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JNEO Journeo Plc

247.50
-2.50 (-1.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Journeo Plc LSE:JNEO London Ordinary Share GB00BKP51V79 ORD 6.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50 -1.00% 247.50 245.00 250.00 248.50 247.50 248.50 31,597 12:00:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Industry Machy, Nec 21.12M 903k 0.0548 45.16 40.77M
Journeo Plc is listed in the Special Industry Machy sector of the London Stock Exchange with ticker JNEO. The last closing price for Journeo was 250p. Over the last year, Journeo shares have traded in a share price range of 161.00p to 297.00p.

Journeo currently has 16,474,491 shares in issue. The market capitalisation of Journeo is £40.77 million. Journeo has a price to earnings ratio (PE ratio) of 45.16.

Journeo Share Discussion Threads

Showing 876 to 894 of 900 messages
Chat Pages: 36  35  34  33  32  31  30  29  28  27  26  25  Older
DateSubjectAuthorDiscuss
08/4/2024
09:48
The problem with fund managers is two-fold. They are not motivated by excess returns as much as by funds under management. Therefore, they quite rightly optimise accordingly. Some like Mills have a lot of skin in the game so that makes a bit more sense. The UK market though is getting killed simply because cash is getting sucked out of it. Fundsmith have a decent track record and are fairly low cost and make sensible decisions. I think there is a case to hold there especially if you don't like big draw downs when markets puke. The other point is the performance drag of 1-2% is huge and likely to negated any stock picking advantage they have.

One other point worth making. It's as much about tax wrapping and keeping comms and other fees low as it is about stock picking. The former you can definitely do a lot about the latter much less so. So many hot shot PIs think that paying 8%+ funding to IG, and leverage up, is worth it when they can just put £20K in an ISA and have all the tax wrapping with very low transaction fees. They obviously love the leverage but as soon as their positions puke they get flushed out. If they do do well then they just gear up even more and get puked out later.

This is how PLUS works and will always work.

loglorry1
08/4/2024
09:37
I would back most small PI's over any of these so called star fund managers
johndoe23
07/4/2024
11:21
Amused to see that Justin Waite has set up his own subscription site. So, looks like he was sacked.

The other woman (😊) on Downing that is equally good, thebears1.
Rosemary Banyard is the other woman.

apad

apad
07/4/2024
08:38
Yes Judith Mackenzie of Downing is very good Generally the people PH speaks to are worth listening to much more than him. He just keeps the conversation flowing and you make your own mind up.
thebears1
06/4/2024
12:59
Posted this elsewhere, might be of interest.

"There's an aspect of self-interest to all the sites.
Neary is now a regular contributor on VOX and he is very balanced. Waite is (was?) awfull. Hill is mixed.
The interviews with fund managers are free from VOX client company bias. Interviews with the 2 women from Downing are stunning.
It is up to us to judge.
Scott on Stocko gets very enthusiastic but admits his failures and warns that it is not advice.
I was impressed by the variety of types of interview on VOX, the tools and the access to public information. All in one place.

For deep analysis of companies Beddard is a standout.
www.ii.co.uk/analysis-commentary/shares-future-company-makes-my-top-10-ii531283"

apad

apad
06/4/2024
10:29
Also in the interest of balance bear in mind that when PH talks with fund managers the list of companies is agreed in advance.

Now make your own minds up listening carefully to what Paul and Gervais say here:



At the time Premier Miton held 8.348452% of Saietta

sharw
06/4/2024
08:57
In the interest of balance though for him the interviews with fund managers are often very good and full of insights. I guess it's a case of listening carefully.
chester9
06/4/2024
08:34
I understand it's paid content for Vox in return they raise the profile of these companies. They blend in these shares when talking to city experts. Gervais Williams hardly responded when Paul Hill raised at last meeting right at the very end. Paul pushed to end of decline which does not do him or Vox any good reputationaly .
chester9
05/4/2024
17:41
Video - Paul Hill & Richard Crow (aka CR)


JNEO at 37.30 to 41.40mins

eeza
05/4/2024
11:19
Yes by lowering the price each day.... (I'm long btw so was just an observation as little unusual to have so many down days in a row)
davr0s
05/4/2024
11:09
"Seems to be no interest here at the moment".

Well someone is interested enough to take the sellers' shares

eeza
05/4/2024
11:05
On track for 6down days in a row lol. Seems to be no interest here at the moment
davr0s
03/4/2024
17:23
Downing DSM) released their fact sheet on 2 April, and they still have 2.96% holding, so we have a different seller.
eeza
02/4/2024
15:31
Look forward to it 74Tom - always good to have the investment case tested and you are doing a fine job at pointing out risks.
hydrus
02/4/2024
15:05
@Melody, it was a great deal for shareholders, there is no doubt about that. I just think that particular deal is now fully priced in given the move from 105p to 270p. On your second point, yes of course you have to believe in the future performance, but surely this belief has to be grounded in most recent trading? You want to see YoY growth in PBT, not the annual declines seen in passenger & fleet systems in FY23.

