Share Name Share Symbol Market Type Share ISIN Share Description
Northgate Information Solutions LSE:NIS London Ordinary Share GB0005583728 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 95.25p 0 06:30:09
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services - - - - 554.61

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Date Time Title Posts
08/2/201021:41NORTHGATE moving north10
08/2/201021:02Northgate - Excellent posting from squawkbox12
14/9/200810:15Northgate Information Systems - Strategic Repositioning And Reason To Buy5,864
11/4/200823:54New Island Resources: Canadian with Gold & Cash5
21/3/200807:57Te last post.-

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powwow: looking at the charts I think its good value for NIS. The only other time they were above 95p was Oct 2006, all other times they were below 95p. So they are offering the companies all time high in terms of share price. I understand they are in a different position in terms of growth etc than 12 months ago, but saying that, their share price would probably not reach 95p for quite some time, so overall I think its good value, but then again I'm not an expert. Tradx666, you closed your short.
superglide: Promise goes south at Northgate NIS Published date: Wednesday, December 19, 2007 Northgate Information Solutions (NIS) – Interims PTP: £0.52m (£13.9m) Divi: 0.29p (0.24p) Good order wins, a backlog worth £624 million and a 21% hike in the interim dividend suggest the IT services expert has a future rich in promise. But investors remain concerned about the Hemel Hempstead firm's £416.4 million net debt burden and how the company accounts for its research and development expenditure. The shares of Northgate Information Solutions plunged 13% in the two days after the figures were published and hit 59.5p. This is their lowest level since autumn 2004 and is way below the 95p twelve-year high achieved last autumn, before management batted away unsolicited private equity approaches. Northgate's debts soared primarily as a result of June's £251 million Belgian acquisition ARINSO, even if early profit margin expansion suggests the new addition has settled down well. Shares says: High financial leverage remains a worry. AVOID by: Russ Mould NIS Published date: Thursday, July 12, 2007 Northgate Information Solutions (NIS) – Finals PTP: £31.9m (£30.6m) Divi: 0.72p (0.6p) Despite a welcome acceleration in organic growth in the second half, doubts continue to linger over how the Hemel Hempstead firm intends to integrate June's £251 million Belgian acquisition ARINSO. A fat order book of £389.8 million, equivalent to 111% of last year's sales, at least offers good visibility and Northgate's robust recurring revenues and strong cash flow attracted private equity bidders in October. These approaches were brushed off, however, and despite the possibility of trade buyers emerging as the IT industry consolidates, the £474.5 million cap's shares remain mired at 81.75p, well below last autumn's 95p 12-month peak. ARINSO operates in 27 countries worldwide and provides SAP-based human resources solutions, which compete with Northgate Information Solutions' own software package in this area. Shares says: Not expensive on a prospective PE of 13 for 2007. by: Russ Mould NIS Published date: Thursday, July 12, 2007 A developer and supplier of human resources and payroll software, NIS has been kept busy with numerous acquisitions in the last few years and has managed to create a powerful position in HR software, with a 30% market share in the UK. Management is building a solid reputation by making logical acquisitions and integrating them smoothly. The latest deal, with Arinso, looks like another key acquisition in the HR area, capable of turning NIS into a global player. Andrew Gibson from Galvan Research and Trading says: 'NIS is in a great position to deliver earnings growth. It has targeted niche areas with good growth potential and its market share should enable it to gain a competitive edge. The recent healthy results and director buying represent good grounds for a further rise in the share price.' BUY Northgate Information Solutions • Target 90p • Stop loss 77p TIME TARGET: 4 WEEKS
zed2002: Up and downs for Northgate It was a topsy-turvy week for Northgate Information Solutions. The software group fell on Tuesday after announcing its interims, as brokers suggested that it could breach its banking covenants in the next two years. It quickly rallied after reporting it had received an offer, but slipped again as the market began to have doubts over the deal. Yet it is understood that the talks are in a much more advanced stage than its short statement suggested, and the company will be taken private next year. It is tricky ground, as no one has forgotten the last time the group held talks. It announced last year it was in talks with a private equity group, widely speculated at the time to be Silver Lake Partners. The deal collapsed in October 2006, and the share price has slid since. The latest offer is also believed to be a private equity buyer, although its identity is unknown. One market expert said: "I understand that this time the deal is much more likely to go through, although the price could be a sticking point." Since its last offer, the share price has fallen from about 95p to 61.5p at the end of last week. "The shares are hugely undervalued. There is a good management team and it has good growth in all of its businesses. Any offer below 85p per share would be a blow," the source said. While the business continues to be feted, there will be further implications to the share price if the deal doesn't complete. The source added: "There will be egg on the face of both sides if it collapses."
