Share Name Share Symbol Market Type Share ISIN Share Description
Somero Enter Di LSE:SOM London Ordinary Share COM STK USD0.001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 412.50p 67,873 08:00:00
Bid Price Offer Price High Price Low Price Open Price
405.00p 420.00p 412.50p 412.50p 412.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 63.40 19.06 24.43 16.6 232.0

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Date Time Title Posts
20/9/201814:29SOMERO - laser guided construction equipment1,625
25/9/201500:12SOMERO - laser guided construction equipment14
10/1/201418:33Somero - Laser-guided construction equipment92
26/2/201307:28somero sales up 47%-
09/1/200912:39Time to buy SOM and tuck away ????15

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DateSubject
23/9/2018
09:20
Somero Enter Di Daily Update: Somero Enter Di is listed in the Industrial Engineering sector of the London Stock Exchange with ticker SOM. The last closing price for Somero Enter Di was 412.50p.
Somero Enter Di has a 4 week average price of 367.50p and a 12 week average price of 365p.
The 1 year high share price is 430p while the 1 year low share price is currently 261p.
There are currently 56,254,379 shares in issue and the average daily traded volume is 52,801 shares. The market capitalisation of Somero Enter Di is £232,049,313.38.
05/9/2018
09:46
glawsiain: Paul scott has just written on SOM at htTps://www.stockopedia.com/content/small-cap-value-report-wed-5-sep-2018-som-quiz-396159/. Summary: this is one of my favourite companies, and management teams. It was a pleasure to interview them in Jan 2016, here (audio & transcript). The share price has tripled since then. So I'm really looking forward to interviewing them again this Friday. The valuation is far from demanding - a PER of only 13, for a cash-rich company, paying a 5% dividend yield, and reporting a good outlook, looks great value to me. Somero certainly looks a great value/GARP share. Although we do have to consider the cyclicality. Sales and profits tend to be very cyclical. Its biggest market (the USA) is doing well, after the stimulus from Trump's tax cuts. That should benefit Somero in a lower tax charge, although I note that H1 2018 sees a 22.4% tax charge, up from 20.2% last H1. Overall then, all looks pretty good to me.
29/6/2018
13:09
lammylover: Someone dumped a few 10k blocks of shares yesterday and price dropped hard, causing PI's to panic sell / kick automatic stop losses in. SOM Dropped 9% at one point, then slowly climbed back up. I've been in this share for nearly a year and results have been very good and nice dividend as well. I took the opportunity to add some more to my collection! Hoping we can retest the 425p year high in the next couple of months.. I think for all PIs investing in smaller companies, you have to be aware that the share price can be walked up / down in big steps with vary little volume. This is really noticeable in the Summer months...MMs will move the share price around to create some interest and commission. Check your fundamentals and sit tight, if you believe in the company! Good luck all Rich
08/3/2018
11:22
chashley1806: (Re-sending post with, I hope, better formatting).Hi dannyt90In short, my hope is that we will see significant upside to the share price Here's my thinking based on using Jim Slater's PEG analysis.1) Paul Scott recently reported some updated eps estimates as follows: 2017: eps is 21.8p; 2018: eps is 27.2p. This follows a reported eps in 2016 of 18.5p (at current £/$ exchange rate). 2) So, using Paul Scott's figures, year-on-year eps % growth is an estimated 17% between 2016 & 2017, and 24% between 2017 & 2018.3) As I understand Jim Slater's PEG analysis, a fairly valued company is when the PER equals the eps % growth rate. Therefore, if the eps % growth rate for 2016/17 is 17%, then a fairly-valued PER would be 17.4) At the time of writing, the share price is 355p with my broker stating SOM's PER to be 12, which undervalues the company according to the Jim Slater PEG analysis. So, if my maths is right, fair value using these figures would imply a share price of 502p (ie. if 12/17 = 355p, then 17/17 = (355x17)/12 = 502p).5) That's not a million miles off the last target price issued by SOM's analysts of 450p (as I recall).6) Continuing the analysis for the estimated 2018 eps figures, if my maths is right, fair value would imply a share price of 799p (ie. if 12/27 = 355p, then 27/27 = (355x27)/12 = 799p.So, as I see it, there is potentially lots of upside to the share price if: a) the actual eps reported by SOM's next week is in line with broker estimates; and b) the market recognises that the share price is undervalued and re-rates accordingly.My frustration up till now is that SOM has been meeting analyst expectations over the past couple of years, but the market has not recognised this. Maybe this will change after next week?
