Share Name Share Symbol Market Type Share ISIN Share Description
Phsc Plc LSE:PHSC London Ordinary Share GB0033113456 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 12.25p 11.50p 13.00p 12.25p 12.25p 12.25p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 7.2 -0.7 -4.9 - 1.80

PHSC Plc Share Discussion Threads

Showing 801 to 824 of 825 messages
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DateSubjectAuthorDiscuss
10/1/2018
11:02
Thanks Micro :)
spursspurs
10/1/2018
10:49
I was unable to redo the header (just change article option) so I hope you guys don't mind, have re-done the thread with a new header and will close this one. New one here https://uk.advfn.com/cmn/fbb/thread.php3?id=42159291
microscope
10/1/2018
10:47
Thread re-written due to issue with previous header. It's been over 12 years on the current active thread.. So i think PHSC is a deserving candidate for a new makeover! The company is involved in Health and Safety, and the parent company has grown by acquisitions over a period of about 30 years. One of them (all will be revealed later in this post...) is a hidden gem imho, and the key reason for my investment here. There are eight sub-divisions, and a summary of each can be found in last month's interim results here: hTTps://uk.advfn.com/stock-market/london/phsc-plc-PHSC/share-news/PHSC-Plc-Half-year-Report/76226577 which showed an ebitda profit of just under 200k overall, and a dividend of 0.5p a share, with cash at period end of £129,000. With just under 14.7 million shares in issue, and a share price of a mere 12.25p at the time of scribbling this, the market cap is a miniscule £1.9 million, so the dividend is unusual for a company of this size. Pro forma nav was no less than 38.7p per share at these interims. So you're looking at these numbers and wondering why the market cap is quite so low.. Something doesn't add up.... .....You're right of course. The catch is Adamson's laboratory, one of their divisions, specializing in asbestos management. It imports materials and the falling pound has hammered them. Despite hefty cuts and lay offs, parent management concluded that 'they are unable to come up with a successful turnaround plan, and as a result, one of the two plants will be closed, with disposal of the factory. Costs will be in the second half of the year, including redundancy payments.' The first half loss in that division was £71,500 including redundancy cost, and it's clear there's more to come. The other plant will move to an intermediary business with a skeleton staff. The 2016 finals included around a 500,000 writedown of the Adamson's business. However a note to the 2016 accounts said that it from then would have "zero carrying value" ie no further goodwill writedowns. So it will just be costs. Of course it will hurt the second half and therefore year end results. The spread can be brutal, anything recently from 0.5p to 3p, depending on which market maker is on the bid/offer etc at any given time. That's the bad news. The Better news is that six of the other seven other divisions are trading profitably (a couple of them marginally, the other four healthily), with strong growth in the B2B field. The only other losing division was a tiny 19k loss because of the costs of adopting updated accounting standards. It will be borderline I think whether they make an overall profit for this year given the Adamson's situation, but in six months time that will be behind them, and they will be able to sell the closed plant at some stage. Even so yield is 4% (xd currently) if they don't pay a year end divvy. One division really stands out for me. And this is where I would argue, very strongly, that PHSC's 'hidden value' is actually pretty special at the current share price, even accepting the short term difficulty of the Adamson's situation. Here it is: (Remember this is just for SIX months!) QCS International Limited Invoiced sales of £372,100 yielding a profit of £145,900 (the figures for the same period last year were £258,600 and £67,300). And then you read the statement "There are high expectations that QCS will continue to exceed targets for sales and profits in the delivery of quality management consultancy and training services. Sales are already looking promising with high levels of training already secured, and additional income expected from new consultancy projects recently won" I can assure you, Stephen King (CEO of overall company PHSC, and very experienced, also owns about 22% of the equity) is a born pessimist, I followed this company back in Ofex days some 15 or so years ago. it's the most bullish statement I've ever heard from him. Were QCS ever to be floated off, it would imho on these numbers float comfortably for a whole lot more than the entire £2 million market cap of the whole company (and that is why goodwill and nav is actually valuable in PHSC's case). For anyone able to take a longer view, the market cap looks to have discounted far too much. net assets are in the region of 25p a share and although cash is £129,000 at the report date, the fact they felt able to pay a healthy divvy suggests it is not a concern. They have a guaranteed but uncalled up loan of £300,000 from HSBC too. If they ever took the business private (a stick posters have used against them for ten years) shareholders would imho certainly get more than 12.25p. Won't happen in my view anyway, they could have done it years ago and have never shown any interest in doing so. You almost invariably get a warning sign of these situations, a company will start moaning about listing costs. Has never happened here. I could see them making £250,000 when they announce the interims in a year's time, with a decent second half ahead. As always, dyor, caveat emptor and all imvho. All info in this post is in good faith, but I am an amateur investor, so please verify for yourselves and am happy to correct or update any errors/omissions that you spot.
microscope
09/1/2018
22:15
Thanks for this Micro, please can you add PHSC to the title 😄
spursspurs
09/1/2018
21:19
Good stuff microscope and FWIW, I agree entirely. This is one of the best value stocks out there IMO - but absolutely tiny of course - and too small to be listed, so it could be a bumpy ride.
