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Share Name Share Symbol Market Type Share ISIN Share Description
Spaceandpeople Plc LSE:SAL London Ordinary Share GB00B058DS79 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 14.50 0.00 07:35:44
Bid Price Offer Price High Price Low Price Open Price
13.00 16.00 14.50 14.50 14.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 7.94 -0.42 3.0
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
09/7/201914:42SAL with Charts & News1,025
10/5/201720:18SAL - TARGET 1OOP3
08/2/201209:12SpaceandPeople - No news is good news-
19/9/201116:48SpaceandPeople - Visible evidence of success-
05/8/201110:13SpaceandPeople - Set Fair..-

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Spaceandpeople Daily Update: Spaceandpeople Plc is listed in the Media sector of the London Stock Exchange with ticker SAL. The last closing price for Spaceandpeople was 14.50p.
Spaceandpeople Plc has a 4 week average price of 11.50p and a 12 week average price of 11.50p.
The 1 year high share price is 31.50p while the 1 year low share price is currently 11.50p.
There are currently 19,519,563 shares in issue and the average daily traded volume is 80,745 shares. The market capitalisation of Spaceandpeople Plc is £2,830,336.64.
25october1969: All in it sounds very good news but it would have been very helpful if they had included some financial data even if it is their wild estimate of what they think the potential income/cost in year 1 and 2 might be ie can we expect a contribution or a hit to bottom line. I am also struggling the bones of the agreement.....The RNS states: "SpaceandPeople plc ("S&P") has entered into an exclusive agreement with MG Malls, Inc. ("MG"), in the USA, to introduce and market S&P's unique Mobile Promotions Kiosk ("MPK") platform to high footfall venues in the USA and Canada ("Agreement")" It is not clear if SAL are doing the Marketing or if this will be done by MG Malls. If this is for SAL then no doubt heavy costs of flights/ accommodation and entertaining potential clients. Are MG Malls sharing the "risk"? Russia, India, France, Germany.....share price is less than half what it was at the float..... now the USA, it could be a great deal....hopefully
eastbourne1982: Sold today for a hefty loss, the results were dire and there was no prior warning, last update was OK, a prior warning would have smashed the share price anyway however to just bring out results like those leaves a very sour taste in my mouth.
dangersimpson2: Ok, do you think receivables 60 days + past due are highly likely to be unrecoverable? How much they would actually get in a buyback may be limited but assuming the broker/RNS costs are not excessive on really small amounts then it would be a good use of capital. Maybe they do have capital investments with an IRR higher than 33% then they should pursue these but if not buying their own business on an adjusted EV/EBITDA of 3 and a known risk profile makes sense. If the worst case is the share price moves up rapidly to an average market rating and they get no shares in the buyback then you won't see any complaints from me.
25october1969: I met with CEO after results came out, he gave nothing away but was positive about both the UK and German businesses. He is certainly committed to the business via his large shareholding and as far as I am aware he has never sold any of his shares. It would have been useful if the announcement had some "meat on the bone" eg did forecasts for the year assume M&G would be renewed or is this extra revenue? Update of progress on Germany would also be welcome, assuming that there is something to say. And finally, it would be good to see some activity on the share buy back program, i can not recall what the buy back criteria was, but on the basis that if SAL deliver, share price can only go in one direction therefore, now is the time to start buying back, why wait?
topvest: That discount rate is definitely too low. Doesn't really matter though. At the end of the day its making a reasonable return. If they can grow the business its worth a lot more than the current share price. They are an innovative team so happy to hold for now and collect the dividend. Hopefully, more progress and less mishaps to come!
eastbourne1982: Whilst I see where you are coming from, the business has hopefully learnt a few lessons and is focusing on building a lower cost, higher margin business. If cash generation continues as it is the share price will be forced higher even if the PE ratio remains relatively low. The cash position has gone from 400k to nearly 2 million in the space of a year ! There is also scope for pretty hefty special dividends as well.
kangaroo joe: Still holding and confident. Fingers crossed. Trading can be difficult with wide spreads so hoping for marked improvement in share price that is sustainable.
eastbourne1982: I thought the results were fine, second half is where the business is done. Look at the turnaround in the cash position, that is pretty big for a company with a market cap of circa 7 million. Also if you are waiting for contract news, as soon as any deals are announced the share price will gap up at the open.
masurenguy: Paul Scott's initial reaction to todays update. "My opinion - it's the type of profit warning that I like - i.e. a ring-fenced, one-off problem. It sounds like the rest of the business is trading well, and with the market cap now peanuts, I like it at this level. Whilst obviously recognising that the share price performance has been very poor. That's the past, which we can't change. It's the future which matters to me. So personally, I'm glass half full on this one, at the current valuation. Plenty of people are glass half empty on it, mind you. I had a catch up call with the CEO this morning, and will publish that this evening on my website." It will be interesting to read his follow up view which he plans to publish this evening.
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.
Spaceandpeople share price data is direct from the London Stock Exchange
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