Share Name Share Symbol Market Type Share ISIN Share Description
Parity LSE:PTY London Ordinary Share GB00B1235860 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 14.35p 15,206 09:00:03
Bid Price Offer Price High Price Low Price Open Price
14.00p 14.70p 14.45p 14.35p 14.35p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 83.82 1.66 0.01 1,435.0 14.6

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Date Time Title Posts
13/8/201817:09Parity - A New Beginning6,459
05/12/201713:53Parity - contractors working on BLOCKCHAIN tech2
31/12/201411:36Parity - 2015 the year of wearable technology11
20/3/200617:05Golden cross and renaissance for Parity10
15/9/200421:34Parity - large dump at 7p37

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Parity Group (PTY) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
10:56:1114.133,206452.85O
08:46:2114.1312,0001,695.00O
2018-08-15 15:27:1314.133,083435.47O
2018-08-15 14:05:3814.114,537640.22O
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Parity Group (PTY) Top Chat Posts

DateSubject
16/8/2018
09:20
Parity Group Daily Update: Parity is listed in the Software & Computer Services sector of the London Stock Exchange with ticker PTY. The last closing price for Parity Group was 14.35p.
Parity has a 4 week average price of 12.15p and a 12 week average price of 12.15p.
The 1 year high share price is 16p while the 1 year low share price is currently 7.25p.
There are currently 101,824,020 shares in issue and the average daily traded volume is 116,333 shares. The market capitalisation of Parity is £14,611,746.87.
08/8/2018
09:30
glasshalfull: Copy of my tweet this morning @glasshalfull1 PTY @ParityProf I mentioned topping up here last week. WH Ireland have today reiterated a fair value target price of 18.5p vs current price of 13.75p in light of yesterdays offer for peer @HarveyNashGroup 👇🏻 “...remains modestly rated on a forward PER of c.7x December 2019 earnings / 5x EV/EBITDA, ahead of results due to be announced in mid-September. Last month’s update highlighted double digit growth in the half year and trading continuing in line with expectations. The company continues to grow its Consultancy Services (CS) division, which is a specialist in delivering data solutions and IT projects to a diverse client base. CS in turn generates double-digit margins which are a further contributory factor to the enhanced performance we have been seeing.” “The company has invested in high-level operational management and has seen some good, household name, wins. With positive organic growth characteristics, the recent update highlighted encouraging sales prospects from both established and new clients. The disposal of non-core Inition in April removed a distraction. The shares have drifted from c.15.6p in the last couple of months and the rating is slender both in relation to peers and to our assessment of fair value of 18.5p. While the businesses are not strictly comparable, yesterday’s cash offer for Harvey Nash at 9.1x EV/EBITDA serves as a reminder of value in the sector, in our view, including PTY at the current share price.” Kind regards, GHF
01/8/2018
15:19
glasshalfull: Afternoon folks, I last posted extensively at the end of April, providing an overview of the investment case as I saw it, and then at the end of May to confirm I’d modestly increased my holding. Since this time I have trimmed quite a few holdings and increased my cash balance. PTY was one of the companies I reduced my position in, locking in profits over recent months from purchases made in 2017 when the share price was in single digits. Nothing wrong with PTY, far from it, just prudent portfolio management as I saw it. Anyway, on logging on a few days ago I was astonished at the amount of misinformation posted here concerning Mr P Swinstead’s holding & further inaccurate posts regarding the pension deficit. Appears that “fake” news is all the rage these days! My post 6312 covers Mr Swinstead’s shareholding. When I last looked Mr & Mrs Swinstead held just over 12m shares. This included 1.6m shares purchased by him in 2015 & 2.9m sold between 2016-2018. Why investors persist with the notion that this is an overhang is beyond me. He is a savvy individual and should he wish to fund his retirement further then I’m sure he would engage with the company & brokers to engineer a secondary placing or an approach would be made to institutions interested in picking up a tranche of stock. Happens all the time. I don’t believe he’s sitting for one minute and hitting the bid with a line of 50k shares a pop! I also previously posted on the pension scheme deficit. I believe it had c.70 members & has been closed to new members & future accruals since 1995. Retirees make up 88% of members. The deficit had previously risen due to the lower bond yields we witnessed in recent years. This is a small pension scheme which also only has a small bearing on PTY, which paid £230k to the scheme annually. Results for 2017 confirmed that the pension deficit had decreased from £1.85m to £1.06m at year end due to a good return on scheme assets. The nub of my post however is to compliment Alan Rommel & his team in delivering positive H1 results. Delivery of double digit growth while also referencing, “tight cost controls & w.c. management”, indicate that they are on target to extinguish net debt by year end. Reminder this would mean that they would have reduced net debt from £7.38m at 31.12.2015 to zero in the space of 3 years. Simply stunning should they pull it off. I’ve therefore taken the opportunity to increase my holding over the last couple of sessions as the shares look extremely good value down here. Despite confirmation on positive trading, the share price had fallen back by (-20%) in just under 2 months (they hit 15.7p in early June & fell to 12.15p mid price yesterday). The H1 trading update suggested robust trading with a strong outlook which indicates Parity are on a prospective PER of 7 for the year. All IMHO of course. Kind regards, GHF
25/7/2018
16:04
netcurtains: Look at the big picture. The five year graph for CGI (market leader) CGI share price graph
23/7/2018
20:45
netcurtains: dont be rediculous - the industry is totally booming! I dont know whether parity share price will rise or not (I sold like you a while back) - but you cant claim recruitment of IT is drying up - that is totally bonkers. Its booing . Blimy just look at jobserve.
