Kinovo Share Discussion Threads

[masurenguy] 07/12/2021 12:55

Well QS99, as I've previously mentioned, KINO went on the SCSW watchlist in August when the shareprice was 33.5p. Their conclusion then was "Visible revenues have been maintained at £170m over the next three years with a strong pipeline. Northland (now part of Canaccord) has yet to introduce forecasts. I will keep a watching brief." If they should subsequently convert that into a formal recommendation then it will bring it onto the radar screen of many other small cap investors. Next issue is due this weekend but of course one cannot predict what companies will be recommended.

[qs99] 07/12/2021 12:10

50p coming soo nico/masurenguy.....at some point if this gets tipped, given how tightly held it is, we could see a big old squeeeeeeze....DYOR

[qs99] 07/12/2021 11:35

well done LG, good luck with the bait

Personally not out of this until £1 and above as the metrics just look v. good and hopefully a decent yield coming soon. DYOR as ever, but sometimes you need to let the good ones continue to roll!

DYOR

[masurenguy] 07/12/2021 11:23

Thanks for the heads up LG. Good luck with your fishing !

[nico115] 07/12/2021 11:14

Well done LGGreat returns Never wrong to take profits

[lord gnome] 07/12/2021 11:06

I'm out today. Took three sells to move it, but this is a thinly traded share usually. No problem with KINO, it is a good company with a good future, but I have other fish to fry and being fully invested I need to sell before I can buy. GLA

[nico115] 07/12/2021 09:24

That's why the mkt throws up these oppsTo think debt was 11m not long ago and at end of this year we will have net cash and paying maybe a 1p divi ..wowAs soon as i met DB (via zoom ) I loved him (not literally !!)

[qs99] 07/12/2021 09:11

haha, that's a good place to be, cautious!

Just think the market hasn't woken up to the facts on the underlying business growth, the cash potentially on a sale of DCB coming in, yield next year and recurring revenues which are growing......if you said that about a tech stock, we would be at 20X haha....

DYOR
Cheers
QS99

[nico115] 07/12/2021 08:55

Totally agree but I'm always cautious !Very good growth opps

[qs99] 07/12/2021 08:42

well they need to get their IR going a little bit more I reckon....

why stop at 7-8m EBITDA nico? They are showing they can grow and run a profitable enterprise....on recurring revenues which is a private equity sweet spot I reckon.....

shouldn't be under 60p before sale of building outfit IMO and have bought more this am....

DYOR
Cheers
QS99

[nico115] 07/12/2021 08:34

And with all the ESG opps I can't see us remaining independent.Just cos we are up 4x from the lows this is still very cheap I'm certainly NOT selling at these prices I've always thought 7mTo 8m ebitda was achievable

[masurenguy] 07/12/2021 08:34

Price rise capped this morning by a seller in chunks of 10,000 shares.

[qs99] 07/12/2021 08:28

So we are at c.£27m market cap

Just produced over £2m adjusted EBITDA for half year, nearly debt free, about to sell c.£20m of building turnover, but for what price? Will easily get rid of remaining debt, but why not North of £7m?

H2 stronger than H1, so will we manage c.£5m EBITDA?

Leaves EV/EBITDA at maybe around 4X on recurring revenue streams, cash generative with yield into 2022. If it stays at that level, how long before it gets snapped up?

So yes, I agree Nico, £1 target price on the above doesn't seem pie in the sky....

DYOR and happy to add/hold
Cheers
QS99

[qs99] 07/12/2021 07:54

cracking set of results IMO...2nd half is stronger they reckon, DYOR, so Why not more than £5m adjusted EBITDA for the full year? And what value for the advanced discussions on sale of DCB? EV/EBITDA ratio could be super low, with yield, lovely job....DYOR

[nico115] 07/12/2021 07:53

A very good set of figures I maintain my 100p target Maybe a 1p dividend year end ?

[masurenguy] 07/12/2021 07:36

Good progress with sales up 64%, EBITDA up 76%, eps of 1.36p, increased positive cashflow, net debt down by 66% and resumption of full year dividend.

