Share Name Share Symbol Market Type Share ISIN Share Description
Kbc Adv.Tech. LSE:KBC London Ordinary Share GB0004804646 ORD 2.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 209.25 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 75.95 6.67 5.70 36.7 172
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 209.25 GBX

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Date Time Title Posts
13/5/201608:21KBC Advanced Technologies plc2,113
24/8/200918:42KBC Adv.Technologies: Ready to Advance?59
30/10/200312:42Chart buy (?),cash and growth99
27/2/200217:58Chart buy (?),cash and growth1

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gargoyle2: Nice quiet breakout on Friday. Has prompted Zak Mir to call KBC up to 180p within the next 2-3 months: While it is the case that in today’s first Bull Call we are looking at a situation where we are in the run up to a golden cross buy signal between the 50 day and 200 day moving averages, as far as KBC Advanced Technologies are concerned it can be seen how the equivalent technical event occurred last month. In fact, this situation has been in prime bull mode from as long ago as May when there was a vertical spike through the 200 day moving average now at 114.52p. Helping out since then has been the way that even on support tests the shares have not fallen below the 200 day line. Indeed, what we have seen is the 50 day line now at 128p and the floor of a wide rising trend channel come in as the buying zone for traders. All of this would go to suggest that provided there is no end of day close back below the 50 day line we can expect significant further upside. Just how high the stock could fly is suggested by the top of a rising July 2014 price channel currently with its resistance line projection pointing at 180p. This is a 2 – 3 months timeframe target.
gargoyle2: London, UK – (10 November 2015) – KBC Advanced Technologies plc (“KBC”), a leading consultancy and software provider to the hydrocarbon industry, is pleased to announce the launch of the Petro-SIM™ 6.1 process simulator. This marks the next step in KBC’s continued drive to provide superior value and innovation in process simulation for the hydrocarbon processing industry. Petro-SIM continues to reinvent process simulation technology with rigorous simulation models that generate trusted results in an intelligent, user-friendly environment for upstream, midstream, refinery or petrochemical processes. Petro-SIM 6.1 continues to support the open platform vision for Petro-SIM within process simulation and to improve the existing platform architecture. Mike Aylott, KBC’s Chief Technology Officer, said, "Petro-SIM 6.1 extends our commitment to an open and extensible platform, giving extension developers full access to our database and Microsoft Excel™ integration together with new methods for extending the functionality of built-in objects." "We also announce Petro-SIM Web, an exciting new technology that makes Petro-SIM simulations available through modern web browsers, giving organisations more options for viewing and running simulations and collaborating in their own or partner organisations, extending the reach of the Petro-SIM platform across the plant lifecycle," added Mike.
gargoyle2: Zac Mir calling KBC up to 180p within the next 1-2 months: It can certainly be rather tough to steal yourself to buying a stock or market at the highs, hoping that it will be a momentum play, rather than the end of the line for a rally. In the case of the present position of KBC Advanced Technologies it can be seen how there has been progress within a rising trend channel in place on the daily chart from as long ago as the beginning of last year. The big breakthrough this week is clearly the conquest of the initial 2015 resistance at 130p, especially so given the way that the old high has been broken by such a distance. However, it may actually be said that the best thing about the recent price action here has actually been the way that since May we have been treated to multiple support points well above the 200 day moving average at 108p / the 2014 price channel floor. All of this goes to suggest that provided there is no end of day close back below the 130p level – allow down to 125p for stop loss purposes, one would expect to see the 2014 price channel top at 180p hit over the next 1-2 months at KBC Advanced Technologies.
simon gordon: Hi Gargoyle, Hope all is well. Seems to me that KBC's upstream strategy has had to be dialled back and probably they bought FEESA right at the top of the market. KBC has historically been a cyclical business with lumpy contract awards hitting the share price as they occasionally slip. The oil price is forecasted to remain low in 2016 with upstream cutbacks only intensifying. PSP launched exactly three years ago and has yet to have a juicy headline contract award and that was before the upstream industry went into meltdown. It looks like dead money. It gets the odd pop as ST and NT tip. Seems the best hope for a serious profit is a takeover or blockbuster contract award. Earnings upgrades look a distant prospect with the battle to keep estimates in line. If oil stays depressed for a couple of more years can they ward of an earnings downgrade?
gargoyle2: Just looking again at this in the latest trading update: "Whilst there are certain slowdowns and discretionary cost reductions in some segments of the industry, from a KBC standpoint these are balanced by a shift in sector spending to operational efficiency and production optimisation initiatives, as well as stronger performance in parts of the refining segment due to improving refining margins. With its strengths in these areas, KBC is well placed to take advantage of this shift in investment." KBC is clearly not totally immune to the oil price slowdown (they had a 10% reduction in workforce recently), but I wonder if the fact that oil prices seem likely to stay low for the foreseeable future (China slowdown, OPEC supply increasing, Iran back on stream, etc.) is shaping up to play right to KBC's strengths..