08/3/2018
11:18
chashley1806: Hi dannyt90In short, my hope is that we will see significant upside to the share price Here's my thinking based on using Jim Slater's PEG analysis.1) Paul Scott recently reported some updated eps estimates as follows: 2017: eps is 21.8p; 2018: eps is 27.2p. This follows a reported eps in 2016 of 18.5p (at current £/$ exchange rate). 2) So, using Paul Scott's figures, year-on-year eps % growth is an estimated 17% between 2016 & 2017, and 24% between 2017 & 2018.3) As I understand Jim Slater's PEG analysis, a fairly valued company is when the PER equals the eps % growth rate. Therefore, if the eps % growth rate for 2016/17 is 17%, then a fairly-valued PER would be 17.4) At the time of writing, the share price is 355p with my broker stating SOM's PER to be 12, which undervalues the company according to the Jim Slater PEG analysis. So, if my maths is right, fair value using these figures would imply a share price of 502p (ie. if 12/17 = 355p, then 17/17 = (355x17)/12 = 502p).5) That's not a million miles off the last target price issued by SOM's analysts of 450p (as I recall).6) Continuing the analysis for the estimated 2018 eps figures, if my maths is right, fair value would imply a share price of 799p (ie. if 12/27 = 355p, then 27/27 = (355x27)/12 = 799p.So, as I see it, there is potentially lots of upside to the share price if: a) the actual eps reported by SOM's next week is in line with broker estimates; and b) the market recognises that the share price is undervalued and re-rates accordingly.My frustration up till now is that SOM has been meeting analyst expectations over the past couple of years, but the market has not recognised this. Maybe this will change after next week?
20/1/2018
19:04
adamb1978: Hello Some good news for all SOM holders - I sold out last week, which probably means that its got a lot further to run! Reasons for selling were: - SOM are trading at their peak multiple, meaning that further multiple appreciation is less likely and share price growth needs to be driven by earnings - non-residential construction is forecast to grow by 3%-5% this year in the US, so SOM need to outgrow the market or benefit from operating leverage to get something exciting (say close to 10%) at the bottom line - from a personal perspective, I'm taking a more cautious approach through this year given that I believe we'll have a correction some time in 2018 or 2019 - so many indicators are flashing red and we've recently seen a capitulation of the bears, which often signals a market top (be fearful when others are gready etc). So am banking some profits (I bought into SOM at 143p) and will be gradually shifting some equities allocation into shortish dated (2-3 years) corporate bonds over this year and next. SOM is a great company, has a moat and is well managed; they don't rely on spin, just quietly go about delivering. I'd be very happy to buy in again, either after a meaningful pull-back, or after a market correction. Indeed, after the next recession, this is one which I'll be keeping an eye on given that the sector its in might mean it gets hammered and therefore offer great returns in the next upturn. I just dont see too much upside from here. Time will tell whether I'm right or wrong. All the best for holders, Adam
02/1/2018
08:32
rivaldo: Here's the IC's tip for SOM (thanks old chap!): "High-tech concrete-levelling is not a business description that rolls off the tongue. But that shouldn’t detract from its commercial potential. Indeed, Somero Enterprises (SOM), which provides equipment, training and customer support for this process, reported pre-tax profits of $12m (£9m) for the six months to 30 June 2017, up from $10.4m a year earlier. And the group raised its dividend by 10 per cent to 2.75¢ while declaring a further special payment of 13.3¢. Despite these encouraging signs of progress, Somero’s shares are attractively rated. Somero’s undemanding valuation has a lot to do with a trading update in June that highlighted flat performance in North America due to poor weather and political uncertainty, and slow trading in China. The news prompted a share price fall, and we downgraded to sell. But the latest results and the value now on offer suggests it’s a good time to revisit the investment case. Indeed, even when faced with regional challenges, overall revenue rose from $39.7m to $42.4m in the six months to the end of June. Management also attributed higher first-half profits to cost management, price increases and better productivity. There are signs trading is now set to pick up. North American first-half sales were down 5 per cent year on year at $28.4m, but heavy rains subsided towards the end of the period. This resulted in the highest levels of trading seen all year at the end of June and positive indicators of a “solid” second half. North America constitutes around two-thirds of Somero’s overall top line. The same story played out in China – first-half sales fell from $3.8m to $2.7m, but the best trading of the year was seen at the end of June. Management expects to see further improvements and is “re-looking at China” via a strategic review. China is estimated to use half of the world’s total concrete, representing a serious opportunity for Somero even if long-running fears of slowing economic activity play out. Europe and Latin America were the group’s star performers, albeit starting at a lower base than North America. European sales rose 108 per cent to $5.4m, while Latin America’s leaped 750 per cent to £1.7m. The rest-of-the-world regions, including Australia, Southeast Asia, Korea, India, Scandinavia and Russia, also lifted revenues 79 per cent to $3.4m. New product sales contributed $1.4m, including the ‘S-158C’ model in China, the SP-16 Concrete Line Pulling and Placing System, and the ‘next generation’ 3-D Profiler System. Meanwhile, first-half cash flows from operations rose 62 per cent to $9.4m, leaving the group with $18.3m net cash at the end of June. The healthy balance sheet underpinned the decision to pay the special dividend, which is expected to take the full-year yield to nearly 7 per cent. Further special payouts could be on the cards, adding to Somero’s appeal. IC View An expansion to its Fort Myers headquarters in Florida, accommodating future growth, will cost $1.3m, with most expenditure occurring in the first three months of 2018. But, while the shares are trading on a multiple of just 13 times forecast 2018 earnings, we think a re-rating is probable. Buy."
