Share Name Share Symbol Market Type Share ISIN Share Description
Synectics Plc LSE:SNX London Ordinary Share GB0007156838 ORD 20P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 112.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
105.00 120.00 112.50 112.50 112.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 68.51 1.55 9.70 11.6 20
Last Trade Time Trade Type Trade Size Trade Price Currency
16:33:11 O 1,798 106.00 GBX

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Date Time Title Posts
28/8/201818:15Synectics (SNX) One to Watch on Monday 3
17/7/201216:12Synexus - One To Watch127

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Trade Time Trade Price Trade Size Trade Value Trade Type
2020-04-07 15:33:11106.001,7981,905.88O
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Synectics Daily Update: Synectics Plc is listed in the Support Services sector of the London Stock Exchange with ticker SNX. The last closing price for Synectics was 112.50p.
Synectics Plc has a 4 week average price of 111.50p and a 12 week average price of 111.50p.
The 1 year high share price is 210p while the 1 year low share price is currently 111.50p.
There are currently 17,790,724 shares in issue and the average daily traded volume is 4,176 shares. The market capitalisation of Synectics Plc is £20,014,564.50.
kombimatec: A steady increase in share price. Great to see, will it continue?
davebowler: Westhouse; Buy SNX.L / 342.5p / £60.95m / TP: 550p Event: Results issued Likely % change in earnings forecasts: No Change Interim results – much better second half expected It is encouraging that Synectics expects a strong performance going forward after trading in the six months to end May 2014 proved even more difficult than had initially been anticipated. We make no changes to any of our adj. PBT forecasts implying £5m of adj. PBT in H2 2014 and making the uplift to £9.0m for FY2015 achievable in our view. With a strong order book and sales pipeline we believe that the share price will improve as confidence in hitting our forecasts increases. We maintain our 550p target price and Buy rating.
grahamg8: All good and well. But Westhouse seem to like what they have and raised the target price from 545 to 675. So it's all a bit of a conundrum. Revenue up, profits up, margins up, divi up on the one hand but cash down, order book down on the other; and share price tanked.
dasv: copy and pasted from that link which can be found by googling... Bit of a harsh valuation imo (re likely earnings 2015) and doesn't take into consideration the benefits of re-structuring and positioning for higher value projects. but I'd agree on some/most of the points below. --- Synectics (LON:SNX) This is a CCTV group that I've been following for years, since the days when it was called Quadnetics, a rather nice name I thought, so it seemed a backward step changing it to the difficult to pronounce Synectics. Their final results for the year ended 30 Nov 2013 are out today. Whilst the results look OK, the outlook and reduced order book are a concern. The order book was £28.1m at 30 Nov 2013 (2012: £36.9m), which is a material drop of nearly 24%. So the next step is to look for what the current order book is, to see if it has risen in the last (nearly) three months, so I am skim reading the narrative to locate that. The Chairman's statement gives a pointer; ...We expect the current year to be focused on consolidating these significant organisation and infrastructure investments. Therefore the Board expects results for the current financial year to be at a similar level to 2013. Further details are set out in the Outlook section below. Unfortunately, the outlook section dodges the issue of what the order book is currently standing at, so I can only assume that there has not been any improvement. If there had, then the company would have mentioned it, surely? They say; Delays are continuing to some extent, but bid activity for large projects in the oil & gas and gaming sectors remains solid, and an increased pace of sales is anticipated from several new products being launched in the second quarter of 2014... ...The pattern of our current order pipeline suggests that trading will be significantly skewed towards the second half. Oh dear, there is the dreaded H2-weighted results expected comment. That's not good, as it means a heightened risk of a profit warning if they do not recoup what looks like a gap in the order book. The market has clearly cottoned on to this, and the shares opened down about 20-30p, but have in the last few minutes really nose-dived down 105p to 435p. Ouch. Nothing to do with me, as I haven't published anything yet, am just about to hit the publish button now. So this morning's pretty savage market reaction to Synectics wobbly-sounding outlook is a reminder that when