Share Name Share Symbol Market Type Share ISIN Share Description
Srt Marine Systems Plc LSE:SRT London Ordinary Share GB00B0M8KM36 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 35.05 5,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
34.10 36.00 35.05 35.05 35.05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 18.91 -6.90 -3.93 58
Last Trade Time Trade Type Trade Size Trade Price Currency
09:02:09 O 5,000 35.525 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-02 15:53:2334.651,000346.50O
2021-03-02 15:21:4834.651,344465.70O
2021-03-02 15:11:1034.5016,9275,839.82O
2021-03-02 13:27:5235.605,0001,780.00O
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Srt Marine Systems Daily Update: Srt Marine Systems Plc is listed in the General Financial sector of the London Stock Exchange with ticker SRT. The last closing price for Srt Marine Systems was 35.05p.
Srt Marine Systems Plc has a 4 week average price of 31.50p and a 12 week average price of 31.50p.
The 1 year high share price is 45.50p while the 1 year low share price is currently 23p.
There are currently 164,251,939 shares in issue and the average daily traded volume is 106,859 shares. The market capitalisation of Srt Marine Systems Plc is £57,570,304.62.
countryman5: Looks like one of the global players in the MDM market. Obviously another potential bidder who would like to acquire SRT, if only the major shareholders were to be sellers. I am assuming that the only bid that would work is one which has the support of the major shareholders. I imagine that Mr T is in touch with them. LAV is right. SRT does not bid for the military contracts . However, the Geovs hub would be superb for such contracts. Would SRT license such a system to a military contractor? The Geovs system has the ability to identify an alert and then identify the appropriate asset to be deployed.
countryman5: Mr T said that more people were viewing the webcast than usual. However, SRT is only a minnow on a very few radars. No institutions declared. Is the story credible? The share price says that very few people believe that the contracts will happen. I believe that the first of the 6, which he referred to, will be for between $40 and $50 million. Will that focus minds or will more contracts be required to take it to the 60 - 80 p level?
countryman5: SRT partners. The business model that SRT has adopted for its MDM contracts is to team up with a local partner. SRT relies on choosing a partner that has a good in Country reputation. The contract will be fixed price which provides for the partner to fund any 'unforseens'. This obviously comes at a price but allows for the Company to have total visibility of costs. Such a system of in Country partners has been a blessing with Covid restrictions. It will be interesting to hear (hopefully tomorrow) how the roll out of the Philippines IMEMS contract is going. We should not underestimate the sales potential of IMEMS to other entities in the Philippines and also its neighbours (Vietnam, Indonesia and others)
alter ego: well said Countryman5. There are plenty of stocks with "potential" but making losses which have exalted market caps. SRT is not one. The market demands tangible revenues/earnings. Fair enough, a different attitude applies even if it begs the question why is SRT's potential not given any value. On the projects side, SRT has spent years developing the products and the relationships with "hard to please" customers who realise they need what SRT can supply but don't know how to define the solution. It's not like selling standard units; solutions are bespoke and detailed. For shareholders and management, the time required to agree a contract is frustratingly slow but given the efforts made by all the parties, are these projects likely to fizzle out? Covid has undoubtedly thrown a spanner in the works but I'm sure that the good folk at MSN are not twiddling their thumbs. We have all been patient for many years but during that time SRT has built an offering that places the company in pole position to satisfy needs that are increasingly obvious and of growing importance. Investors who don't have the patience to wait for the reward have plenty of other choices in the market.