23/7/2018
12:43
chrisdgb: I agree that 20p plus looks a reasonable share price target this year.......
25/5/2018
12:19
thorne3: I attended the Parity AGM yesterday and came away with the feeling that the business is in good shape and on a firm growth tack;important issues that were touched on in discussion after the formalities are as follows with my own opinions as appropriate; 1)Inition.The completion of the disposal of this loss making business for £200k on April 20th removes the last of the legacy issues that have been plaguing the company for the last few years;this transaction not only immeasurably improves the profit/loss account and balance sheet but also removes an unwanted distraction in management time; 2)By December 2018 the company should be debt free subject to any unusual working capital requirements;this situation significantly improves management's decision making flexibility; 3)The Board recognised some years ago that future growth will come from the high margin management consultancy side of the business;this operation is being considerably beefed up and there appears to be no shortage of opportunity in both the public and private sectors.I would expect revenue growth in this sector for many years to come from the company's relatively small current base; 4)At the end of the day it is all about management and I have every confidence that Messrs Rommel,Anthony,Firth and Conoley have the vision,ability,ambition not to mention common sense to make things happen at Parity. 5)2019 will be the first complete year of earnings without exceptionals and this in my opinion should produce no less than 2.5p per share and rising;assuming a p/e of 12 this indicates a share price of 30p which is hardly ambitious at this stage in the company'growth. Things are now getting seriously into gear at Parity and I have no doubt that before long aided and abetted by a dividend payout possibly beginning in 2020 the company will become a growing star of the AIM sector.
11/5/2018
12:42
thorne3: When the completion of the disposal of Inition is announced,possibly at the forthcoming AGM if not before,there will be significant interest in this stock with the share price moving up towards 20p.
24/4/2018
20:59
push n run: Looks like a great turnaround story here, very undervalued after the disposal of Inition. My only questions would be: 1. Dividend policy going forwards - What proportion of free cash flow do they intend to pay out? Their strong cash generation could support a cracking dividend yield at the current share price. For example, even if they were conservative and set themselves a dividend cover of two, that would still be £1m+ which is over 8% at the current market cap. This would also leave them with plenty of cash for investment & looking after the pension fund. 2. There's a mention in the latest accounts of identifying new acquisition opportunities. Isn't trying to grow through acquisition what got them into difficulties in the first place? They've only just got rid of Inition, why not try growing organically for a few years first?
24/4/2018
19:51
glasshalfull: PTY Delighted that Parity will be presenting at #Mello 2018 this coming Friday. Only a few tickets left for the event. HTTP://mello2018.com As I tweeted on Friday, I added 500k shares to my holding as ultimately I believe this an excellent risk/reward investment at the current share price. If Mr Swinstead (retired CEO) is indeed selling his entire holding (which nobody has yet confirmed) then this simply allows the opportunity for investors to add at a lower price. I’m in touch with a couple of PI’s that indicate they would add several million if the stock is indeed available. We saw some late trades today...perhaps they came from Mr Swinstead??? Before I provide some of the rationale for my investment here, worth also revisiting Philip Swinstead’s holding as even though there are infrequent posts here, clearly some posters are dismissive of an investment as this time due to the perception that Mr Swinstead is a seller. Why let facts get in the way? Now, he may be looking to sell a few shares or ... perhaps he is indeed looking to liquidate his entire holding. Let me review the holding RNS’s that apply dating back to the time when he stepped down from the board in Nov 2015. —- 04.11.2015 - P Swinstead - Stands down from Board (following 5 years) 17.11.2015 - BUY 850,000 (9.9p) = 14,145,215 shares 09.12.2015 - BUY 150,000 (11.9p) = 14,295,215 shares 21.12.2015 - BUY 663,000 (10.75p) = 14,958,215 shares 03.04.2018 - Holding RNS = 12,043,751 shares (therefore SOLD 2,914,464 shares between 2016 and 2018 13.04.2018 - Holding RNS = Stating, “wife’s shares removed as I’m no longer a director - Parity advice”. In other words, he no longer requires to declare his spouse’s holding as no longer bound by code of conduct for Directors. His holding is quoted at 10,075,351 shares with additional info that his wife’s holding was 1,968,400 & these shares are now excluded from the RNS & the voting rights threshold. So if we add P Swinstead’s shares 10,075,351 + 1,968,400 held by his wife = 12,043,751 shares. Therefore, following the purchase of 1.6m shares in 2015 he has subsequently sold 2.9m between the beginning of 2016 & April 2018, retaining 10m shares as at 13th April 2018. As mentioned, I’ve absolutely no idea if he’s looking to sell further - and may have done so today - but we are only talking about £1.1m - £1.4m stock (if you include his wife’s holding) which may be attractive to an institutional holder...that’s if it is available & he’s intent on selling. What I’m