wh1spa: ST's comment:KBC break-out imminentI have been following with interest developments at Aim-traded KBC Advanced Technologies (KBC:109.5p), a consultancy and software provider to the global hydrocarbon processing industry.I last updated the investment case at the time of the company's fiscal 2014 results in March when the price was 87p ('Blow-out results', 18 March 2015), having initiated coverage at 69p ('Fuelled for growth', 5 May 2013). Since my last article KBC's share price has moved up 23 per cent to 109.5p and is now on the cusp of taking out last autumn's highs at 110p. This price action should be noted because a close above 110p would signal a major share price break-out and one which, in my view, paves the way for a return to the 142p highs dating back to June last year. Moreover, with a decent operational tailwind, I expect my fair value target price of 165p to be challenged in due course.It's easy to see the company is gathering investor interest. Firstly, at the end of last month, KBC Advanced Technologies entered into an agreement with Kongsberg Oil & Gas Technologies to develop stronger simulation software integration and more effective engineering and operations workflows for the oil and gas industry. At the same time the parties have signed a reseller agreement to enable them to cross-sell their leading software technology products together as a complete suite for simulation, optimisation and operator training across the breadth of hydrocarbon production and facilities. This can do no harm at all to earnings expectations for the year ahead.Secondly, KBC has recently appointed a new finance director, Eric Dodds, formerly finance chief at software company Morse prior to its takeover five years ago. His appointment is a good addition as he brings in a wealth of experience in financial management of both consulting and technology companies.Thirdly, there is an active buyer in the market, Kestrel Partners, the investment manager to Kestrel Opportunities, a Guernsey-based cell acting on behalf of wealthy private clients. In fact, in the past couple of months Kestrel has purchased more than 750,000 shares in KBC to lift its stake to 12.25m shares, or 14.89 per cent of the issued share capital. Oliver Scott, non-executive director of KBC, is a partner of, and holds a beneficial interest in, Kestrel Partners and is also a shareholder in Kestrel Opportunities. In other words, there has been indirect share buying by an insider.Fourthly, the valuation is still attractive. That's because analysts at brokerage Cenkos Securities and research firm Equity Development predict that KBC should be able to increase underlying pre-tax profits by 10 per cent to £10.5m this year. This means that once you strip out KBC's latest net cash figure of £15m, worth around 18p a share, from the company's market capitalisation of £90m, then the shares are being rated on less than 10 times post tax earnings, a near 40 per cent discount to the small cap software average for sub-£100m market cap companies.In the circumstances, I feel that KBC's shares are still worth buying on a bid-offer spread of 107p to 109.5p. My year-end target is 165p. Buy.
paleje: ST articled these today, his conclusion below. Apart from it, hasn't the Chancellor today announced tax concessions, some backdated, to keep more North Sea oil production going and doesn't that go in KBC's favour too:- Following the earnings beat yesterday, and factoring in the robust order pipeline, analysts at broker Cenkos Securities and research firm Equity Development predict that KBC should be able to increase underlying pre-tax profits by 10 per cent to £10.5m this year. On this basis, Cenkos expects adjusted EPS to rise by around 5 per cent to 9.8p. This means that once you adjust for the latest net cash figure of £15m, or 18p a share, KBC's shares are being rated on just eight times last year's post-tax earnings, or half the average rating of the small-cap software sector. That's a harsh valuation in my view and one that justifies maintaining my long-term buy recommendation on the shares when I initiated coverage at 69p ('Fuelled for growth', 5 May 2013). I last updated the investment case at around the current level ('Energising growth', 8 Dec 2014). In fact, I still believe that a fair value is nearer 165p, or almost double the current share price. That's because, based on a further increase in net cash to £19m, as both Cenkos and Equity Development predict, the shares would still only be rated on a cash-adjusted PE ratio of 14 for fiscal 2015 if the share price was to double. Trading on a bid-offer spread of 85p to 87p, I continue to rate the shares a buy.
