Share Name Share Symbol Market Type Share ISIN Share Description
Shearwater Group Plc LSE:SWG London Ordinary Share GB00BKT6VH21 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 141.50 336,061 08:00:05
Bid Price Offer Price High Price Low Price Open Price
140.00 143.00 141.50 141.50 141.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 26.60 -1.02 -0.06 34
Last Trade Time Trade Type Trade Size Trade Price Currency
16:16:38 O 1,408 142.00 GBX

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Shearwater Daily Update: Shearwater Group Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker SWG. The last closing price for Shearwater was 141.50p.
Shearwater Group Plc has a 4 week average price of 132.50p and a 12 week average price of 132.50p.
The 1 year high share price is 295p while the 1 year low share price is currently 122.50p.
There are currently 23,809,739 shares in issue and the average daily traded volume is 23,132 shares. The market capitalisation of Shearwater Group Plc is £33,690,780.69.
lammylover: Market makers walked the share price down today. Minimal trades at 140p ask / 136p bid (although you could actually buy at 138p) Someone bought 35,000 shares at 138p towards end of session, they then moved ask up to 141p. Finally uncrossing trade was 5 shares at 134.5p so share price down 5% on day. Probably tomorrow will open 5% up, although nothings changed!!!!!!!!!!! Why? I reckon the MMs are trying to spook PIs into selling shares close to year low price to fill big orders. Certainly if it drops much lower, I will be filling my boots. Rich
lammylover: Agreed jh59. Bought first shares here just before Xmas at 140p, saw them move up to 160p on contract news then slip again. Will keep adding, especially if price slips harder. Only 23.8m shares in circulation so any decent news will sent this upwards. Schroders recently increased holding.. Also RNS today that 30 employees have signed up to SAYE share scheme. Option to buy at 151.5 from March 2024. On average they are looking to buy £7.5K shares each at end Dec 2020 price. Suspect they believe business will grow and share price at this level will be seen as a bargain.. Rich
markirv: One plus with the falling share price is Secarma didnt get the extra 1.9million additional shares, which were based on share price performance.I wouldnt be surprised if they are the large seller. They agreed a 12 month lock in until April 2020 with additional 12 month orderly sale period. Im very surprised SWG management havent been buyers at this level. May get some buying after results
rockstar10: Some really interesting points made recently. I would agree that any acquisition of size is a problem with the share price where it is. It would not be a surprise if someone was looking at buying SWG at this price. A great point made on skill sets regarding building a business and building a group by acquisitions. It is totally different and Brookcourt is a big ticket contract company whereas other group companies are contract by contract. Different mindset, margins etc. But management won’t change with Higgins and Stacey owning over 18% of the shares. The big flaw is the argument about gains from cross selling to clients. It just doesn’t happen. Had a look at the consultancy website yesterday, couldn’t really understand the case for two MDs in a business that size tbh. Anyway I expect there will be cost savings coming around the group and wouldn’t be surprised if there are some senior departures as that’s the SWG way.
watcher13: Whilst overall market conditions are not helping, the share price performance of SWG, a non-stop downward trend, seems to put at risk any acquisition strategy. With the current uncertainties no-one would risk using any more than a small proportion of cash/debt capacity on an acquisition, and that would suggest a limit for SWG to say a £2-4m deal, which doesn't move the dial. Alternatively, use shares to acquire (which in the current market is a good approach if you have a relatively strong SP) but SWG don't and they would need to issue a relatively large number of shares to do anything on a scale that would make a material difference to the Group. Net result - meaningful acquisitions needed (and probably desirable) but lack the strong currency to execute. Fallback is good organic growth which is simply not there = stagnation and share price drift. Maybe even at these lows, time to gradually exit??
jh59: Hi Washbear, I’m no expert, but it seems to me that the mms are probably holding a lot of shares from the recent big seller. That could affect the share price what gives me confidence in Shearwater is the share holding of the bod, which is around 27%. These guys believe in this company and are not afraid to put their money where their mouths are. They must be sitting on significant losses. Sentiment can be a crucial element in share price there are plenty of overpriced companies. Shearwater is definitely underpriced.
channel pirate: Hi 2LB I'm obviously not looking in the right places as I couldn't find any info regarding your post - are you able to expand on your statement ? Obviously you could be right as why would the SWG share price drop from 290p to just under 200p !! Thanks in advance.
channel pirate: Has to be something the company has not told us, as 6 weeks ago the share price was in the 290p's. Since then, on "no news", the share price has dropped by approximately 30% and today you could buy at 206p for most of the day. O.K. the company done a placing that us small pi's were not invited to participate in at 240p, which was a 20% discount on the then trading price. Now we see the share price drop another 20% on that discounted price. Recently we see our Broker reduce the target price here by 20% from 500p to 400p Observation - too many 20% drops for a company that is supposedly gaining momentum. However, I personally did add some more to my holding today at 206p in the hope we will soon see a reversal of this falling share price. Good Luck to all still holding.