gingerplant
09/1/2018
20:20
Yes guilty as charged Bb :) New thread had to be moved due to header issue, and can now be found here - hope you like (and will use) it! :) https://uk.advfn.com/cmn/fbb/thread.php3?id=42159291
microscope
09/1/2018
20:11
Thread replaced due to issue with header, please see here https://uk.advfn.com/cmn/fbb/thread.php3?id=42159291
microscope
09/1/2018
14:19
I wondered who bought Microscopic so thanks for sharing. I’m of a similar opinion 👍
battlebus2
09/1/2018
13:58
Took advantage of the dip to pick up a few more today. Noticed a few xd sales in the last few days, and with lack of newsflow, as is always the AIM way, the price drifted a little. At anything below 13.3p the market cap is below 2 million and on that valuation I hope to continue to accumulate. It should be a whole lot higher imho on a 12 month+ view
microscope
19/12/2017
15:59
Not going to try to make a big thing of but interesting footnote that new adviser Strand Hanson won an award as AIM broker of the year for mergers and acquisitions, in May.Maybe something's up...
microscope
08/12/2017
18:26
Bri, same here, about 10% for hot money. What you say is interesting in itself but frankly hardly relevant to PHSC.Wey, which I like made profit of 17k, market cap 30 million, VRS loss making etc etc.If QCS was,to float on its numbers, anything between 5 and 8 million, maybe 10, in current bubble, wouldn't surprise.And that is why goodwill, while agreed often bloated, cannot always be neglected
microscope
08/12/2017
14:08
Jim - happy with 50% gains in a day or a year or two. I prefer buy and hold but have a little fun trading the hot stocks. The figures quoted are so small. In my industry its pretty common for contractors to be on 800 / 1000 a day. So I really cant get excited about £370k invoiced sales. But I agree they are growing.
the big fella
08/12/2017
13:52
Good stuff Ochs, and indeed bb, agreed :) Sometimes nuggets are well hidden. That's the case here imho in one of the divisions. Those of us who knew this company in Ofex days know Stephen King has pretty much always been cautious or pessimistic. If a company was coming to market with these comments below, it would be interesting to see what it would be valued at. I reckon, even after the recent share price progress, it would be more than this market cap.... One of the divisions here. And remember this is just for six months! :)) 'QCS International Limited Invoiced sales of £372,100 yielding a profit of £145,900 (the figures for the same period last year were £258,600 and £67,300). And then you read the statement "There are high expectations that QCS will continue to exceed targets for sales and profits in the delivery of quality management consultancy and training services. Sales are already looking promising with high levels of training already secured, and additional income expected from new consultancy projects recently won"'
microscope
08/12/2017
13:25
Indeed, if it had stuck around the previous levels I would probably have topped up before 4 Jan.
ochs
08/12/2017
13:15
100k bought at 15p bodes well 👍
battlebus2
08/12/2017
10:57
I got in a month or so ago. The recent results look quite promising and the decent 0.5p div is a nice surprise too. Seems to have been more interest in the past few days and the price is gradually ticking up - doesn't go xd until 4 Jan either! It would certainly help liquidity in stocks like this if the spread were tighter - I'm guess there's only 1 or 2 MMs in this stock.
ochs
07/12/2017
20:08
Exactly Bb. They've been beaten with the delist stick for years and years. Not happening. Stephen could have done it whenever. Not interested.Bigger plans )
microscope
07/12/2017
17:24
That was my thinking tbf, before I took a deeper look. A couple of the subsidiaries have had excellent progress and I think one of them has the potential to be a right little nugget. Probably worth the market cap by itself and growing rapidly. Take a close look at the statement, see if you spot it :) Of course if you're only interested in 50% a day then good luck. Some of us boring farts are more circumspect. ;)
microscope
07/12/2017
16:46
Unlikely this will ever be broken up. More likely to delist or revert to NEX. There just have to be a few better homes for your money.
the big fella
07/12/2017
15:07
Just to recap from the results: "Financial Highlights * Group turnover for first half up 3.7% at GBP3.720m compared with GBP3.587m last year. * EBITDA of GBP197k, versus a loss of GBP93k at the half way stage last year. * Earnings per share of 1.08p compared with a loss of 0.85p last year. * Cash of GBP129k compared with GBP301k last year. * Net asset value (unaudited) of GBP5.680m. * Pro-forma net asset value (unaudited) per share of 38.7p compared to a current share price (mid) of 11p. * Interim dividend declared of 0.5p per Ordinary Share." Impressive imho, well done PHSC :)
microscope
07/12/2017
14:40
Oh and you said TNAV is c. £3.1m. That just looks completely wrong (have you simply added up the tangible assets and forgotten to take off the liabilities?). Advance to go, do not collect £200, and start reading some investment books.
eezymunny
07/12/2017
14:13
Cheers Bb, good to have you here! Nobody's suggesting it will be plain sailing with Adamson's up to finals, and the spread is of-putting, but overall it's hard not to see limited downside from here imho. Eezy, can we keep this board civilized? So many threads get needlessly trashed, would like to think those of us here on a quietish board can rise above the mob. ;) I've no trouble with you putting up a different well argued opinion, infact someone pointing out re Adamson's already being written down to zero clinched the case for me. All that posts like the three biros one do is alert people to someone probably deramping, and attracts potential buyers to get in before they do. Counter-productive. ;)
microscope
07/12/2017
14:07
We'll just have to disagree microscope. Accounting goodwill is just a historic accounting adjustment on acquisition. It's not useful to me (or anyone with a brain) for valuation. I prefer TNAV + DCF (guesstimatework of course). Look up Warren Buffet's thoughts on the matter. Where did I say PHSC is only worth its TNAV? Doh!
eezymunny
07/12/2017
13:19
I’m in agreement and have bought a few.
battlebus2
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