Phsc Share Discussion Threads

[mudbath] 01/12/2007 20:51

I fear walker10 that the software is indeed "bloody clever".Whether it WILL make a fortune for its shareholders is however open to some doubt,as FLOMERICS software is EXCEEDINGLY BC,yet its shares are plumbing all time lows.Only time will tell.(buy THPW+++imo++++).

[falundafa] 01/12/2007 13:39

I am not mike langdon

[walker10] 29/11/2007 21:54

Mud its bloody clever software if it can do the following:

Asbestos surveying,Asbestos Management,Air Monitoring,Occupational Hygiene,Safety Consultancy,Safety Auditing,Waste Management,Envronmental Training,Food safety and Hyginene Inspections,Planning Applications,Envronmental Protection,Housing Inspections,Air Hygiene Surveys,Biocidal Disinfections,Air Quality Monitoring,Water Treatments,Water Tank Refurbishments,Water Monitoring Contracts. Need I go on.

Let me know who has developed the software we will make a bloody fortune!!!

[mudbath] 29/11/2007 20:34

Still sitting on my hands,worrying that health and safety simulation software will provide an alternative to expensive consultancy.I know that the software is out there but thats about all.Glad to see you posting again battlebus.

[egoi] 29/11/2007 19:18

Strange but it is a good deal for us shareholders, a cheap buyback. I wonder if it was arranged a while ago when the price was around 45p, and dependent for completion on cashflow?

What I do hope is the market doesn't misinterpret it. I am not a fan of buybacks, but at 40p, from the company's point of view, it is, I'd think, understandable!

[metaphysicalman] 29/11/2007 17:57

Interesting RNS - share buy-back at 40p per share! Looks like someone was desperate to get out and couldn't do it on the open market for risk of destroying the price. But I still would have thought they could ahve got more for them than 40p each. Maybe it was a typo in the RNS?

[battlebus] 29/11/2007 09:53

Certainly a seller this morning.

[walker10] 29/11/2007 08:13

MM re your point about aquisitions:

"Of course there are always acquisition risks, but PHSC seem to have integrated acquisitions well, with only the very small HSC proving a failure, which they quickly divested themselves of".

This guy is helping to reduce that risk greatly :

Michael Miller – Non-Executive Director

Mike Miller was appointed non-executive director of the Company in June 2005. Having worked for 33 years with National Westminster Bank plc, latterly in managerial roles, Mike left to become a director of Brossard de Bayle Ltd, an independent commercial banking consulting firm, in 1995 where he assessed and found suitable financing for small and medium sized enterprises. In 1999 he joined Beer Mergers Ltd, a mergers and acquisitions advisory firm specialising in owner managed businesses, as a regional director and in this capacity Mike has been valuable in introducing and assessing companies suitable for acquisition by the Company. Mike has been an honorary treasurer for Save the Children Fund in Maidenhead and Reading, Uckfield Chamber of Commerce and his golf club in Seaford. He is also a member of the Institute of Directors.

[walker10] 28/11/2007 22:32

Well now its in black and white from digital:

PHSC Forecasts
Year Ending Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth. Div Yield
31-Mar-08 5.42 0.89 5.24p 10.5 0.2 +43% n/a 0.0%
31-Mar-09 7.88 1.11 6.52p 8.4 0.3 +24% 0.90p 1.6%

A PE of 8.4 or lower if 09 profits are more which we all are begining to beleave is very possible,with cash on the sheet for a further purchase next year.

[egoi] 28/11/2007 20:48

Thanks BB - and well done in that case! -:)

[battlebus] 28/11/2007 20:13

Egoi they weren't both sells.

[egoi] 28/11/2007 20:05

Unfortunately looks like two sales in the last two minutes of trade, which might impact price tomorrow, reported; 10k at 59p and 5k at 58p. At least if that is right it means one less stale bull to get shot of and there will be a little stock available online.

Welcome aboard MM. -:)

[battlebus] 28/11/2007 18:24

Think i was also partly to blame after pushing the market maker to fill an order for a measly amount.GHF after your posts i felt it best not to hang around so did pay a slight premium.

[glasshalfull] 28/11/2007 16:44

Hi MM - good to see they tickled your fancy :-)
I also happen to think the forecasts conservitive.

Looks like you were partly behind todays 8% rise and goes to show the illiquidity of the shares.
They still look extremely good value to me and one for the long term.