16/8/2017
19:34
chashley1806: Hi adamB1978True - I don't have a breakdown of revenue by state either, which is why I'm giving Somero the benefit of the doubt.Perhaps it's worthwhile just rehearsing the other issues facing Somero.1) China - I do have sympathy with Somero over their long-standing inability to break into the Chinese market. As I understand it from their presentation, there are two factors at play. First, there is understandable frustration by Somero over a lack of consistent regulation/specification by the Chinese on their construction projects - therefore, it is difficult and expensive for Somero to invest in a product that serves the Chinese market. Secondly, whilst Somero's USP is to increase productivity by laying concrete quickly and highly accurately, there is a genuine commercial barrier for Somero to overcome. This is: is it more cost effectivefor the Chinese to lay concrete the conventional way using China's abundant cheap labour supply at the risk that laying such concrete is not as accurate, as opposed to using Somero's highly accurate but expensive machines?2) I acknowledge that another big plus for Somero is their investment in the wrap-around service they provide, as demonstrated by their "school" in Florida. Somero themselves recognise that, to maintain their "moat", they need to provide the excellent after-sales support that their rivals can not provide because Somero's machines can be reverse-engineered and copied (thus putting their "moat" at peril). So, this is all good stuff!So, given that Somero's fundamentals remain rock solid and taking all these issues together, the future would appear to be bright for Somero, particularly if they crack 1) and exploit 2). The "soft" share price is therefore somewhat surprising unless, in my opinion, there are short-term factors at play - i.e. the NKorea/US stand-off and/or lack of clarity on Trump's infrastructure plans. I also do not want to see any weather-related excuses, either!Regards
16/8/2017
15:32
chashley1806: Hi ali47fishNo special insights as such as to why the share price has fallen, but I'm asking the same question. Thoughts in my head are as follows:1) The share price fall could be a result of the general market malaise in light of the current North Korea/US nuclear standoff. Assuming that Mr Trump and Mr Kim stop waving their willies at each other then, all other things remaining equal, the share price should rise again.2) I'm wondering whether the market is becoming a little impatient of Mr Trump's (lack of) infrastructure plans. To be clear, I see Somero as being indirect beneficiaries of this. Their equipment is not tailored to road or rail building, but they will benefit from supplying equipment to build new factories that spring up next to new infrastructure. However, I've heard precious little of how Trump intends to implement his infrastructure plans, and I wonder whether the "soft" Somero share price reflects this.3) I am still perturbed by Somero's excuse for its less-than-stellar latest trading update, where it blamed bad weather for its woes. Frankly, blaming the weather is akin to blaming Brexit - a convenient scapegoat that poorly-managed companies use when they fail to adjust to or plan for known risks. Whilst accepting that construction is weather-dependent, the reason why I am a little critical of Somero's use of this excuse is because, unlike the UK, the US (their main market) is not dominated by one weather-system. In other words, the factors that determine California's weather are very different to those affecting New England. I've been giving Somero the benefit of the doubt so far (given their excellent record to turn the company round from near bankruptcy after the 2008 financial crash). However, I will expect them to sharpen their act up with the explanations at the next trading update.Be interested to hear other people's views.
