Share Name Share Symbol Market Type Share ISIN Share Description
Proactis Holdings LSE:PHD London Ordinary Share GB00B13GSS58 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +4.00p +3.43% 120.50p 38,345 15:33:00
Bid Price Offer Price High Price Low Price Open Price
118.00p 123.00p 120.50p 116.00p 116.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 25.40 -2.75 -5.90 112.0

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Date Time Title Posts
18/10/201814:16PROACTIS Holdings PLC1,708
03/11/200817:39Proactis, Major product upgrade3

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Proactis Daily Update: Proactis Holdings is listed in the Software & Computer Services sector of the London Stock Exchange with ticker PHD. The last closing price for Proactis was 116.50p.
Proactis Holdings has a 4 week average price of 114p and a 12 week average price of 98p.
The 1 year high share price is 212p while the 1 year low share price is currently 93p.
There are currently 92,936,123 shares in issue and the average daily traded volume is 55,356 shares. The market capitalisation of Proactis Holdings is £111,988,028.22.
p1nkfish: Looking at background, Coupa raised $169M before float, Another £133M approx at float. Lots of acquisitions and STILL losing money with 700+ customers including some excellent top-notch blue-chips. A problematic competitor burning cash the market is willing to supply so long as there is share price appreciation based on increasing revenues. For the piper to stop piping either there has to be a revenue reversal (doesn't look likely) or a market scare causing profit to be prioritised over just revenue. Until then they are going to be a problem.
p1nkfish: The downside is being an acquisition target if the share price doesn't move first under it's own steam. Reasons for holding are now derisked value (biggest single product customers gone), derisked potential future growth (same reason plus new services and cross-sell) & target of acquisition setting some floor. What's not to like? "We note a number of recent trade and private equity transactions in the space."
pj0077: Good spot p1inkfish, I hadn't seen SEC's results today.I'd say that the last sentence is fairly benign.Basically I think they're saying:* we bought shares in Proactis* the share price has since fallen* yet Proactis is a growing company with great client retention* the industry is fragmented & consolidatingThey are implying that they continue to think that Proactis is an attractive company to be invested in & 'perhaps' it could be a takeover target ... although as we know, Proactis see themselves as an acquiror rather than acquiree.
p1nkfish: Strategic Equity Capital results today. Anyone care to comment on the last sentence? Do they know something as I read it as suggesting PHD as a target. Very much the case once the APF shows some traction imho. "Proactis was a new investment made in the period as detailed in the following section. Following strong updates in October last year and February of this year, the company warned on profits in April. The primary reasons were the loss of two large customers, adverse foreign exchange movements and an incrementally slower pipeline of new business. The extent of the downgrade was magnified in the share price reaction. This was unexpected by us and the market given the market leading levels of customer retention (95%) and history of operational delivery. The company later disclosed that the two customers took a single product as opposed to a suite, were multinationals as opposed to their core base of SMEs and public sector bodies and had given notice to transition away over a number of years, but left sooner than this. Whilst this is very disappointing, the levels of retention remain very high, the ongoing customer concentration risk is low and the product quality is unaltered as evidenced by the continuing high win rate and a demonstration we attended at their Head Office. We believe the company is well positioned in the growing, but fragmented Procure-to-Pay (P2P) software market. We note a number of recent trade and private equity transactions in the space."
eagle eye: Not sure if it cleared an overhang, but 1.387m shares went through this morning. Currently there is no online buy quote and you can sell in quantity at 114p (spread 112-117p). A 75K buyer appears at auction, so someone is interested while the share price remains in the doldrums.
red ninja: Artemis VCT IT : August Comment :- "Although August was a quieter month for news, it did bring updates from two of our recent underperformers. Proactis has struggled to digest Perfect Commerce, a business it acquired last year. Unexpected customer attrition has been hitting sales. A trading update in August showed that these difficulties continue. Revenue and profits for the year came in below expectations, and the company downgraded forecasts for future profits. The board highlighted a healthy sales pipeline and indicated its confidence that there would be a return to stronger rates of growth – but the credibility of the management will need to be re-established. The valuation looks very attractive and that the share price was stable despite the poor news added weight to our view that poor trading was already ‘in the price’."
rivaldo: Yep, nice article as one of their "Great Ideas". PHD is a "value opportunity" which "could deliver 65% share price upside over the next 12 to 18 months, perhaps more". It concludes: "Yet underlying key performance indicators remain encouraging. The company added 35 new customers accounts during the first half, keeping it on track with full year 70 targets, and most of those (31) are on a subscription basis, which typically are more sticky. Proactis is also upselling impressively, getting existing clients to spend more over the platform. The company reported 46 in the first half this year, versus its 100 a year goal. It has £47.8m of forward orders backed up. This gives us confidence that management can affect a rapid operating improvement as the company moves forward, and that should become reflected in the share price as investor confidence returns. FinnCap retains its 250p 12-month target for the stock."