shares are priced to perfection, there isn't any scope for disappointment. That's why I am saying no to so many shares which I consider over-priced at the moment - it's all about risk/reward. If you are being asked to pay up-front for good performance over the next year or two, then you have little upside gains to be made, yet you have all the downside risk if something goes wrong. That's just a lousy investment proposition. What I look for is assymetrical risk/reward the other way around - i.e. where a share is priced with expectations of poor performance, yet there are early signs of them doing well. In that situation you buy at a price where disappointment is already factored in, so you get the upside profit opportunity thrown in for free. Back to Synectics, it delivered strong underlying diluted EPS of 32.6p for 2013, up 29% on prior year. So if we take the optimistic view, and assume they will deliver the same EPS for 2014, then at the current share price (they've bounced a little to 450p) that puts them on a PER of 13.8. Not exactly a massive bargain, considering that's probably the top end of likely performance for 2014. Also, by my calculations they are inflating the underlying EPS figure by stripping out amortisation of capitalised development spend, which is not on in my book. So personally I'd feel more comfortable valuing it on the diluted basic EPS of 29.4p, and putting that on a PER of about 10-11, due to the risk of another profit warning. Note from the cashflow statement that under investing activities, £1m of development costs was capitalised. It's always worth checking for this, as those are cash costs that have by-passed the P&L, hence increasing adjusted profit (which excludes the amortisation charge) by that amount. On the positive side of things, Synectics passes my Balance Sheet testing, and had net cash of just over £1m at 30 Nov 2013. The total year's dividends are up from 7.5p to 8.5p, so at today's reduced 450p level that gives a dividend yield of 1.9%, which is nothing to get excited about, but better than nothing. Remember that this type of business is lumpy, as it's project driven, and as far as I'm aware there isn't much in the way of recurring revenue. That makes it higher risk, and shouldn't be on a high PER, unless it has developed some blockbuster product that will drive rapid growth. I'm not aware of that here, so suggest that the rating should be modest. Something like a PER of say 10-12 is about the right price in my view for this type of business. Therefore I think a price in the 300p ballpark is the sort of level that would get me interested. Even after this morning's drop, it's 50% above that price, so I'm not interested. Risk/reward is still unattractive at the current price, despite the now 16% fall (it's a moving target!) this morning, in my opinion. Remember that sentiment drives share prices in the short term, but its cashflow & dividends that ultimately determine the long term value. I think sentiment is taking a lot of share prices too high at the moment, and that means heavy losses eventually for people who over-pay.
b1ggles: I see nothing wrong with the share price reaction, just a bit of profit-taking after a good run up to the results, it's still higher than it was 2-3 weeks ago.
jamielein: I decided to sell my small holding just to be safe. Don't like the share price reaction and there are other, better things to be in right now. Good Luck to all holders though. I may be back in on future statements. Regards, Jamie
cfro: Actually it was for a £9M contract IC2. Hope the share price carries on up the Kyber tomorrow. :0))
saucepan: Good to hear, cfro. So is the SNX share price :-)
saucepan: Excellent news. Perhaps that will get the share price moving after excellent results that seem to have fallen under the radar.
davebowler: Westhouse; Strong Buy SNX.L / 272.5p / £47.88m / Likely % change in earnings forecasts: No Change Buying opportunity Synectics' share price has drifted back since the interim results in July while some of the comparator companies have seen their share prices rise. As the focus of investor attention switches to FY2013 in the coming months then we would expect that this share price underperformance will reverse. As has been flagged since it made the Indanet acquisition FY2013 would be the first year of a more meaningful profit contribution. This is reflected in the increase in our forecast PBT to £6.8m (30.4p of EPS) for FY2013 versus the £4.3m (19.1p of EPS) we expect for FY2012. At our 350p target price Synectics now stands at a small P/E discount to the peer group (13.5x vs 14.6x) that we feel is unwarranted hence the reiteration of our Strong Buy recommendation.
Synectics share price data is direct from the London Stock Exchange
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