Phsc Share Discussion Threads

[cjohn] 06/12/2019 11:14

Made decent profit, in spite of v poor trading at the security division.

[cjohn] 06/12/2019 11:13

Even net TANGIBLE asset value is a little above the current market cap. Unusual in an asset-light company of this sort.

Goodwill indicates value, if it reflects economic value. In this case, it surely does. So there'd be no need to "sort it out".


The results were very encouraging, turning a decent profit, in spite of the very poor trading in the security division.

[galaxy enforcer] 05/12/2019 15:54

The current free float of shares is miniscual and hence it does tend to move rather rapidly. Lucky to buy in blocks of 25K when stock is available.

[galaxy enforcer] 05/12/2019 14:34

Having performed further research I will be adding here over a period of time. The dividend is supporting the current price and with the anticipated reduction in goodwill on the books expect to see this turn the corner.

[meijiman] 02/12/2019 14:21

yes decent enough..commentary good as well. No downside now with unchanged divi.

[value hound] 02/12/2019 13:32

More profitable, better cash-flow, 0.5p interim divi - still undervalued, still too small to be listed.

[rossco] 01/12/2019 15:47

Expect interim results to be announced this week. Hopefully sufficient profit to maintain their dividend.

[galaxy enforcer] 27/11/2019 15:42

With less than 15M shares in circulation this stock can move very quickly given the right news. Currently undervalued due to the "goodwill" on the books however this is being addressed. Should see a re-rating once that occurs.

Doubling of the price will still see it undervalued once their house is in order. With a NAV currently around the 35p level first stop should be 20p.

PHSC also pays a bi-annual dividend which helps to support the price.

[galaxy enforcer] 26/11/2019 00:17

Net asset value

As at 31 March 2019, the Group's consolidated net assets stood at GBP5.14m. There
were 14,677,257 ordinary shares in issue at that date which equates to a net
asset value per share of 35p.

We note that the company's ordinary shares continue to trade at a discount to
the net asset value, which we believe to be a response to the high value of
goodwill on the balance sheet. The board reviews the carrying value of
goodwill each year to ensure that the book value is fairly stated and is within
a range commensurate with good accounting practice. As has been noted above,
we resolved to reduce the carrying value of our retail-dependent security
businesses by GBP200,000, something that we also did in the previous year, and
this represents a reduction of approximately 4% in the consolidated net assets
of the Group. The board is satisfied that all other goodwill valuations can
presently be justified.

[galaxy enforcer] 26/11/2019 00:14

We specialise in a diverse range of business sectors, and our integrated approach has enabled us to share and transfer success from one business sector into another. This often provides our customers with innovative solutions by addressing their challenges from a different view point.



Company pays a dividend currently yielding over 9%

[cjohn] 30/9/2019 10:53

Decent AGM statement, with turnover down, because of the fall in turnover in the security division, but EBITDA up because of cost savings, particularly property costs, with the reduction from seven to four premises.

[rossco] 27/9/2019 22:33

Is anyone going to the AGM on Monday?

[knowing] 25/9/2019 14:43

Max buy at only 10K

[knowing] 24/9/2019 16:12

Few getting in prior to this going exDivi tomorrow

[microscope] 21/8/2019 11:59

Although once again the 200k writedowns are above the bottom line - meaning a significantly smaller tax bill than otherwise.

[zangdook] 21/8/2019 07:36

amusing to see a company making £699 profit for the year, and calling it £0.001m

[arthur_lame_stocks] 19/8/2019 08:07

They really ought to break this company up and return the proceeds to shareholders. That would deliver substantial value.

[ntv] 19/8/2019 07:26

Maintained dividend keeps the yield at 10%
Happy to hold and just wait to see what happens in the future
They are still profitable and should at least be able to maintain the next interim dividend as long as things don't change much

[microscope] 13/8/2019 13:13

Results were on the 14th last year, and in the update they said 'by mid-August' so should really be this week.

As I said before I'm on the sidelines, I guess all eyes will be on whether the security division is showing more signs of recovery, and whether they maintain the dividend. GL to those holding, I will read with interest!

[rossco] 13/6/2019 21:46

The trading update reports EBITDA of 319k for the year indicating EBITDA of 34k earned in the second half. However exceptional costs relating to the ending of 2 leases were incurred in the second half so perhaps 80k is the realistic achievement. Good performance in view of reduction in turnover.

Fewer property leases will reduce costs going forward.

Bank balance is very healthy and adequate to enable a final 0.5p dividend to be paid - only costs 74k.

Happy to hold and collect a good dividend yield.

[cjohn] 13/6/2019 11:00

Hi NTV,

After discounting the intangibles, the company is still trading at a discount to net tangible assets.


It's a real bargain price, given the nature of their work ie consultancy and security solutions.


If they can remain proftable, these will re-rate at some point.

[ntv] 07/6/2019 08:22

don't forget to ignore what the chairman states are nett assets as goodwill is worthless (unless of course that part of the business is making large profits )

[ntv] 07/6/2019 08:20

Still appears to make a small profit
Hopefully it will still be able to pay another 0.5p dividend again (to make a total of 1p for the year) so at least us small shareholders get something while we wait

microscope
lack of shareholder communication is also a feature of many companies even large companies like DJAN

[meijiman] 31/5/2019 14:34

forgot this was listed. Wonder what the ceo does all day. maybe just stares out the window..........

[diku] 31/5/2019 14:00

Maybe gone on a long holiday!...