15/3/2017
11:41
3rd eye: Somero Enterprises, Inc. 21% Potential Upside Indicated by finnCap Posted by: Amilia Stone 15th March 2017 Somero Enterprises, Inc. with EPIC/TICKER LON:SOM had its stock rating noted as ‘Retains’; with the recommendation being set at ‘CORPORATER17; this morning by analysts at finnCap. Somero Enterprises, Inc. are listed in the Industrials sector within AIM. finnCap have set their target price at 325 GBX on its stock. This now indicates the analyst believes there is a possible upside of 21% from today’s opening price of 268.5 GBX. Over the last 30 and 90 trading days the company share price has increased 15.75 points and increased 40.51 points respectively. Somero Enterprises, Inc. LON:SOM has a 50 day moving average of 254.93 GBX and a 200 Day Moving Average share price is recorded at 201.37 GBX. The 1 year high share price is 285 GBX while the 52 week low is 140 GBX. There are currently 56,042,429 shares in issue with the average daily volume traded being 121,204. Market capitalisation for LON:SOM is £158,560,840 GBP. Somero Enterprises, Inc. is a manufacturer of laser-guided equipment. The Company’s equipment automates the process of spreading and leveling volumes of concrete for commercial flooring and other horizontal surfaces, such as paved parking lots in North America. The Company’s products include S-22E, S-15R, S-15M, STS-11M, S-840, S-485, CopperHead XD 3.0, Mini Screed C, PowerRake 3.0, 3-D Profiler and SiteShape.
01/5/2015
08:19
penpont: Thanks rivaldo. Just picked up on the ST tip from the IC - a bit long but a good overall summary of SOM's potential: It was hard not to be impressed by the fiscal 2014 results from Aim-traded Somero Enterprises (SOM: 140p), a Florida-headquartered company with a market value of £79m that specialises in the design, assembly, and sale of patented, laser-guided equipment that automates the process of spreading and levelling concrete on commercial floors. Having set its stall out last year to double turnover to $90m (£60.8m) by 2018, the company increased revenues by nearly a third to $59.3m in 2014, all of which was organic growth, and with gross margins ticking up a couple of percentage points to 54 per cent, and operating costs rising by only 13 per cent, this resulted in a 91 per cent surge in pre-tax profits to $12.4m and a 123 per cent rise in adjusted EPS to 29¢, or 19.5p at current exchange rates. Moreover, with the benefit of a capital-light business model, a high proportion of cash profits of $15m, up two-thirds in the 12-month period, was converted into operating cash flow, so much so that net funds almost doubled to $6.6m, or the equivalent of 8p a share. In turn, this enabled the board to reward shareholders with a 150 per cent hike in the dividend per share to 5.5¢, or 3.7p. The final dividend of 4¢ (2.7p) went ex-dividend this morning. On this basis, the shares offer a 2.7 per cent historic yield, and are rated on a lowly seven times 2014 post-tax earnings. A solid growth story Furthermore, it's only reasonable to expect this progress to continue in the years ahead. That's because the company has a strong presence in the all-important North American market - sales in the region increased by almost half last year to account for 63 per cent of the total on the back of robust growth in the construction industry. In fact, non-residential cement consumption exceeded the industry's original forecast of 22 per cent growth in 2014 to end up 30 per cent ahead of 2013. This positive industry backdrop, the introduction of new products - the company spends 2 per cent of its annual revenues on product development with the aim of launching one new product a year - Somero's pricing power, and a shortage of skilled labour for its customers all contributed to the jump in North American sales. The company has also been benefiting from an increasing presence in China, where sales rose by 44 per cent to $9.5m to account for 16 per cent of Somero's revenues in 2014. This performance was driven by a greater penetration rate in all regions and the broader awareness of US floor flatness standards being issued by the China Flooring Association. The evolution of the Chinese economy towards more logistics, big box retailing, and e-commerce is playing its part too as these trends are boosting demand for the speed and flatness provided by Somero equipment in laying concrete. In addition, higher wage rates are leading to greater automation in this process which increases the value of Somero's equipment. Expect these themes to continue to help Somero raise its market penetration in a country that clearly offers huge growth potential: cement consumption is around 30 times greater in China than in North America. Chinese customers also now have access to finance options when they purchase Somero's equipment which can only help sales. It's also worth noting that the company sells to concrete contractors for non-residential construction projects in over 92 countries and across every time zone around the globe. Last year, Somero reported growth in seven of the 10 geographic regions it services and that even included Europe where sales rose by a fifth to $3.6m, or 6 per cent of the total. Its Laser Screed® equipment is primarily used in the construction of warehouses, assembly plants, shopping centres, and other commercial construction projects that require extremely flat concrete-slab floors. The client base includes multinational companies such as Costco, Home Depot, B&Q, DaimlerChrysler, the United States Postal Service, and Toys 'R' Us. The company's assembly operations are based in Michigan, US, and sales and services offices are located in Chesterfield, England; Shanghai, China; and New Delhi, India. Cement consumption in India is three times greater than in North America, so to raise awareness within the industry, Somero has stepped up marketing efforts as well as attending trade shows and giving