attempting to say is this is not a material amount of stock however way you wish to dice his holding. Now the main reason for my post...a quick summary of why I’ve invested as an overview prior to their Mello 2018 appearance. *Strong Results (ignoring Inition - now disposed) A fortnight ago we had confirmation that the continuing businesses comprising Professionals & Consultancy had beaten forecasts...they were in fact 73% ahead on FY16. Diluted EPS for continued operations were 2.08p (PER of 5.5 at 11.5p share price). *Cash generative Importantly that cash generation was even stronger than forecast resulting in net debt falling to -£1.6m versus forecasts that indicated that debt would only fall to -£2.0m. So, £400k better than forecast & continuing the amazing cash generation that has seen debt fall by almost £6m in 2 years! Net Debt Reduction 2015 = £7.4m 2016 = £4.4m 2017 = £1.6m 2018 = estimates of net cash position Now with Initiation off the books I believe we can expect the company to achieve a net cash position this year as the disposal improves cash flow by £712k (the cash cost of funding Inition’s operating losses). *Pension Liability reduction It should also be noted that the pension liability reduced from £1.9m to £1.1m in 2017. *EV/EBITDA, PER & PEG low The EV/EBITDA rating of 4.8x & PER of 5.5 look far too low for a company that is exhibiting strong growth & generating cash. Indeed, the PEG rating is only 0.55 where 1 is fair value (see Jim Slater’s - Zulu Principle). *Earnings raised Earnings were raised by +6% for 2017 following their “slightly ahead” trading statement in Dec 2017. WH Ireland also indicated that they had raised EPS by +13% for 2018 prior to the Inition disposal. *Increasing Margins The strong performance of the Consultancy Division continued during 2017 with revenue up +79% to £9.5m. This is excellent news for the company as the operating margin in Consultancy was 12% last year & helped improve the overall operating margin for the company to 2.5% from 1.9% the previous year. This growth in Consultancy should result in ever improving margins & thus profitability in the coming year. It should also be noted that Consultancy was 33% of 2017 revenues & this also provides greater revenue visibility due to recent contract wins (£5m+). *Positive Outlook The company announced significant contract wins across both divisions recently and mentioned in their results that, “We aim to grow Group revenues, with further focus on the development of the consultancy business driving margins, and to manage that growth with continued strong cost management.” As mentioned, WH Ireland upgraded earnings on the back of results & believe there to be momentum in the business. Conclusion Parity achieved 2.08p diluted EPS las year on a continuing basis. With Inition now sold the company will now be in a position to focus on driving growth in the continuing businesses & therefore earnings of 2.2p - 2.4p may be achieved on a diluted basis...therefore they may be on a prospective PER as low as 5. So on the basis of a move back to net cash, strong cash flow, improving margins, low PEG, low PER & earnings growth I firmly believe this an excellent risk/reward opportunity as per my opening remarks. In response to one poster, WH Ireland do not appear to be ramping the stock IMHO. They issued a brief 1 and half page update on the day of results and only 2-paragraphs on the disposal of Inition yesterday. Declaration I’ve been adding to my position as confirmed at the beginning of my post. Hope this post useful for any investor wishing to conduct further research. Look forward to meeting some of you at Mello over the next few days & where we will all get the opportunity to evaluate a number of investment opportunities including Parity, watch presentations & meet the management teams of the companies in attendance for what will be a fantastic event. Kind regards, GHF
16/12/2017
13:58
glasshalfull: I find it stunning to observe that the share price is still (-30%) below July 2017 highs following a 6% upgrade to 2017 EPS & PBT targets & confirmation that they are “slightly̶1; ahead of forecasts. Especially on the back of strong growth in Consultancy which commands margins of c.17% versus the 3% margin in the Professionals side of the business. WH Ireland indicated that revenue visibility could be as high as 35% in Consultancy at the beginning of 2018 which underpins forecasts further. Since my introductory comment (post 6149) in Sept 2017, following decent H1 2017 results, the shares have fallen back (-15%) so I am currently underwater. I added in Oct at 8p following the lead by the CEO who bought 400k shares. I note some previous comments surrounding a small legacy pension scheme. I believe it had c.70 members & has been closed to new members & future accruals since 1995. Retirees make up 2/3rd’s of members. The deficit has risen by the lower bond yields we have witnessed in recent years. This is a small pension scheme which has a small bearing on PTY which will pay £230k to the scheme annually. Lastly they failed to mention any update concerning the sale of the Inition business. On checking through Twitter it would appear that this business is attracting considerable interest at trade shows...so hopefully we’ll hear something sooner or later to its disposal which may be just the catalyst for a re-rating. The fact that PTY is on a PER 5.5 for 2018 & 4.8 in 2019 is just plain silly IMHO. Kind regards, GHF
Parity Group share price data is direct from the London Stock Exchange
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