success story despite being substantially loss making so far.

[togglebrush] 25/3/2007 14:00

Since 26th February trading volumes have been very high (over 160,000 each day except one day, many multi million). The mean daily average is 15,658.

The total volume is over 20 million transactions from 26/02 or 10 million shares have changed hands (Roughly a quarter of the market liquidity in transit). The Final Results were on 5th March. Data below was taken from a downloaded copy of their Annual Report.

If someone is building or even off loading a position of over 3% we should have an RNS shortly.

Shares______The %__Held by

58,414,996 32.2% Argan Capital Limited
56,757,030 31.3% Milestone Capital Partners Limited
13,822,371 _7.6% Cazenove Capital Management
_5,502,589 _3.0% Morgan Stanley Securities Limited

_7,522,718 _4.2% Directors Shareholdings

39,160,296 21.6% Liquidity in the market

[togglebrush] 23/3/2007 17:21

Someone is very keen on this share...high volumes...and increasing share price for several days now!

[huntie2] 22/3/2007 16:36

loadsa buys, few sells, no price movement at all! hmm..........

[spaceparallax] 21/3/2007 16:49

I never ceased to be amazed by this share.

[buteo114] 21/3/2007 16:25

Why all the big sells?

[wjccghcc] 21/3/2007 13:56

Latest forecast from Investec is for PBT of 5.7mm in 2008.

[togglebrush] 21/3/2007 13:52

I was doodling with some projections based on the Annual Results just now, and they looked quite good and then I saw the price hike!

Back of a Beer Mat projections

''000,s_____________Actual_________Actual________F'cast________F'cast
__________________2005__________2006__________2007__________2008

Revenue_____________£22,538_______£37,335_______£50,063_______£67,130
Cost of Sales ______£12,537_______£22,537_______£28,035_______£37,593

Gross Margin________£10,001_______£14,798_______£22,028_______£29,537

General Admin _______£8,309 ________£9,869_______£11,722_______£13,923

Operating Profit____£1,692_________£4,929_______£10,306_______£15,614

Depreciation & Am___£3,887_________£5,764________£7,729_______£10,364

Extraordinary Exes__-£572__________£1,689____
PBIT________________-£1,623_______-£2,524________£2,577________£5,251

These are based on__9,600sqm_____26,400sqm_______35,400sqm____47,468sqm
Origin______________reported_____reported________report fcast___guess

These give a reasonable PE ratio for 2007 and 2008 based on a 100p share price. Currently 181.3 million shares as opposed to 172.6 in 2006

I could not find any other forecast so I did my own. DYOR
It may explain the price hike ???

[meenashah] 20/3/2007 12:31

Looking at the big buys it seems someone is getting onboard before something is about to happen

[spaceparallax] 19/3/2007 12:38

Another good day.

[spaceparallax] 16/3/2007 18:18

Good performance today.

[masurenguy] 16/3/2007 15:20

Two 500k trades went through just after 2.00pm at 70p.
SP is up 4.5% so they must have been buys !

[spaceparallax] 14/3/2007 10:55

I suspect that today's fall can be put down to the general market low.

[spaceparallax] 09/3/2007 13:56

Described in today's IC as Fairly Priced, given that they remain loss-making.

have they been reading my posts?

[spaceparallax] 09/3/2007 09:43

Mas,

Thanks for the tip - I see IXE as having a strong future, but suspect that the SP's probably outgrown itself cf the results and diminution of loss. No doubt I'll be proved wrong, but I wouldn't be surprised to see the share price cycle between 60 and low 70s for a while, perhaps with further progress being driven by significant news.

[masurenguy] 08/3/2007 20:37

Slight retracement from the mid 70s over the past 3 weeks. Revenue at £37.3m came in at nearly 20% above interim expectations and 66% ahead of last year. The pretax loss was also higher than expected probably due to higher costs in opening and operating the 4 new centres last year. It is difficult to accurately compare costs from year to year since their expansion complicates the cost structure.

It still looks positive and the share price has more than doubled in the 11 months since their IPO. Recommended by Anthony Hill at FSW today.

[spaceparallax] 05/3/2007 10:03

The results generally look good to me, with good growth. However, I couldn't really get a grip on anticipated movement from loss to profit; figure reported down compared to last year, but the exact improvement I found hard to tie down because of a number of exceptionals that confuse the issue.

Any views?

[togglebrush] 05/3/2007 07:52

Results out see RNS. Highlights

Financial Highlights:

Revenue up 66% to #37.3m (2005: #22.5m)
Adjusted EBITDA* up 191% to #4.9m (2005: #1.7m)
Net cash from operating activities (pre IPO-costs): #4.8m
Pre-tax reported loss decreased 9% to #4.2m (2005: Loss #4.7m)
Contracted MRR increased by #1.8m to #3.8m as at 31 December 2006
65% of the total 35,400m2 planned space was contracted as at 31 December 2006
Minimum contracted revenue for 12 months to 31 December 2007: #28.0m (to 31 December 2006: #18.8m)

Operational Highlights:

Increased footprint from 10 to 14 IXDatacentresTM
Available net space increased by 57% or 9,600m2 to 26,400m2
First contract for London4 signed six months before delivery
Customer churn remained low at 3%

[hattori_hanzo] 02/3/2007 20:14

sp - lol!

I know where you're coming from. These facts & figures can be difficult to quantify. At the end of the day, quality is all important and the cream will always rise to the top, eventually.

I too, generally speaking, prefer close watching to setting fixed stops and as I'm a full time investor it makes it easier.

I'll return to my watching brief on IXE, for now, but, as I said, I'm poised to pounce.

I look forward to chatting with you again. Good luck.

ps: Apologies for my rudeness! ;-)

[spaceparallax] 02/3/2007 14:46

Hat,

How outrageously rude of you! Lol!

I understand what you're saying, but unless we are gifted with special powers it's only the very lucky that can fully benefit from the before and after scenario. I know what you're saying about the Apr/Oct timing - although, if you know your shares well enough, even that situation can be bettered.

What I was trying to say really was that Quality Counts - a share will make it if the fundamentals are sound, it's more a matter of when. Certainly, you can get more share from your money by Buying/Selling at different times - there again you can get locked out.

Probably the best one can do is to have a very clear strategy on portfolio spread, risk, stops etc... although personally I prefer close watching to auto-stops.

Keep up the good banter and a good weekend to you - just don't be too rude!

[hattori_hanzo] 02/3/2007 12:59

Hi share price - Actually, without meaning to be rude, it does matter, A LOT!

If you look at data from the past, the difference in investing just before & just after a big market correction, will result in a staggering difference in returns over 20 years when you compound the growth.

Infact, it's much the same as investing in the wrong 6 months of the year, regardless of a crash. IE: An investment made in October will make considerably more money, over many years, compared with an investment in April.

EG: I recently saw some comparisons from just before & just after the '74 crash.

It was staggering.

I can't remember if it was a £1k example they used ( a £1k example is typical of these analogies), but I think it was. Figures are compound growth.

An investment of £1k before the crash would be worth a few thousand quid now. An investment immediately after the crash would have made you.....£1 million!!

Amazing, isn't it.

....and that's why it really does matter, over the long term, when you initially invest your money.