Norcon Share Discussion Threads

[cjohn] 15/4/2012 12:09

trading below current assets with lots of cash collected since year end.

[hezza123] 13/4/2012 10:25

Decent statement today. Rising on minimal volume...

[hezza123] 29/3/2012 00:37

Bought some of these after the RNS. Still trading at a 40% discount to NCAV.

[diku] 15/2/2012 19:33

Today's RNS comes across as though they were looking for adverse reasons to bung in the RNS....

[somerset lad] 15/2/2012 15:47

AISHAH, I don't think we'll see a bid as the free float is only 25 per cent.

Despite the dreadful RNS, NCON remains a very attractive value play: a strong franchise, potential strong growth in demand (from 4G), strong yield (albeit this year's payment tbc) and very low EV/E.

[aishah] 15/2/2012 14:41

Still have good cash on bsheet. Could an opportunistic bidder pounce?

[somerset lad] 15/2/2012 08:59

NCON MCT

Q.1 Why might you fail to "anticipate" your relocation costs nine days from the end of the fiscal year?

A. Employees are not required to give advance notice of relocation and many chose to move without notice during the world's most popular period, namely between Christmas and New Year.

B. We don't require employees to submit claims within a reasonable period, notwithstanding the fact that the costs are (apparently) material to our financial reporting.

C. Item (B) AND we don't have any fixed allowances or caps on costs for relocation.

D. Item (C) AND we don't keep records of previous claims enabling us to calculate an average figure.

E. FFS you're wasting my time with this question: nobody would put out an RNS saying they couldn't "anticipate" their relocation costs nine days from the end of the year; and if they did they wouldn't do so with not one, not two (... you get my drift ...) but four other "unanticipated" line items that were said adversely to affect earnings.

Net cash up and 4G prospects seem good IMO, but FD surely should not survive this shambles.

[taylor20] 15/2/2012 08:24

What an awful RNS, surely they could have put a positive spin on the recruitment and relocation costs - growing opportunities in new markets, blah blah blah?

On paper still looks great (as per the Fool article) but senior management don't seem to have a clue!

Still watching...

[penguingardener] 15/2/2012 08:08

On 22 December, how can you not know about foreign exchange, financial, recruitment and relocation costs that are about to happen during the nine days remaining of the financial year?

Smacks to me of very poor financial control/management - I'd like to see those responsible talk their way out of this one!!!!!!!!!!!!

[maltatrader] 15/2/2012 07:58

disappointing news release today

[aishah] 05/11/2011 18:27

I mentioned Norcon's (LSE: NCON), prospective value back in August, since when the shares have lost a further 9%, along with almost everything else. They're now 37p. This values the IT and communications networks project manager and consultancy at £18m.

Look back a couple of years and the shares are on a P/E of 3.4. So what's gone wrong? For the first half of this year, Norcon made a pre-tax profit of $3.3m, well down on the previous year, due to difficult economic conditions globally.

But there was also a lot of optimism with the results, and the brokers' expectations for the current year place the shares on a P/E of just 5.7. Norcon said a lot of outstanding balances were collected after the period end, resulting in a net cash improvement of over $7m. It had also secured new business in "target geographies".

There's a whopping prospective yield of 8.7%; high enough to imply it won't be paid. Time will tell. But with cash per share of over 10p, tangible asset value per share over 32p, the low P/E (looking back and forward), and what comes across as a careful long-term expansion of business, Norcon looks too cheap.

[cjohn] 02/11/2011 13:42

And myself. Bought more.

Main risk is the concentration of business -more than 50% - in Saudi Arabia, though they are successfully diversifying geographically now.

[maltatrader] 23/9/2011 12:17

yes CJohn I agree....results better than I expected. I keep holding.

[cjohn] 23/9/2011 11:48

Good results. Strong cash collection after the period end. Trading at close to tangible book, which is very unusual for a company of this type and profitability. Alos trading at a discount to current assets.


Positive outlook.

[maltatrader] 16/9/2011 15:49

I do not expect any positive news in the results on Wed. No contract news. Seems company is passing through difficult times.

[aishah] 02/8/2011 13:57

Overlooked at the moment. Patience reqd here.

[maltatrader] 10/6/2011 15:39

very quiet........no contract news....

[ceohunter] 04/3/2011 12:37

NCON presentation from last night's Proactive Investors Event:

[maltatrader] 01/3/2011 11:51

wondering if something is cooking..............maybe contract news on the way?

[ceohunter] 18/2/2011 11:53

The directors of Lo-Q (AIM: LOQ), e-Therapeutics (AIM: ETX), Asterand (LSE: ATD) and Norcon (AIM: NCON) will be presenting on Thursday the 3rd March 2011,
at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB.

The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

REGISTER HERE:

[dunluce] 10/12/2010 17:41

Had a top up at 52 pence - just missed 48pence earlier. In the short term the statement is not great (6-12 months) but I think long term there is real value here.

[dozey1] 10/12/2010 11:38

Agree, this is bad news. Explains Mr Market's reluctance to price it more favourably. As always shareholders last to know.

[stegrego] 10/12/2010 10:35

Had mine this week at HL.

Got this badly wrong selling early doors as only 10% down now.
Still think its a horrid statement.