Kind regards,
GHF

[glasshalfull] 28/11/2007 16:43

Hi MM - good to see they tickled your fancy :-)
I also happen to think the forecasts conservitive.

Looks like you were partly behind todays 8% rise and goes to show the illiquidity of the shares.
They still look extremely good value to me and one for the long term.

Kind regards,
GHF

[metaphysicalman] 28/11/2007 14:15

Hi

Thanks to GHF for the broker note and additional information above. Having been pondering purchasing some PHSC for a few days, I finally took the plunge today, unfortunately not first thing, and so ended up paying 60p per share.

It's good to see a high quality of discussion on this board. Long may it continue!

My take on the broker estimates is also that they are very conservative for 2009. Assumptions are just that, but:

- with Guardian running ahead of last year, it wouldn't have to do much to turn a profit of £280k in 2008, and if that accrues evenly over the year, £70k would consolidate into PHSC in 2008.
- Given the H1 2008 performance, £900k operating profit for the full year should not be a stretch for existing businesses
- Add on a nominal £15k for In-House for the last Q of 2008, and you get total Op profit of £985k, a bit ahead of the broker forecast.
- The real difference comes in 2009. Assuming the annualised rates for 2008 above, and with just 10% organic growth, OP comes in at around £1,365k, well ahead of the broker forecasts.

Of course there are always acquisition risks, but PHSC seem to have integrated acquisitions well, with only the very small HSC proving a failure, which they quickly divested themselves of.

Good luck to all holders!

Regards
MetaphysicalMan

[walker10] 28/11/2007 13:41

Just an example of how In House can help:

Listeria:



and

[glasshalfull] 28/11/2007 11:14

Additional information from my contact with the CEO yesterday is that the company are hopeful of concluding the "In House" acquisition either this week or next, with "Guardian" still on track by the end of December 2007.

Regards,
GHF

[walker10] 27/11/2007 23:07

Going back to the brokers note and I am not trying to inflate future targets, but trying to understand their forecasts for 2008-09.

They state that the full year PBT should be 890k with In House and Guardian only having a limited impact.

Well we know that these two companies should add 2.5m turnover with 375,000. As this is what they have done pre aquisition.

So even without cost savings and cross selling IMO they should all being well reach 1.25m profit min.

I wish the market treated them with as much high regard as their customers do!!

We will see.

[glasshalfull] 27/11/2007 14:01

walker10/battlebus -

I'd appreciate an email at [e-mail]

egoi - you have mail.

Regards,
GHF

[walker10] 27/11/2007 13:10

So do I. Oh and to buy any quantity ie 5000 you have to pay .62p so something aint right !!! with the quoted price.

[egoi] 27/11/2007 13:08

Thanks GHF, excellent. Not too far away from my own guesses 5p this year 7p next. I do think next year's leaves space for an upgrade; I am particularly impressed by the Guardian acquisition. They are only forecasting about a 1.25p uplift from 2007 to 2008, which with both acquisitions contributing 12 months in 2008, I think is modest.

[walker10] 27/11/2007 12:06

Your a star Glass thanks for that. Looking very good and very cheap as we know. Being cash positive through out and strong cash flows as we have seen will enable them to aquire again next year after the bedding down of In House and Guardian.
Mkt cap at mo 6.41M these are a steal.
IMO.

[glasshalfull] 27/11/2007 10:22

Hichens, Harrison & Co have produced a note this morning.

PBT for the current year is pencilled in at £890k with fully diluted EPS of 5.24p (the shares issue in March was earnings dilutive).
As most are aware the acquisitions of "In House" and "Guardian" are due for completion in the coming month and will only have a limited impact on the 2nd half.

The kicker comes next year, 2008/09 when £1.11m is forecast with fully diluted EPS of 6.52p...a 24% rise over this years forecast.

PHSC will remain cash positive throughout with approx. £500k on the B/S in March '08 with strong free cahflow predicted each year.

Dividend of 0.8p pencilled in for current year.

77.6% of the shares in issue are in the hands of the Board and Institutions and in the next 12-18 months the company doesn't intend to issue more shares and indeed Stephen King or Nicola Coote do not intend to reduce their shareholding, which accounts for 52.8% of share capital.

The note mentions the considerable growth area in which the company operates and it's clear that PHSC group of business are thought of highly, "It is rare for PHSC to win a contract and lose it...."

My conclusion is that this is an excellent business in a very good niche area experiencing substantial growth.

Regards,
GHF