Based on Paul's statements over the years and the resulting decline in the SP, which is the only KPI I'm interested in, you would have to say Paul is at worst a liar, deceiver, fraudster or a conman and at best a failure, an idiot, naive, thick or just stupid at best.
His catalogue of missed targets and statements are the root cause of where we find ourselves now and trust in him and his leadership is waning. You would think, pray and hope things will come good if for no other reason than the legislation that is coming, but patients is wearing thin which is demonstrated by the share price decline.
We have to thank our lucky stars that legislation is on our side because without it we would not survive. |
gutterhead - I think that clown goes to Martin Krantz of Smart Eye. As for jam tomorrow..........some impressive OEM's and tier1's believe in them. I must admit I thought Lombard would have started buying again by now. Needs news flow, until then momentum traders and waivers have it. |
mm92
7 Apr '24 - 12:37 - 19305 of 19311
Great post mm92.
I think the management are great at their job but perhaps put that before commerciality.
It has been a long time on the market, for investors.
Nonetheless fascinating technology. |
looking a bit grim here share price wise |
I thought the CEO gave a realistic view of why RFQ's where being delayed in the H1 '24 presentation. The mirror solution from Magna has delayed many RFQ's in my opinion, as it has one major benefit over other solutions - it can be installed quickly without major re-tooling. Look how quickly VW group rolled out - SOP extremely quickly and on all its new 2024 models. If other OEM's go down this route, the design in can be as little as 6mths. Manga where happy to value the SEE back in Oct 22 at £380m for a 10% stake via a unsecured conv loan note. Things have only got better since. Will the directors start buying again? Who knows |
You'll need to explain how viewing the video relates or challenges what I have said? In other words what's your point? |
nvhitd you really do talk utter n. Listen to this presentation |
 The GSR deadline for this year is for the following:
2024
Regulation mandates motor vehicles of categories M and N to be equipped with ADDW systems from 7 July 2024 for all new vehicle types.
So if what Paul has stated previously is correct and there is a 2 year implementation phase from contract to SoP then we can deduce that there cannot be any more 'new vehicle types' coming in the next 2 years that we don't already know about. Any new contracts going forward will be to meet the second GSR in July 2026 which states this:
2026
Regulation mandates motor vehicles of categories M and N to be equipped with an ADDW system from 2026 for all new vehicle registrations.
Because we haven't won any significant new contracts for almost 2 years what we have now is all we have for the foreseeable and any new contracts awarded going forward will take 2 years before SoP.
The delays awarding new contracts is the biggest delay and threat to profitability and therefore share price appreciation for which Paul has to take alot of responsibility for continually telling investors that new contracts are imminent. |
Basically, we are currently in a period where investment is needed to gain future market share, while revenues are not being earned as regulation hasnt forced adoption yet. SEE has been investing heavily for years and as a result has strategic partnerships with several of the major producers. The magna deal was simply recognition of that from an indutry leading supplier.
Its obvious that these partnerships will bear fruit when the regulation obliges automakers to include DMS in production vehicles, which is the second half of this year. Any weakness now in SEE's price is therefore almost certainly a buying opportunity. We are just in an environment where the UK market is not doing well. Once revenues start to grow, I wouldnt be surprised to see a NASDAQ listing - the CEO has already alluded to investigating this possibility. |
*regulation requires |
I think its more that auto makers have delayed including until the regulation permits, which is currently 7 July this year in the EU. We should see exponential revenue growth from that point as new models are launched and production of old models start to wind down. By Q426 when the magna payment is due it shouldnt be an issue at all. the main issue will be whether magna wants ot convert at 11p, which will hopefully be significantly lower than the share price by that date. |
What regulation have been delayed since we enter the agreement with Magna? |
(It’s a fixed 11p conversion price) |
They originally drew done £30m of the £47.5 available. I don’t think they have taken the remainder available but I might be wrong there.
Even if they have taken the full £47.5m, it would be a 9.9% dilution if they can’t pay it back. Which would be massive plus for the stock price at this level to get the borrowing off the balance sheet. If they can’t pay it back, it will mean that the business has failed operationally - which it isn’t doing as far as the numbers show.
Magna will also have to renew its exclusive license next year in June, which could mean another licensing fee for see. Effectively Magna has lost out by regulations being delayed as it had exclusivity through I that period. |
Lower Highs, lower lows - awful chart. |
Magna's have given SEE $47.5 million via a CLN that is repayable in October 2026 at 11p.
So we either pay them back, renegotiate and extend or they convert. If the share price doesn't improve by then and they convert the dilution will be massive.
If nothing else we need the share price to be north of 11p when that date arrives or the cash in the bank ready to pay them back if we are not to be wiped out. While contradictory 2 years is nothing in this particular instance, but a long time to endure a slow recovery, new contracts or SOP with new contracts and the 2026 GSR.
CLN's are never good in my experience, but they needed the cash because management have failed to deliver time and time again.
They only have just over 12 months left on the exclusive arrangement with Magna. Everyone seems to think we hold all the aces, but Magna could easily switch to Smarteye or Cipia for example.
The arrangement so far has delivered very little especially as Paul said this position in the mirror was the holy grail. |
I wish I'd never bought in the first place! It starting to remind me of that other awful automotive experience I had with a wonderful technology as well - Torotrak |
Miraculously I'm still up on these, but wish I'd sold out years ago. |
The slow motion car crash seems to be continuing. I hold from 12p yonks ago |
Likewise I got in too early, but my rational for my investment still stands.
Magna paid £51m for a 9.9% stake in SEE, back in Oct 22, so they valued the IP for this exclusive licence at considerably more than todays mkt cap and at a stage when it hadn't even got a patent on the rear view mirror. This licence only runs to June 25. If Magna's solution is the right one (logic would dictate it is for any volume OEM) it will have to renew the licence at considerably more than the US 17.5m back in Oct 22 or just buy the business.
There are other competitors, but I find it comforting that the principal tier 1's and semi-conductor companies have gone with SEE.
Lot of punters in this stock who came in via two recent tips in newspapers, who were expecting more news near term. That hot money is now exiting.
Compared to all its other competitors SEE is the only one that gives real world numbers to work on, with an actual order book. What happens in world macro economics is out of everyone's control, but I think SEE will be one of the survivors. |
Register to chat with like-minded investors on our interactive forums.
Hot Features
Premium