nightswatch: A couple of thoughts on share price activity. Given that a PE company has inherited a big shareholding from Laurence Jones is it not feasible that this might not be something they want to continue to hold and are winding down the holding. I guess it’s kind of free cash for them at a time when PE companies are short of cash. Just a thought. On acquisitions the RNS effectively said they had £700k at the end of March which is effectively working capital. That’s the £3m less the £2.3m owed. SWG then raised £3.75m in the placing plus a facility of £4m. So roughly £8m give or take. On acquisitions why would a profitable company want to sell. For me two key reasons firstly the owners want to cash out or secondly they need investment. SWG will have to use shares for a big portion of any sizeable acquisition which I would think is challenging given the current yo-yoing in the share price but more importantly do they have enough cash to provide the investment capital required to build out any acquisition and existing businesses. It is a challenging market with a number of cash rich players in the market as well as SWG. It is going to be interesting to see who is bought and for how much. I
hierarch: 2LB out of respect that you seem genuinely concerned with the business despite your tendency to provide a very negative analysis on the groups exploits I want to touch on your comments about the acquisitions and give you my take. As I really cant understand where you are coming from: They have not overpaid for their acquisitions, they paid an average PE ratio of 10 for SE and BC and the loss making entities where purchased for a consistent value to other market transactions bar one. XC (Newable Consulting) revenues doubling every year although when acquired it was loss making at £0.08m, it is now profitable, bought for £0.6m, pbt estimate of £0.2m this FY puts that acquisition on a 2021 PE ratio of 3! Geolang (£1.7m) was for a very strong patent which can only be seen as fair value if you understand the strength of the DLP/DD patent for future security requirements and the value of DR Debbie Garside now Chief innovation scientist for the group brings. Crystal IT (50K cost) was overpaid for due to stupidly high operating cost - but now written off - Pentest overpaid for as part settlement to a court case (much better than settling it with cash and a whitewash on Xcina! - I understand 2LB that 2 acquisitions where overpaid for - 1 a mistake but only £50k and an unfortunate years loss anyway and the other not by choice but by court settlement. In addition the original owners of each respective acquisition all took shares for an average of 50% of the total consideration. Industry veterans would not have accepted any shares if they where of the opinion they sold their business over tangible value they would have asked entirely for cash as is within their discretion as the seller! BC = £3.2M 2020 PBT, acquisition cost £30m, PE ratio Less than 10! SE = £2.2m 2017 PBT (year of acquisition) acquisition cost £20m, PE ratio Less than 10! Yes SE have been earning less for the last few FY's in PBT terms but revenue has increased 10%+ per year with ongoing investments designed to futureproof their MFA solution - it is now the only MFA provider with a built in DLP/DD function from Geoloangs patent with the addition of IRAD, CASB and hybrid cloud capability. There are other future proofing tech patents which are pending for ready to transform SE from the generic albeit high margin MFA provider it was in 2017 to a market leader with patent protected software. The profit has been hit massively by these investments but if you understand the offering it will pay off and SE will more than likely accelerate in market traction globally with high margins being restored when they have completed their vigorous product development phase which should be soon and more importantly provide them with a MOAT over other MFA solutions. To conclude to showcase the opportunity for SWG's new approach in this BB: The current business is a great setup. You have the strength of the brookcourt platform which provides bespoke subscription based recurring offerings with access to relationships with to the worlds biggest banks, Uk's biggest telecoms, FTSE350, fortune500 and global large cap constituents. They then have a strong portfolio of in-house expertise with XC and pentest with a complimentary critical software component within SE/Geolang all of which have outstanding cross-selling opportunity due to their ability to cover a wide range of security vulnerabilities as a package. This company is like Computacenter except when SWG attains that kind of scale or even a fraction of it - SWG's margins will be exceptionally higher because SWG wont mainly be reselling software packages from third parties or hardware (Computacenter don't own a great deal of in-house patented software, mainly security consultants, hardware distribution and cloud integration), SWG will be reselling software and services within its own portfolio hence massively expanding margins. Reselling margins are skinny, but not when you are reselling your own IP and not when they are subscription based and recurring. If you control the third party software, you control the pricing and hence SWG can make their propositions much cheaper than a competitor reselling a security proposition package they don't mostly own. What happens if the third party software provider puts the prices up for computacenter? it gets passed onto the end customer as the margins are too skinny to absorb. SWG can set the price of its software and have a fully integrated approach to cyber security - that is the goal for SWG in my belief. To acquire strong patent protected and complimentary software and service offerings to expand the scope of the SWG platform that can be delivered as a combined warhead via brookcourts extensive and growing list of lucrative business relationships. One proposition, one managed subscription service and one point of contact is what customers want for their cyber security needs - SWG is here rapidly building a bespoke offering for that purpose in a different way to your typical reseller like computacenter, softcat or NCC. I can understand why some long-term shareholders are negative, having bought at the early highs but this company has now found its direction and its trajectory should start heading the right way at this inflection point. Phil Higgins and the board will not let this company down not with such a high interest in its equity. Im sure the value proposition will expand overtime - I have confidence we have the platform for growth now established. Lets hope the next acquisition brings more complimentary and highly accretive offerings to our table.
Shearwater share price data is direct from the London Stock Exchange
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