Share Name Share Symbol Market Type Share ISIN Share Description
Pci-pal Plc LSE:PCIP London Ordinary Share GB0009737155 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -1.94% 76.00 73,168 11:05:03
Bid Price Offer Price High Price Low Price Open Price
75.00 77.00 77.50 76.00 77.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 7.36 -4.19 -6.64 50
Last Trade Time Trade Type Trade Size Trade Price Currency
15:49:27 O 265 75.002 GBX

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Pci-pal Daily Update: Pci-pal Plc is listed in the Support Services sector of the London Stock Exchange with ticker PCIP. The last closing price for Pci-pal was 77.50p.
Pci-pal Plc has a 4 week average price of 74p and a 12 week average price of 74p.
The 1 year high share price is 119.50p while the 1 year low share price is currently 38.50p.
There are currently 65,312,589 shares in issue and the average daily traded volume is 236,986 shares. The market capitalisation of Pci-pal Plc is £49,637,567.64.
adamb1978: Honestly, I dont know where to start with that post from Zipstruck particularly the 'might need more cash at some point'. Back on the subject matter, 95% of patent disputes don't ever make it to court and I doubt this one will either. Neither the plaintiff nor PCIP will want it to, so I'd expect an agreement to be announced within 4-6 weeks along the lines of PCIP getting a license and paying the other guys some undisclosed royalty. In the meantime, the share price will tread water but then revert back to where it came from once its resolved
adamb1978: It is, though given Eckoh agreed a royalty, I'd suggest that's what PCIP might do, unless they choose to fight it all the way in the courts. So if you take a few off % points off their gross margin, thats probably about right and consistent with the royalty you might be for a license to a patent
adamb1978: re the impact of this: - assume that customers arent bothered by this news, then its a distraction for management and they might fight it in court. If the do and win then great; if the lose then they end up paying a similar arrangement to Eckoh no doubt - if customers are bothered by it, then PCIP will settle out of court, again for an Eckoh style deal What does this mean financially? If they pay these other guys a royalty then it might reduce gross margins (as its a cost of sales) by say 2%-5%....and therefore offset some of the GM improvements which PCIP are targeting. So I think its annoying, but its far from catastrophic IMO My guess is that PCIP might end up agreeing to settle out of court in order to just put it behind them
adamb1978: Nickelmer - have a look at the growth rate of Eckoh (more or less zero in recent years) compared to PCIP (40% p.a.) and compare their multiples (similar....!) You can buy Eckoh if you want, but the comparison doesnt remotely stack up to me!
mysteronz: Thanks Cottoner, that doesn’t sound good for PCIP I must say on face value.
adamb1978: I had a look at the FinnCapp note. Its generally fine until it comes to the valuation, where my 7 year old could do better. They earlier comp it against Eckoh which s barely growing, and therefore they use an ECK like multiple of 3.5x-4.5x, similar to ECK. They need to look at companies which are growing strongly. Try BGO for example who trade around 10x-12x NTM sales. Do that and the share price will get to 300p within a couple years. This is chronically undervalued IMO
adamb1978: Interesting points on the PCIP investor call. 1) For the current year, they gave a bridge from (i) ARR, plus (ii) contracts in deployment to the Fincapp forecast. It basically showed that the gap was more than covered by signed deals which just needed rolling out and new contract won in the year would be gravy. Therefore the £10.4m for the year to Jun-22 looks nailed on 2) They also gave a forecast for where the closing ARR (or TACV as they call it) for the end of the current year to Jun-22....and its obviously important given that that underpins their revenues for the year to Jun-23 They're guiding to £13.1m closing TACV as at next June and historically they've booked a little over the starting TACV figure. Therefore something in the £13.5m - £14.5m range looks about right for revenue for the year to Jun-23 Great visibility and communication! Adam
adamb1978: Hi Lomax Agreed, and I'll do similarly. If they continue with the 50% p.a. growth and have 80% gross margins, EPS will be around 10p in FY24 and that should logically take the share price to 300p-400p in my view. Adam
adamb1978: Very good results, and I enjoy the professionalism of the narrative. They act like a much more grown-up, large company than they actually are, which is re-assuring As others have said, the internationalisation of the business continues apace and the tACV figure means that FY22 revenue target is already in the bag. I think they've reached the point in the SaaS model where the revenue increases start feeding through to the bottom line so we should therefore see narrowing losses this year, and they've obviously got the cash to fund those already too. I still maintain that PCIP are a very good bet to at least double in the next 2-3 years so am a happy holder
adamb1978: I bought more again yesterday zipstruck. I think this is stupidly cheap £20m revenue in year to Jun-24 is entirely feasible and, whilst BGO is a slightly different company, it trades on over 10x revenues. Put PCIP on that multiple and it suggests £200m market cap within 2-3 years, so 4x the current level
Pci-pal share price data is direct from the London Stock Exchange
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