Tern Share Price (TERN)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Tern	LSE:TERN	London	Ordinary Share	GB00BFPMV798	ORD 0.02P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-1.00p	-6.56%	14.25p	2,393,571	16:28:25

Bid Price		Offer Price	High Price	Low Price	Open Price
14.00p		14.50p	16.075p	13.50p	15.50p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Software & Computer Services	0.10	-1.69	-1.40		33.7

Related Shares
Sage Group (SGE), Micro Focus International (MCRO), Orient Telecom. (ORNT), Pcg Ent (PCGE)

Tern (TERN) Latest News

Tern News

Date	Time	Source	Headline
17/9/2018	07:02	UKREG	Tern PLC: Unaudited Interim Results for the six months to 30 June 2018
14/9/2018	07:02	UKREG	Tern PLC: Issue of further loan to Device Authority Limited
31/8/2018	17:01	UKREG	Tern PLC: Total Voting Rights
22/8/2018	07:01	UKREG	Tern PLC: Notice of Results and Shareholder Conference Call
15/8/2018	07:01	UKREG	Tern PLC: Fundamental Surgery Launched in the US
13/8/2018	07:01	UKREG	Tern PLC: Change of Adviser
13/8/2018	07:01	UKREG	Tern PLC: Change of adviser
10/8/2018	14:00	UKREG	Tern PLC Price Monitoring Extension
08/8/2018	15:11	UKREG	Tern PLC: Updated Director Information
08/8/2018	07:01	UKREG	Tern PLC: Director/PDMR Dealing

More Tern News

Tern Takeover Rumours

Tern (TERN) Share Charts

1 Year Tern Chart

1 Month Tern Chart

Intraday Tern Chart

Tern (TERN) Discussions and Chat

Tern Forums and Chat

Date	Time	Title	Posts
18/9/2018	21:49	TERN, encrypting the cloud and Internet of Things.	121,113
18/9/2018	19:06	TERN, encrypting the cloud and Internet of Things	31,761
18/9/2018	13:30	Invest in Device Authority direct for 0.2x the price through TERN	253
14/9/2018	08:02	Tern being Ramped by RaRa	138
07/9/2018	09:59	TERN, Encrypting the Cloud and Internet of Things (IoT)	19,919

Add a New Thread

Tern (TERN) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
15:25:26	14.40	50,000	7,200.00	O
15:25:13	14.40	22,854	3,290.98	O
15:24:59	14.40	25,000	3,600.00	O
15:23:19	14.35	34,780	4,990.93	O
15:19:01	14.15	12,261	1,734.93	O