Thanks @hydrus, yours is a very balanced post. Worth noting that gross margins also decreased for fleet & passenger in the prior year too, so management have a bit to prove with the forecast 19% PBT improvement. On the FD share purchase, a £25k buy is always welcome, however I think you have to look at the bonuses declared in the annual report to judge it on merit. The FD received a FY23 bonus of £93411, which was more than triple the prior year amount. The cynic in me asks whether this bonus was grossed up to be reinvested in shares :)

I'd agree that it's hard to argue that JNEO is expensive right now, however let's paint a fictional FY24 scenario where passenger + fleet operating profit recovers slightly to £1m but infotec drops back to £2m and MultiQ adds £250k. Based on 25% tax, PAT would be £2.4m and EPS just shy of 15p. I'd say that's a 30% probability right now, there will be much more clarity come the half year results.

Will return then.

74tom
02/4/2024
13:09
Some good points 74Tom. I think it is obvious that the NY subway contract was unusually large for Infotec and might not be repeated (hence the seemingly low price paid for the business) but there are further opportunities to expand that particular contract as discussed here previously. The importance of the efficiencies gained through consolidation of manufacturing bases plus expanding the customer base can’t be assessed through a historic financial analysis of course and I think they are the main reasons for the purchase.
Gross margin dropped in 2023 but is expected to increase again in 2024, which is why PBT is expected to increase 19% with revenues only increasing 4% in 2024.
I also think management have integrity and I think the FD buying shares at an ATH suggests they are confident in how things are going to pan out.
I hold ¾ of the shares I originally purchased (having doubled my average purchase I trimmed my position) and I expect the business to progress well. One has to take into account that the business will always be a bit lumpy because of the type of contracts they win but they seem to be very good at winning those so the trend is in the right direction.
Looking at the cash pile and the market cap it is very hard to argue that JNEO shares are expensive. Possibly fairly valued until we see how things pan out this year I guess.

hydrus
02/4/2024
11:27
74tom,

My understanding is that the deal to buy Infotec was actually agreed in 2019 but only consummated in 2023. (ie the agreement preceded the US subway order etc). Which does explain the lowly price paid.

That is not to undermine your point that the performance at Infotec is potentially unsustainable - i'd imagine JNEO management expect other parts of the business to improve after a poor year in FY23 - especially if further US subway orders are not forthcoming for Infotec.

cockerhoop
02/4/2024
11:17
Now to counter to obvious riposte re. Infotec performance being fantastic, my cynical question is this; why would IGL sell to JNEO for £8.7m (less cash held by IGL of £3m) in Dec 22 if the FY23 operating profit of £3.7m is in any way sustainable? Surely common sense would tell you that you don't sell a business for just over 2x operating profit / 1.5x EV/EBITDA?
74tom
02/4/2024
11:16
Eric, I must say your post 862 is quite notable, to read & respond to my comments with a 397 word post in 4 minutes is superhuman. Are you using a GPT program by any chance?

You've responded with the standard bull case and of course things may play out like that. However, I feel that the market has got significantly ahead of itself based on the detail provided in last weeks report.

Digging further into the segmental reporting, operating profit for fleet & passenger systems in FY22 was £1.43m, in FY23 this more than halved to £698k. This meant that organic JNEO operating margin dropped from 6.77% in FY22 to 2.75% in FY23.

The trend is worse if you look at the half year reporting for fleet & passenger systems;

H122 revenue £8.87m, operating profit £449k, operating margin 5.1%
H222 revenue £12.24m, operating profit £981k, operating margin 8%
H123 revenue £12.5m, operating profit £513k, operating margin 4.1%
H223 revenue £12.8m, operating profit £185k, operating margin 1.4%

Passenger systems actually reported an operating loss of £45k in H223, vs a £410k H2 profit the year before...

Infotec saved the day contributing operating profit of £3.697m, and MultiQ £153k.

Cavendish forecasts in March 23 were for PAT of £2.8m, their reported PAT figure was £2.97m, so they beat this forecast by just £170k, with ~£130k of this attributable to MultiQ, so overall organic JNEO + Infotec were in line, and as the above info shows, organic JNEO was some £700k lower than prior year, despite the 20% top line growth.

Shares pumped from August onwards due to company repeatedly reiterating that they were materially ahead of forecasts. Whilst this is obviously true with regard to revenue, it's clear that organic operating profit was actually substantially lower than the prior year, and I can't imagine the March 2023 forecasts planned for that?!

It's also extremely relevant given the company likes ramping it's 'pipeline' of £55-60m, if this is work that will earn them a 2% operating margin then it's hardly exciting is it? And it's not as if public transport bodies are awash with cash.

Likewise with the recent purchase orders, they enjoy reporting the gross figure but £5.75m of orders at the H2 operating margin of 1.4% = £80k of operating profit...

Surely operating margins are everything if you are expecting expanding PE ratios & growing EPS to drive shares higher?

74tom
Chat Pages: 36  35  34  33  32  31  30  29  28  27  26  25  Older

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