Spirent Communications Share Discussion Threads

[fouroaks] 25/1/2006 11:54

Mind you, today (s)he has got some competition - someone is spoiling the game by buying off the offer side and pushing the price up prematurely ;-)

Actually I haven't been watching closely (too busy elsewhere) but it looks as though (s)he is not active today.

[fouroaks] 25/1/2006 11:50

omalha - do you mean to buy or sell?

The reason either way (most of the time) is that there are not very large quantities on the order book at any one time. What's been happening over the last few weeks is that small orders are placed on the offer to depress the offer price. Then orders are placed at the current bid price in chunks of 22,500 and 25,000. Then he just sits and waits patiently for them to be filled. If they are not in a sensible timeframe, then he ups his price a pip and waits again.

This process was followed a few days ago by the holdings RNS from Sun Life of Canada, which is why I'm assuming it is them still at it.

Most of the time there are only a few thousand on the strip at a go. However, there is a 100,000 sell order on from last friday at 53.5p so you should be able to get some at that price.

[omalaha] 25/1/2006 09:50

if someone's scooping these up, why are the online limits so low?

[fouroaks] 25/1/2006 09:33

I don't think Mr Sun Life has finished filling his boots yet!

Ah! Perhaps it's a Miss or Mrs Sun Life! If so, then I do apologise. Now, when you've quite finished can we go up a bit please? Thank you.

[the knife] 25/1/2006 09:00

why dont you do it then

[fouroaks] 25/1/2006 08:05

a77 - No it hadn't and thanks.

Lyntwyn - nor had that, again thanks.

[a77] 24/1/2006 22:37

Dunno if this has already been posted.

Lehman Lifts Price Target On Spirent
Tuesday, January 24, 2006 5:57:10 AM ET
Dow Jones Newswires

0932 GMT [Dow Jones] Lehman Brothers retain Spirent's (SPM.NYS) overweight rating, 59p target. Views the acquisition of SwissQual positively, based on growth prospects, profitability and reasonable valuation. "We expect Spirent to continue growing organically and via M&A, which is appropriate given the consolidating and increasingly competitive telecom test market." Shares trade +1.9% at 52.5p. (SMT)

[the knife] 24/1/2006 21:59

someone said the acquisition p/e was 12x. this is wrong. 27.7/2.4 is wrong

they dont give operating profit, but guessing depreciation is 5% of sales or 0.7m, operating profit would be £1.7m, assuming 30% tax charge net income would be £1.2m. assuming it works out, they meet targets, p/e based on said assumptions is 40.1/1.2 = 33.4. assuming they dont meet any target, pay no earnouts, p/e based on said assumptions is 27.7/1.2= 23.1

[ruffjp] 24/1/2006 18:35

enough cash for a divi now.

[lyntwyn] 24/1/2006 16:57

JP Morgan reiterates 'overweight' with sum-of-parts valuation 58 pence -afx

[fouroaks] 24/1/2006 15:23

Come on them Mr 'Sun Life of Canada', you're going to have to pop your 22,500 order up to 53p soon if you want any more - running out of sellers at that price now ;-)

[fouroaks] 24/1/2006 15:13

Ok, just popped up on here - good job it wasn't urgent!

[fouroaks] 24/1/2006 14:06

Ah, got it from 'that other information site'....

Spirent PLC
24 January 2006



Spirent plc
Result of Extraordinary General Meeting


London, UK - Tuesday, 24 January 2006: Spirent plc (LSE: SPT; NYSE: SPM), a
leading communications technology company, announces that at the Extraordinary
General Meeting of the Company held today, the ordinary resolution approving the
proposed disposal of the HellermannTyton Division of the Spirent group, as set
out in the Notice of EGM dated 15 December 2005, was duly passed.
Completion of the disposal is conditional upon the fulfilment of certain anti-
trust regulatory clearances and is expected as soon as possible thereafter.
The proxy voting figures can be viewed by visiting our website at

www.spirent.com

[fouroaks] 24/1/2006 14:02

Hmm! Still no RNS.

[fouroaks] 24/1/2006 13:44

We have an 'A' but no RNS yet.

[sam79] 24/1/2006 12:19

CTM also will do very well soon, worth a look.

[sam79] 24/1/2006 08:57

Excellent News for SPT

[desperate dan] 23/1/2006 19:08

23.01.06 :-1.5, (51.5) announces that it has entered into an agreement to acquire SwissQual Holding AG, a Swiss-based provider of innovative test and measurement solutions for wireless telecoms markets. Spirent will acquire SwissQual for an initial consideration of CHF62.5 million (£27.7m), payable in cash on completion with up to a further CHF 28.0m (£12.4m) payable depending on revenue growth and various technical and financial milestones. SwissQual will be incorporated within the Performance Analysis division and its experienced management team will continue to manage the business. The acquisition is expected to be earnings enhancing in Spirent's current financial year ended Dec. 31, 2006. The acquisition will be financed from Spirent's cash resources and bank facilities. SwissQual is a profitable and fast growing business, reporting EBITA of CHF 5.5m on revenues of CHF 32.1m in its financial year ended Dec. 31, 2005, up 38% compared to 2004. SwissQual's portfolio of products can be used for: *Benchmarking service quality on an operator's and their competitors' networks. *Delivering detailed information that enables operators to troubleshoot and improve wireless service performance. *Evaluating the service performance of fixed and wireless network equipment in Lab and R&D settings.

[ruffjp] 23/1/2006 18:32

Also note that Spirent should now be able to quantify their outstanding pension liability, something a quite few FTSE100 companies can't do. Another barrier to takeover is removed.

[lyntwyn] 23/1/2006 16:23

This was over the weekend, so before todays acquisition announcement:-

an article in the Guardian reports: Spirent rose friday following strong results from its US competitor Teradyne. Also helping was a research note from UBS, which said the company was a potential takeover target becauseof its broad product range, diverse customer base and low valuation. The broker also pointed out that Spirent has a £170m net cash balance.

[sam79] 23/1/2006 13:46

It will turn BLUE when the US market opens today.IMO

[the knife] 23/1/2006 11:13

SwissQual is only 5 years old. but SPT businesses such as hekimian have a long history. so why cant SPT concentrate on growing its own businesses at 38% rather than pay a premium for some ambitious young upstart ?

[sam79] 23/1/2006 11:06

You must be mad.LOL