john53: slaterlp/jazza,hot finance. Good posts. Nis has reported increase revenues/profits/eps/divs and the share price falls.Why? Because the market is terrified with debt. This would be justifiable if the market had not been aware that the Arinso deal was to be financed by debt.The market knew the details of the financing of this deal and the projections that had been put forward to finance the interest payments. The resulting free cash flow generated would be used to reduce the overall debt levels.The company has reported sufficient headroom to the tune of 100m and indicated that trading is inline with projections. The srength of NIS is that it is now a global player with significant recurring revenue. When share price falls as in the case of NIS it takes courage and the belief in ones own investing ability to invest additional funds.When the price fell below 50p the arguement if favour of investing became compelling and i took the opportuniy to increase my holding. Once committed, patiece as a value investor becomes essential and will be rewarded either in the short term if a serious bid is accepted or in the longer term once the benefits of the Arinso deal feeds through to the bottom line.
jazza: slaterlp, This always happens when fears of a downturn arise....brokers look for any company with a lot of debt (let's face it NIS do) and then stick the knife in. Let's be clear, if NIS had a big downturn in business then there could be problems....however, much of their business is repeat/long-term (just look at all the multi-year contracts they've announced recently) so a big downturn looks very unlikely. The fact that, for a second time, a buyer has come sniffing (looking enviously at NIS's hefty cashflows, its dominance in its chosen sectors and the repeat/long-term nature of much of its business) tends to prove there is unlocked value in the current share price.....I for one hoped (at the time and now) that the first approach had been successful (110p would have done nicely), now I hope the second one is sucessful although I think the take-out price will be lower (100p?) because of the downturn fears that persist in the market. All IMHO, J.
simon gordon: From the FT's Alphaville blog this morning: NH: got some thoughts on Northgate NH: before we get back to the banks NH: stock had a rollercoaster ride yesterday NH: tumbled in early trading after Numis and Morgan Stanley warned clients that the company, which has loads of debt, could breach its banking covenants NH: stock then rallied sharply, to end the day higher NH: after the company said that analysis was flawed NH: and that it had also had a bid approach PM: they just thought they would slip that in then NH: why not??? NH: anyway, most people thought the stock would open higher this morning NH: after all the press have been talking about a 100p a share bid PM: and? NH: they are down 9.5p at 62p PM: Ahhhh!! NH: that's a fall of 11% PM: Why?? NH: well, first no one believes Northgate will be bid for NH: and that's not surprising NH: The group has received a takeover approach about 15 months ago (we believe the offer was in the mid 90p levels ), NH: but Northgate walked away from it as it felt it didn't fully reflect the underlying value of its NH: various businesses NH: and second Numis has renewed its attack this morning NH: published another really bearish note PM: Saying? NH: that the share price risk is asymmertric - NH: on the downside that is NH: Repeating our view on covenants: Our calculation method of the group's net debt/EBITDA multiple is, and always has been, in line with the approach used by Northgate's banks. NH: We forecast trailing net debt/EBITDA at April 2008 at 4.25x (£440m/£103m). The group's net debt/EBITDA covenant is 4.75x until April 2008, falling to 4.25x at July 2008. NH: Our calculations therefore suggest that any trading weakness in the next year could lead to a covenant breach. NH: What price a bid? The FT suggests that "a private equity group [is] hoping to achieve a price of around 100p per share". We estimate that 100p would be a 1-year forward EV/NOPAT multiple of 18.5x. When bid talks failed a year ago, in much more favourable markets for private equity, the 1-year forward multiple at the then mooted bid price also of around 100p was 18x. NH: A bid at 100p now would therefore be at a higher multiple of future NOPAT than