Photonstar Led Share Discussion Threads

[pugugly] 30/1/2011 14:06

battlebus2> May I ask the source of this great news.

All broker research PLUS my own alaysis of the accounts suggests that Enfis will be high 6 figure loss making for fy ending 31/12/10 or are you refering to fy 2011. If so how do you compute profit making - Just for Enfis or the new company ProtonStar.

Next year end for the New company is I understand March 2011 - so we are still in "This Year"

[battlebus2] 30/1/2011 11:20

What losses at Enfis they will break even this year!

[pugugly] 30/1/2011 10:42

Garbil:> Thanks for your kind words. Agreed re potential. From your post on the old thread you seem to be a recent investor here.

I take it you mean that the PhotonStar management appear much more competent and have a more robust business plan than the old Enfis structure. Again I agree.

Long term potential (I hold DIA from April 2007 and was under water until October 2009. As an aside DIA are now starting to look over cooked but probably have further momentum upside - timing sells I find is more difficult than buys when you are confident on the viability of an investee company)

I am sure that you are in the right sector but I have do more research on how PhotonStar plan to drive the combined business forward and more importantly extract profits from the revenue stream, before I consider move to my "buy subject to timing" screen. EBITDA is a useful measure but free cash flow far more important and as yet this appears to be some way in the future.

[garbil] 30/1/2011 09:39

PUGUGLY

Always good to read a considered and rational post.

While the value of award nominations is difficult to quantify,
I find - as a shareholder - they provide a certain degree of
confirmation of purchase. And, more importantly, should help
open doors for the new sales team PSL are currently recruiting.

As to your revenue estimates: while perfectly reasonable on a
historical basis, I'm not sure they take sufficient account of
all the new factors in play here - like possible synergies, a
burgeoning market, cash in hand and much more potent management.

Equally, in such an explosive sector (with firms like Dialight
trading at more than 30 times historic earnings) I find your
valuation multiple of twice earnings on the low side.

To my mind, "fair value" here is more in the region of £5m x 3 -
or a pps of some 17p...

Though in the short term this is probably all academic.

The economy is fragile. The market skittish. The share price momentum down.
Failing the release of good news, you are probably right that the
sp has further to fall.

As a LTB&H player I rather hope so as I'll be looking to add.

[pugugly] 29/1/2011 17:01

Garbil:> All very nice being in line for industry awards - Good for the PR but does it generate SIGNIFICANT sales?

Both companies were loss making before the merger. PhotonStar in fiscal 31/3/10 made a LOSS of £645K on a turnover of £1,964K, and Enfis a loss of £766K on sales of £254K for the half year to 30/6/10

While PhotonStar seem to be gaining traction according to the IPO documentation they made a loss of £84K in the 6 months ended 30/9/10. This is a great improvement but still a loss and now they have taken on the Enfis overheads and while I suspect they will eventually be able to stop the bleeding the restructuring will probably be costly (and while charged below the line) could make a significant hole in the £2 million raised at the end of last year.

Projecting forward I would suspect continuing losses (in the region of £400K-to £700K in 2011 on a turnover in the region of £4 - £4.25 million (PhotonStar 1st 6 months £1456K, 2nd 6 months + 20% say £1800K + Enfis 12 month from 30/6/10 of say £800K to £1 M

The Enfis revenue is very difficult to calculate as lumpy and may well be less than my estimate as no recent announcements of new contract, or estimates, that I have been able to find of the likely revenue for the Spotlight Srl venture.

Given the very tight economic times I suspect we could well see the share price continue to fall back to or below the placing price given the current valuation of the company of £9.5 million at current bid price of 11p and > 2x sales(my estimates) for 2011

[garbil] 29/1/2011 11:55

Hopefully on February 10 !


Double CIBSE award nomination

Two energy saving products from PhotonStar have been nominated for the prestigious CIBSE Building Performance Awards 2011. SmartNemesis and EcoStar are two of the six finalists for the Energy Using Product section. The winners will be announced at a gala dinner in London on 9th February. Both products have previously won a number of awards for sustainability and innovation.

The Judging criteria for Energy Using Products


The Judges considered any product that improves building performance and saves energy and carbon, and are judging based on:

· Research, testing, development

· Innovation in design, technology and/or application

· Improvement over existing products in terms of performance, energy or resource (e.g. water) efficiency and carbon saving

· Manufacturing process: mitigation of the environmental impact of production

· Use of recycled materials; recyclability

· Performance in operation (which is preferred to performance figures for factory testing)

· Evidence of reductions in carbon emissions

· Clear product technical information for specifiers, designers and installers

· O + M information




Both SmartNemesis and EcoStar (as demonstrated by their nomination) are strong in all of these areas. The EcoStar offers possibly the lowest embodied CO2 lighting solution available today, and the innovative SmartNemesis maximises energy saving through embedded intelligence on on board control as well as ground breaking energy efficiency. All PhotonStar products are developed to comply with our sustainable design philosophy.

[chrisdgb] 27/1/2011 09:04

Wonder when we will get the next company statement??

[battlebus2] 25/1/2011 21:06

Think we'll give that a miss.They'll be in the eyes next.

[battlebus2] 24/1/2011 19:15

LOL the shareprice feels well out of date too.

[chrisdgb] 24/1/2011 08:59

But it looks fine on my ZX81...

