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Share Name Share Symbol Market Type Share ISIN Share Description
Spectris Plc LSE:SXS London Ordinary Share GB0003308607 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -15.00 -0.45% 3,283.00 3,282.00 3,284.00 3,314.00 3,282.00 3,314.00 65,955 10:47:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 1,336.2 -4.1 -14.6 - 3,814

Spectris Share Discussion Threads

Showing 26 to 50 of 450 messages
Chat Pages: Latest  6  5  4  3  2  1
DateSubjectAuthorDiscuss
16/6/2003
17:43
Poulter (chairman, ex CEO) sells 20k shares per RNS today and couple of brokers (not Caz or Merrills)revise price target to 400p. Looks as though recent rise from 300p has found its resistance point around 400p. Might fall back more, no reason to buy.
campbed
12/6/2003
10:39
mattharop – I think you're wise to abandon your short on SXS for the time being dolphinspirit- SXS' share price could in my view easily go to £4.50 if markets continue to look for recovery and warm noises keep emanating from management as I’m told they did at last week's institutional meeting. £5 would be pushing it but, as we saw in the last few days with M&B, Cazenove can often be particularly effective at gaining “recognition” for the price of their clients' shares. ldrcvem - glad your T+20 sell (or whatever) on Marconi worked. As to Regus, there is not a normal market in its shares at the moment because Indigo has gone long on CFD's through Cantor on most of the free float. GNI has a disclosable holding. They are squeezing the bears. This is not a market for “country”; members who are not in the know. Hence I have no position while the inside bulls & bears tussle. Jeffian on the Advfn bb is right IMO that Regus' shares on fundamental analysis is worth very little. As to why Indigo is doing this is a matter for conjecture but, as Maxwell showed, if a company is fundamentally bust then the value of its shares can only be supported for so long before the inevitable happens. LMC just appears to be a fashion frenzy and/or hopes of a US acquirer -- it was up another 12.5p today to 162.5p and up another 7p today in a sea of blue following New York. As to Spectris (SXS), although it is a FTSE 250 share it does not have much retail following. Hence no attendees at the recent AGM of SXS; though the company secretary does not seem to be disappointed by this. It makes me think about buying a token share in certificated form just to attend next year’s AGM to give them a surprise. I think company secretaries/directors/pr/brokers should monitor Advfn BB's for retail feedback and believe that happens more often than you'd expect. However they cannot say much, if anything. It was therefore good to see Roger Stephens, SXS company secretary, break cover at post #19 and wittily pull me up for being allegorical. However I note that JeremyL who posted as an employee of a trading company within the Spectris group on the last thread has not been heard from recently and has presumably been told not to post by the good Mr Stephens. Go on JeremyL prove me wrong!! In summary, there are currently shares other than SXS on which with more assurance one can go either long or short: hence I’ve no position.
campbed
11/6/2003
18:11
Campbed Good to find you again on this thread which I have revisited as the price of sxs has broken thru my target short level. Most intrigued by the post from R Stephens (if it is indeed he of the unfortunate appearance on the far right of the "experienced management" page of the 2001 accounts) He certainly raises a few questions: 1 Why did no one show up to the AGM?(how many biscuits had they budgeted on for shareholders?) 2 What is the co sec of a company doing on the ADVFN bulletin board checking out company gossip? Has he not got work to do? 3 What is a company secretary doing with a sense of humour ? (his post was quite witty as I am sure you , Campbed will concede.) They are mostly chosen for their dourness and willingness to do or say what they are told In my view the only measure on which SXS can possibly look attractive is that of PE ratio which,as all your earlier posts have lucidly demonstrated can be a meaningless measure for an aquisitive company with aggressive accounting practises.(Interesting to see the finance director cut his teeth at the mighty BTR) I agree totally with you on Lastminute. It is a matter of being patient and waiting till the penny drops My Marconi Bear worked like clockwork. I would be very interested in your views on Regus, surely the most obviously overvalued co in the market at the moment. Like SXS the BB thread is good stuff the Campbed of the thread being a cove named Jeffian.
ldrcvem
11/6/2003
16:32
Any one perpared to predict how far this share is going to go before the next major drop. As I am long on this share I would like to see +£5.00 though I think £4.50 is more likely. (I have nothing to back this up with) D.
dolphinspirit
10/6/2003
13:23
Campbed - agree with you. Closed short on the move through £4, bit annoying. See no reason to reenter short at this moment, but remains on my watchlist (as does LMC that you mention). Market seems to have calmed down a bit now, and fairly bad news out the states yesterday, although this was more company specific than the economy in general.
