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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Saietta Group Plc | SED | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 0.65 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.65 |
| Industry Sector |
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| AUTOMOBILES & PARTS |
| Top Posts |
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Posted at 12/3/2024 18:37 by tightfist Point taken, IMO SED assets are fodder for a trade sale, if at all. I guess there are minor royalty streams to flog-off.. Looking for a micro-fund, I was listening recently to RMMC (River and Mercantile, George Ensor) who have a novel approach to getting into that space, without getting too large. Some interesting, researched stock pick opportunities too. |
Posted at 26/2/2024 14:32 by owenski One thing about the 'Indian' market, when they're selling essentially lower quality and lower price point vehicles (compared to Western markets) I could never understand why Saietta was trying to sell a premium product into it.I'd have thought all Indian manufacturers want is the cheapest motor out there that does the job. The problem with SED is that it's a quality premium product that was difficult to mass produce, they worked out a way to mass produce it, but it remains a relatively expensive product compared to existing motors and it's still not as fast to produce as less demanding standard (non AFT) electric motors, the only way they could tackle this was to fit out more production lines to match the volume speed production of standard electric motors. IMO What IP does SED actually own, AFT is not proprietary to them, just the 'how to make it quicker technique' part surely, happy to be corrected????? There are loads of E vehicles and E bikes already up and running on the road right now anyway - just like there are loads of manufacturers of E outboard motors producing already. Saietta, maybe great tech, but they're certainly slow to the race, and I think Vic Kist misled investors over the real state of reality at the company. Can't see that Sunderland plant surviving???? Meantime, this is like watching a car crash unfold. |
Posted at 24/2/2024 17:20 by the stinger They obviously factored in receiving fees prior to end of March and probs without a clear funding plan going forward the fee payer has withheld payment thus suggesting it's a contract supply not paying up. Clarity would be needed from Sed so they can assure delivery going forward first imo.They always needed a funding solution from March. The interested party may be the contract holders ?, if so a buyout depends on how much they really want the product as admin would be messy. That or a funding solution or bust. They probs need another £5m raise to see them through. Can they get it? . Wouldn't be surprised if other interested parties join the show first here though as £70m spent to date minimum. Current MC £1.5m , close to very big orders, products in place proved, infrastructure in place could be a steal here for someone with a few million. |
Posted at 15/2/2024 10:28 by owenski To make any money, SED needs very high production output, I very much doubt if they'll be profitable on the current projected unit numbers, they'll need a lot more production lines and not selling them off to raise a poxy 600k. They lack funds to cover the wage bill let alone capital expansion, reckon it's entirely possible SED wont exist as a manufacturer at some point in the future.Anyways, massive dilution coming. |
Posted at 01/1/2024 17:51 by diversification Some really good content in that presentation.P13. I think that the statement you highlighted is to be expected in this rapidly expanding sector, especially having a first mover advantage where exponential growth for a relatively small company is expected. This is why I found the tier 1 partnership so encouraging, and one of the foundations to my investment. Page 15 states that ‘the company is already in initial discussions with new strategic/commercial partners re financing, as well as one of its existing oem’s’. You can see the benefits of a derisked commercial pipeline lending itself to favorable funding conditions which could also be the standard funding mechanisms that can be raised against future purchase orders as mentioned by Tony Gott in a recent interview. My point being, finance doesn’t have to mean shareholder dilution. P15. I mean this with the upmost respect as my intention is not to upset you, there are enough vile cretins on these boards not to stir a hornets nest here. The forecasts on P15 hold more credibility than your musings and as an investor I have done my due diligence on the board, enough to respect that while they may have taken a few wrong turns, their experience in running large multi billion dollar business’s puts little old SED in a very favorable position. As a shareholder I too hope it’s a success, an element of confirmation bias perhaps. I have, and continue to research this company obsessively as my investment strategy is extremely concentrated. Let’s hope the company deliverers, as if it can evidence this to the market, the last run from 20p to 75p won’t only be achieved but sustainably surpassed imo. I wish you all the best with finding a more compelling opportunity that meets your appetite for risk. |
