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JNEO Journeo Plc

0.00 (0.00%)
Last Updated: 13:11:51
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 Shares Traded Last Trade
  0.00 0.00% 245.00 49,121 13:11:51
Bid Price Offer Price High Price Low Price Open Price
244.00 246.00 245.00 241.00 245.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Industry Machy, Nec 21.12M 903k 0.0548 44.71 40.36M
Last Trade Time Trade Type Trade Size Trade Price Currency
13:33:57 O 336 244.21 GBX

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Date Time Title Posts
27/2/202409:33Journeo plc - will this finally be the wiinning name?794

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Posted at 27/2/2024 08:20 by Journeo Daily Update
Journeo Plc is listed in the Special Industry Machy, Nec sector of the London Stock Exchange with ticker JNEO. The last closing price for Journeo was 245p.
Journeo currently has 16,474,491 shares in issue. The market capitalisation of Journeo is £40,362,503.
Journeo has a price to earnings ratio (PE ratio) of 44.71.
This morning JNEO shares opened at 245p
Posted at 12/2/2024 17:26 by adamb1978
I'm not an income investor but I'd like to see them initiate a small dividend this year. Doesn't need to be much at all - 0.5%-1% yield would be fine - but then grow it consistently at say 10%-20% p.a. from there (if the company succeeds, that growth would likely result in a lower yield).

There's various funds which can't invest in companies whic dont pay divis and also a reasonable number of investors who want some level of income and income growth.

An initially small but fast growing divi would therefore help the share price; at the levels I mention, it wouldnt impact their ability to finance growth either
Posted at 12/2/2024 08:43 by adamb1978
2024 expectations also look very light.

£48m revenue though JNEO did £24.2m in H2 2023
£4.4m PBT though JNEO did £2.1m in H2 2023
Posted at 12/2/2024 08:17 by adamb1978
Said it before but think there is a very good chance of a £10+ share price here within 3-4 years.

£70m revenue would be hit in 2027 with just over 10% organic revenue growth
Acquire £30m revenue for say £20m - £25m based on a similar multiple to JNEO today. They should be able to finance that without raising equity and keeping leverage <1x EBITDA.

Gets you to £100m, and operating leverage should mean they could comfortably make 15% EBIT margins, which drives EPS of 70p-75p.

and if they deliver the above, I'd say a PE of closer to 20x would be justifiable, though 13x-15x hits 1000p share price
Posted at 16/1/2024 12:26 by melody9999
I think the interesting thing is we have seen funds reducing due to closure or client redemptions ie forced selling. But the share price has remained strong - unlike in some of my other holdings. At some point fund selling will end .....
Posted at 04/1/2024 18:45 by adamb1978
Hi Philly

Thanks for the insightful posts and good to have a board where there is some intelligent conversation.

Looking at your assumptions above, I'd say that your SaaS/support revenue looks toppy and the hardware margin looks low. 85% SaaS margin is feasible if its not an overly data intensive application and implementations are swift, however if that also includes support too, it feels a little ambitious to me. That said, 25% HW margin suggests little value added from JNEO and that they're almost just passing through all kit. Not sure whether that is right? 25% margin is effectively just a reseller, without doing much to it.

Arguing against myself, I was looking at them getting to a 38% blended margin by the time which they hit £70m revenues. I was also assuming 10% p.a. opex growth p.a over 4 years to get to 18% EBIT margins and 57p EPS.

Either way, there share price looks way to low to me if they can execute.

Posted at 04/1/2024 15:46 by philly cheesesteak
Part 1; valuation. I've looked back at the period when Tracsis broke out from a £10m tiddler to become a £100m+ market cap;

2011; Revenue £4.1m, Gross Profit £3.1m, Operating Profit £1.1m, EPS 4.5p, Share Price 58p, P/E 13x, Cash £4.7m, Market Cap £14m.

2012; Revenue £8.7m, Gross Profit £6.8m, Operating Profit £2.9m, EPS 9.9p, Share Price 124p, P/E 12.5x, Cash £7.6m, Market Cap £31m.