simon gordon: KBC website- 2/2/15: Low Oil Prices - What Should Operating Companies Do Now? The recent and rapid collapse of oil prices from $100+ to less than $50 per barrel has created a challenging environment for all companies in the energy sector. Many operating companies have deferred or cancelled projects, curtailed exploration and drilling activity. Virtually all have initiated some type of cost reduction program. For the upstream sector, this has in turn led to oilfield services companies announcing significant downsizing. As all energy sector companies look to control costs in this cash-constrained environment, KBC sees opportunity in the face of these challenges. As others have previously pointed out, industry cycles have shown that one should use this price drop as an opportunity to drive through fundamental improvements in operations. Deep cuts in maintenance, production, and operating budgets can actually damage asset integrity, reduce reliability, and negatively impact production—the very engines of cash generation. An unfocused cost-cutting response can also lead to the loss of the most capable and critical staff. In short, now is the best time for Operational Excellence. KBC believes operating companies should sharpen their focus on three critical elements of Operational Excellence: ~World class well and reservoir management ~Operational efficiency, reliability, and productivity ~Investment in people and capabilities Addressing these three imperatives will help maximize revenue and reduce cost of production on every barrel. They will also help make focused cost reductions, justify new spend, and support superior returns until the price recovery eventually comes. How can KBC help you achieve Operational Excellence? We provide world class tools for production system design and optimization with our own Infochem Multiflash™, FEESA Maximus™ and Petro-SIM™ technologies, as well as the comprehensive consulting services to help you achieve and sustain superior results. We work with other third-party tools such as Flaretot, and partners such as Kongsberg, to provide a complete range of solutions. Well and Reservoir Management Optimizing your production system demands superior well and reservoir management. KBC’s expertise focuses on the design and operation of production systems whose function is to separate and transport oil, gas and water with minimum backpressure on the wells and reservoir. KBC’s FDP RightSize and Flow Assurance Services help minimize regret capital spend during the conceptual development stage of capital projects—be they Greenfields or Brownfield additions. Operational Efficiency, Reliability and Productivity More than 70% of the today’s oil production comes from fields older than 10 years, and 90% of all production uses some form of artificial lift or enhanced oil recovery (EOR). It is a truly exceptional production system that can’t benefit from an increase in operational efficiency, reliability or productivity. In fact, our experience shows that production system availability has the single largest impact on Overall Asset Effectiveness (OAE) next to well downtime. KBC’s Produce the Limit Services focus on unlocking the Maximum Achievable Potential (MAP) of the production system by holistically addressing process, energy and reliability. The results are the right unit cost reductions and operational improvements that re-align the production system as the wells and reservoir change throughout their lifecycle. Investment in People and Capabilities The key to sustained performance is a capable workforce who works smart – plans, schedules, executes, measures, evaluates, and makes consistently sound decisions– with the right skills and abilities. KBC’s Workforce Capability services focus on the getting the organization ‘right’, streamlining processes, training and skill building, troubleshooting, increasing wrench-time, improving process safety and operational integrity, and managing change. We go well beyond the classroom to deliver experience-based, hands-on coaching and mentoring of field and facilities personnel. We help you, to quote Stephen Covey, “Sharpen the Saw.” Why Act Now? How Long Will Prices Remain Low? Forecasting oil price is difficult and depends upon factors that change over time. Many aren’t even well measured, but KBC’s commercial Energy Economics service group forecasts a 12-18 month price dip. Recovery is likely to be slow, as fundamental supply and demand gradually rebalances over this period. We see crude price volatility continuing with an average of $50-$65 per barrel until the end of 2015. Though this represents an increase over the current lows, we don’t see it high enough to return to an investment program similar to the period before OPEC’s November 2014 meeting. So now is the time to get started. For more information on KBC’s Upstream solutions....
apad: ICToday: ‍KBC record contract win There has been a significant amount of negativity on the oil sector since the summer, reflecting the 33 per cent fall in the oil price since mid-June. Shares in all oil companies have been very weak in this time and the Aim-traded share price of ‍KBC Advanced Technologies (‍KBC:89p), a consultancy and software provider to the global hydrocarbon processing industry, has suffered in the fall-out. However, the company continues to win new contracts. In fact, only last week ‍KBC announced a two-year contract award from a South American oil and gas company. The contract is worth more than $48.6m (£31m) and extends the current contractual relationship to 2018. It’s the third largest contract in the history of the company and “underpins 2015 revenue forecasts and beyond”. The respective analysts’ forecasts for 2015 are revenues of £74.9m and cash profits of £11m. On an adjusted basis, Equity Development expects pre-tax profit to rise from £8.4m in 2013 to £9.2m in 2014 and £10.5m in 2015. House broker Cenkos Securities has identical pre-tax forecasts. So after factoring in net funds equating to 20 per cent of ‍KBC‍217;‍s market value of £71m, this means the company is being valued on only five times cash profits to its enterprise value, or on only eight times cash-adjusted EPS for 2015. Even after factoring in the weak oil price, this seems an extremely low rating to me. And it’s not as though the company is suffering contract terminations. In fact, it continues to win new business, which is supportive of the investment case. At 89p, ‍KBC‍217;‍s shares are still up on my original buy recommendation of 69p (‘Fuelled for growth’, 5 May 2013), but are down on when I last updated the investment case at 105p (‘Contract win boosts ‍KBC‍217;, 25 September 2014). I maintain my buy recommendation.
