Spaceandpeople Investors - SAL

Spaceandpeople Investors - SAL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Spaceandpeople Plc SAL London Ordinary Share GB00B058DS79 ORD 1P
  Price Change Price Change % Stock Price Last Trade
0.125 1.61% 7.875 12:37:13
Open Price Low Price High Price Close Price Previous Close
7.75 7.425 7.875 7.75
more quote information »
Industry Sector
MEDIA

Top Investor Posts

DateSubject
23/10/2019
12:22
25october1969: Possibly this is him hxxps://www.amazon.co.uk/Small-cap-Investor-McGraw-Hills-Mastering-Market/dp/0070471835
16/5/2017
14:24
cfro: I have been buying in here recently and bought some more today. Very illiquid share to deal in any size is one negative plus from a fundamental viewpoint they have a meeting with Lloyds in July i believe to discuss the loan. Apart from that the trading update seemed to shed light on current prospects which seem bright and the company does appear to look very undervalued imo. The long-term chart below shows the up's and down's of the company but worth noting that each time business picked up the chart turned, then the share price ran up a fair way giving investors good gains. From IPO at 50p the stock first ran up to 220p. Then from late 2011 the stock ran from again around 50p to 150p. Another time from 2014 the stock ran up from 40p to 90p.
01/4/2016
10:44
maddox: Thanks Hannah, The webinar was great - and very encouraging. SAL now have two excellent contracts to execute and another very exciting prospect with Immochan. Clearly there is execution risk and time to scale-up but the management's understated confidence came through far more in the webinar than in the RNS. Couple of areas that I hope Paul will follow up on Monday: a) The threat that shopping centre owners in-house the service; b) SAL's innovative Mobile Promotional Kiosks seem to be a very attractive proposition: So I've submitted a couple of questions. Gotta say how fantastic the investor communications are now - this has improved hugely on just a few years ago. Credit to all concerned in driving this transformation including the company directors that have decided to engage with us. Regards, Maddox
29/3/2016
13:03
masurenguy: Cheers Professor X - here it is. "Revenue fell from £15.4m in 2014, to £13.8m in 2015 - mainly due to a large one-off (but low margin) contract in one division during 2014. Doesn't really matter - as an investor, I'm interested in profits, not revenues. Operating profit (before non-recurring costs) fell a little from £1,135k to £1,089k, but it's in the same ballpark, and in line with expectations, so that's fine. Note that there were no non-recurring costs this year, which is pleasing. So after non-recurring costs, operating profit actually rose from £744k to £1,089k. EPS - initially I couldn't understand why basic EPS (before non-recurring costs) had risen from 3.91p in 2014, to 4.26p in 2015, when operating profit had fallen slightly. The penny has just dropped - it's due to minority interests being much smaller in 2015 than in 2014 - so the profit in 2015 was mainly earned in subsidiaries which are 100% owned by SAL. This is positive for SAL shareholders, so don't worry too much about understanding this point if you're a non-accountant! Valuation - at 60p share price, and EPS of 4.26p, the PER is 14.1 - expensive? Not really, as PER is a blunt instrument at small caps where profits move about a lot. For various reasons, there should be good upside on earnings over the coming 2 years, so the market price is factoring in expectations of earnings rising from the low point of the last 2 years, after numerous problems hit the company in 2014. It is gradually recovering from those issues. Cashflow - this was poor in 2015, with the culprit being a large reduction in creditors, from £5.8m to £4.5m. I queried this point with the FD this morning, who indicated that it was just timing differences - creditors had been stretched in 2014, but have returned to normal in 2015. This is the big problem with balance sheets (and hence cashflow) - it's a snapshot on a particular day, so timing differences can greatly skew the year end figures. This is fine for one year, but I'll be looking closely to make sure that operating cashflow returns to normal in 2016. Note that capex has increased to £690k, financed by an increase in bank loans of £500k. This is mainly for the expansion of the successful new MPKs (mobile promotional kiosks), of which there are now 56 operating. These are high margin additional sales, so it's good that growth is being achieved here. Dividends - this company likes paying divis, and it's important to note that throughout a difficult patch in the last 2 years, the company continued to pay (reduced) divis. I like that. There is no interim divi, just a final divi each year, because the bulk of profits come from Xmas trade. The divi has been raised from 2p to 2.2p. The trajectory of divis should continue to be upwards. Note that the divi peaked at 4.1p in 2013. Admin costs - the company has demonstrated over the last 2 years that it can & does reduce costs if trading becomes difficult. This is important, as a variable cost base means that profit can be protected, or at least re-built after a time lag, if trade deteriorates. Outlook - the company is making cautiously optimistic noises about 2016. Remember that management got badly burned by putting out overly-optimistic guidance in 2014, when a lot of things unexpectedly went wrong. So they're now much more cautious with outlook. Forecasts should therefore be exceeded in future, or met even if things go wrong. The development of the MPK programme and the focus on product solutions as opposed to service solutions to UK and French venues in particular will be the key driver in 2016. The venues teams in Germany, UK and France have specific targets for rolling out MPKs and pop up retail solutions this year and this should make up the loss of the Whiterose Shopping Centre RMU contract. Although 2016 will see modest growth in profitability, the behind the scenes transformations the group is making will reposition and strengthen our offer which we believe will result in a more sustainable and growing business. There are 4 key drivers of future growth, namely; Network Rail contract - which has started well, but should kick in meaningfully from mid-2016 onwards. Mobile Promotional Kiosk continued roll-out of this new, successful, and high margin kiosk design. French pilot operations - currently this is loss-making, but not huge numbers (c.