2013; Revenue £10.8m, Gross Profit £7.8m, Operating Profit £2.5m, EPS 8.4p, Share Price 163p, P/E 19x, Cash £6.5m, Market Cap £41m.

2014; Revenue £22.3m, Gross Profit £12.8m, Operating Profit £4.1m, EPS 12.9p, Share Price 330p, P/E 25x, Cash £8.9m, Market Cap £87m.

2015; Revenue £25.3m, Gross Profit £15.8m, Operating Profit £4.5m, EPS 14.1p, Share Price 434p, P/E 31x, Cash £13.3m, Market Cap £115m.

Note that the P/E ratio sat at ~12-13x in 2011-12, before steadily expanding over the period as EPS compound growth became established (5 year CAGR from 11-15 = 26%)

In essence it steadily transitioned from being an AIM micro cap that IPO'd in 2007 at 40p and went sideways for 4 years, into a high quality compounder.

If JNEO management can achieve their medium term goal of £70m+ revenue at a double digit operating margin then the figures will easily eclipse those of Tracsis in 2015.

The P/E should expand as PI's get attracted to the growth story, the simplicity & stickiness of JNEO's product offering should also be attractive (in the same way it was at Tracsis). The transition to SaaS will also undoubtedly help.

Next I'll look at the impact that acquisitions had on Tracsis's growth...
Posted at 01/12/2023 12:22 by philly cheesesteak
Researched this off the back of Tuesday's trading update. Noted the supply at 230p & the Mello presentation & decided I'd rather take a position post presentation if the share price indicated investor excitement. Today we have the answer and I now have a significant position!

Tracsis is the obvious comp here, seeing as they sell software to the transport sector. Valued at £264m today and has forecast 2024 PBT of £15m with EPS of 40p, so is on a P/E of 20x but is only growing at ~5% PA.

Historically, it has charted a similar path to JNEO. Shares were trading at 50p at the start of 2012 and re-rated to £5.50 by the end of 2015. They had 24m shares in issue though, so by the end of that run the market cap sat at £132m and they had reported pre tax profit of £4.2m, reported EPS was 12p, so their PE was >40x, so I agree with you on valuation @NChanning.

In my view, Journeo is under the radar & under appreciated. If it becomes a PI favourite then a journey to £10 over the next 3 years should be very feasible indeed, particularly if they can continue to make earnings accretive acquisitions funded via FCF.
Posted at 30/11/2023 13:52 by adamb1978
Thanks NChanning. If they achieve those margins, and they dont seem unrealistic given the nature of those businesses, it would be completely transformational to the share price. As I've said before, I dont think a 1000p share price is out of the question in say 3 years - 50p EPS and a re-rating once the market sees growth + margin improvement + high returns
Posted at 05/10/2023 22:48 by vfast

That is a good question and I have noted the same trades which appear to be buys!

I can't give a definitive answer regarding the trades and the share price however I'm very positive that the share price will kick up hard again before the yearend.

So much going for JNEO, right company in the right place at the right time.

I believe at some stage JNEO will be snapped up by a big company.

Posted at 05/10/2023 19:40 by m1roda
Evening I have been watching these shares for a long time (from when they were 21st century) and my wife would say obsessively !! I wonder if anyone can explain this to me. In all that time I have never seen any share buys and sells the next day yet for the last 4/5 weeks they have been a regular occurrence. Just this week on Monday we had 100,000, Tuesday 23,000, 50,000 and 25,000 and today 53,500. These all appear to be buys. That means when we look at volume on this website they are understated !!! Also a few weeks ago 360 shares got sold and the share price dropped 3p and today 2,000 , 1,000 and 2,000 resulted in another 3p fall and when we have 10,000's of buys the share price doesn't move !! The cancelling on the HS2 is a win for Journeo as investment will go into the buses so I don't see any reason for the 'large' fall in share price.Also watching the presentation the company looks like it is in good hands and is expanding at the right rate ( in my opinion it would fit very well with a company like Tracsis and would double their turnover and profits with further savings achievable)I wonder if anyone can explain what is happening with this share price. ??????????Thanks for reading this and please do your own research
Journeo share price data is direct from the London Stock Exchange

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