seminars for engineers and architects. Revenue from the Indian market was $600,000 last year, or 1 per cent of the company's total turnover, but this is from a standing start and the market clearly has huge potential. Patented technology It may seem hard to believe, but as the leading manufacturer of laser guided machinery used in horizontal concrete surfaces Somero's patented technology has a near 100 per cent market share. Protected by 56 patents, the company's products achieve a high level of precision in concrete surface flatness at a higher rate of efficiency than conventional methods. It's cost effective too as it results in the highest level of flat-floor precision attainable at less cost to the flooring contractor. The company's vision is for its technology and processes to be used wherever a ready-mix vehicle is discharging concrete for a concrete slab. Maintaining customer services at the highest level, and offering 24/7 aftersales support, are key to protecting this dominant market position, which explains why Somero's workforce increased from 128 to 165 last year to support the anticipated ramp up in sales. Moreover, this solid infrastructure creates an obvious barrier to entry for new competitors. That's because it would be difficult for a new entrant to replicate Somero's product offering and break into its market by using a lower product price to grab market share as it would also need to invest considerable sums in creating a similar service operation. In addition, the company's continual investment in capital spend on new products creates another barrier for new entrants as these new products are specifically designed and built to provide maximum productivity and operational efficiency for clients, so in effect Somero already has first-mover advantage with its patented products. Potential for sustainable growth Clearly, the construction industry is cyclical, but Somero offers the attractive combination of exposure to pent-up demand in the US for residential construction post the recession - the Portland Cement Association predict that it will take another seven years at least before output peaks there - and non-residential cement consumption which has scope to surpass its 2007 peak over the next decade. Interestingly, average selling prices of Somero's products have risen as the US economy recovers in previous cycles. Indeed, in the last economic cycle they increased by 25 per cent on average for smaller line products, and by 42 per cent for larger line products. Sales in North America rose by 46 per cent from $25.5m to $37.2m last year, but there remains substantial upside for further growth in product prices based on previous cycles and for cement consumption based on the above industry forecasts. In fact, analyst Mark Hughes at research firm Broker Profile predicts that Somero's sales from North America could hit $58m by 2018. To put this into some perspective, the company's US sales were $40m at the previous peak in 2007. Mr Hughes is also forecasting that sales in China will double over the next four years to $20m. That's hardly an unrealistic forecast given that the potential market is worth $1.2bn in annual sales, of which Somero has penetration of less than 1 per cent at present. In other words, growth rates will be determined by Somero's ability to penetrate this market rather than the market growing itself. The same is true in India where the company's market penetration rate is only 0.5 per cent, according to Mr Hughes. A fairer valuation Not only are the shares attractively priced based on last year's historic numbers, but there is a realistic chance of decent profit growth coming through in the next few years as Somero's sales pick up on the back of the key drivers I have outlined above. Broker Profile predicts that for fiscal 2015, the company's revenues and pre-tax profits will both rise by around 7 per cent to $63.8m and $13.2m, respectively. Mr Hughes is pencilling in a further 10 per cent rise in revenues to $70m in 2016. These estimates look well underpinned and so do expectations of a further hike in the dividend to 6¢ a share this year, or 4.1p at current exchange rates, implying a near 3 per cent prospective dividend yield. It could be more because analysts predict Somero's net funds will double to $14m by the end of this year, a sum equivalent to 17p a share. Admittedly, a tax credit inflated last year's net earnings and this will revert to a tax charge in 2015. However, using Mr Hughes' adjusted EPS estimate of 19.7¢ for fiscal 2015, or 13.3p at current exchange rates, based on a 30 per cent corporation tax rate, still means that the shares are being priced on only 10 times cash-adjusted earnings estimates. That's far too low for a company that offers potential to beat these conservative looking forecasts if market penetration rates can be expanded in China and India, and the US economy remains in fine fettle. Furthermore, the company has no financial concerns to warrant such a low rating. In fact, its balance sheet is robust with cash balances covering almost all liabilities, so Somero is not reliant on outside creditors to funds its inventories of $8.4m; neither is the business being constrained in extending credit to clients - accounts receivables were $6.6m at the end of 2014. In fact, I feel a cash-adjusted PE ratio of 12.5 for fiscal 2015 is a fairer valuation, implying a year-end price target of 185p. That's 30 per cent above the current share price which for good measure is on the cusp of signalling a major share price break-out if it takes out the 140p all-time high from June last year. A blue-sky rally to my target price of 185p would then be on the cards, and one supported by strong fundamentals. Trading on a bid-offer spread of 137p to 140p, I rate Somero's shares a strong buy.
Somero Enter Di share price data is direct from the London Stock Exchange
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