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PEG Petards Group Plc

0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Petards Group Plc LSE:PEG London Ordinary Share GB00B4YL8F73 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.75 7.50 8.00 7.75 7.75 7.75 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Systems Service 10.87M 524k 0.0093 8.33 4.38M
Petards Group Plc is listed in the Security Systems Service sector of the London Stock Exchange with ticker PEG. The last closing price for Petards was 7.75p. Over the last year, Petards shares have traded in a share price range of 3.00p to 8.25p.

Petards currently has 56,528,229 shares in issue. The market capitalisation of Petards is £4.38 million. Petards has a price to earnings ratio (PE ratio) of 8.33.

Petards Share Discussion Threads

Showing 6501 to 6525 of 6700 messages
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Thanks Rivaldo.
Hi jeevsje, at present I can buy at least 20k at 9.8p online.
Are you able to get buy quotes, Rivaldo? NT to buy or close to 10.3p to buy 3k.
Techinvest updated on PEG a couple of issues ago and is a useful summary - note the 3.8p per share of cash together with the 1p+ EPS forecasts:

"Results for the year ended December 31 showed revenues up 4.4% to £13.57m. Gross profit margin increased to 44.9% from 36.4% a year earlier, reflecting a significant restructuring of the business in 2020. Adjusted EBITDA increased by 379% to £1.53m, while pre-tax profit reached £0.86m compared to a loss of £0.58m in fiscal 2020. Basic earnings per share were 1.51p.

Cash generation from operating activities was strong at £0.74m, contributing to cash balances at the period-end of £2.27m (3.8p per share) and minimal debt.

The order book at December 31 was circa £7.0m, with £8.0m revenue coverage for fiscal 2022. QRO Solutions had another record year in terms of revenue, cash flow and profitability. This was helped by the on-time delivery of an export order worth in excess of £0.5m to a new customer for ProVida speed enforcement systems, and increasing sales of the NASBox, whose rights were acquired in 2020, with 400 units being delivered in 2021.

Petards is expecting the coming year for QRO to continue strongly, with the addition of six new UK police forces to QRO’s customer list and the launch of several new products. RTS Solutions had another solid year in terms of its revenue, profitability and cash flow, and licence and maintenance contract renewals totalling £0.8m were received for its rail infrastructure focused software offering. Petards’ Defence made an increased contribution to group profitability.Following the board’s decision in 2020 to focus on securing smaller orders, order intake increased in 2021 and a 5-year framework contract, which was secured in June from the MOD for the support of threat simulator systems, is expected to give rise to additional order flow in the coming years.

Current macro-economic conditions are particularly tough for small companies like Petards (£6.8m market cap). In that context, this was a solid financial performance from the company and the strong order book provides encouragement for the current year. We view the product base as a significant strength of Petards’ business. The company’s software-driven video and other sensing systems for on-train applications, sold under the eyeTrain brand, have a strong customer base among global train builders, integrators and rail operators. Likewise, in the traffic segment there is good demand for the company’s Automatic Number Plate Recognition systems for lane and speed enforcement and other applications, sold under the QRO and ProVida brands to UK and overseas law enforcement agencies and commercial customers. Progress is also being made in the defence sector where Petards provides electronic countermeasure protection systems, mobile radio systems and related engineering services, sold predominantly to the MOD.

The consensus market forecast for the current year is for earnings per share of 1.03p, rising to 1.1p for fiscal 2023. A prospective P/E of 10.9 for eighteen months out looks undemanding. Continue to hold."

Hybridan also issued a research note after the recent results.

For this year they forecast 1.05p EPS, £1.58m EBITDA and £0.6m PBT.

The gross cash pile increases to £2.7m, i.e 40% of the m/cap.

They conclude:

"Petards also continues to review relevant acquisition opportunities and retains a strong discipline when it comes to agreeing fair value. Meanwhile shares in Petards trade at under 0.5x forward revenues, 10.7x earnings and an EV/EBITDA multiple of just over 2.5x which in our view offers compelling value."

This is interesting:

"Petards notes that the Petards Virtual Technology Centre has been successful in providing a focussed technical forum to drive forward the Group’s product development plans. Petards is presently trialling with a major train operator, an artificial intelligence and machine learning solution which utilises Petards’ existing technology. If successful, this on-train solution would provide rail operators with the potential for real time data analytics to identify on-track hazards and safety improvements to their rail networks."

Excellent results IMO.
Chart wise we've been trading sideways for a year now. These results break us out of that and I can see the previous high being over taken in due course.

the oak tree
It is, but I've already explained why, and we've known about that for a long time now. The large, long-term contracts will return, it's just a question of when, could be sooner, could be later.

As WH Ireland say this morning, "the nature of the pipeline of tender opportunities has changed resulting in the shortening of the order book". So the additional shorter-term, higher margin contracts which PEG are winning don't bulk up the long-term order books since they're fulfilled much more quickly, but they do enable the Rail division to continue in a steady state whilst QRO achieves record revenues and profitability.

WH Ireland forecast £0.6m PBT this year (up from £0.5m last year), with 1p EPS.

They note that the cash pile at Dec'21 was £1.9m pre IFRS, which they forecast to rise further to £2.7m at the end of this year - 36% of the m/cap.