countryman5: How do you value AIM stock SRT? The obvious answer is to look at the share price. This is what the market says the Company is worth. However, like many companies, the share price is a yo-yo. There is no serious research done and sentiment is driven by numerous factors, including 'fear and greed'. The SRT share price is also influenced by Simon Thompson of the Investors Chronicle. He has a good track record and a strong following. I predict that when the long awaited Middle East contract ($40 to $50 million?) is announced it will be followed by a Simon Thompson update. The share price will then be between 50 and 60 p. After several days the share price will start to drift back. However, if a similar contract is announced within a short period of time the share price will have a leg up to about 80p. If such an event happens then Simon Thompson becomes irrelevant because 'momentum' investors take over. What are the fundamental strengths of this company? Dedicated and enthusiastic management who appear able to choose a good team. Little debt and sufficient cash in bank. Validated Sales Opportunity Pipeline (VSOP)of about £550 million. Market ridicules this but this figure will have been validated by Nomad. No pension liability. The Warren Buffet 'Economic Moat'. This means that the company has a unique offering that can not be easily replicated. The Geovs system is the hub of the company's Marine Domain Management (MDM) system. The Geovs system is constantly upgraded with numerous layers of software. This system receives all of the information feeds (AIS, CCTV, satellite, radar, fish catch reporting, etc) and slices and dices the information so that the operator is presented with all of the critical alerts and information. The Geovs facility puts the Company in a unique position when global contracts are tendered. The Company has also built up a world class reputation for quality and service with its AIS transceivers. It has its own growing brand called EMTRAK but it also sells to others such as Raymarine. This part of the company produces sales of about £8 million PA at about 45% margin with growth about 15% pa. The great potential of the company is the VSOP of £550 for MDM contracts. As mentioned above, this is ridiculed by the market. However, if and when contracts start to be delivered the company could easily be producing T/O of £70 million PA with an operating profit of £20 million. How do you value a fast growing company delivering such numbers? Another thought. There are a few investors here who collectively own nearly 50% of the company. I suspect that they have placed their bets following detailed meetings with management and these investors share the vision of the future. They currently like the AIM tax advantage for inheritance tax purposes. Currently no tax to pay. The Chancellor might reduce or remove this concession in the future. On the other hand inheritance tax might rise from its current 40% level. A final comment. This Company is not standing still with its R&D. We have been told about a completely new product , which will probably take several months to come to market. The established 'Aids To Navigation' (ATON) device is at last gaining traction and has been incorporated in a 'Turn Key' solution for monitoring ports and inland waterways. This system has only recently been launched but has enormous potential
monkeyisland: LaValmy your comment on CLS hybrid GSM/Sat AIS vs SRT basestation/Sat AIS and SRT wiping the floor with the opposition seems a little unbalanced. This sounds like a sales pitch? I would think that both approaches have relative merits and disadvantages? Having to install manage and support through life a base station network does not come without costs and issues. How long to get good coverage (depending on the geography of the country?), quality of service, who owns this (customers or SRT?). Using the already available cellular network removes this burden albeit at a cost. It enables the ability to remotely connect and support users (something base station AIS is not designed for). In this current Covid environment using all ready available infrastructure and networks would seem a pretty smart move in my book. Delivery of projects would only be limited to how quickly you can install on vessels, rather than installing supporting infrastructure. If SRT had adopted this GSM / Sat hybrid approach perhaps some projects would be further down the road than they are now?
lavalmy: I have just been informing myself about the differences between a hybrid GSM/satellite system as touted by CLS (and I have seen others mentioned) and SRT's hybrid AIS base station/Satellite AIS system. Much clarity was given by the powers that be at MSN towers. GSM doesn't go out as far, maybe 10 nm. Although it is equally radio, mobile phone networks try to reuse their spectrum as often as they can. Each call is on two frequencies (and often a third is used to manage it) and the signal is powered so that it will not interfere with a call on the same frequency in the next cell [All that is my very own understanding]. Hence the limited range. AIS, on only two frequencies worldwide, instead splits the time into cleverly managed slots and only has line of sight limitations. A good estimate is that 75% of the fishing boats would not go out of range of the base stations. With GSM a lot fewer. So with a GSM/Satellite hybrid, CLS would be hoping to get data charges for quite of large percentage of the boats, expensively too, although we have not yet seen their pricing. Customers would also have to have a deal with the GSM operator. With SRT's system, it is mostly free apart from the satellite fill-in. And that is where is gets very interesting. The satellite providers don't know how many boats are being tracked. They just receive signals (encrypted at that). And they charge by area, so you can buy e.g. the Western Pacific for a fixed sum. If required SRT can add on a non-AIS system, but that is rarely needed. The success or failure of getting a signal comes down more to the transponders than the satellite operator - although some are better than others, our friends at eE for example. So the more transponders SRT has out there, the lower the cost per unit. Hence they can wipe the floor with anyone. Neat, really.