mattharrop
03/6/2003
17:55
mattharrop -- pain for you shorters yesterday as SXS' price spiked over 400p, supposedly on research note from non house broker which I still have to look at (now done so but it said nothing new). No position on SXS. Mkt strong, looking for good news & SXS pitching their story so is a high risk short. Accept they'll do better on adjusted profits reported this year than many in electronics sector but IMO is very fully priced on cash generation. More generally on shorting, this market is starting to show some excess valuation blindspots. For example internet merchandising stocks are back in fashion and are rising like a phoenix. For example, look at Last minute.com LMC at 140p/share which is now valued at £400m. Why anybody should think a loss- making agent for primary suppliers' distressed travel offerings is worth £400m (with only something like £25m net cash and minimal tangible net assets) totally escapes me. In the US mainstream full-price travel distributors are attracting even crazier valuations and so their acquisition of LMC could be enterprise value enhancing to them -- aka the greater fool theory. However LMC cannot grow its mainstream travel offering without losing its USP of selling excess stock at distress prices. That USP puts a cap on its share of the travel market as primary suppliers don't want too much stock going thru electronic bucket shops. Hence move to red letter day "experiences" and car hire but low barriers to entry on those. Just because LMC and other low margin internet peddlers survived the internet crash as a result of how much cash they raised at flotation and more recently seems to the the rationale to justify current valuations for these. PS 4 June: LMC enjoyed another 10p rise today - so I've retired hurt on that short for the moment & closed it. Rather like SXS in April 02, the valuation of LMC will come back to a sane level IMO later on but its in fashion now. Talking of which mass market fashion retailers have had a horrible time since Easter and so I am shorting a couple of stocks in that sector e.g. see Next (NXT) board for why it is a popular short currently.
campbed
13/5/2003
16:04
Opened a new short on this today. I'm not a technician (or i'd probably wait for £4) but just feel it has come too far in too short a space of time. Massively overvalued on a b/s basis, but it's earnings that seem to count until you disappoint, otherwise BSY and IMT would also be worthless.
mattharrop
13/5/2003
15:31
Campbed, I was mainly addressing to your good self, but I am open to any one else that is prepared to answer. Thanks D.
dolphinspirit
13/5/2003
11:11
Roger Stephens: Oh dear, my fault that you've misunderstood the allegory about "popping in as non holder" to avoid any reference on a public board to specific sources though I have reviewed what I wrote & is all available from SXS's own releases to the market and house brokers' notes. Dolphinspirit: If your question at #20 is addressed to Roger Stephens I don't think he can as Company Secretary comment publicly. If addressed to me then my opinion is given in penultimate para of #15. The unknown is always corporate finance activity. Until SXS bought Spectris AG in 2000 and Phillips Analytical in 2002, most of its operating companies look to have been in US. SXS P/E rating is still low by US standards if not by UK/European standards. It would readily make an earnings enhancing acquistion for a number of US companies who may be looking outside the US for diversification -- not starting any rumour just stating the obvious though equally obviously the need for an all cash offer, weak $ and SXS's debt levels would be deterrents. If addressed to others then look forward to seeing other views.
campbed
13/5/2003
09:05
how high do you think this present run is going to go? Is £4.00 a suitable target, or do you think it could go further? I would be interested to here your opinion D.
