Phsc Share Discussion Threads

[ntv] 31/12/2020 09:40

Significant volume again yesterday
I wonder if anyone is going to show their hand soon?

[meijiman] 29/12/2020 09:15

If this company can claim 'green' credentials then it could soar!

[fillipe] 29/12/2020 08:43

And again today.

f

[ntv] 23/12/2020 18:12

more large trades

[ntv] 16/12/2020 17:02

large sell just under 0.8%

[ntv] 09/12/2020 16:48

another large buy

[ntv] 30/11/2020 17:15

another big trade (By mkt cap) for PHSC
probably from results day?

[cjohn] 25/11/2020 16:24

I'm pretty surprised they managed to turn a profit and have positive cash flow, given the steep drop in turnover.

Much better results than I'd expected. In other words, they were slightly bad, not dreadful

If turnover begins to climb again, increased working capital will eat some of that cash, but they look financially secure for now.



I have enough here or I'd buy more.

[value hound] 24/11/2020 08:40

Excellent results in difficult circumstances with a possible / probable yield of 1p; 7.7% at 13p.

Also, they refer to previous divis and the importance thereof etc. and until 2017, it was 1.5p. But the discount to NTAV of 62.5% at a buy price of 13p still looks nuts.

BUT - it's too small to be listed, really, and pretty illiquid, so for long-termers, the yield is very important.

[lehibou] 28/10/2020 20:25

I have mentioned Marlowe (MRL) before.Today they agreed to buy Ellis Whittam for £59m.Ellis have Turnover of £16.1m and EBITDA of £4.4m.Approx 4 x turnover and 13 x EBITDA.PHSC Turnover £4.4m and EBITDA of 0.255m. If the security division can be turned round or sold,then EBITDA of 0.4m would be possible.Applying similar values to PHSC produces a valuation of £18m to £5m. Obviously flights of fancy,but a long way from current £ 2m and an 8% yield while we wait.One day Rodney!

[zangdook] 21/10/2020 13:47

S King moves another 250,000 into his SIPP. He's been doing this every few months for over two years now.

[ntv] 28/9/2020 17:26

Some interesting large trades in the last couple of days

[hodhasharon] 07/9/2020 14:53

Are you guys in REAT too?

[zangdook] 03/9/2020 09:08

newtoaim is an idiot, I suspect a wilful one.

[hodhasharon] 01/9/2020 08:34

The pumping has stopped, but has the dumping started?

I suspect 9-10p is the base.

[newtoaim] 01/9/2020 08:25

Pump over from the gang

[cjohn] 31/8/2020 17:19

Hi NTV,

Yes, be interesting to see what they do re valuation of Security Division and whether they are going to off-load it in some way. The fact it's doing so badly underscores the potential of the other divisions.

You're also right that the report is quite disjointed and doesn't add up the dots.

[gelp] 28/8/2020 14:34

Thanks BMW

[ntv] 28/8/2020 14:32

CJohn
March 20 valuation of is now down to £539k approx for security business( based on figures from 2019 AR)
A further write off this year of probably most of it's value is very likely and I am wondering that this might come with the first half figures

I still wonder why they did not put your second paragraph with the following:

Trading update

Unaudited management accounts for the first quarter of 2020-21 indicate that Group revenues were £0.82m and generated an EBITDA of £108,300. This compares with total revenues of £1.08m for the first quarter of 2019-20 and an EBITDA of £84,600.

still happy to hold with that 8% plus yield

[cjohn] 28/8/2020 12:31

I've just caught up with the results. In the circumstances, they look OK to me. I remain a holder here with quite a big position (relative to total company size.)

- As in the report: "Although the economic outlook remains uncertain, the discipline of forecasting has been maintained, though initially with a reduced horizon. Expectations for first half of 2020-21 are that with the continued use of Government funding assistance, the Group should do no worse than break even and will maintain a strong cash position."

These are vey encouraging words.

- Net cash was up at 756k. Current market cap: 1.7m.

- Trading at around net TANGIBLE book value. (it's not a net-net, net curtains!)

Trading at a deep discount to a sum-of-the-parts valuation. So as ever, it looks to me like the real value here would be in selling off the security division and using funds for re-investment in consulting businesses or a special dividend.

[newtoaim] 27/8/2020 12:46

Falling as they climb over themselves to get out