Share Name Share Symbol Market Type Share ISIN Share Description
Smartspace Software Plc LSE:SMRT London Ordinary Share GB00BYWN0F98 ORD SHS 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 59.00 2,684 08:00:02
Bid Price Offer Price High Price Low Price Open Price
58.00 60.00 59.00 59.00 59.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 5.14 -2.56 -8.91 17
Last Trade Time Trade Type Trade Size Trade Price Currency
13:15:42 O 2,650 58.50 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2022-06-28 14:54:4858.041,000580.40O
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Smartspace Software Daily Update: Smartspace Software Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker SMRT. The last closing price for Smartspace Software was 59p.
Smartspace Software Plc has a 4 week average price of 59p and a 12 week average price of 59p.
The 1 year high share price is 185p while the 1 year low share price is currently 59p.
There are currently 28,941,234 shares in issue and the average daily traded volume is 6,167 shares. The market capitalisation of Smartspace Software Plc is £17,075,328.06.
jbourne1: It's the Simso comments on here that are hilariousNot one negative mentionedEven with increased losses and slowing almost non existant growth. A share price that's down 65% in a year. Yet you all drink the cool aid without questioning.
cordwainer: continuing my previous post .. It's no surprise that the SaaS model takes a few years to create profit and many algorithms and screens and fund policies will overlook the early opportunities to invest. The negative operating ratios are a challenge and a risk and brings about sentiment driven volatility in the share price so yes back down to e.g. 65p is possible without a steady trickle of supportive news. The management strategy of focusing on economies of scale through larger clients seems to me like a reasonable way of trying to improve cash flow in the short to medium term, on top of recent savings in overheads. Predicated on a growing number of users but, counter-intuitively, not too many new clients because of the presumably higher cost profile of new clients. I'm also hopeful that costs of delivering and supporting new or upgraded installations will eventually become smaller than total subscription and sales income (as the software and equipment gets more bedded in and more time-served at client sites), and inclusive of development costs of new features and capabilities also become a smaller proportion of the historical total. Mr Market is currently questioning how soon, if at all, that is going to occur, given there's effectively an unnerving lag of uncertain proportions between revenue growth and positive earnings in the business model. I believe SMRT operates in a growing market and I'm satisfied that it's competent at marketing their products from design to broadening sales channels. On balance I think it's worth being more patient than the stockmarket and check next interims for any early signs that the current strategy can deliver much improved operating ratios.
longtermgains: SMRT is the fastest growing UK quoted SaaS company and the cheapest. The average valuations of the other companies (referred to in the excellent Simso note) by Private Equity can be justified and SMRT should command a premium reflecting its growth prospects as the workspace management market develops,the competitiveness of its product base and its go to market strategy. The top end price target established by the SMRT option package was not whimsical two/three years ago and remains an achievable valuation and prize.The InvestorMeetCompany presentation is free and really worth listening to while the Simso note here should also be read and reread by investors.
simso: I watched the IMC presentation and would stress the following points:- 1. This £5 share price target is not some mythical number pulled out of the air. The company listed out all of the Buy Out transactions in this space within the last 12 months: Envoy, Proxyclick, Traction, SignInApp, iOffice, Condeco, Forge, WizzPass, Whose On Location, FSI, Manhatten. The average multiple of ARR is independently estimated at between 10-15 times. SMRT are the only remaining listed entity in this space. SMRT forecast ARR for next year is £9m, and if one applies the average multiple of the 11 transactions gets towards the £5 Frank mentions. 2. Will they achieve the £9m ARR Forecasts? In my view, the building blocks are firmly in place: Swiped On Price Increase has further to run, foreign language versions starting with South Korea, desk functionality, Space Connect starting the year with 50 Channel Partners, Softcat pipeline. Perhaps the biggest upside of all could be EVOKO...where SMRT are only budgeting for 1k panels this year(c £100k of ARR, while EVOKO themselves are aiming/expecting 18k panels, and indeed sold much higher than 18k a year of the previous "Liso" panel before the Pandemic. 18k panels might add closer to £2m of ARR for SMRT this year compared to the £0.1m in the Forecast. A significant "beat" of expectations would mean even higher growth, potentially leading to a double whammy of increasing the exit multiple to apply to a higher ARR number. It is tiresome to keep reading over and over about Director Purchases on here. I would have liked bigger purchases back in October...most specifically from the NEDs, but it didnt happen and its time to move on. I thought Frank answered the question thoughtfully and certainly did not look like he was about to cry. Anything but. As my good friend Buffeteer said a few days ago..."focus on the prize". It is extremely rare for me to post on advfn these days, but I have tried to give more colour on how I see the opportunity to seize that prize. Everything to play for.
longtermgains: SMRT Thx Buffetteer. The prize is that SMRT is the fastest growing quoted SaaS company in the UK on the lowest SaaS rating. As you say, that anomaly will not last for long.
