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  6. Shearwater Group Plc (SWG)

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SWG

Shearwater Group Plc

59.50
-1.00 (-1.65%)
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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
Upgrade Icon
  -1.00 -1.65% 59.50 8,133 11:30:23
Bid Price Offer Price High Price Low Price Open Price
57.00 62.00 60.50 59.50 60.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gold Mining 35.88 -0.29 -1.30 - 14.17
Last Trade Time Trade Type Trade Size Trade Price Currency
14:58:04 O 3,000 59.00 GBX
Related Shares
Sage (SGE), Ig (IGG), Osirium Technologies (OSI), Actual Experience (ACT)

Shearwater (SWG) Latest News

Shearwater News

Date Time Source Headline
05/5/202314:33UKREGShearwater Group PLC Holding(s) in Company
18/4/202311:51ALNCNewsIN BRIEF: Shearwater CEO Phil Higgins increases stake to 11%
18/4/202308:58UKREGShearwater Group PLC Director/PDMR Shareholding
17/4/202312:51UKREGShearwater Group PLC Director/PDMR Shareholding
06/4/202307:00UKREGShearwater Group PLC Director/PDMR Shareholding
31/3/202317:22ALNCNewsTRADING UPDATES: Parkmead profit hurt by impairment; Shearwater warns
31/3/202314:05UKREGShearwater Group PLC Second Price Monitoring Extn
31/3/202314:00UKREGShearwater Group PLC Price Monitoring Extension
31/3/202309:05UKREGShearwater Group PLC Second Price Monitoring Extn
31/3/202309:00UKREGShearwater Group PLC Price Monitoring Extension

Shearwater (SWG) Discussions and Chat

Shearwater Forums and Chat

Date Time Title Posts
26/5/202315:25Shearwater with charts etc....2,962
29/9/202208:01Scott Wilson plc1,306
29/7/202222:23Expect significant upside from Ј1.50 285
13/4/202207:09Shearwater Group6
05/4/202015:48Sensible Shearwater 440

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Shearwater (SWG) Most Recent Trades

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Trade Time Trade Price Trade Size Trade Value Trade Type

Shearwater (SWG) Top Chat Posts

Top Posts
Posted at 18/5/2023 11:32 by earwacks
The Ceo sold Brookcourt to Swg for 30 million. The current market cap for the entire operation is shy of 14 million now. Someone in the org needs some math, and a lot of it!the revenue crash was pretty poor for a ‘growth company,’ unfortunately and they dont have enough umph to make a decent acquisition. Options are very limited now. Looks like cybersecurity, including myself, is not the sector people were hoping for. Wishing you all the best if staying, but miracles dont tend to happen in this game, unless Swg take you over
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Posted at 03/4/2023 16:57 by earwacks
Closed period is 30 days prior to annual
Results. So I would imagine they prohibited to purchase until results are published end of this month. Same thing recently with Anp. Doesn’t look great for cyber security. Dark put out a great RNS this am. Igp put out an RNS about new contracts and share price dropped. Ncc continued down after poor results same day as SWg. Software sector also out of favour. Seems the more the government warns about cyber attacks(again today)the less companies get protected
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Posted at 01/4/2023 19:58 by bdbd11
Running a comparison to ECSC, which we know has a firm value due to the takeover, some deduction of value here might be able to be made. ECSC, making a small loss, was taken over at 93% of turnover. Comparably SWG, running at circa breakeven, and at the reduced 27M turnover, values SWG at £1.04 per share. The current 50% discount makes it very good value currently, on this basis alone.
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Posted at 31/3/2023 12:44 by bdbd11
Well what a disaster, sitting on a huge loss. Interesting that it's the same day as ECSC is taken over at a 170% premium to the trading price. That was another big loss maker sadly, though with bottom fishing in the 20's i'll get out at circa break even at the 54p take out price. This does make SWG look cheap at these levels and also perhaps a takeover target. Weaver, I'm in the same position as you, made the money in property and should stick to that, thought the relentless attacks on landlords makes that more and more unattractive.
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Posted at 31/3/2023 09:11 by watcher13
Looking back at the 6 month figures and comparing H1 and H2 - H1 adjusted ebitda of 0.1m on sales of 10.8m, H2 adj ebitda of -0.1m (assumed based on FY of 0) on sales of 16.2m? Don't get it, unless there are some very poorly performing contracts in there.

