Solid State Share Discussion Threads

[envirovision] 06/1/2011 10:33

added £1800 worth to my SIPP.

c/o HB Markets:

Solid State (SSP, 97.5p, £6.00m) On 23rd December the group announced its interims to September 2010 which saw revenues rise to £10.29m (£6.49m) with gross profits of £2.83m (£1.74m), gross margins of 27.5% (26.8%), distribution costs of £0.84m (£0.70m) with admin costs of £1.42m (£0.83m) leaving pre-tax profits at £0.55m (£0.21m), EPS at 6.5p (2.6p) and interim DPS doubled to 2p (1p). The group ended the period with net debt of £1.53m (net debt of £1.18m at the March year end) reflecting underlying organic cash generation offset primarily by a £0.90m adverse working capital movement – flagging a strong end to the first half trading. Excluding the Rugged Systems acquisition, like for like revenues grew 26% with PBT up 146% and an overall increase in gross margins despite Rugged's lower margin sales. All 3 divisions performed well with Solid Sate Supplies returning to profits despite one-off lease costs and some component shortages limiting sales, Seatite saw profits up 48% on sales up 22% with new products driving progress and Rugged Systems saw a return to profits in the first half. Forecasts of some 13p EPS with 4.3p DPS would put the group on a prospective PER of 7.5x and a yield of 4.4p. We maintain the Buy recommendation and upgrade the price target to at least 130p. BUY (Julian Tolley)

[yoyoy] 30/12/2010 15:11

Just back from a good walk - pleasant surprise.

[callumross] 30/12/2010 12:22

Well after studying these in depth after Xmas following the interims, I'm in for an initial 3k at 85p. Broker had to go onto the market, though, even to get this small amount. Will try for another 2k at 85p tomorrow as that is the only size the MM's are firm in.

[yoyoy] 30/12/2010 11:40

Hi Elec,

I'm not surprised at finding you here.

I take your point about EKT but at the moment they have enough on their plate. Although I understand the integration of HTH is going very well with good synergy benefits beyond the 2+2=5

SSP is massively under-valued and researched.

Should get at least eps of 13p for the full year and I think that is conservative. On track for a div of above 4p, maybe 5p.

BTW, who didn't you work with:-)

[envirovision] 30/12/2010 11:26

Growth seems a consistent theme here allowing for the downturn, and only decent value added type franchises are taken on, the management must be pretty decent business men to have got this far, makes a nice change from the usual happless approaches seen at many a public listed outfit these days.

So what fwd eps you guys have pencilled in for 2011/12/13 here?

[electronica] 30/12/2010 10:30

I thought that I was the only one buying over the last few months & I've had to go in in very small chunks (£2k at a time) in order not to drive the price up against myself.

As far as being tightly held goes - that's one reason for coming in. I worked with Gordon Comden in my first electronics job (in the early 70s) & at his age Gordon must now be thinking about the future of his stake. My view is that Solid State will soon be "in play" with his 43% of the shares determining the future. Gordon will not want to go out at today's silly price - so let's think about 200p+.

Yoyoy - have a think about an SSP fit inside the EKT portfolio. The overlaps are v intriguing.

[yoyoy] 30/12/2010 10:22

tightly held

Major shareholders (3% and over)
Gordon Leonard Comben Esq 31.40%
Ms Judith Margaret Comben 12.91%
William George Marsh Esq 16.34%
Ms Barbara Delphine Marion Marsh 11.28%
Close Investments Limited 3.35%
Mr D J H Morris 3.17%

Shares not in public hands 73.5%

[backwoodsman] 28/12/2010 16:38

I'd be surprised if the final dividend isn't raised by a penny, too, making 5p yearly.

[backwoodsman] 28/12/2010 11:30

The Board is confident that the current trends in the business are sustainable and we look forward to a strong second half to the year.

[backwoodsman] 23/12/2010 12:56

Fundamentals have doubled? Let's see the share price double!
A lovely set of results
Merry Christmas

[yoyoy] 23/12/2010 12:43

because its the Interims

[rarther] 23/12/2010 11:15

over 5 years after beginning to merge a 315k pbt business with a 442k pbt business they now make 550k pbt.

Seems pretty terrible but all too familiar on AIM. Only seen the headlines though... if you've been following the story please elaborate.

[jaykaytee] 26/10/2010 17:38

Maybe people are realising that a yearly dividend of 3p is no bad thing...

[jaykaytee] 16/7/2010 16:36

Can't believe it - all these years of stagnancy and now they start to rocket.

[backwoodsman] 10/7/2010 11:16

Results soon - perhaps a raise in the dividend?

[jaykaytee] 08/7/2010 17:01

the price seems to have shot up over the past 2 weeks. Horrendous spread though.
It's been a few years since the share price has reached these giddy heights.
Results are out soon. I wonder if somebody knows something. Anybody got any news or views?

[backwoodsman] 28/4/2010 23:47

Just a 'hello' to hear the echo. I am sure this share is fairly valued but I bought some at 50p as it seems to be well managed and growth oriented. could be the results will be better than expected.

[jaykaytee] 24/8/2009 15:44

Some might think the price has risen today, but mostly it seem all that has happened is the spread has increased from 1p to 3p. Ludicrous!

[jaykaytee] 18/8/2009 11:36

Someone put a (relatively) big buy through this morning, which has led to today's rise. Looks like other people are beginning to see value in this company as well. Or maybe the big order they received in May 09 is going to lead to bigger and better contracts? Wonder if there's going to be a RNS soon?
Anyway , onwards and upwards!
ps is there anybody else on this BB other than me?

[jaykaytee] 18/8/2009 11:36

Someone put a (relatively) big buy through this morning, which has led to today's rise. Looks like other people are beginning to see value in this company as well. Or maybe the big order they received in May 09 is going to lead to bigger and better contracts? Wonder if there's going to be a RNS soon?
Anyway , onwards and upwards!
ps is there anybody else on this BB other than me?

[jaykaytee] 18/8/2009 11:35

Someone put a (relatively) big buy through this morning, which has led to today's rise. Looks like other people are beginning to see value in this company as well. Or maybe the big order they received in May 09 is going to lead to bigger and better contracts? Wonder if there's going to be a RNS soon?
Anyway , onwards and upwards!
ps is there anybody else on this BB other than me?

[jaykaytee] 18/8/2009 11:35

Someone put a (relatively) big buy through this morning, which has led to today's rise. Looks like other people are beginning to see value in this company as well. Or maybe the big order they received in May 09 is going to lead to bigger and better contracts? Wonder if there's going to be a RNS soon?
Anyway , onwards and upwards!
ps is there anybody else on this BB other than me?

[jaykaytee] 17/8/2009 10:46

Someone bought £3000 worth of shares this morning, probably for the upcoming dividend. Moved the share price up nicely.

[jaykaytee] 04/8/2009 12:54

good results and 2p dividend also payable. Hope that one day this co gets re-rated, and i can make some decent money on my investment. Any one got any views / opinions?