£100k p.a.), but should generate profits from 2017 onwards. British Land contract win - takes time to get up & running, so again is expected to be a profit driver more in 2017 than 2016. Brokers are forecasting an increase in profit from £1.0m to £1.3m for 2016, but the idea is that the bar is set low, so that hopefully the company can exceed this. My opinion - I'm happy to hold for another year. The company is recovering well from numerous problems in 2014. Indeed, the UK business is actually doing really well - if you look at note 4 of today's account for the divisional split, Germany's profits have collapsed from £586k in 2014, to just £99k in 2015. Yet that shortfall has been almost entirely recouped by a much stronger performance from its UK operations. It's an interesting niche business, has a good track record on dividend payments, and there are 4 clear growth drivers as noted above. Therefore my feeling is that we could be looking at a significantly more profitable group in say 2 years' time. It takes time for the market to forgive and forget profit warnings, but at some point I think the market will focus more on the growth potential coming through, and possibly re-rate the shares back up to nearer 100p, than the current level of 60p. That's not going to happen overnight obviously (unless someone bids for it, which is very unlikely), but it's good potential upside, providing nothing major goes wrong in the meantime.
29/3/2016
12:02
masurenguy: Hmmm....a one line first time post, containing no insight whatsoever, hardly provides any credibility ! Sales were only down 10% largely because last years revenues were boosted by a significant one-off contract. This will be boosted this year by the Network Rail and British Land deals. More importantly eps was up 9% and the dividend was increased by 10%2.20p (FY14: 2.00p). The forward PER is just over 11 and drops to less than 10 on the predicted earnings forecast. Paul Scott is an investor here so it will also be interesting to read his view in due course.
01/2/2016
08:37
boonkoh: A sneaky profit warning hidden in a positive announcement! But great to see trading in Q4 in line and new contract win. This should be trading closer to 20x PE for 2015, which means it probably still has another 20% to rise over the next week or two as investors digest the news.
07/9/2015
17:38
paduardo: Emailed investor relations and got a reply back from Matthew Bending within a couple of hours :) Interim results sometime during the week of the 21st. There will be a rns released shortly once final date is confirmed. Later than last year as he is going to India on business. Must say I was very pleasantly surprised to get such a prompt response from the CEO.
05/9/2015
13:22
neilcrom: anybody in JLP ? expecting bank funding for huge low cost tailing projects next week/week after (worth 12p) and mining licence (worth 20p) expected the week after. see webcast (in JLP website) where CEO confirmed NPV for huge platinum mine is worth 1.7billion (compared that with mcap of 27m) and JV discussion already underway, could rerate like AMC from 2p to 20p plus twitter on Friday confirming that several high-net-worth investors have increased their stake to almost 10m shares worth watching and do dyor.
27/6/2015
11:40
paulypilot: Hi Redrumtum, Indeed, people often talk rubbish about a company after it's warned on profits, because they are letting their emotions rule their head. To my mind there are only two questions to ask management after a profit warning - (1) what has gone wrong?, and (2) what are you doing to fix it? As reported in my SCVRs at the time, myself and a couple of other investors had a meeting with SAL management after the second profit warning last year, and we quizzed them on these issues. As I reported at the time, I was happy with their responses, and found them very open, even humble, about the things that had gone wrong. So all good. Also I was happy that they were doing the right things to fix the problems, and hence the shares were a hold (or even buy more, for the brave!) late last year. But if you try telling other investors these things, they don't want to know! Now if people want to get back in after the good news, they'll have to pay about double what they could have paid 9 months ago. There's a bit more colour on the Network Rail deal here: http://www.scotsman.com/business/media-tech-leisure/shares-in-spaceandpeople-surge-after-network-rail-deal-1-3814352 As the news only came out late on Fri afternoon, I suspect the share price rise could continue into Monday. How much is the company worth? Who knows, but with only 19.5m shares in issue, I would have thought £1 a share is a reasonable short term target. Profits? I reckon next year we could be looking at up to £2m profit, since the Network Rail contract will have kicked in from Oct 2014 (hopefully!), and also the new promotional kiosks will be getting rolled out, and remember they are higher margin than the existing kiosks. So in my view this latest announcement draws a line under the problems in 2014, and the shares are justifiable being re-rated. Well done to Matthew Bending & the team at SAL for getting things back on track. Also bear in mind that SAL tends to pay out generous divis, so rising profits should mean a rising divi too. I was worried in the past that SAL might be a counter-cyclical business, which does well in downturns, but is then marginalised in upturns. However, the latest deal has extinguished my worries on that score, so longer term I think there could be upside well beyond 100p. But one step at a time! Have a good weekend all. Regards, Paul.
26/6/2015
17:47
paulypilot: Thanks 1fox1! A super start to the weekend for us all too, so thanks to everyone at SAL for the good news re potential big contract win. Fingers crossed it goes through OK. I do think it's interesting that, when everyone hated this stock late last year, was actually the best time to have bought! It's a good little company, with entrepreneurial management, so great to see them getting things back on track. With small companies, things sometimes goes wrong, so important for investors not to throw out the baby with the bathwater, in my view. Cheers, Paul.
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