Market cap now less than 6 months sales, no contract wins since April 2022 (only a reported renewal) and share price now so low that it's useless as a currency in any acquisition.

Is there anyone out there to put us out of our misery?
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Posted at 30/3/2023 11:34 by lammylover
You could buy at 79p earlier. The two big trades may be a bed and breakfast (someone transferring monies over from accounts, as spread is tiny for such large trades) The 1670 shares at 79p is a buy, as is the 5000 shares at 79.4462p.
Very cheap at this price.
Thanks for positivity Hybrasil.
Its a frustrating share to hold, as not much info during the year, but always seem to deliver strong H2 results.
SWG seems a forgotten gem with no debt, cash pile (£1.5m in Sept) and CEO who has a lot of skin in game = over 10% holding and keeps adding.
Business only valued at c£20m market capex.
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Posted at 30/3/2023 09:44 by lammylover
Just dropped PR company an email ref sinking share price. They need to get a "holding" RNS out to effect that "they know no reason for share price and everything in order".
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Posted at 13/3/2023 11:06 by hybrasil
This company is in exactly the right place at the right time.

I hope the forthcoming results give the share price a right boost
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Posted at 29/11/2022 08:12 by rivaldo
Sold my relatively small holding as soon as I could this morning. SWG seem one of those companies prone to banana skins. Core trading isn't as rosy as I expected, and the FX loss is just poor planning with hedging only in place after the horse has bolted (or whatever the metaphor is).

Cenkos have reduced their forecasts:

this year - 2.4p EPS
next year - 4.7p EPS

which leaves the P/E looking expensive for some time to come. SWG will remain on my watch list - hopefully it will deliver for holders in H2, but without say contract win news the share price could drift for some time.
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Posted at 05/10/2022 10:14 by rivaldo
August's issue of SCSW had highlighted SWG as one of it's new ideas (this was when the share price was 129p...):

Https://www.scsw.co.uk/article.php?id=9496

"Shearwater
129p Epic code: SWG

The cluster of cyber security specialists listed on AIM that once had high flying share prices are now all dead in the water, with the exception of Shearwater (SWG; 129p), which after three upgrades has just produced a very decent set of results: sales up 13% to £35.9m (all organic), pretax profit up 24% to £3m and eps up 10% at 11p. Net cash is £5.6m.

The company is a product of the shell revitalisation skills of chairman David Williams who has launched several shells over the years: this one was a gold miner until 2017 before he made it a buy and build in the cyber space. Williams’ problem early on was too high a central cost base as he put a team in place and a rag bag of four businesses then followed but the fifth one, Brookcourt, has allowed it to prosper. Brookcourt’s founder, Phil Higgins, now heads up the group.

In FY22, the Software side accounted for 9% of group sales. The mainstay is Secure Envoy, a “Privileged Access Management” product, which was bought for £20m. As Higgins explains, a PAM helps secure, control, manage and monitor access. Within a company, for instance, most individuals only need to have access to their own online information whereas the “privileged account” holders – i.e. those working in an organisation’s IT infrastructure - need access to other areas also. A PAM solution takes passwords of privileged accounts and puts them inside a secure vault to reduce the risk of those passwords being stolen. Once they log on to the vault (say, using facial recognition) they are authenticated. The software sells for a modest US$40 per user per year, although there is a pay-away to third party distributors.

Higgins’ plan is to offer customers “the whole enchilada” and last year was all about re-engineering the suite, which will enable its existing identity access management and data loss products to sit on a single platform and be sold with other software, which may be bought. This development activity saw software sales fall by 23% to £3.3m.

Meanwhile, Shearwater’s Services arm, with sales of £32.6m, is lower margin and not massively scalable. It relies on 20 consultants (gross margin 10-15%) who provide high level consulting for architecture design of a system and engage in penetration testing (£5.6m sales). Architecture design uses bought-in third party software (this bit grew sales 70% to £10.6m) with Managed services, where consultants manage the various systems, flat at £16.4m.

One keynote is that Brookcourt has a high customer concentration - when it was acquired, one financial services business and one telco were c.88% of the then £21m sales - and although they have diluted, you can see the effect continuing with the telco recently garlanding Brookcourt with a contract worth £21m over five years. Broker Cenkos forecasts eps rising to 13.6p this year and 14.3p next. The broker sets a 200p target, which on FY24 forecasts is 8x adjusted EV/EBITDA versus the 10x at which Brookcourt was acquired. One to watch."
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