apad: A slick fundraise A software provider has pulled off a major fundraising and one worth noting Investors have reacted positively to news of a major fundraising by KBC Advanced Technologies (KBC: 123p), a consultancy and software provider to the global hydrocarbon processing industry. In fact, with the company's share price trading up to 123p post the announcement, it looks like this year's sideways move is now over and an assault on the January high of 132p is imminent. Beyond that, my fair value target of 165p, which neatly coincides with a major high in August 2001, is a realistic target price. The institutional placing of 20.8m shares raised £24m at 115p a share to account for just over 25 per cent of the enlarged capital and means that pro-forma net funds are around £31m, or 38p a share. The company's market capitalisation of £100m after the placing equates to 1.67 times book value, so it is not extended given that net cash accounts for half of net asset value and 30 per cent of the current share price. More importantly, the new cash will enable the company to target larger, more capital-intensive, higher-margin projects; continue investment in sales and marketing with the aim of boosting revenue and earnings growth; expand KBC's technology offering to provide a more comprehensive software package across the full spectrum of wellhead, production, oil and gas processing, refining and petrochemicals; and selectively acquire niche software companies that sell into the upstream sector and whose software integrates effectively into KBC's Petro-SIM› platform. In addition, KBC will deploy some of the new capital to invest in high-growth markets in China, the Middle East, Latin America, Asia and India over the next couple of years. In the Middle East, new world-scale refinery and petrochemical facilities are being built which will need a large number of skilled workforces, requiring services in organisational and skill enhancements suited to KBC's offerings. The company is also well positioned to support a major 10-year programme in place to upgrade refinery assets in the former Soviet Union. In my opinion, the targeted move to higher-margin work and investment in new direct software sales will not only enhance KBC's software sales in the coming years, but should lead to a higher proportion of recurring revenues. The higher-margin technology business accounted for a quarter of the company's revenues of £65.1m in 2013, but it's worth pointing out that recurring revenues from the division jumped by 20 per cent in the same period to account for £7.6m of the division's £17.6m of revenues. This business enjoys operating margins of around 30 per cent, whereas KBC's consultancy division has margins of around 8 to 10 per cent. It's also worth noting that recurring revenue is set to surge following a raft of contract wins in the past 12 months. These include a five-year agreement with a Japanese refiner worth £1.8m; a similar deal with a US refiner; and a £10m, seven-year contract for the provision of the company's Multiflash› software, maintenance and support services to a large oil and gas services company. KBC's Multiflash› software is being integrated within all of these client's production software applications, which are used by the majority of oil and gas companies worldwide. Moreover, if KBC can boost the contribution from its software business, then there is a strong case to be made that the earnings multiple the shares trade on should be much higher than at present. That's because net of cash, the company's enterprise value of £68m equates to only 12 times last year's post-tax earnings, a massive 40 per cent discount to the average multiple enjoyed by Aim small-cap software companies with high recurring revenues. Admittedly, a multiple of around 12 times earnings for KBC's consultancy division looks about right but, given that the software business has grown revenues by 38 per cent in the past three years, then to value this higher-growth and higher-margin operation on the same multiple seems harsh to say the least. Even taking a conservative approach and rating KBC's technology operation in line with the UK software and services sector average earnings multiple of 15 for sub-£100m market capitalised companies, KBC is still being undervalued by around 25 to 30 per cent. Re-rating far from over So, although KBC's shares have moved up sharply since I first advised buying them at 69p ('Fuelled for growth', 5 May 2013), the re-rating is far from over in my view. In fact, even if the shares hit my target price of 165p to give the company a market value of £133m, then the enterprise value of £102m would still only equate to less than nine times this year's cash profit forecasts of £11.7m. Furthermore, that's not factoring in any upgrades for higher-margin contract wins. There is also a small dividend after the board declared a final dividend of 1p a share. So, ahead of trading updates at the annual meeting on Wednesday 4 June, a pre-close update in July and the half-year results on Tuesday 23 September, I continue to see significant upside to KBC's shares. So do analysts at Cenkos Securities who "can envisage a scenario where the shares are worth in excess of 200p as the technology business becomes a significantly greater proportion of KBC's revenues". On a bid-offer spread of 121p to 123p, and offering 33 per cent potential upside to my target price of 165p on a six-month basis, KBC's shares rate a buy. apad
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