Buy
Sell
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
  25.00 0.77% 3,260.00 3,260.00 3,262.00 3,270.00 3,207.00 3,233.00 50,923 11:32:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 1,336.2 -4.1 -14.6 - 3,787

Spectris Share Discussion Threads

Showing 51 to 75 of 450 messages
Chat Pages: Latest  6  5  4  3  2  1
DateSubjectAuthorDiscuss
13/9/2003
00:14
It looks like the 3 of us who have posted have each gone short on seeing the interims. It'd be good to hear from anyone buying so as to understand their thinking about why. Most of my post #51 looked at cash generation whereas SXS's own focus in its presentation is on profits. The 19% increase in headline adjusted operating profit looks good. However that profit figure for 2002 is after operating losses of £0.3m on businesses disposed of later in 2002. If I add that back to H1 2002 adjusted operating profit to get £18.8m rather than the headline £18.5m. H1 2003 adjusted operating was £22m for an increase of £3.5m. They spent £96m on acquiring PANanalytical and even if all the operating profit increase came from that acquisition then the return is only 3.5/96*2 = 7.3% annualised. And we know that SXS are not unimaginative in using acquistion accounting. It'll be interesting to see why they adjusted upwards the £82m goodwill figure for PANanalytical in the 2003 accounts, just as they did on the Spectris AG acquisition in the 2001 accounts. A 12% increase in adjusted EPS looks OK. That goes down to under 10% growth after excluding losses on businesses disposed of last year. Full year adjusted EPS is expected to be around 31p so at 450p that's a P/E of 14.5. That's a PE/growth of 1.4 which given the balance sheet is too high in my view as judged from the earnings perspective. HH #52-- There's no single book/paper I learnt from. There are many things to look at but my starting point is usually EBTA/EV, which I like to see above 15%, and (cash flow from operations-capex)/EBITDA which I like to see above 0.9. I disagree with you that SXS has been overhyped -- in fact it's very low profile for a FTSE 250 stock and has virtually no retail following. Of course, I do agree that it's overvalued relative to other stocks. Mattharrop-- SXS’ businesses are very much knowledge based rather than capital intensive so I do not worry as much as you about tangible assets, except that with aggressive acquisition accounting both goodwill and post-acquisition profits are overstated. Hence the need IMO to look behind reported profits at SXS to cash generation.
campbed
12/9/2003
12:13
Good analysis cambed. I too shorted as soon as I read the results, and is looking very nice so fsr :) My calculation was a little bit more back of the envelope. I tend to look firstly at net profits and apply a typical p/e to get a rough valuation and then take into account Net Assets (SXS has negative net assets after intangibles) and free cash flow. I reckoned about £300-£400m market cap would be realistic (but IMHO still a little high) so at £600m is a definite short
mattharrop
11/9/2003
23:09
Good anaylsis campbed, thanks - i need to learn how to do that type of thing. Can you recommend any good books or papers? Well you know I'm short of this lot. I read the results and noticed that all the growth was by aquistion, no improved market share, order improved volume..nothing. Figures include internal cost cutting but thats done now so next results will have to stand alone. That made me sell more. Hyped over valued stock. Mind you there seems to be a quite a few out there so it's good to be back short on a few. HH.