View all Tern trades in real-time

Tern (TERN) Top Chat Posts

Date	Subject
18/9/2018 09:20	Tern Daily Update: Tern is listed in the Software & Computer Services sector of the London Stock Exchange with ticker TERN. The last closing price for Tern was 15.25p. Tern has a 4 week average price of 13.50p and a 12 week average price of 12.63p. The 1 year high share price is 58p while the 1 year low share price is currently 1.75p. There are currently 236,676,887 shares in issue and the average daily traded volume is 3,046,565 shares. The market capitalisation of Tern is £33,726,456.40. Read Full Thread Reply
16/9/2018 11:07	loughton: So funny!!!!!!!!!!!!!!!!!!! mudbath16 Sep '18 - 10:51 - 120498 of 120499 0 3 0 It's just human nature to downplay our expectations,for this provides holders with a measure of insurance against disappointment. My positive take is that tomorrow,many of those "dots" will be filled in via an extensive update on recent developments and future strategy,together,importantly, with some positive figures for those who constantly demand that TERN "show us the money". I believe that the information presented within these interim results will prove uplifting in all aspects,including that of the TERN share price. Naturally,tomorrow will also see an influx of those whose life seems to revolve around denigrating TERN and its investee companies. The very same posters have argued a similar much hackneyed stance over recent months whilst the TERN share price has risen from 2 pence to 20 pence.They remain, seemingly,shipwrecked on the wrong side of the argument. Read Full Thread Follow Reply
16/9/2018 10:51	mudbath: It's just human nature to downplay our expectations,for this provides holders with a measure of insurance against disappointment. My positive take is that tomorrow,many of those "dots" will be filled in via an extensive update on recent developments and future strategy,together,importantly, with some positive figures for those who constantly demand that TERN "show us the money". I believe that the information presented within these interim results will prove uplifting in all aspects,including that of the TERN share price. Naturally,tomorrow will also see an influx of those whose life seems to revolve around denigrating TERN and its investee companies. The very same posters have argued a similar much hackneyed stance over recent months whilst the TERN share price has risen from 2 pence to 20 pence.They remain, seemingly,shipwrecked on the wrong side of the argument. Read Full Thread Follow Reply
21/8/2018 10:39	loughton: They might as well post 'please, please don't make me bankrupt': mudbath21 Aug '18 - 10:27 - 117190 of 117194 0 0 0 Yes, this is AIM and we would be awash with one RNS after another if such was the response to volatility. TERN is unusual in terms of the spectacular gains that holders enjoyed and where the erosion of that new found paper wealth is proving unpalatable. Nevertheless,always in the background, we have the knowledge, provided through the diligent of several on this thread,that TERN's investee companies really are spectacular in their scope to make an imprint in the burgeoning IoT arena. For this reason I remain pretty sanguine over both the long and short term path of the TERN share price,for the share price truly has fallen to a level at which sentiment MUST now change for the better(MUCH BETTER). Read Full Thread Follow Reply
21/8/2018 10:27	mudbath: Yes, this is AIM and we would be awash with one RNS after another if such was the response to volatility. TERN is unusual in terms of the spectacular gains that holders enjoyed and where the erosion of that new found paper wealth is proving unpalatable. Nevertheless,always in the background, we have the knowledge, provided through the diligent of several on this thread,that TERN's investee companies really are spectacular in their scope to make an imprint in the burgeoning IoT arena. For this reason I remain pretty sanguine over both the long and short term path of the TERN share price,for the share price truly has fallen to a level at which sentiment MUST now change for the better(MUCH BETTER). Read Full Thread Follow Reply
20/8/2018 08:22	philjeans: Guys - this post yesterday seemed to prove popular and positive, with 19 ticks up - so here it is again, so that you may, if you so wish, throw it a coin or two to get it into the PLUS ONE TOP POSTS at the top of the thread. By doing so we can erase the nonsense posts the Shorters are currently showing, and devalueing the fantastic R & D the LTHs have unearthered. Silly games I know but you have to fight fire with fire to preserve your wealth !! philjeans 19 Aug '18 - 10:49 - 116900 of 116989 Edit -0.003000 19 0 Tern share price now back BELOW the two previous highs in 2015, and 2011!! Pull up the 7 year chart and ponder... OK, more shares in issue now and MC higher, but the business has been transformed; seen massive investment in IT Experience and management; formed lucrative links with the biggest IOT firms in the world; is fully funded and has built a world class reputation. Such a stonking bargain down here; either the whole TERN outfit will be snapped up by a smart operator or DA will go for a very large take-out price from the like of Thales and Microsoft. Read Full Thread Follow Reply
19/8/2018 10:51	loughton: WTAF?????????????????? Just post utter gibberish why don't you? philjeans19 Aug '18 - 10:49 - 116900 of 116900 0 0 0 Tern share price now back BELOW the two previous highs in 2015, and 2011!! Pull up the 7 year chart and ponder... OK, more shares in issue now and MC higher, but the business has been transformed; seen massive investment in IT Experience and management; formed lucrative links with the biggest IOT firms in the world; is fully funded and has built a world class reputation. Such a stonking bargain down here; either the whole TERN outfit will be snapped up by a smart operator or DA will go for a very large take-out price from the like of Thales and Microsoft. Read Full Thread Follow Reply