Posted at 29/12/2023 11:33 by diversification Over and above the £150m minimum order book, interestingly Paul Hill states that the company has an expanding pipeline of over £200m of new opportunities and is in discussions with potentially 2 new partners re the commercialization of the marine division.I found of particular interest the statement within ‘Going concern’. “The Group and Company operate in markets that are rapidly growing and has strategic plans that respond to such growth. In delivering those plans, the Group is mindful of the ultimate benefits from maintaining control over the deployment of its intellectual property in applications with major OEMs and within its joint venture arrangements. In order to do so, it recognises that at times it will potentially need to co-invest or defer investment to its partners to enhance the future value it can achieve from application of its products. In such instances the commercial merits will be weighed in determining whether funding is sought.” Adhoc funding will be associated with further secured OEM relationships requiring a ramp up of potential production beyond the stated 150k unit capacity. We have been made aware of future funding via both commercial/strategic investor discussions including with one of the OEM’s re future financing which in turn would negate a requirement for a placing in Q2 2024. Historical interviews have stated that an RNS that related to a ramp up in production could contain non dilutive funding agreements to help with immediate cash flow requirements. I believe that it is for this reason that the board chose to minimize dilution at the current share price and I believe that our recently disclosed American major shareholder recognized this. SED joint venture partner recently stated that the AFT will be in full production from February. Their is certainly plenty of news in the pipeline. |
Posted at 29/12/2023 09:21 by swiss paul Unaudited Interim Results for the six months ended 30 September 2023Saietta Group Plc (AIM: SED), the multi-national business which designs, engineers and manufactures complete eDrive systems for electric vehicles, today announces its unaudited interim results, covering the six-month period ended 30 September 2023 (the "Period"). Financial Highlights for the Period · Group income (including grants) of £1.4m compared to £1.3m in prior Period · Gross profit of £0.1m (H1 2022: £0.1m) with a gross margin of 9% (H1 2022: 13%). The decline in gross margin reflects both the absence of retrofit revenues in H1 2023 and high manufacturing costs prior to the Group's recent automation of production. · £0.2m of gain on disposal of fixed assets in the period, generated through the restructuring of arrangements with ConMet. · Loss from continuing operations, before tax, of £7.9m (H1 2022: £9.4m) largely reflecting a lower share option charge. · Adjusted EBITDA1 loss of £6.5m (H1 2022 £6.3m loss) · Net cash at the end of the Period of £0.5m Operational Highlights · On 3rd April 2023, AYRO Inc. placed an order for 3,000 AFT eDrives to be supplied from Saietta's Sunderland facility. Orders commenced shipment in Q2 of the financial year 2023/24. · On 1st August 2023, Saietta and ConMet agreed a restructuring of the arrangements to develop an in-wheel motor and in-wheel generator for the US truck market. The agreement resulted in a gain on disposal of fixed assets in the period of €200k. · In September 2023, production commenced in the Delhi factory facility of Saietta's Indian joint venture, Saietta VNA, producing AFT (Axial Flux Technology) motors for the OEM (Original Equipment Manufacturer) customer announced on 27 September 2023, with initial five year volumes expected to be for a minimum of 40,000 units. Post-Period end · On 13th November the Group announced that its Indian JV, Saietta VNA, had secured an order for its new RFT (Radial Flux Technology) eDrive system, from its major OEM customer in India. This validation of Saietta's proprietary RFT motor opens up the huge electric 2-wheel market in India. Target volumes indicated by the client, suggest this initial order will scale to an expected minimum of 60,000 units over a 5 year period. · In December 2023, Saietta announced it had completed a fundraisingof £7.14m before expenses. Proceeds of the fundraising will be used tosatisfy the Group's working capital requirements through to the end of March 2024 and to support growth of the Company's Indian joint venture, Saietta VNA. Outlook · Saietta and its Indian JV, Saietta VNA, have secured high volume OEM relationships in India and the US which are set to utilise the production capacity they have developed in Delhi and Sunderland. The Group is therefore ready to enter the next stage of its evolution as a large-scale manufacturer. David Woolley, Chief Executive of Saietta, said: "The first half of the 23/24 financial year has been challenging but Saietta has made significant strides towards its full transition from an R&D company to a full-scale production manufacturer. During the Period, Saietta reached operational readiness in its joint venture facility in India and successfully commenced deliveries to its US customer, AYRO Inc. The development of in-wheel motors and generators for trucks was transferred to Consolidated Metco Inc. ("ConMet"), resulting in an upfront payment to Saietta of €3.3 million and potential additional future license payments of up to €20m. This allowed the Group to narrow its focus on the lightweight EV opportunity in India. Demonstrable evidence of the demand for Saietta's proprietary eDrives in India has come from an initial AFT order from a global OEM which is one of the largest producers of light commercial vehicles in that market. Post the Period end, the benefits of the Group's focus were further realised through an additional contract for Saietta VNA, namely, an order from its lead OEM customer for Saietta's proprietary, all-new RFT motor, mated to a bespoke Saietta controller, transmission, axle and vehicle control unit. Saietta has now raised £7.14m of additional funds (before expenses) in the market which, with tight control over costs, will meet its working capital needs until the end of March 2024 and management continue to explore alternative sources of funds to take the Company through to a cash positive position thereafter. I am therefore delighted to be at the helm of Saietta as it enters this exciting phase." Delighted - Ashamed more like it. You allowed Teflon Tony and Vick the sick to run this company down. |
