Petards Share Discussion Threads

[dolittle1] 25/9/2023 20:34

Results imminent based on today's trading pattern

[fevertreeman] 11/9/2023 15:10

Am certainly not holding my breath. This has been a dreadful investment made worse by the appalling lack of management vision, effort & transparency.

[dolittle1] 11/9/2023 09:29

Results should be out in the next two weeks.

[fevertreeman] 31/8/2023 17:01

We are 9 months into the current year and absolutely nothing has happened of any consequence, no new contracts, no acquisitions...its shameful, especially when one considers the ridiculous situation that the Abdullah's didnt actually release FY results till MAy!, 4 months after the year end, when s/holders were treated to this rubbish from Abdullah:

"Management is continuing to drive the Group’s development forward, and the Board’s objectives for 2023 are for improved results, strong cash generation and to further strengthen the Group’s portfolio of businesses.”

Clearly he had been reading a different script given FY results that showed (1) Revs had dropped 30% (2) OProfit -60%(3) Cash generation -20% (4) Order book down 40pc.

Increasingly this looks like a lifestyle company for the Abdullahs. Perhaps the plan is to hoard cash, tick the business over, & then launch a cheeky bid to take it private, whereupon suddenly things pick up. I dont know but hard to see any other explanation for the neglect I witness...:
A quick look at the AR shows
1. Average salary is a hefty £47,753 (wages & salaries of £3,868m divided by 81 staff)
2. Of that 81 staff, a staggering 23 are in admin (28%) with only 5 in sales!!! hardly the stats of a business intent on driving sales.....
3. Admin expenses at £5.3m are huge for a business generating £10m & they barely made any dent in that figure toreduce it
4. In 2022 the firm more than halved its spending on R&D to £247,000
( 2.3% of revenues) from £553k in 2021, which is fairly extraordinary for a business
that bangs on about innovation...

I think you get the idea....

[dolittle1] 21/8/2023 20:55

Ask dropped to fill that 50k buy.

[chesty1] 10/8/2023 15:16

Just me doubling up haha!

[dolittle1] 10/8/2023 13:14

Code 1 issued - RNS imminent

[rivaldo] 01/8/2023 14:55

For the record Techinvest had a nice summary of PEG's 2022 results inb their June issue. They concluded thus, noting also that PEG had £1.68m net cash, or almost 3p per share, against the current £4.2m m/cap:

"A lull in sales to the UK rail market acted as a drag on Petards’ revenue last year, but management report that the business is now seeing encouraging signs for new projects, particularly in the new build and retrofit rail rolling stock market. Moreover, service revenues are expected to continue their increasing trend as the installed base grows.

The current financial year has started satisfactorily with the group continuing to trade cash generatively.The broker consensus forecast for fiscal 2023 is 0.51p per share, rising to 0.77p for 2024. On a prospective P/E of 8.9 for a little over eighteen months out, the rating looks undemanding.

Petards’ book value (total assets minus total liabilities) is currently £8.25m or 14.6p per share, which is an exceptionally attractive value metric in the context of the UK market. Strong hold."

[dolittle1] 21/7/2023 08:10

Some buying yesterday and spreqd has opened up. Will hit double digits soon since very limited number of shares available.

[dolittle1] 13/7/2023 11:46

Looks like Thomas Charlton accumulating in the background. Will take a deal to send this back to mid teens.

[dolittle1] 30/6/2023 22:39

How do we kick management out? Worth a complaint email to Chelverton and Thomas C?

[fevertreeman] 30/6/2023 12:46

Yes its a tricky one. For me this is woefully undervalued and part of the problem is down to a complete lack of interest from the management and owners about presenting their case. The investor relations is non existent and the website appalling.

[arthur_lame_stocks] 28/6/2023 18:46

The subsidiary accounts have now been lodged with companies house if anyone is interested. QRO appears to be the jewel in the crown and may be worth more than the whole group.

That said with the Raschids controlling it and no dividend and an erratic record of profitability I don't think I'm particularly inclined to buy the shares even if the breakup value is some way higher.

[dolittle1] 27/6/2023 22:42

New low. What can be done to give Raschid and Osman Abdullah a kick in the backside?

[fevertreeman] 19/6/2023 09:58

I think that what is missing is any urgency from Raschid and Osman Abdullah who run the company. I continue to hold this but share price has shrank consistently over last 2 years as the firm has failed to get out of its trough. It has been hit badly by a number of factors:
1. General lack of investor interest in micro-caps &AIM listed -NOT IN THEIR CONTROL

2. Appalling Investor Profile: dreadful website, no media visibility. Ridiculous that they can't be bothered to produce a proper up-to-date investor presentation. TOTALLY W/I THEIR CONTROL

3.Covid impact on rail sector: their biggest segment has been badly hit by coivd and aftermath, with capex grinding to virtual standstill, badly impacting order intake. Only slowly recovering now, partly mitigated by ANPR business which is performing very well. NOT IN THEIR CONTROL

4. Acquisitions: they have spoken repeatedly about add-on acquisitions but have failed to get one across the line as yet. At some point ehy may land one but valuation gap still an issue. PARTIALLY W/I THEIR CONTROL

5. Cash Pile: They clearly want to use it to (1) reinvest and (2) make acquisitions but the longer (2) doesnt happen the more it becomes an issue when +50pc of market cap is presented by cash on b/s W/I THEIR CONTROL

6. What is the strategy? Unclear wther this is (1) lifestyle company for the Abdullahs and they are content to just potter along (2) They want to buy n build the business and yet we have had no sign of any ambition on that front (3) They are looking for an exit (see appointment of new NED). Very unclear what the game plan is. W/I THEIR CONTROL

[dolittle1] 15/6/2023 23:41

Who is currently invested? Looking to buy since looks very cheap esp with T Charlton buying more recently. What am I missing?

[dolittle1] 14/6/2023 12:54

Anyone here?

[dolittle1] 13/6/2023 15:15

Looks cheap and Thomas Charlton has been adding (he did the same at TST prior to the rise) . What am i missing?

[farrugia] 01/6/2023 12:39

i bought a few here.

[dave4545] 26/5/2023 15:53

That chap up to 4% must have been behind all those 100-150k buys this week and last

[dave4545] 25/5/2023 19:34

I doubt many will argue with you.

But not many companies are making profits and this one still is.

My best performing share today simply because the only stock I hold that close up at 2%, 2% in this market is like 20% in the old better market