19/8/2018 10:49	philjeans: Tern share price now back BELOW the two previous highs in 2015, and 2011!! Pull up the 7 year chart and ponder... OK, more shares in issue now and MC higher, but the business has been transformed; seen massive investment in IT Experience and management; formed lucrative links with the biggest IOT firms in the world; is fully funded and has built a world class reputation. Such a stonking bargain down here; either the whole TERN outfit will be snapped up by a smart operator or DA will go for a very large take-out price from the like of Thales and Microsoft. Read Full Thread Follow Reply
18/8/2018 12:42	jamonit: One of the annoying things about this company is that it's hard to describe the opportunity it represents without sounding rampy. Because the fact is that the potential is indeed huge. Just describing what's actually happening out there in the world with DA's Keyscaler alone, stated and promoted and reported by global blue chip companies praising and using our product, cannot help but sound as though the share is being ramped. When all that's happening is that real events are being reported, events and facts that are easily verifiable by visiting a few other websites. Tern isn't a product or service business. Its value does not depend upon how many line items it's sold in a month versus its cost overheads. It is neither a manufacturing company nor a corner shop reseller. It's not even a service company. Instead its value lies in a layer that's one part removed from the company itself, in that the value lies in the companies in which it has holdings. When those holdings are sold, then Tern's share price will automatically move to reflect whatever price was achieved for that given sale. Plus of course the potential inherent in other company holdings (Wyld for example is going to be very valuable I suspect). So there's no point in getting too frustrated about short term share price movements. Yes, the share price should be much higher, and it's not nice seeing it this low. But in reality, it doesn't make much difference as ultimately it has to reflect whatever value is realised by the sale of DA. And when that happens,the share price will automatically jump to that point. I persuaded my younger son, who's at university, to put 1500 quid of his meagre savings in at 24p, and the poor bloke is now underwater, which is distressing for me (although if he's forced to sell due to time constraints, I'll make up his loss) and I'd to see the price move higher now for this reason. But otherwise it's not that important. As for the cynicism about Al Sisto that's being expressed by Wardy and mates-down-the-pub, I have to disagree. I think AS has put together, and is putting together, a pretty formidable selection of investment holdings, the value of which is greater than the sum of their parts. If there's one thing he can be picked up on, it's poor communications about how investee companies are performing. But given what I've just said above, day to day managing of the Tern share price is probably not high on his agenda. The price rose from 2-3p to where it is now... almost a ten bagger... within a few months. The blip to 56 was a spike and we all should have seen that and taken advantage, but most were too slow or complacent. One could also argue that from a historic chart perspective, the price should actually be up in the mid 30's or slightly higher, and I would agree with this. But it will get there eventually, and in terms of most share price movements, pretty quickly. Actually there's another thing that AS can be picked up on, and that's the seemingly dubious source of his placing funds. This alone is something that I personally would like to know more about, although as it's been and gone now, it's hardly meaningful. Shorting activity here has had an inevitably detrimental effect. Regardless what you think about the ethics of shorting, its arguably acceptable if there's a good reason for a share price decline - shares of a bank that's getting into trouble for example. The problem here is that some deeply unpleasant people have fabricated misinformation, and seeded doubt by emphasising historic anomalies that bear little or no relation to current day realities. But you have to be informed to know this, and any newcomers to this board as part of their research may not have that depth of view, leading them to take at face value the misinformation being spread by shorters. It's all a deeply unpleasant game. So, in my opinion, the upshot is this: Tern's value lies in its investments, and that value will only become apparent when those investments are sold. To date it has made some superb investments that will undoubtedly generate very significant returns at various points from now and over the next 3 years. It's currently undervalued but should move to fair value of 35 to 40p imminently, even given that a DA sale could happen at any moment, and that such valuation is slightly finger-in-air and based upon the historic chart, and a sure understanding that over time, Terns value has increased. The 35-40 prospective share price should move higher o news of further acquisitions. But whatever, the current share price is little more than irrelevant for anyone who's not a trader. If you're a holder, and the price rises, you're no wealthier until