Posted at 20/9/2023 18:44 by swiss paul Saietta Group plc (AIM: SED), the electric vehicle drivetrain ("eDrive") specialist, announces the appointment of David Woolley as Chief Executive Officer ("CEO") with effect from 2 October 2023. Tony Gott, who has been acting as interim CEO since April 2023, will continue as Executive Chairman until the end of the financial year when he will revert to his previous role as Non-Executive Chairman.David John Woolley, aged 61, brings a broad base of experience over a 35-year international career in leadership positions. David spent 10 years between 2011 and 2022 as CEO of Concentric AB, a Swedish NASDAQ listed company which is one of the world's leading pump manufacturers, focused on reducing emissions and maximising performance from diesel engines. Since 2017, he has focused on the transition from the internal combustion engine to EVs, specifically in the development of motors, controllers and software for eTrucks, eBuses and eMachines. Most recently David spent 17 months as CEO of VIE Kapital AB, investing in technology-based manufacturing companies primarily focussed on electrification and decarbonisation. Tony Gott, Executive Chairman, said: "We are pleased to welcome David to the Saietta team at a key time for the business as we move into series production of our innovative eDrive solutions at our manufacturing plant in Sunderland, UK, and at the new production facility in Delhi, India.David brings unrivalled experience from across the industry including a deep understanding of Saietta's strategically important Indian market. His experience in driving the transition to electrification will be invaluable for the development of our future strategy and product portfolio." Commenting on his appointment, David Woolley, said: "I believe that Saietta's innovative technologies have a pivotal role to play in delivering electrification, especially in the lightweight vehicle sector. I am delighted to join the team at such an exciting point on its strategic journey as we ramp up production in the UK and India and strengthen our product portfolio for the future. I am looking forward to working with the team to deliver sustainable, profitable growth." |
Posted at 04/4/2023 10:57 by southernsong Agree with your post 763, owenski.Very relaxed about SED with no pressure or sense of urgency to sell on this initial rise; the share price has merely picked itself up from the floor from finding itself in a heavily oversold position. I'm pretty straight and upfront when it comes to sharing when I'm buying, holding, adding or selling. For me it's a hold and add and I'm confident further news over the coming weeks and months will take it higher and possibly significantly so. The gap back to the c.150p level is wide open. This should be a wholly realistic target if the company can deliver on a few more of the price drivers we all know are there imo. I concede I did not envisage this update re. AYRO, so it's a very nice bonus ahead of what should be a rich period of news flow. As I posted yesterday and as owenski rightly points to, the news is hugely significant over and beyond the initial purchase value.....which in itself is impressive enough. And also great that it has come from the USA, where SED are already involved in developing a scaled HeavyDuty product with ConMet (who are a player of global reach / significance). With so few shares in issues, and fewer still in free float, I expect to see these move up with relative ease as buying resumes, which it will, imo. The recovery we've seen to date has seen decent buying on any retrace. If the company can continue to prove tangible progress on its multiple divisions and so de risk, the stock should move back to previous levels. The Executive Chairman, Tony Gott, who now appears to be handling investor engagement, is experienced and credible having had previous roles which include Vice President Jacobs Engineering, Chairman and Chief Executive Rolls-Royce Motor Cars Ltd, Chairman and Chief Executive Bentley Motors as well as Director of Engineering, Rolls Royce and Bentley Motor Cars Ltd. Listed under his key areas of expertise include: Leadership of high-performing multi-functional teams, Strategic Business Growth Planning and Implementation/Trans We know that the last fundraising was completed towards the tail end of last year at 138p and as at the end of February the company had around 11M in cash. Since then the company has reiterated the operational targets for 2023 and we can see there is plenty on the horizon, whilst cautioning of course that a target is only that until it has been hit. India: * JV established with major LightDuty player Padmini. * 10+ OEM engagement in the Indian LightDuty division. * Premises and production line in India completion imminent. * Confirmation of full Indian supply chain in place via AVTEC * Contract for 85K units in place, pending Purchase Order confirmation (which should contract the customer to full order roll out). A significant development if it happens. * Potential to manufacture product locally in India to supply export markets. Marine (via 'Propel' brand): * S1 (outboard motor) and D1 (inboard motor) fully developed but delayed full launch and sales due to disruption to supply chain and software. * Company working to resolve asap and so possibly sell into the 2023 boating season. Updates due. * S1 