Ten Alps Share Discussion Threads

[peel green] 29/8/2008 18:33

Bonsoir Patricia. Without a price for the purchase i find it difficult to speculate on current cash, but the business seems to be in good shape.

[patricia59] 29/8/2008 18:10

Hi Peel

Bought 15k today, still no mention of purchase price of films of
record, Well established company with some good content. I doubt
weather TAL have much of their 11 mil cash pile left after this
purchase

[peel green] 01/8/2008 14:12

Films of Record. Second purchase in a month. No price mentioned.

They look like they want to be the biggest in the world at this rate of acquisition!

[peel green] 14/7/2008 18:40

Twenty First Century looks like a neat add-on.Not expensive with only 200,000 up front.

BrookeLapping seem to capture lots of new business. A decent across the board buiness this.

[patricia59] 24/6/2008 22:27

sold today at 55.5 and thats was when the share price was 56.5
hell of a spread on thease will buy back if share price keeps
falling.

[patricia59] 23/6/2008 23:34

Hi Peel,
Another good performance from Ten Alps today, although it
must be said they are still very cheap. Hoping for another
up day tomorrow.

Good Luck

[peel green] 23/6/2008 21:06

All this and awards too!

[peel green] 23/6/2008 04:08

Here's the link (further below) to the Feb 08 coverage by Hoodless, which is freely available to all. It's quite a comprehensive bit of analysis, and the link suggests that there has been an update on 28th May although maybe I have not looked closely enough to spot it yet.


In Feb HB were naturally cautious re the possibility of losing the Teachers TV contract, but as we know that was successfully retained.Interestingly they refer to increased revenue percentages if the contract was retained.


"The contract has been retendered as it expires in August 2008 and the company submitted a bid with the same members, but with an improved share of revenues: 70% at the moment increasing to 75% if the contract is regained. The risk of losing the contract has gradually decreased due to the expansion of other revenue streams. It still makes up 20% of sales, but, even if it is won, the management has set targets to decrease the share of Teachers TV revenues to 10%."

Re DCF valuation

"Our DCF model gives us a fair value per share of 101p assuming a higher than normal market risk premium including a small company premium of 1%. Our beta reflects the higher than average volatility of AIM stocks and the Media Sector. Our cost of debt assumes a 7% rate pre-tax and a 28% rate of corporate tax while we presume that the capital structure remains unchanged at current levels."

[peel green] 22/6/2008 21:50

I suppose to be fair I should make allowance for trade payables in my calcs, but even so this is a very strong business.

The net assets/shares-in-issue comes out at just under 32p a share on the diluted basis and the strength of this is their cash flow and avoidance of dilution as far as I can see thus far.
Now, this year we are getting the FY benefit of the new acquisitions.
I think one of the covering brokers is projecting the commencement of dividends next year. I'll look it up again and post who it is.

[peel green] 22/6/2008 21:25

You are very welcome Patricia. All the best to you too.

[patricia59] 22/6/2008 01:48

Peel, I had not seen that article on Ten Alps.
Thank you for the link, and for your very imformative post.
Good Luck

[peel green] 20/6/2008 13:30

Revenues at the results were 81.4m . Even with the diluted figure used for shares in issue, ie round it up to 53m , that means the market cap is 29.15m at 55p psh.

So revenues are 2.8 x market cap. Quite a bargain at these prices.

[peel green] 20/6/2008 07:27

Re Accounts tuesday, the cash of 11.2m plus receivables of 19.5 less bank borrowings give a value of about 32p p share. The remaining enterprise value in the share price of 21p is on a per of about 4.11. The normal per on adjusted basis is only 8.5.
The peg seems to be 0.14.

I think this is a bargain.

They are cash-rich and appear to avoid dilution in funding acquisitions.

[peel green] 19/6/2008 16:43

The more i read the more i like.
Patricia, yes the revenues over 5 year from the Teacher Tv deal exceed the current market cap.

This article from way back is very complimentary to Mr C. Not surprising really.He's done a good job.

[patricia59] 18/6/2008 21:10

Yes a very strong business. I bought 13k at 44p a few weeks ago.
I don't believe i've ever seen a company win so many contracts.
A lot of the revenue is guaranted as its for the BBC. The teachers
tv deal is worth more over 5 years than Ten Alps market cap.
This is also guaranted for 5 years with a possible extention
for 2 years.

They are also very diversified in Tv, radio, web design, publishing, etc.,
and a great man running the show in Alex Conneck.

[peel green] 17/6/2008 18:14

This looks to be a strong business. I think I must do some research.

[cher price] 18/1/2008 18:53

Like many shares, these are being hit hard at the moment.
However, share price over last two years has not kept pace with profits IMHO.

[pcok] 18/1/2008 14:30

The only thing I can think of is a whisper that they won't get the teachers TV renewal. The future is mobile and they seem to have a lot of good things on the go.

It may be risky but I am going to recommend my share club to top up.

pcok

[chapman123] 15/1/2008 13:49

so why the recent share price in reverse ??

[iroll] 15/1/2008 12:21

Hoodless Brennan have a BUY recommendation.

Read their report here.....

[hubs] 15/1/2008 12:01

so, tal now diving towards long term support @ .47.
I would suggest general market sentiment, unless anyone knows anything else?

[tonytravel] 13/12/2007 11:43

This is the one - hold on !

[haroldthegreat] 11/12/2007 12:59

results out soon, yet no activity in the shares