rivaldo: From Citywire this morning: Http:// "Proactis (PHD) Who’s trading? Citywire AAA-rated Mark Niznik The trade: Manager of the Artemis UK Smaller Companies fund has increased his stake in software company Proactis from 8.5% to 10.4% of the shares worth £11.6 million at a share price of 120.9p. How have the shares performed? Proactis plunged by almost 40% in one day on 24 April on the back of its interim results. It is down 42% from a 52-week high of 207p. What does the company say? In August 2017 the group started a restructuring plan, following an acquisition which was expected to deliver £5 million in annualised cost savings. While the pound’s resurgence impacted the company’s performance in the US and Europe, revenue was still up 124% to £26.4 million in the six months to 31 January. What’s the outlook? In a report following the results analysts at N+1 Singer reiterated their ‘buy’ rating on the stock, with a price target of 189p. Meanwhile analysts at FinnCap underlined some of the challenges in the business, but pointed out that this was just a bump in the road, retaining a share price target of 250p."
rivaldo: I suspect an institution or two have seen the value of their holding reduce to the extent that they're just disposing of the remnants at whatever they can get and starting a clean slate. IMO the share price has slid to a very low level. Over time, if PHD get their act together (helped by sterling's fall!), there could be very considerable upside from here. Until then it's just a case of sitting and waiting until the sellers have finished. - or until the price attracts sufficient buyers to mop up any overhang. Interesting coverage here: Http:// Conclusion: "To be clear, there is nothing immediate here for customers or prospective customers to worry about. The share price has no direct effect on anything really other than the wealth (on paper) of investors, and the firm is still comfortably profitable. But it will be worth keeping an eye on progress, and the full year results will be eagerly awaited in a few months’ time; the size of the challenge to integrate Perfect Commerce shouldn’t be under-estimated."
martinthebrave: Pauly Pilot take on todays results - He is cautious but gives an share price range of 205p to 274p as fair value. Proactis Holdings (LON:PHD) Share price: 163.5p (down 4.4% today) No. shares: 92.7m Market cap: £151.6m Preliminary results - for the year ended 31 Jul 2017. This is an acquisitive group of companies focused on spend control software and services. The problem we have in analysing the figures, is that a significant acquisition (Millstream) was made during the year. Then a huge acquisition was made just after the year end (Perfect Commerce LLC) - which was classified as a reverse takeover due to its size (involving a £70m placing at 165p, and £45m of new debt facilities). Therefore the composition of the group as things stand today, is very different to how it was during the year end 31 Jul 2017 - rendering the historic figures to be almost meaningless. I can't even rely on EPS calculations, as this is obviously based on the average number of shares in issue during the year, being 48.8m on a fully diluted basis. Here we are, just a few months later, and the share count has almost doubled to 92.7m. Therefore earnings have to almost double this year, to achieve the same EPS. The acquisition of Perfect was justified by the expectation of £5.0m in group cost savings. Balance sheet - looks very weak. Although substantial new equity was raised after the year end, in a £70m placing at 165p, this was used to part fund the Perfect acquisition. So the next set of accounts will probably also look weak - with intangibles getting larger with every acquisition. FinnCap has published a new note today (available on Research Tree), in which it forecasts balance sheet NAV of £99.4m at 07/2018. However, intangible assets is £138.7m within that, meaning that NTAV would be negative at -£39.3m. Personally I don't normally invest in any company with negative NTAV. So for me, the balance sheet is a deal-breaker here, hence I wouldn't invest. Earnings forecasts - FinnCap forecasts adjusted EPS of 11.4p in the current year 07/2018, and an increase to 13.7p in 07/19. Assuming we can rely on those figures, the next question is what level of PER does the group deserve? I would have thought a PER of 15-20 would make sense. Therefore that targets a share price of 205p to 274p. This compares with the current share price of 163.5p - so there's some upside if things proceed according to plan, but it doesn't look madly exciting to me. Plenty could go wrong along the way, as the growth is nearly all coming from acquisitions & restructuring - fraught with risk. My opinion - I tend to steer clear of highly acquisitive groups - there's just too much scope for something to go wrong. Also, I don't like the weak balance sheet here - with significantly negative NTAV forecast. So overall it's not for me, but I wish shareholders well, and hope things work out for the company. I note that a highly-regarded tech analyst has raised question marks over the wisdom of the Perfect acquisition. That's another reason which is adding to my caution here. I think I'd like to revisit this in a year's time, once we have a full year's trading of the enlarged group.
Proactis share price data is direct from the London Stock Exchange
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P:43 V: D:20181018 21:08:13