Interim Results

Financial Highlights

Continuing operations

o Revenues increased 64% to GBP23.76 million (H1 2020: GBP14.48 million)

o Regulation services delivers 60% (GBP14.15 million) of total revenues

o Adjusted EBITDA increased 76% of GBP1.83 million (H1 2020: GBP1.04 million)

o Operating profit GBP1.20 million (H1 2020: loss of GBP0.21 million)

o Basic earnings per share of 1.36 pence (H1 2020: loss of 0.61 pence)

Cash flow and net debt

o Strong Adjusted cash generation of GBP2.83 million from continuing operations

o Adjusted operating cash conversion of 154%

o Total net debt reduced further to GBP1.67 million (H1 2020: GBP4.86 million)

o Resumption of full year final dividend

o Covid-19 related deferred VAT liability reduced to GBP0.41m and will be fully repaid in January 2022.

Operational Highlights

-- Discontinued operations - advanced discussions to sell non-core business, DCB (Kent) Ltd

-- Secured new contracts with total multi-year potential value of GBP43.72m, driven by investment in business development team

-- Three-year visible revenues* for continuing operations have increased by 37% from year end to GBP144m

-- Over 90% of continuing operations revenues are recurring, underpinning the value of long-term contracts

-- Diversified revenues across Mechanical, Electrical and Building Services divisions; 30%, 36% and 34% respectively

-- Installation of ground source heat pump, photovoltaic panels and EV chargers at Head Office

-- IT infrastructure project completed and generating efficient returns

-- Number of apprentices account for 10% of the total workforce in our continuing operations, enhancing our commitment to social value

* Three-year visible revenues represent the minimum identifiable revenues from the 1 April 2021 on a like for like basis excluding DCB; being contracted or anticipated spend, as well as historical run rates.

Post-period end

-- A further GBP0.5m of our term loan paid down at the end of November with outstanding balance on the HSBC term now GBP3.03 million

-- An additional GBP0.21m of our deferred VAT paid down at the end of November 2021 with the remaining GBP0.20 million to be paid by January 2022

Commenting on the results and prospects, David Bullen, Chief Executive Officer, said: "This has been the first six-month period since we rebranded and repositioned the Group. We are in an excellent position to better meet the needs of our customers, we are embracing our ESG responsibilities and continue to focus on our three strategic pillars of Regulation, Regeneration and Renewables. Revenues have increased 64% year on year and are well diversified across our strategic pillars and service divisions. In addition, we have continued to reduce our net debt and we have reinstated our final dividend payment.

With the expected disposal of DCB (Kent), we strengthen our core strategic pillars, enabling the Group to focus our investment for future growth. We have continued to see challenges presented by the external market relating to supply chain issues and the ongoing Covid-19 pandemic but remain committed to mitigate these risks as much as possible by planning ahead. Notwithstanding these headwinds, we remain confident in our outlook for the full year. The Directors expect the 2nd half of the financial year to be stronger than the1st, in line with historical reporting periods pre-Covid-19."

[nico115] 03/12/2021 23:49

Rns And a 2 x 400Not seen the 2m sale yet

[masurenguy] 03/12/2021 19:09

Cheers LG. Looks like the PM sells prompted the circa 10% retracement since last months TU.

[lord gnome] 03/12/2021 18:07

Premier Miton would appear to have sold the best part of 4 million shares in total. The KINO web site indicates that they originally had 6.739 million shares, or 10.55%. The previous holdings RNS on 24 November gave the holding at 5.239 million shares or 8.43%. Today's holdings RNS records 2.852 millions or 4.59%.
They obviously didn't get the memo about growth plans.

[masurenguy] 03/12/2021 16:48

What is the source of your information on the Miton share sale?
The only large Sells that I've recently seen were 1.5m @43.5p & 1.4m @43.6p on 22 Nov, 11 days ago.

[nico115] 03/12/2021 10:46

Miton sold 2.5m but nothing's printed ?!!

[masurenguy] 01/12/2021 13:53

Already the 2nd largest daily trading volume today over the past 12 months!

[dope007] 01/12/2021 13:13

Nice move today. Picked some up this week in the COVID panic but you couldn't get many at all

[qs99] 01/12/2021 12:49

Nice read across and looks like we are heading back towards that 50p+ level....GLA and DYOR

[nico115] 01/12/2021 10:03

More stock into sticky hands No stock available now