countryman5: I have been a supporter of this company for several years. I know nothing about boats. I was introduced to the company via my stockbroker. I liked the management and I thought that the product had great potential. Investing is always a gamble but I believe the path that the company has trod has been very fortuitous. The purchase of Geovs was the foundation of the 'Systems' business. I recognise that Mr T regards the company as his own. This shows a commitment but I have always found him accommodating to his fellow shareholders. I don't know of any other company where the CEO opens up to questions on a regular basis. There are many start out companies that are losing vast amounts of money each year but nevertheless have fancy valuations based on the assumption of future growth. This company started with creating the hardware of AIS modules. It has grown Emtrak as its own brand and developed ATON and is now developing a completely new device which will come onto the market in a few months time. They appear to have acquired some very clever 'boffins' which keep developing new technology. This side of the business, including OEM sales to the likes of Raymarine (currently supplying the US coastguard)provides annual revenues that underpins the company overheads. Sales are growing about 15% PA with margins of nearly 50%. The purchase of the Geovs system provided the platform to bolt on layers and layers of software that gives the company the 'economic moat' for the 'systems' business. This business has the potential to provide enormous revenues with generous margins. The starting point was Bahrain. I suspect that it was the personality of Mr T that persuaded Bahrain to be the first Country to gamble on the SRT system. It was a gamble for Bahrain to buy this system. However, it appears very proud of its purchase and has become the shop window for the SRT system. It appears that all of its neighbours, Saudi, Kuwait etc are going to buy the SRT system and then share information. I don't think the market has woken up to this. The other major triumph for Mr T was persuading the philippines fisheries (BFAR) to buy the SRT system. The first SRT system is currently being installed / commissioned and there is huge potential for follow on contracts, not only with the Philippines but also their neighbours. The driver for the fish monitoring systems is the EU. The EU buys a lot of fish from SE Asia and does not like illegal and unregulated (IUU) fishing. A red card means no exports, hence the need for the SRT system. SRT claims that it has the potential order book for £550 million. Some of these are near term opportunities and some more distant!! Why should countries chose the SRT system? Basically the answer is cost and reliability. The SRT system primarily uses AIS and land based transmitters. Other competitors rely on expensive satellite systems, including iridium. The clever Geovs system collates various information feeds, such as radar, satellite and CCTV. It then 'slices and dices' the information and issues alerts to the operator if something appears illegal. The Geovs system is constantly being upgraded and now includes fish catch reporting. My wife suggests that I have 'rose coloured' spectacles with regard to SRT. I genuinely believe that we are on the cusp of an enormous break through with imminent announcements. I am well aware of the 'jam tomorrow' comment and recognise that PI's have been waiting a long time
goodapple: While we languish in lockdown awaiting news of contracts, some interesting browsing re the AtoN market in which SRT has been active for some years now. Countryman5 has often referred to the potential for this segment of the business, so he will no doubt be acquainted with this particular customer of SRT. SEALITE is the global leader in the design and manufacture of marine aids to navigation equipment with manufacturing and office locations in Australia, Singapore, the United Kingdom and the United States, as well as distributors servicing over 100 countries. Their website - - gives a fascinating insight into the scale and complexities of their business. Amongst others they are suppliers to the US Coastguard and Trinity House. They are doubtless the conduit for SRT’s ambitions with these particular end customers. Sealite incorporate SRT’s transceiver modules into various products as well as stocking the complete AtoN which we would recognise from SRT’s literature. Anyway, it is well worth signing up for their Newsletter which gives some indication of current market developments. In particular the recent edition gives notice of an upcoming webinar on the Monitoring and Asset Management of AtoN. I trawled back and watched Webinar3, presented by a gentleman from US Coastguard which gives a fascinating background to AtoN and the enormous potential that AIS AtoN has for the delivery of information and data. Well worth a look, and some reassurance that we are just at the beginnings of a long upward curve for this particular segment of SRT’s business. Countryman5: I’m sure you know this already!
countryman5: ATON stands for 'Aid to Navigation'. The SRT product allows existing marker buoys to be upgraded to transmit electronic signals to either passing vessels or back to the mainland. Traditionally these buoys have carried a marker lantern but AIS now gives these floating platforms a whole new meaning. The SRT Environmental System will allow authorities to have a turn key solution enabling them to monitor a vast amount of information. The SRT system will provide the monitors and back up which can be viewed at numerous locations. However, of equal importance will be the sharing of information to passing vessels. It appears that the SRT ATON is the best in class. This is because of its very low power consumption but also because of SRT's AIS reputation. Power usually comes from solar panels which are ideal recipients of bird s... Historically SRT just provided the AIS transponder. It has now moved into being a 'systems provider' with enormous financial potential. Likewise the rolling out of the 'Environmental Systems', based on the ATON, will allow the company to massively grow its turnover. The beauty of the ATON is its ability to feed back signals from numerous feeds. It can measure the changing distance below a bridge as the tides change. It can report the failure of a beacon. It can monitor the water for saline content or pollution. It can measure barometric pressure and wind speed / direction. The list of potential feeds is endless. However, SRT will be the key holder and all of these feeds will have to be processed by SRT who will require a fee every time a different feed is added. SRT will in effect hold the crown jewels as this technology is rolled out around the world. It is not just ports and sea faring channels that will need this technology, it is also all of the world's inland waterways. At some stage the market is going to wake up to the unique position of SRT in a global market. The shares are tightly held and I suspect that there are institutions which would like to obtain a 5% stake. How are they going to get on board?
Srt Marine Systems share price data is direct from the London Stock Exchange
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