[mike_f] 21/1/2011 17:39

chris, are you joking? The Photonstar website could have been put together by a toddler. Enfis website has always been good. I would like to see a complete rebranding tbh, The Photonstar logo is extremely basic and I hope they address their corporate image going forward.

[chrisdgb] 18/1/2011 12:32

I thought the PLC website actually looked good..!!

[husbod] 14/1/2011 16:36

Also a bit suprised we didn't get more "Holdings in the Company" rnss given the shares purchased at the time of the reverse takeover.

Pretty dead here so we can but sit back and await some news.

[chrisdgb] 13/1/2011 08:43

Surprised we have not seen more 2 way volume this year..

[mike_f] 12/1/2011 17:13

They really need to sort their website out!

[garbil] 12/1/2011 08:11

With thanks to Ash666 on iii:

Looks as though Photonstar are at the ARC Exhibition, Business Design Centre, London 12-13 Jan

PhotonStar LED Ltd. are UK based designers and manufacturers of world class LED light fixtures & solutions.
Amongst the growing range of LED products, in 2010 our products were recognised by Lux magazine as the "Best Halogen Replacement", and the Lighting Association's "Light Source of the Year" and "Innovation of the year". PhotonStar has gained a solid reputation for innovation and delivering reliable, tested, high performance, award winning LED solutions for interior commercial and residential applications.

[garbil] 07/1/2011 15:26

Thanks for that, chrisdgb.

For those that haven't seen it, the page below from the PSL
website (which could use a little updating !) makes the case
for LED over halogen, apart from the higher initial cost, a
complete no-brainer...

[chrisdgb] 07/1/2011 13:09

A bit today from a US broker commentary I get:

IKEA announced it is the first to eliminate incandescent bulbs from its shelves in anticipation of their eventual phase out and consumers switching to the lower cost of ownership alternatives in Compact Fluorescent Lights (CFLs). LED lighting sales have been growing despite being somewhat more expensive the CFLs. Engineering advances in LEDs are on the threshold of passing CFL cost benefits. With lighting representing about an eighth of household electricity use and double that for commercial customers, this represents a significant shift in our economy.

When we consider that incandescent bulbs convert about 90% of electricity into heat and 10% into light, it underscores just how much emphasis was placed on price versus efficiency in electrical power. With a potential inflationary cycle developing, cost issues will require continued advances in conversion efficiencies and power densities of our electricity-consuming devices.

[chrisdgb] 07/1/2011 09:20

Would be nice for the newly combined company to get some decent PR..

[chrisdgb] 04/1/2011 10:09

Thanks for the new thread, let us hope we have lots of positive things to comment on...

[daithedeath] 02/1/2011 13:32

Happy New Year ,a bright future awaits imvho

[cambium] 02/1/2011 12:40

"PHOTONSTAR MAKES LIGHT WORK OF LISTING

PhotonStar designs and makes LED lights for use in homes and commercial buildings
Monday December 20,2010
By Andrew Johnson

AN innovative lighting firm is planning to join the Aim market through a reverse takeover deal with a rival company.

PhotonStar LED is being taken over by Aim-listed Enfis in a deal worth £5.1million.

The enlarged group will keep the PhotonStar name and the firm's chief executive, Dr James McKenzie, will carry on in the same role once the deal is done.

McKenzie and his co-founder, PhotonStar's chief technology officer Majd Zoorob, will own 31 per cent of the firm and shares will start trading on Christmas Eve.

PhotonStar designs and makes LED lights for use in homes and commercial buildings. Customers include Government departments, hotels and universities.

The firm's patented technology has won a number of industry awards for helping its customers to save money by reducing maintenance and energy costs.

Enfis uses LED technology in a number of areas, including lights for film production, as well as providing specialist architectural and medical lighting. Much of its manufacturing is outsourced.

PhotonStar will use £2million it hopes to raise in the move to Aim to fund integration and expand manufacturing capacity.

It is looking to grow organically and by acquisitions. LED lighting is becoming increasingly popular and groups like Phillips and Osram are building market share. However, PhotonStar believes the market is large and diverse enough to allow it to succeed.

Founded in 2007, it made a loss of £84,000 on sales of £1.5million for the half-year to September."
The Group has made further progress with its patent portfolio and has been granted two additional patents since the last update, making a total of 6 granted and allowed patents. In addition, further new intellectual property has been filed in the last quarter.

The Board expects to release its 2011 results in March 2012.

James Mckenzie,CEO of PhotonStar LED Group PLC, commented

"2011 has been a year of transition, laying the foundations for the future of the business, during which we have integrated and rationalised the two businesses of the former Enfis and PhotonStar and added additional manufacturing capacity through the acquisition of Camtronics Vale. By so doing, we have created a leading-edge designer and manufacturer of smart LED lighting products and solutions.

Our order book and pipeline continues to grow and we see continued growth in the LED lighting market. We see significant growth opportunities ahead for the Group, particularly as we focus on bringing our ChromaWhite modules to market.

"PhotonStar has recently been shortlisted in two categories for the 10(th) Anniversary Lighting Design awards - alongside products from lighting giants Havells Sylvania, Osram and Philips - highlighting the esteem in which our products are held.

"We anticipate a very exciting year ahead in 2012."