Pilat Share Discussion Threads

[jmac2] 14/12/2004 17:24

T+10 ers selling

[jim_black] 14/12/2004 09:08

Good morning all,
Ive taken advantage of the drop this morning and purchased 75,000 shares at prices of 4p and 4.25p. Fingers crossed.

[jmac2] 09/12/2004 10:30

I think the last set of results was the first time ive seen comments on individual contracts for Pilat.

If you read through it says HR-PULSE based systems were installed in several major clients including a leading Dutch international bank, a global oil company, two major mobile telecommunication companies and a high tech manufacturer in the Netherlands.

Then it says they continued with the highly publicized work carried out for the Police Federation of England & Wales and the new system has
been installed in a leading international bank. In North America, implementation started for systems for the Canadian police
force and a number of healthcare organisations. In Israel they undertaken the management of new projects for a global chip manufacturer and electronics company and for a leading aerospace manufacturer.

[jim_black] 08/12/2004 13:24

Im annoyed I missed this one. Id like to buy some but I fear even a modest buy will see me being ripped off by the MMs. rgds jim

[topvest] 07/12/2004 20:20

Still hold a few of these. Will move into profit on these soon....hopefully! Results the other day were very encouraging; thought it somewhat odd that the price crashed. It certainly seems to be a business worth more than it's market value imo, particularly now it's back in profit.

[jmac2] 07/12/2004 11:45

Old timers to this share will be familiar with sudden price movments like this. The reason is the market size is only a few thousand shares. Its very illiquid and the market makers wont hold much stock. You can expect to see some delayed trades later.

[rachubb] 07/12/2004 11:37

HugePants
Why is it moving on virtualy no trades?

[hugepants] 07/12/2004 11:30

Looks like the penny's dropped then. Bizarre there was no reaction after the Q3 results.

[jmac2] 07/12/2004 09:13

Thats a good write up. Ive held these for about a year and finally see some daylight. Im quite sure Pilat are worth a lot more than 3.5 pence

[hugepants] 03/12/2004 09:28

"Pilat is a global Human Resources Consultancy and Software-house, committed to enhancing individual, team and organizational performance. "

At current price of 2.625p and 26.2M shares in issue market cap is a tiny 0.7M.

Reports quarterly. Loss making the last few years but last 9 months show pre-tax profit of 185K on revenues of 7.8M


If Q4 same pro-rata then full year pre-tax profit of 250K. Improved performance mainly due to cost-cutting but Q3 results also show jump in revenues.

Very strong balance sheet relative to market cap:
Cash = 0.76M
Net Current Assets = 1.3M
NTAV = 1.55M

There are 2 divisions of the company.

1) Human resources consultancy and software house. This part contributes approximately 65% of total revenues.



2) Software distribution, support, installation and training. Contributes approx 35% of total revenues.



No pension issues. Negligible potential dilution due to warrants/options.

The directors hold 8%. There are another 5 Israeli-sounding individuals who between them hold approx 50%.

Illiquid and large spread definetly discourages trading. You also cant trade online.

The company is Israeli although has subsidiaries in UK and US. As a rough guide 65% of revenues come from Israel, 20% from UK and 15% from US.

The tax charge is shown as 50% in Q3 results. I assume this is exceptional. Since the majority of the business is in Israel then I think it would be reasonable to assume the Israeli tax rate of 36% to be more realistic.

The current market cap of 0.7M looks ridiculous and I think this is a
realistic 3 bagger. Even at 8p the market cap would only be 2M. Thats
for a profitable technology business with 10M annual revenues, strong balance
sheet and improving prospects. Ive been through the latest set of accounts with a toothcomb and cant find any hidden liabilities or other nasties to account for the very low market cap.

Company news releases:

[hugepants] 01/12/2004 13:32

New thread:

[hugepants] 01/12/2004 12:59

On fundamentals its one of the cheapest shares Ive ever seen. I reckon the Isaeli connection , the spread and the illquidity are to blame. Also I dont think you can trade these online which also hurts liquidity. Share price should be no less than 5p IMO.

[dennisbergkamp] 01/12/2004 12:16

Same here with my 60K @ 2.63... Price up again..

D.

[dusseldorf] 01/12/2004 12:03

Hugespants - I saw this yesterday too however even though they are profit making there is no talk of dividends, so where is the value? Also the debt levels are quite high and they are also quoted in Israel so wheres the primary asset value - AIM or in Tel-aviv. The company also realeases no shock markets news, so very slow movements, and illiquid as you said.

just a few thoughts...and I think long term its a safe bet

[hugepants] 01/12/2004 09:51

Unless Im missing something these look remarkably cheap.

At 2.25p mid, market cap is 0.6M

Cash = 0.76M
Net current assets = 1.3M
NTAV = 1.5M

Pre-tax profit of 185K for the 9 months on revenues of 7.8M. That translates to 250K per annum. Apply 30% tax charge gives profit of 175K (Ive no idea why the tax charge is 50% for Q3 results but I assume this isn't typical).

So PE of 3.5 and priced at less than 50% of NTAV!!

No pension deficit

Very illiquid and horrid spread though. My 100K buy at 2.41p has already pushed up ask price.

[the knowing] 21/9/2004 10:16

Are they delaying trades ?

[vision88] 28/7/2004 12:15

a good buy at 3p

[jezinho] 28/5/2004 07:44

Breakout of 6p resistance?

[spookies] 28/5/2004 07:40

Looks like a very good set of results today.

[double6] 21/4/2004 10:50

Falling again - buying opportunity ????

[cbeadle] 25/1/2004 21:23

Anyone know why Pilat is edging slowly up, unnoticed and uncommented on by bullettin boards?

[hamidahamida] 07/10/2003 16:18

SO ITS MOVING AGAIN COULD GO OVER 10P VERY FAST SO GET IN

[simonevans] 19/7/2003 00:06

I'll break-even in a few months if the rises continue...it's so difficult to get the timing at the bottom correct! Looks like things may be looking-up following the cost cutting?

[negus1] 04/6/2003 00:41

DID I NOT HEAR THAT PIA WAS NEARLY OUT OF CASH NOT TRYING TO PUT ANY ONE OF THIS SHARE JUST WANT TO KNOW WHAT IS GOING ON