you sell, in which case you're not a LTH. The price will jump suddenly when the sale of DA takes place. Some LTHs might cash in at this point, some may stay as Tern uses sale proceeds to expand. Whichever you are, selling prior to DA sale suggests you're trading. Nothing wrong with that of course. Ultimately, what's being built here has the potential for providing seriously large gains. AS is mostly responsible for this, and should be given due credit, whatever other gripes you may have. Sit back and wait, and be reassured that, unpredictable universe notwithstanding, your investment here will reap good dividends. Try to ignore that rantings of the shorters and puerile naysayers, although don't close your mind to constructively argued, evidence based negative points (on the rare occasions that they occur).. no investment is completely without flaws or risk. And finally, again in my opinion, don't get carried away with massive imagined valuations for DA, whatever the theory might suggest based on apparent product uptake. It might make those numbers, but also it might not. And you're setting yourself up for disappointment as well as appearing to over-hype the potential. And similarly, don't anticipate great riches as a result of the interims. They're backwards looking by their nature and won't reflect potential. Everything is proceeding as it should. Chill and enjoy the ride. And I would suggest (no advice intended) that you try to stay on board. Read Full Thread Follow Reply
06/8/2018 09:25	journeysend: Old article but great summary insight into TERN for any newbies at these LOW prices. Tern PLC (AIM:TERN) – Is there an investment case for Tern? I was going to start to try to give a full background and history of Tern but quickly realised it would run into dozens of pages. Instead I’ll focus on the here and now. I will point out that I personally have a fairly significant holding here, albeit that holding is currently in deficit. I have reduced my average in late December availing of a price drop to 2p per share. The opinions expressed here are my own and are not intended as advice. Please do your own due diligence before making any decisions in relation to investments. I would say from the outset that I have developed a love hate relationship for Tern. Perhaps hate is too strong a word and frustration would better describe the journey thus far. On the one hand they have a portfolio of companies with huge potential, operating in the rapidly growing space of the Internet of Things, while on the other hand a lack of visibility in the wider market and the obvious need to fund these growing companies has resulted in a market capitalisation of about £5 million ( based on current price of 2.75p per share ), which looks ridiculously low versus that potential. Back in August 2015 Tern shares had a market capitalisation of £13 million based off the belief (fuelled by comments in an interview that their then CEO gave), that their flagship portfolio company Device Authority was on the brink of signing lucrative contracts with fortune 500 companies. That turned out to be woefully premature and a series of subsequent placings at lower and lower prices, coupled in my opinion with a reluctance on the part of the BOD to highlight the progress that was really being made to the wider market, leaves the share price looking a little bombed out. However the original CEO has been replaced by Al Sisto who has a history of growing and selling technology companies in the US, and he has been joined by Ian Ritchie ( non executive chairman of Iomart ) who has been involved in over 40 high tech business start-ups. This also seems to have triggered a change in policy towards shareholders and the wider markets. Tern just last week held their first ever shareholder update event, during which they committed to doing 3 of these per year, as well as a commitment to share more on the developments of their portfolio companies, by way of their website and both regulatory and non-regulatory announcements. And all this comes at a time when their flagship investment Device Authority is finally signing deals, and they have added 2 particularly exciting portfolio companies one of which (INVMA) is already showing signs of rapid growth. Given the pedigree of Mr Sisto and Mr Ritchie in growing and exiting technology companies, their new approach to their shareholders and the markets, and the huge potential of their portfolio companies I think Tern deserve another look. There are still funding issues to be resolved, in particular for Device Authority, but having recently signed a 3 year contract with Comodo ( ~ 40% of the global digital certificates market – 85 million desktop security software installations, 700,000 business customers and 8,000 global partners ), and multiple other partnerships with household names such as Thales, Amazon Web Services, Intel, Samsung, IBM, Dell, AT&T, GE, I would expect that these issues will be resolved fairly soon. The message that I hope to get across is that despite the current trials and tribulations associated with Tern and its share price, there is a huge disconnect between the MC and the potential of their investee companies. I would recommend that you keep Tern on a watchlist in 2018. If management get their act together with respect to funding, and Terns investee companies (Device Authority, INVMA and Wyld Research ) deliver on their undoubted potential, then things could get very interesting indeed. Current MC ~ £5MM Shares in Issue 173 million Who are Tern? HTTPS://WWW.TERNPLC.COM/ Tern are essentially an investment company focussed on the cloud and Internet of Things (IOT) technolgies. Their aim is to