Maxima Holdings Share Discussion Threads

[wh1spa] 10/5/2012 12:45

Interesting RNS! Reads to me that they are getting ready to hand the reins over to someone else. The question is for how much. I'm guessing that with all the recent contracts etc we could be looking at a figure of around £20m for the remaining business.

[wh1spa] 28/4/2012 19:04

not sure when this was written but interesting all the same

[wh1spa] 27/4/2012 09:45

that massive trade this morning seems to have had a positive affect on the sp

[rhotoid] 26/4/2012 15:54

Looks like my post 610 was quite foresightful in retrospect..!

Nothing to stop them buying up apart from obviously they have to disclose when above 3% and make an offer to everyone when reaches 30% - are you thinking of that rule Wh1spa? - I'm sure it doesn't stop them vaccuming up in the market until they have to make a formal offer then everyone has to be offered the highest.

At least looks like qenuine new business rather than hyping so quite pleased ,although being abit cautious as I notice one is a renewal.

[wh1spa] 26/4/2012 12:49

nice contract wins ..... will these have helped push the asking price up? If MXM do have a buyer lined up is there some rule stopping them from buying up the stock at current levels as it seems to be very undervalued at the moment. Anyone?

[wh1spa] 20/4/2012 23:13

Maxima (Aim: MXM)
During their heyday back in 2007, shares in Maxima, the Scottish IT firm, reached a high-water mark of 329p. Its customers included big names such as the Driver and Vehicle Licensing Agency, Balfour Beatty, Caledonian and Orange, after it blazed a fast-paced trail of 11 acquisitions. But the board didn't anticipate the credit crunch, which cut off a vital source of funding at a time when corporate clients were also tightening their belts.
Four years on, after a string of disposals and the departure of the CEO and chairman, Maxima seems to be back on its feet.
Today, its bread- and-butter business is based on delivering
and managing services including cloud computing, hosting, software applications, data centres
and networks management. Net debt has been cut and is now at a comfortable £4.2m (or about twice EBITDA). Additionally, there's a possible £0.5m of cash due from an escrow account.
Executive chairman Ian Smith (who owns a 14.5% stake) said after releasing the interims in February that "this market
is experiencing good growth and has been the focus of attention for numerous acquisitions, particularly by private equity, indicating the attractiveness of the recurring revenue base. We have seen good renewal rates from our annuity contracts recently and the disposal programme has enabled us significantly to reduce debt."
In the absence of broker estimates and/or guidance from the board, I believe the slimmed-down group is delivering proforma sales and underlying EBITA of about £35m and £2m respectively. On this basis I rate Maxima on a multiple of 70% of sales, which, adjusted for its debt, dishes up an appetising fair value of more
than 50p per share, or nearly double today's level. Moreover, if I'm right and the end-game is eventually to dispose of the group to the highest bidder once the current restructuring is over, the price tag could be considerably higher.
So what could go wrong? Being a relatively small player, Maxima could get squeezed by its larger and better-funded rivals. It is also is exposed to the usual risks associated with managing contracts and technological change.
Rating: SPECULATIVE BUY at 26p (market capitalisation £9.5m)

[rhotoid] 20/4/2012 14:13

Not heard or seen a peep Wh1spa, looks like we might be waiting all the way until the finals in August....

I wouldn't necessarily equate no news with good news, I guess the only news we'll get is either a material contract win, or corporate transaction of being sold etc.

If they can pay down debt from good solid trading then we may have massive upside but with a history in the past with mxm of ballsing up the basic business ,it may be one of those long wait and see scenarios.

[wh1spa] 18/4/2012 18:43

anyone heard anything? everythings gone dead quiet ....... no news good news?

[norbert colon] 23/3/2012 16:36

Wh1spa. Yes i have 50p in my notes as a potential take out price from analysts. Recent dip is great chance to buy in at sub 25p IMHO. My average is just over 20p so holding firm for bid or other value release. Good luck all.

[wh1spa] 23/3/2012 11:00

Just been tipped in moneyweek target price 50p (more if to be taken over)The mention of private equity in the interims makes me wonder if an approach is imminent.

[cambium] 01/3/2012 14:14

Great just registered

[hannahc] 01/3/2012 14:12

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Equity Development

[hannahc] 01/3/2012 14:05

Please click on the link below to access our latest research report on Maxima Holdings:



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Equity Development

[rhotoid] 29/2/2012 10:03

Wh1spa

Just checked mxc capital.
I hadn't realised they'd being involved in the dreaded Redstone...
Don't really know their track record so I'm open minded and will see.

Results read abit mixed to me ,abit like the disposal rns.
They do seem to be making progress in reducing the debt and that in the end is how I can see the share price taking off I'm just abit unconvinced by some of the thought processes - I note at one point they say 'now has time to consider the best options available to it' - they should know that already before they started to do the disposals activity!

[wh1spa] 28/2/2012 20:03

Thank-you Rhotoid. I see the sale as very positive and believe that Ian Smith (MXC Capital) will do a sterling job (no pun intended) in realising shareholder value. If there are some rationisation costs then so be it as I think looking at the bigger picture the decision to do so will be clearly justified. Have you had a look at MXC Capital's track record?

[rhotoid] 28/2/2012 15:45

Wh1spa

I've checked with they're PR outfit (details on the maxima website), they're saying they expect later this week or early next.

I'm afraid it doesn't reflect well on an IT service co. if it can't even flaming well keep it's website upto date with a financial calendar!

Todays RNS seems abit mixed to me, in effect trading some P&L for a big dollop of cash may be ok if thought through with what they are trying to achieve BUT I don't like the remark at the end about 'and in part fund rationalisation of central overheads' - if they need rationalising they need rationalising (and should be self-funding), selling assets to pay for getting rid of assets seems non too clever- let's hope they can explain rationale with results.

[wh1spa] 28/2/2012 10:07

Tomorrow? Anyone .....Bueller...

[rhotoid] 25/2/2012 19:34

Errr....never seen an rns on a Sat before and was mystified why it was an acquisition, then I read it and it relates to some 6 years ago.
Assume it's a mess up.

[wh1spa] 23/2/2012 18:43

Results must be out any day! maybe tomorrow

[norbert colon] 06/2/2012 17:56

According to Sharescope possibly this Thursday (9th) but this is just an estimate i believe. Nice rise today.

[wh1spa] 06/2/2012 11:41

Does anyone know when the interims are out?

[wh1spa] 02/2/2012 11:21

The Hewden contract had very little, if any, impact on the share price. Lets hope they do rocket!

[rhotoid] 02/2/2012 10:46

Good spot Wh1spa
Better then losing contracts but most of the revenue will be one-off for the implemenation I guess , inherent problem with this type of business from a share point of view keeping the cashflow and profits yr on yr, I have to say Mssr adams does look abit creepy in the picture though.

DO you reckon results should be due around now?, I'm hoping there may be abit of a turnaround - particularly on the balance sheet side - mxm has always seemed to have the potential to rocket once balance sheet payed down but infantile mgmt ruined it all.

[wh1spa] 31/1/2012 21:43

Good start to the year!

[hannahc] 19/12/2011 10:54

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The Equity Development Team