They see 13.5p fair value presently on a P/E basis, which imo is short-sighted as it completely ignores the £1.9m cash pile.

On an EV/EBITDA basis, PEG are on a multiple of just 3.7, which more accurately reflects the value.

Today's narrative explicitly points out that PEG have been looking for acquisitions which han't panned out yet. This could bring in an instant £100k-£200k of profit uplift or added value, so the cash pile should not be left out of the equation.

I get the margins and the cost restructuring is all a big well done, but the point is the order book isn't steady it is quite clearly shrinking!!!!!
The government stated that UK`s public transport systems will receive billions to improve passenger experience and encourage being greener. We as a country will have to spend more on defence improving NATO after lessons learned i.e Russia. IMHO PEG will do well in the future.
That's more to do with the hiatus in large rail contracts which we've known about for a long time now and is why the share price is where it is.

The smaller, but more consistent and shorter-term projects which PEG have been winning keep that order book steady, and together with the work PEG have done on margins are ensuring profitability - and cash flows - continue at decent levels.

The rail contract situation is already baked into the share price and £7m m/cap imo, especially given the £1.5m cash pile. At some point, whether this year or next, those large rail contracts will come back. Patience is required, but given PEG's illiquidity anyone wanting to build a stake will have to have done so prior to that.

Order book a massive concern here, been shrinking for last couple of years!!!
2020's truly exceptional cash generation was due to £1.7m of tax credits relating to one-off claims from prior years! Strip those out and last year's cash generation remains very impressive, especially against the teeny-tiny m/cap.

And the company is confident for this year:

"With scheduled deliveries of £8 million already secured for the current year by the end of the first quarter, the Board has confidence that the Group is positioned to make further progress in 2022."

Cash generation down to £745,000 (2020: £2,398,000)
Order book down to circa £7 million (30 June 2021: circa £9 million)

Terrific results today from this £6.5m m/cap company considering the pandemic.

EBITDA was £1.53m - up from £0.32m.

The cash pile is up to £1.5m - almost a quarter of the m/cap. Operating cash inflows were £1.53m, with £0.75m cash inflows from operating activities.

Note that almost the entire £0.6m R&D was written off against profits this year, so the profit performance is even more praiseworthy.

And performance to date this year has been ahead of expectations too.

PEG are right to caution against over-optimism on this front given the hiatus in large projects from the GBR formation, But it's obvious that QRO is booming, Defence and RTS are doing well and the core rail business is ticking over nicely.

Imagine what PEG might achieve once those larger projects start to return.

Great to see both the rail business and QRO selling internationally now too:

Chelverton Growth Trust, which owns 3.54% of PEG (worth £210,000), reported their interims late last week.

They had this very bullish comment about PEG:

"Petards is also expected to shortly produce its 2021 annual accounts showing a return to profitability. A recent large buy-back and cancellation of its own shares demonstrates that the company has a strong balance sheet and that its Board considers the shares to be materially undervalued."

Good spot - There are other similar uk SMEs on AIM with upside potential who have strong defence customer base who might also see upside from the current disaster.
You and me both :o))

As well as ANPR and defence, one would have thought that the massive UK investment in rail rolling stock and refurbishment will pay big dividends at some point.

Plus PEG have £2.7m net funds to use for more acquisitions (against a £6.6m m/cap).

The potential for big upside remains, though it'll require more patience. Unless the above promise starts to be fulfilled with a contract RNS or two.

Well done riv - you seem to have woken the sleeping giant!

Good point about defence though - I see they said 'Defence related activities on an improving trend' in the last interims, and I expect that's accelerated since.

Mildly surprised there haven't been any reportable orders recently though - I was hoping for something from the anpr people.

Could be good times coming for PEG's Defence business given the current climate:

Customers include BAE, MOD, RAF, Royal Navy, Leonardo, NATO.....

Chelverton's holding is worth just £190k or so. As regards whether PEG is a worthwhile investment or not this is not a very meaningful factor. Even in the event of a wind-down of Chelverton, which may or may not happen anyway, such a wind-down would presumably be carried out over at least one year and more likely even longer.
Chelverton, one of the major shareholders, has clearly indicated that it has now been reduced to a size that makes it unviable in the longer term to continue with the current structure. If they decide to divest from here, PEG will be in big trouble due to illiquid nature of its shares.
Trading update due anytime, which should highly cash generative nature of this business. Seriously believe it is only a matter of time for the rerate.
Thanks Rivaldo.
Surely a tiny bit of this fliters down.

the oak tree
Huge HS2 contract news - both Hitachi and Alstom are PEG clients:

"HS2 signs £2bn contract with Hitachi and French manufacturer Alstom for 54 high-speed trains

By Daily Mail City & Finance Reporter

Published: 21:54, 9 December 2021

HS2 has signed a £2billion contract with Hitachi and French manufacturer Alstom to build 54 high-speed trains for the controversial rail line.

The trains, which will travel at 225 mph and be the fastest made on British soil, will be manufactured at the Japanese multinational ’s plant in Newton Aycliffe, County Durham, and finished at Alstom’s sites in Crewe and Derby, supporting 2,500 jobs...."

mm's must love this game

shake the bid down yesterday on no sales and then watch as people sell at 11.25-11.3p and they gradually get that 12.4p sold stock back for a whole penny profit.

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