is already an award winner (red spot design award) and is competitive on performance. * D1 has already sold £1.5M worth on launch, prior to supply chain disruption. * Distribution Agreements in place in the UK, Ireland and various in Scandinavia. * Stringent and imminent European legislation coming into force regarding ICE outboard engines in the leisure boating industry, with a rapid shift to electrification expected. * Potential to license S1 and D1 into the huge US market. * Electrification of this sector has already seen significant and early investment and buyout potential as existing ICE manufactures seek crucial exposure to electrification. See Torquedo, PureWatercraft and Epropulsion as examples: Deutz acquired Torquedo for 100M euros and GM invested $150M for 25% of PureWatercraft. Arc raised $30M and Epropulsion raised $25.5M. These are all relatively 'early stage' entrants. * We await news on Propel's supply chain issue and hopeful resumption in sales. HeavyDuty: * Joint Development Agreement with ConMet, a USA based global player in Heavy Duty truck powertrain and generator development. * Locations globally with an OEM customer base including familiar blue chip companies (think Volvo). * Early end-customer engagement via ConMet, with SED jointly developing solutions in electric drivetrain and onboard generation. Summary: SED have achieved a lot since their floatation and have rapidly grown from a company with employees in the tens to now hundreds. The technology is modular and scaleable and easily adapted into different applications / divisions. IP is thought to be around both the stator (the inner part of the AFT motor) and the manufacturing of it. These advances are thought to be key in bringing AFT technology (Axial Flux) to the LightDuty sector specifically, where previously it was considered too expensive for this application. Advantages include lower power consumption, greater distance / range (+10%), higher torque and better driving experience. In the Indian LightDuty sector specifically, SED will, in collaboration with the AVTEC supply chain and produce a complete 'edrive' solution....ie not just the motor, but also the inverter, software, gearbox, final drive and control unit. The margin on providing this solution is thought to be greater and is thought to be ideal to the OEMs as it suits the rapid 'bolt in and go' adoption of mainstream production lines. We look for news on all of the above throughout 2023. The company and the various opportunities it now has on its books are still speculative and of course first have to come good, but yesterdays purchase RNS into the USA is very encouraging. As owenski rightly states, the order RNS prises SED away from being an interesting R&D technology company, into one that is now actively manufacturing and fully commercialising what they've developed.....all at what can be considered an early point / stage in the electric vehicle market. It's a very positive step forward. An update on Marine (via Propel) - which I think WILL come - should further validate the company and its ability to develop laterally and penetrate the market. I may have missed things. Written to the best of my understanding only. ADYOR and NAI etc. |
Posted at 19/3/2023 22:36 by southernsong The markets are poor at the moment owneski, agreed. The good news breaking tonight at least is that the Credit Suisse situation looks to have been resolved. Whilst one couldn't say it's a comfortable situation at large, I don't think we are seeing the beginning of the banking sector woes as we saw before, where catastrophically bad sub prime debt was awash and culturally endemic in pretty much all institutions. (And it had been that way for a long time).Back to SED, most of my extra research / reading was done yesterday. I plan to make calls tomorrow (unable to do so over the weekend due to certain office hours). If you read and google beyond the RNS' (a task not at all insurmountable, given how young this company is) you will find plenty of other relevant information and reading online....especially on Saietta VNA and Padmini (both worth looking into in much more detail). Whist the share price has not followed, I think it would be harsh to argue that the company itself hasn't made pretty significant and rapid operational strides since the IPO. They have grown, for sure, and the positioning within the market has strengthened - particularly around two of the three main 'pillars' (marine and light duty). The works 'on the ground' in India with Padmini are real and tangible enough. Saietta are clearly serious enough and given the production lines that are now being built there and the allocation of key Padmini staff, you would like to think they are serious too about the mkt opportunity. The 10 OEMs with whom SED are engaged is a further encouragement. It's worth understanding that they are not just selling electric motors, but instead complete e-drive systems which slot straight in to a variety of platforms. In short, what they've produced suits easy and rapid mass-market adoption (they've made it easy for the customer both in terms of specification and physical implementation). Is that unique? Most probably not.....but how many others are currently doing it right now, on the ground, in SED's target market and with the (current) advantages their product offers? So can they grab market share? Agreements for the outsourced components (eg gearbox, final drive etc) are in place with third parties and we are told prices / volumes are all confirmed. SED have done well to reach this point with a partner like Padmini, who have undoubted reach and sales acumen. The product is right, the location and market is right and the partner appears to be right. The hurdles I do