the best available bid 12 months ago. Even at the current 71p share price, we think that the CY08 EV/NOPAT multiple of 15.5x would be a good take-out multiple in current markets. NH: Debt change of control? We don't know whether Northgate's debt facilities contain a change of control clause, although we believe that these are common. If such a clause is in place, then we think that any new owner of Northgate would almost certainly end up paying higher interest rates, and conceivably might not even be able to raise as much debt finance. NH: Asymmetric downside risk: We think that a bid at around 100p is highly unlikely, and even a bid at the current level would be a good price. Given the risk that a bid might well not emerge, we think the share price risks as highly asymmetric on the downside PM: Hmmm - taht is aggressive - and they clearly dont beleive the bid story either NH: Now this note has been penned by Will Wallis and David Toms NH: and Mr Toms has an excellent nose for spotting software companies with problems NH: Torex, he spotted that disaster PM: Ah, did he? NH: he was also bearish on isoft, another disaster NH: in fact some of the most spectualar blow ups in recent years have come from the software sector NH: there is just something about it NH: anyway, the market listens to this guy NH: and if he is worried about debt at Northgate NH: then so should investors PM: given those debts levels it does look like an unlikely bid candidate NH: I agree
plcrewe: By gradual progress, are you referring to the share price, which is currently 70.25p ?? This is near the bottom of its 64.5p - 91p range. A number of people on here were predicting £1 - £1.10 for this stock not so long ago. Since then, Northgate's been ejected from the FTSE-250, its share price has sank and trading is simply 'in-line with expectations'. It's not so long ago that Chris Stone made a statement that he wanted to get Northgate out of the FTSE-250 and into the FTSE-100. So far, his efforts have resulted in the company successfully out of the FTSE-250, but not the way he intended. Well Done Chris.
grlz: plcrewe To cover your points (1) Chris Stone has turned a cash-rich company into a heavily leveraged one. disagree as Stone has been acquiring since day one - the only difference now is purchases are now mostly being funded via debt rather than issuing paper - imho Arinso may not make much sense in relation to the price paid (hence Stone has everything to prove in the eyes of the city) BUT Arinso holds and even creates value when compared to the massive stock dilution caused when REBUS was successfully purchased. (2) Internal processes are a complete mess (especially since the migration of lots of smaller companies purchased by Northgate over the past 4 years). please prove or it's nothing more than hearsay and deramp BS (3) The integration of said companies is nowhere near the stage of completeness that Chris Stone likes to suggest. more of the same deramp twaddle unless you can prove (4) The city dislikes Chris Stone enormously and regards him as a liability. Are you making this up as you go along? As the guy is so hated the biggest holder GAP signed off on being swamped by Arinso (Just for the fun of losing £150M i'm sure) and Barclays led a syndication covering off the purchase and refin of the current lending package - imho the only peeps who dislike that action tend to be the envious competition!!!! (5) Chris Stone is to receive a large bonus should Northgate's share price exceed £1.00. He consistently appears to be doing everything he can to prevent this from happening. I'm quite sure Chris Stone believes that by taking over lots of companies (and overloading Northgate with debt in the process), this will increase Northgate's share price. It hasn't. true(ish) to a point.. He is inline for a share option earn out which incidentally he has diluted over time with acquisitions but I have not seen anything that would even remotely suggest he is destroying value. ...
davet1p: If NIS share price takes a hit, I may buy back in. I sold last week at 90p. I do not wish misfortune on anyone, but there could be over-reaction to the news.
hotfinance14: The NIS share price often drops just before close.
Northgate Information Solutions share price data is direct from the London Stock Exchange
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