Spaceandpeople Share Discussion Threads

[saucepan] 12/1/2012 16:49

Cheers, davydoo. I hope this works out for you, as well as for the rest of us

[davydoo] 12/1/2012 16:02

I've joined the 3000 club along with cfro and ic2. Sadly not able to get the same price, but happy to start my position here as I research further.

Thanks to GHF for bringing it to my attention and Saucepan for earlier comments.

[hemel] 11/1/2012 10:05

A wide spread normally puts me off buying a share, but I bought yesterday despite this. I usually find it hard to take an immediate 10% paper loss. As the share is illiquid, the MMs have to cover their a*ses I suppose.

[cambium] 10/1/2012 23:15

Good job GHF

[glasshalfull] 10/1/2012 19:05

Thanks for posting davydoo.

I've exchanged emails with the CEO today. I had enquired into release of a trading update but he was quick to confirm that the company had previously made the decision only to release material news and I therefore conclude that we will be waiting until release of the Finals for the next update in approximately 2 months.
Importantly he confirmed - & in no uncertain terms - that the lack of newsflow should not be perceived in a negative manner and therefore my other conclusion is with a lack of newsflow we can expect the company to deliver earnings as per forecasts.

Delivery of forecasts would highlight the magnitude of the share price anomaly should SAL remain becalmed at 52p.

Regards
GHF

[cfro] 10/1/2012 18:31

Excellent research guys thanks. And thanks saucepan for the broker research note, that really helped with my decision to buy today.

I see the brokers share price target is 92p, nearly double where we are currently. ;-)

A PE of 7.6 falling to about 6.4 to year end 2012.

High growth rate, divi yield and a ROCE of 68%. Lots to like.

Only have a very small initial investment but will look to add as and when.

Trading update due any day.

[davydoo] 10/1/2012 16:54

Cant really add to the numbers that GHF has summarised well, and those contained within the broker notes, but wanted to just share a few early, and slightly random thoughts as I've been looking through things.

At first glance seemed a lot of board members for a small co, but then became clear its the amalgamation of two boards. Perhaps an opportunity to shed some cost there in future or at least grow the business without needing to add to the board.

Very impressed by board histories and experiences seem very good and particularly relevant to what the business does.

Board salaries seem reasonable, and have not been rising, when it would have been easy to do so, with the 'justification' of managing a larger group. Also the increase in dividend bodes well for the top two benefitting through dividends (that attract no NI) as opposed to larger salaries. Always like to see my interests aligned.

In a previous employed role i had working with smaller companies this is the way most executives paid themselves, but it can easily be forgotten as companies grow, and become listed, and again people 'justify' increasing salaries.

Share price well below recent highs and below placing price for an acquisition that appears to be working, and therefore i place a higher value on this than the speculation of an acquisition working.

Indian subsidiary, isn't really, as at 49% its an investment, therefore overall control is missing. I have another share like this, partly reliant on future dividends, which may be some way off for a new co with a market the size of india to go at, so gradual disposal of holding may be the best way to see a real return, but no need to worry yet if the business doesn't need funding.

To have made the model work in such diverse places as russia, uk and india, suggests further growth opportunities in other new markets, particularly emerging markets where brands may need more experiential marketing to 'catch up' on brand awareness, and quickly launch products directly to a retail market.

A lot of options in the 85p area, based on strong eps growth criteria, so again another aspect of aligned interests.

Debt seems to be forecast to be repaid quite quickly.

will post more as i get deeper.

[interceptor2] 10/1/2012 15:15

Edit, double post,

[interceptor2] 10/1/2012 15:14

Thanks for the welcome GHF, always pleased to see you also holding. I had SAL on my watchlist since October, but I just needed Saucepan to give me a prod to make me re-check these.

ic2...

[glasshalfull] 10/1/2012 10:04

85k of buys since 1600hrs yesterday.

Yep I'm responsible for a few of the trades but reckon a number of others also clearly see value here including cfro & ic2 (welcome guys). Look what you've started Saucepan!

Davydoo - Good to see giving this a look. Interested in your thoughts.

Regards
GHF

[saucepan] 09/1/2012 23:22

Yep, good point davydoo. I totally agree.

[davydoo] 09/1/2012 22:24

Thanks saucepan, saw that earlier, I always like companies that post this research on their own site, whether it's paid for research or not. I'm so tired of brokers telling me they can't share their research with me as I'm not an institution, completely forgetting that im a part owner of the company that pays them fees.

[saucepan] 09/1/2012 19:59

For anyone else looking in, here is a link to a comprehensive Equity Development Research Note, which I have just drawn attention to on the ZULU thread:

[davydoo] 09/1/2012 18:49

GHF great post on this one on the Zulu board, i don't even know what they do yet, but the numbers you summarised caught my eye, and the mkt cap and recent price added to the appeal.

Will be looking further at this.

[glasshalfull] 09/1/2012 17:12

Glasshalfull - 9 Jan'12 - 17:00 - 11 of 12 edit

saucepan - Thanks for the list.

SAL were new to me and after a few hours research I've dipped my toe in here.

Market cap £10.1m & forecasts indicate they will deliver earnings of £1.8m PBT for year just ended. This equates to EPS of 6.8p (6.4p diluted). Therfore PER 7.6 or 8.1 using diluted figure.

D/V yield at 52p mid is also forecast at 5.6% (2.9p per share ;-)

Year end gearing likely to increase to 43% following acquisition of Retail Profile UK and capex in expanding German offering.

However, it's the growth in the German, Indian and Russian arms that whetted my appetite. India has now turned profitable and German ventures look very promising. Also their Russian licensing agreement appears to be moving in the right direction and therefore look capable in achieving the following growth projections

(Per Equity Development)

2012 - 27% growth
2013 - 13% growth
2014 - 14% growth

Indeed if these figures are achieved then earnings in a couple of years time are forecast at £3.0m PBT and 11.2 EPS (10.5p diluted)...and decent dividend increase also factored in.

Looks good value to me.

Regards,
GHF

[glasshalfull] 09/1/2012 17:09

Well, thanks to saucepan posting over on the ZULU 2012 thread I carried out a couple of hours research and took an initial position today.

I've posted a quick run through over on the ZULU thread and thought it worthy to replicate here.

I'd certainly welcome any thoughts from any of the significant holders here....Roy, hope you're scanning the thread ;-)
Happy for comment on or off board.

My email is [e-mail]

Thanks,
GHF

EDIT - I shouldn't post via iPhone. Email address corrected. Doh!!!

[ydderf] 27/10/2011 19:33

what is there not to like?

plus a paucity of posts here

purrfect

[cerrito] 19/9/2011 22:03

Yes Topvest good results; sold out earlier in the year but continue to watch but given the share price resilience in August did not buy any then. Also good to see Russia going well.

[topvest] 19/9/2011 21:47

Results today looked encouraging, particularly in Germany and India where profits should grow strongly.

[hannahc] 19/9/2011 16:48

Please click on the link below to access our latest research note on SpaceandPeople:



Kind Regards,

The Equity Development Team

[hannahc] 19/9/2011 16:48

Please click on the link below to access our latest research note on SpaceandPeople:



Kind Regards,

The Equity Development Team

[hannahc] 05/8/2011 10:13

Primary research note on SpaceandPeople now available:



Regards,

The Equity Development Team

[hannahc] 05/8/2011 10:13

Primary research note on SpaceandPeople now available:



Regards,

The Equity Development Team

[doobster78] 23/6/2011 21:55

Did anyone attend the AGM today ? Anything of note / questions asked etc. Thanks

[saucepan] 21/6/2011 14:02

Bought a few more myself this morning.