see on achieving those transformative Purchase Orders is the potential for customer 'mission creep' on specification and final unit pricing. We should find out very soon if the Purchase Orders are to arrive or not. The vested interests of our Indian partner seem strong enough to help make it happen and so deliver considerable benefits for them, so on info currently available it remains very much a case of 'watch this space'. I've also looked at the broader market Propel is targeting. This division of Saietta is particularly compelling.....but obviously it's a real blow they have encountered those immediate supply chain issues. However there remains the very real potential to grow rapidly as soon as those issues are sorted. Both the S1 and D1 look to be superb products, both of which I genuinely find hard to fault. In this instance I also buy easily into W.K's rhetoric / insistence regarding the virtues of these products over the existing competition; he describes them as being in another league and states they were instantly praised to high acclaim by the market. I tend to buy that. The Red Dot Design Award seems well-earned; the S1 looks fantastic and, given the unique position of the motor itself, is as Vic states, probably advantageous in terms of reliability, practicality. Both units have already attracted decent distribution agreements and in the case of the D1, sales hit 1.5M euros on launch and from something of a cold or soft start. So I've no concerns about the proposition and market opportunity offered by Propel. They just need to sort that supply chain asap and also quickly renew that idea of securing a licensing deal into the USA - a market which is truly huge and altogether less seasonal than Europe. I think SED have suggested late Q3 for supply to be resumed so I do not think it inconceivable there could still be some significant upside news coming from Propel this calendar year. Do they have to wait for scale production before securing licensing into the USA? Personally it wouldn't stop me from inking the paper but perhaps they want to prove volume sales first in order to max out the value of a US deal. To get a better handle on the outright market opportunity of Propel, look into the company Torquedo and Pure Watercraft (their buyout multiple and inward investments they each attracted). Given the stringent legislation now coming into force in respect of ICE outboards, the space is already seeing rapid M&A activity for new entrants. This is forcing the old and noisy and polluting outboard players to quickly shift to greener and silent alternatives. Deutz acquired Torquedo for 100M euros and GM invested $150M for 25% of PureWatercraft. Arc raised $30M and Epropulsion raised $25.5M. The market traction for Propel to datee, and before the recent supply chain issue: 100 D1 units sold for 1.5M euros....a further 500K euros were in the sales funnel. 11 domestic dealers signed up in Holland. 5 OEMs have expressed interest. Commercial Approach received from a distributor in the UK (100M euro revenue and already covering Mercury and John Deere brands). Commercial Approach received from a distributor in Sweden (1300 staff, 300M euros revenue and currently covering Suzuki and Honda). Interest from Spain, Italy, Canada, USA & APAC. Since the above we've been told: Distribution agreements since signed into the UK, Ireland and Sweden. So the resounding message to WK and TG on this, has to be 'SORT the supply chain issue and get Propel into the mkt as soon as possible'. It's clearly the right product at the right time and I'm confident it's more than capable of competing in the mkt place. What Propel does prove to us is both the versatility of the technology and how the team can 'build out' laterally, successfully, at pace, and into varying market segments; it proves to us that they have both decent people and decent technology and can be nimble and inventive in applying it. The Indian LightDuty market will be more competitive and possibly more prescriptive in terms of spec, but then it is a huge opportunity. Strip out the cash and at 22p, SED is currently valued at somewhere in the region of £10M. The last fundraising took place around six months ago at £1.38. At that time T.G. made a modest investment of £30,000 and for that he received just 21,739 shares. The same investment made today would buy you approx 136,000 shares. Looking beyond the share price graph, these figures bring some clarity and perspective to just how far the shares have fallen. Note there are a low number of shares in total issue and even fewer in free float.....possibly only around 50M if the significant shareholders list is believed to be accurate and properly up to date. Any meaningful delivery (ie a purchase order, or a significant development with any of the 10 OEMs in India) should see decent uplift in the share price On the flip side it is perhaps only this news that will prove to the market - especially THIS market - that the shares are just too cheap. I also researched the Heavy Duty division a little more. I've written enough for now but my feeling over this is that if they had received initial interest from the likes of ConMet, they would have probably been stupid to have ignored it. So to have pursued this opportunity is understandable. Irrespective of SED's involvement, ConMet is worth researching in itself. It's a major global player so to have established a development agreement with them and already scaled the technology into that space so that it is relevant to another marker segment, is again proof of the ability to be rapid and nimble. All in my opinion. My research is not over and others should do the same for themselves. NAI. |
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