huwrayhenry
11/9/2003
17:08
I seem to be the only one trying to make sense of SXS's results. I'll give my views this time but unless there is some worthwhile feedback from others then I will not bother again in future. Aixam's spam above also turns me off posting. I shorted Tuesday first thing upon seeing the interims. I have a target of 400p on unchanged market sentiment with a guaranteed stop loss at 510p to offer protection against a bid. The number that leapt out at me from the interims was the free cash flow (FCF). At only £2.2.m this was even less than the £2.9m in H1 last year despite having PANanalytical this H1 (bought for £96.1m last September). Spending against other provision/liabilities was £2.1m this H1 against £6.8m last H1 and adding this spending back gives comparables of £4.3m against £9.7m last H1. SXS look again to have been playing the acquisition accounting game. Goodwill in the balance sheet has increased by £8.8m when there were no acquistions in H1 (from £213.6m at 31 Dec to £222.4m) despite a goodwill amortisation charge of £6.2m in H1. Hence additional goodwill of some £15m has been created presumably on the PANanalytical acquisition made last September for £96.1m. In the Dec 2002 accounts SXS had assigned only £14.1m to fair value of the tangible net assets acquired (including £3.1m of cash) and so created £82m goodwill. If the £15m additional goodwill created does relate just to PANanalytical then SXS will have paid £93m net of cash acquired for no tangible net assets. The concern of course is that the new debit to goodwill would otherwise have been accounted for as losses. With about 123.7m shares, SXS's mkt cap at 490p is £606m. Net debt increased £14m to £191.5m at June. Hence enterprise value (EV) of about £800m. To the FCF of £2.2m add back £2.1m of "exceptional spending" and net interest paid of £5.2m to get A(djusted) FCF of £9.5m. Hence SXS cash generation earned 9.5/800 = 1.2% in H1 or about 2.5% annualised after tax. I just can't see SXS generating AFCF of £80m per year in the near future to justify an EV of £800m. A fairer price in today's market IMO is around 330p to give an EV of about £600m. This gives an EBITA/EV of about 10% based on forecasted EBTA (PBT) of £50m and £10m interest. SXS's share price has had a good run to almost 500p, having roughly doubled from the 230p low last October and in my view has simply overshot. However SXS is well supported by institutions and its retail following is insignificant. For long holders, other shares offer much better value IMO.
campbed
11/9/2003
12:49
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:49
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:49
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:49
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:48
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:48
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:48
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:48
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:48
BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY... GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION.... RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1.. CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..
aixam
11/9/2003
12:15
Calling Campbed from forensics. What do make of the results/ Presentation on the web cast?
ldrcvem
10/9/2003
22:37
lobed more 460p MM's delaying sells to dress the buy trades.
huwrayhenry
09/9/2003
22:01
got a short off on these yesterday at 485. added some more at 475. after the rns today these look good for a drop. DYOR. HH.
huwrayhenry
09/9/2003
13:05
any thoughts campbed?
ldrcvem
04/9/2003
12:18
interims to 30 June next Tuesday 9th
campbed
02/9/2003
18:25
campbed r u still there. your thoughts please.
ldrcvem
01/9/2003
23:06
Point of possible interest: Long term resistance line looks about £5.20. I tried unsuccessfully to cut and paste the chart- have a look at the 10 year chart [and draw a line across the 'peaks'] or click on this link for chart: http://www.advfn.com/cmn/chrt/chrt_wrap.php?epic=SXS&name=Spectris&type=1&sprd=0&size=1&period=12&freq=1&date1_day=27&date1_month=10&date1_year=1986&date2_day=01&date2_month=09&date2_year=2003&ind_type1=0&ind1_1=&ind2_1=&ind_type2=0&ind1_2=&ind2_2=&ind_type3=0&ind1_3=&ind2_3= PS: if you do the same for the 3 year chart, we're at resistance now. See what you think...
appendix
29/8/2003
09:42
£5.00 here we come and before the half yearly results. Could we see the hights of a couple of years ago?? I hope so, but I can't see it happening in the short term. What do you guys think, I would be interested to here from someone who understands what is going on, from someone how brought them just because he worked for them.
dolphinspirit
22/7/2003
21:37
please join rgu thread campbed. we're having lots of fun there.
ldrcvem
10/7/2003
18:24
Glad to see that Dr DarkStar has disappeared - hopefully to another galaxy never to return. Today's half year update from SXS was terse as usual & I thought slightly negative but market seemed happy enough that full year earnings forecast maintained even if H1 will be below target. I'm underperform on SXS and certainly not buying. Will be interesting to see level of cash generation in H1.
campbed
02/7/2003
22:33
and yet again today ... do I remember that Evil was short here a while ago because of concerns about their accounts ? Target 200
dr darkstar
01/7/2003
21:20
down today and a lot further to fall imo ... Poulter obviously thought so too
dr darkstar
Chat Pages: Latest  6  5  4  3  2  1
ADVFN Advertorial
Your Recent History
LSE
SXS
Spectris
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210621 10:48:57