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
  -5.00p -2.58% 188.50p 70,674 15:00:45
Bid Price Offer Price High Price Low Price Open Price
185.00p 192.00p 193.50p 183.75p 193.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 25.4 -2.7 -5.9 - 175.13

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Date Time Title Posts
16/3/201819:46PROACTIS Holdings PLC1,392
03/11/200817:39Proactis, Major product upgrade3

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Proactis (PHD) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-03-23 16:35:24188.501,4302,695.55UT
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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 193.50p.
Proactis Holdings has a 4 week average price of 183p and a 12 week average price of 160p.
The 1 year high share price is 212p while the 1 year low share price is currently 151.50p.
There are currently 92,909,456 shares in issue and the average daily traded volume is 129,514 shares. The market capitalisation of Proactis Holdings is £175,134,324.56.
eagle eye: traveltheworld, Your PER figures look a bit low. Here are my calculations. Based on current forecasts, consensus earnings for the year to July 2018 and 2019 are 11.4p and 14.5p. With a share price of 190p, that puts the PER on x 16.7 and x 13.1 respectively. Calculated on a on a rolling forward 12 month basis: 11.4p divided by 12 x 7 months = 6.65p 14.5p divided by 12 x 5 months = 6.04p = 12.69p 190p / 12.69 = 12 month forward PER x 14.97 H1 results on Tues 24th April will give us a better picture. One to tuck away unless the story changes IMHO.
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.
eagle eye: A few notes from the Proative Investors event held on Wednesday: The new CEO Hamp Wall presented for 20mins and took 10mins of questions. There was also a good opportunity to speak to management and staff after the event. Many senior managers were attending, so a good chance to speak to the Proactis team. Hamp commented there were very good synergies between the two companies, with little product overlap. In the UK the company will be able to tender for Tier 1 opportunities with Perfect Commerce's products. In the US there appears to be a big opportunity for the Proactis Tier 2 products and Hamp commented that this is a '90% green field opportunity'. The model is to achieve organic growth of approx 10% and boost top line growth to 20 - 25% via acquisitions. Going forward, M&A will be a big part of the growth strategy. I got the impression the intention is to bed the new enlarged business down as fast as possible. With revenue split approx equally between the US/UK/Europe the objective is to operate internationally with scale and build a platform so acquisitions can be integrated as fast and efficiently as possible. One interesting bit I gleamed from the evening was that Perfect Commerce owns specialist software that speeds up the process of network integration. It's called Hubwoo and was acquired by Perfect Commerce in November 2015. Management consider it a key strategic asset. Consenus earnings expectations are approx 8.6p for the year to July just ended, and with 11.4p pencilled in for 2018. With the current share price at 176p, that puts the prospective PER on about x15.4. Hamp Wall said there is a real momentum within the company and I didn't see that as a cheap throwaway comment. The next couple of reporting periods will be critical as the companies morph into a single entity, but it looks like interesting times lie ahead IMHO. Eagle Eye
p1nkfish: Question - where does this open today? 5.6% discount was it? Might that be because they expect the share price to perk up on increased scale? I don't see this necessarily settling back to the placing price. I was thinking small & looking in the wrong place. Proactis have always been a consolidator and low hanging fruit and the easy targets close to home largely taken. It didn't come to mind that they might taken such a jump up in size and scale. Very impressive. Strong Hold for another 3-5 years. Bet ISIS are kicking themselves for their exit to Henderson. Has cost them a few bob. Good luck everyone.
davidosh: The company are doing well and the share price at an all time high so why do the directors not want to meet and share the good news with investors and shareholders ? Spot the difference.... 28 November 2015 To the Shareholders of PROACTIS Holdings PLC Notice of Annual General Meeting Dear Shareholder, I am pleased to be writing to you with details of our Annual General Meeting (AGM) which we are holding at the offices of Redleaf Communications at First Floor, 4 London Wall Buildings, London EC2M 5NT on Monday 21 December 2015 at 10.00 a.m. This year just three working days before Christmas... Notice of Annual General Meeting Dear Shareholder, I am pleased to be writing to you with details of our Annual General Meeting ("AGM") which we are holding at Riverview Court, Castle Gate, Wetherby, LS22 6LE on Monday 19 December 2016 at 9.30 am. I actually think it is difficult to complain about Agms being held at or near company HQs but are the directors really encouraging engagement and attendance at the members one and only meeting each year if held at such an early time. If in north Yorkshire which takes four or five hours travel from the south East (where 75% of shareholders in any companies tend to be) I think noon or 2pm are sensible times to start an AGM. It is strange that they think an earlier start is possible for Wetherby than London in any event ? London is very good for transport links not so Wetherby. Will they be having a dial in facility ?
carcosa: If the institutions wanted to buy £12.5m of existing shares then the shareprice would go up substantially higher than 135p; so this is a chance for them to gain a worthwhile holding at a small premium The company requires fresh capital so if the institutions bought within the market as you suggest then that would already be existing equity and no new equity would be created for the company. result for retail shareholders is a dilution of the % of the company held but compensated for by an increase in the share price and a nice warm fuzzy feeling
lewis winthorpe: The negotiation on the placing price with investors didn't happen yesterday, The share price was £1.40+ when this started so it was a discount. It says conditional placing but IMHO its done deal You have seen how quickly PIs have swallowed these up this morning. £25mill revenue and more or less doubled EBITDA, this was a good deal. Easily on track for £50million revenue over next 3 years IMHO and most of that recurring. This has a target of £2 but expect that to increas now. L.
ramridge: Two large sells this morning 222,000 shares is keeping the lid on the share price. Interesting to see what happens by close of play.
nfs: I joined in today, though I am not responsible for the share price movements !Several years ago I was a Cfo using proactis products and bought some shares, they went nowhere so I sold but I now see that the product is getting traction now in a much more material wayIt's growing with good margins, lots to go for and pays a dividendAnd I like the share price to buyLots to like
pj0077: Proactis is covered by only two brokers: Finncap & Progressive Equity Research. The latter initiated coverage on the company last Friday. Here's their take on stock valuation: "Valuation. At 2.3x FY17 Sales (12.1x adjusted EBIT) PROACTIS’ valuation sits in the middle of its peer group range despite its superior growth and margins. Its multiples do not appear to reflect the prospect of M&A either. In May 2016 Accel-KKR paid 3.9x sales for a less profitable, slower growing US spend management firm SciQuest (an EV/adjusted EBIT multiple of 78x). While we do not produce target prices, applying a similar revenue multiple to PROACTIS would imply a share price of 230p, nearly double the current price."
Proactis share price data is direct from the London Stock Exchange
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