dolphinspirit
12/5/2003
16:13
Campbed, I was sorry to have missed the opportunity of meeting you at the Spectris AGM. However, as a) non-shareholders are not admitted and b) there were no attendees, shareholders or otherwise, I was very surprised to see that you apparently "popped in". Are you perhaps a member of our board of directors (highly unlikely) or the Invisible Man (more likely, but still improbable)? Or could it be that, as was recently said about Peter Mandelson, for you the truth is like a second home: you don't live there all the time? Campbed (or should it be comic character Compo?), I think this needs to be clarified for the benefit of your correspondents, who take your statements at face value, and of course our AGM records. Roger Stephens Company Secretary Spectris plc
roger stephens
07/5/2003
16:50
Thanks Campbed
dolphinspirit
07/5/2003
15:48
Duplicate -- sorry
campbed
07/5/2003
15:48
Duplicate -- double sorry
campbed
07/5/2003
15:47
Popped into AGM this morning though not a holder. Their directors' mood is better but not yet positive. Not deserving of a 50% increase in share price in last 8 months from 240p to current 360p. Q1 2002 was very bad for them and it is little wonder Q1 2003 saw some improvement. Market guidance for adjusted PBT in 2003 on core businesses before exceptionals and goodwill amortisation is about £50m (I calculate £43.3m in 2002). The increase is entirely from having PANanalytical (acquired 25 Aug 2002) for a full year with the remaining businesses forecasted for only slight improvement. SXS market capitalisation = 124m shares *£3.6/share = £445m Average net debt = £185m Enterprise Value = £630m Expected sales = £600m mostly from EUR and so helped by relative currency strength Forecasted adjusted EPS of 30.6p in 2003. Hence P/E is 360/30.6 = 11.7 Institutional sentiment remains positive but IMO there are many shares that offer better value. SXS is a quasi-conglomerate with IMO a problematic group balance sheet as a result of acquisitive growth and aggresive earnings accounting. Their ability to realise prices of one times sales on forced disposal of their collection of relatively small businesses is doubtful. Still to re-finance £60m+ current bank debt taken on to partly finance PAN analytical acquisition. Adjusted PBT in 2003 still benefiting from the utilisation of prior year acquisition provisions. At 360p, IMO the shares are at least 15% overvalued in today's market but would want to see price climb by another 10% to 400p before shorting. However sentiment over debt repayment can change very quickly and will keep on my watch list. Dolphinspirit - the rise is not likely to be due to the shares going ex dividend on 16 May. SXS management try to sell the company as high growth/high quality earnings to institutions with Caz & Merrills -- notifiable (3%+) material interest holdings by institutions are only about 22% of total shares and directors hold under 0.5%, so many institutions hold non-notifiable holdings which are relatively liquid if sentiment changes. Also Evil Knieval was shorting this share quite publicly but rumour has it that he is no longer and he's had to cover in a bear squeeze.
campbed
07/5/2003
11:49
Do you think that the dividend being due next week might have something to do with the prices going up this week?
dolphinspirit
07/5/2003
10:49
positive agm statemeent in my view.........the ntav (or lack of ) argument cannot make an impact if these guys keep delivering
yas0
24/4/2003
21:28
Short now - got no idea why the rise . directors cashed in some at 265p think it was after results so I don;t think they know why its up here either!
felix99
24/4/2003
11:55
Any idear to what is pushing the price up at the moment? 18p rise in half a day were will it end, am I going to get my money back?????????? D
dolphinspirit
24/4/2003
00:40
Campbed, Out of curiosoty do you have a view on Corus. Do you think it will get the new credit facility to ensure its survival or do you feel a d4e is inevitable. cheers yas
yas0
24/4/2003
00:38
campbed, thanks for your comments. i aim to revisit this with a view to shorting it when it gets to about 360 or slightly higher. uNTIL THEN I FEEL IT IS BEST TO STAY AWAY, SINCE THIS SHARE SPIKES HIGHER very QUICKLY on little vol.
yas0
14/4/2003
11:36
Spectris' report & audited accounts were issued on 8th. Have just had a look at them but do not see any big surprises this year and my feelings remain much the same as in first post on this thread. Will keep on watch list for signs of change of sentiment on ability to repay debt from cash flow .
campbed
01/4/2003
21:35
ldrcvem I don't follow Moni as its price is too subject to bank/restructuring news which always leaks to market well ahead of any RNS. There was a piece in Tempus in Times today going through the arithmetic and he recommends a sell: http://www.timesonline.co.uk/article/0,,748-630567,00.html SXS price seems to be holding up around 300p following post results institutional presentations. Have not yet looked at the statutory accounts -- has anyone else?
campbed
19/3/2003
22:33
campbed thank you for your enlightenment on that. as you seem to be a fellow who makes a great deal of sense, i would greatly value your opinion on my marconi short idea. as you may know the details of the reconstruction are now out. i have made a few comments on the moni "warrants a closer look thread" today and yesterday and any thoughts you might have would be welcome on that thread.
ldrcvem
13/3/2003
11:18
ldrcvem -- spending set against prior year provisions can only become clearer from the publication of full accounts. You're comparing the movement in total provisions for liabilities/charges in the balance sheet (incl for example deferred tax and fair value provisions for PANalytical) net of exchange movements with the movement in note 5 that only affects cash flow from operating activities prior to exchange movement. My £13m figure was from simply taking the £14.6m reduction per note 5 and taking off the £1.3m non-cash release of excess fair value provisions per note 2.
campbed
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