cordwainer: I share your caution on the fundamentals and I think the market does too. But MS office seems to be focused primarily on productivity and on integration within its target environments rather than always aiming to encapsulate the whole environment. There's already a lot of more established, direct and immediate competition for SMRT's services, it seems like a minnow startup attempting to gain significant market share in a crowded space (in the 'crowded spaces' market?). Yet customer and revenue numbers suggest it is having some success. For those considering any combination of visitor management, hot-desking and technology-enabled meetings, the SMRT way looks like a very reasonable option. My comparative research is far from complete and includes browsing a few competitor and reseller websites, but I get the impression that SMRT may have a 'late-mover advantage' by adopting a segmented strategy that addresses customers' hardware and software needs of any combination of the aforementioned functions in a more modular and all-encompassing fashion rather than having to be a bolted on extra to a core product or more of a mix of unaffiliated suppliers. That's basically why I'm hoping the market is undervaluing SMRT's potential.
longtermgains: Variants of hybrid working are the future after the pandemic. Employees want the flexibility and remember that office space is invariably the second highest cost of most companies worldwide. SMRT addresses this market which is very largely unpenetrated worldwide. Teams and MSFT Office 365 are MSFTs most important products with c 250m users and over 1m companies and 1bn plus users worldwide respectively. The Microsoft IGNITE Fall 2021 conference reaffirmed the centrality of Teams and Office to hybrid working but also introduced Mesh and the metaverse. Here MSFT with at least Mesh for Teams is reinforcing Teams as Microsofts most important product area and as the essential infrastructure supporting hybrid working worldwide. It therefore opens up the Office/ Teams/ massive installed base to workspace management software where MSFT does not have any presence but where its customers require solutions (as does the MSFT global distribution channel). MSFT are much more likely to buy SMRT than develop in this area. hxxps:// All of SMRTs partners have been producing return to work/hybrid working sales and marketing collateral jointly with Teams etc for some time and as you say this is an area where SMRT has introduced a lot of additional functionality over the last twelve months reinforcing its competitive position. Competitiveness.The SMRT product set appears both price competitive and very functionality competitive while its also impt to recognize that it is reinforcing this with establishing a global distribution footprint which very few of its competitors have.
cordwainer: Thanks for those insights longterm. "efficiency of sales and marketing spend (LTV:CAC ratio)and the long term ability of the company as it matures to generate free cash flow" probably encapsulates what the market is worried about lately, which is why the multiple has been down to within 5 x historic ARR at SMRT. And the fact that the market mostly does not take a long term view. The share price will be determined by what extent management addresses those concerns. I presume establishing a good LTV:CAC ratio more or less ensures good long term FCF and includes development costs to keep abreast / ahead of the competition..? What we do know from looking further down the last update is that gross margin was good / improving, customer support operations have been merged to a single location, and there's now an emphasis on larger ARPU customers. That last point should I think be part of an important marketing initiative because the suite of products needs to preferably demonstrate exponential benefits when combined rather than mostly disparate pieces of virtual furniture, and be as easy to install and integrate as possible for the sake of efficiency.
longtermgains: How to value SMRT. The best answer is to say how to value a SaaS (Software as a Service) company because SMRT is one of the best examples of a SaaS co in the London stockmarket. The best answer is to follow the money and look at how the US market, Private Equity worldwide and corporate purchasers value these type of cos. And the short answer is they look primarily at ARR (annual recurring revenues) and a series of other metrics :gross margin, efficiency of sales and marketing spend (CAC:LTV)and the long term ability of the co as it matures to generate free cash flow. But ARR is a good starting point. Sales and p/es do not feature and for good reason, SaaS cos are a new type of software co that will increasingly dominate the world over the next ten years and their financial models need different valuation techniques to properly capture their visibility and ultimate ability to generate long term cash flows from the installed base of customers where the software is deeply embedded into the way the customer works ie its processes. The ARR multiple is ultimately justified by the yield on this long term free cash flow margin. This is complex but that is how value is established in the real world. Remember when thinking about value, the big difference is between value and the price established by the last marginal trade. The BVP Nasdaq Emerging Cloud Index ( hxxps:// which covers $2.4tn market capitalization of SaaS cos trades on c23x historic ARR,(its probably expensive but..), recent PE transactions in the SMRT area have been at 10-15x ARR and these cos have inferior metrics and prospects to SMRT. Brokers are estimating £4.7m ARR in Jan 22 and 15x would be 235p. And thats only looking 8 weeks ahead. And takes no account of growth over the next 3-5 years (and if you dont think this co will grow over the next few years, what are you doing her). I suspect management would look for rather more than 250p. Shares are undervalued.
dodger777: If the management want investors to take the company seriously they need to put their hands in their pockets and buy a meaningful amount and not the pathetic token gesture they did recently. The have done nothing to stem the collapse of the share price. All this talk of £5 quid future share price is making them look stupid and like spivs.
Smartspace Software share price data is direct from the London Stock Exchange
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