acquire or invest in primarily UK based technology companies, grow them substantially over 3 years and then seek an exit at a significant premium to the initial funding and growth funding invested. What are their current investments? Device Authority – 56.8%, Flexiops 100%, Wyld Research 90%, INVMA 50%, and Seal/Push Technology both 1% or less. I’ll focus mostly on Device Authority. Device Authority: HTTPS://WWW.DEVICEAUTHORITY.COM/ Device Authority have developed a security product ‘Keyscaler’ for securing the billions of new devices that will come to market in the next 5-10 years. Their market is commonly know as Identity and Access Management (IAM) and estimated to grow to $3 billion per annum by 2021. There are hundreds of articles citing lack of security in IOT devices as the key inhibitor for overall growth of the market. The company or companies that solve this issue will attract lucrative revenues and will command valuations to match. There are a few potential competitors out there and Tern believe they have significant technical advantage over them. There are barriers to entry namely the length of time it takes to develop a technical solution and get that solution tested across the wide range of protocols that currently exist. They have patented technologies and have developed key strategic partnerships with industry giants such as Thales, Intel, Amazon Web Services, IBM, Dell, PTC Thingworx, Comodo, Samsung, AT&T, GE, and Symantec. They have also developed a strategic partnership in some niche markets such as with Multos for secure payment transactions, and just recently reached out to blockchain companies offering to provide secure access for their blockchain products. Not a blockchain company per se but a security provider to blockchain companies. That market certainly has some potential given the recently well publicised security breaches and indeed it is an area that Thales has some interest in. I would keep that on the back burner for now until we see evidence of partnerships develop further. It has taken a frustratingly long time to develop these partnerships into commercial contracts but that is just the nature of doing business with the biggest players in the industry. In November they signed a 3 year deal with Comodo (a digital certificate provider with 40% of their market). Comodo is building a platform to exploit the huge growth promised by IOT and that platform will have Device Authorities technology at its core. The contract is based on revenue share and should be launched in 2018. Digicert ( a competitor of Comodo ) were also developing a product “powered by Device Authority”. Digicert have since announced that they are buying the Symantec digital certificate business, which would bring them to about 30% of the certificate market. The launch of that is unknown. Device Authorities contracts will, in the majority of cases, be offered in this manner because all of the companies that they deal with are grabbing as big a share of the market as they can but can’t put a defined value on any contract. What is particularly appealing is that support costs for the contracts will be very low and hence profit margins should be well in excess of 60%. Device Authorities technology has significant relevance in the IOT space. If the No1 and No2 security companies in the world ( Symantec and Thales/Gemalto ), and the No1 and 3 Certificate providers partner with you then there must be something in your technology that is more attractive than other offerings. Tern recently issued revenue projections for Device Authority showing $5 million in revenue in 2018 growing to $33 million in 2021. That might seem pie in the sky but it only represents 1% of the market. Tern believe they have technology advantage and a market leading position as this market grows rapidly. If Device Authority do gain the traction to match Terns claims then that 1% market share will be adjusted northwards. During last weeks shareholder event Mr Sisto stated that Device Authority would adjust their projections in line with progress. What value to place on a company that can deliver 60-80% profit margin? Device Authority obviously have to deliver now but with Comodo and Intel launching in 2018 it looks like the long wait for meaningful revenue may be coming to an end. Also note that Device Authority has reached the third and final stage in its development cycle. This stage is defined by Tern as a 6-12 month cycle ( to continue building whilst the sale of the business process is sought and executed ). It is my firm belief that even if Tern decided to exit Device Authority right now they would get many multiples of the current MC, and with recognised revenue streams the story will just get better. INVMA: HTTPS://WWW.INVMA.CO.UK/ INVMA are a systems integrator. They will work with companies primarily in the UK (eg Airbus ), but have also executed work in the Middle East with Etisalat. They can offer SME’s a full solution based off PTC/Thingworx IOT platform. Early days, but they are on an aggressive growth path increasing their headcount significantly in the last 2-3 months. Their business model is more resource intensive with lower margins, but they also have a product in Asset Minder that looks like it would deliver a recurring revenue stream. Although it doesn’t have the same ultimate potential of Device Authority it could become very interesting indeed as they expand in the UK and seek out new opportunities beyond their current geographies. This one is currently at Stage 1: Basically restructuring to set it up for success. Wyld Technologies: Purchased in Sept 2017 for £78k They offer a mesh networking software platform for use with mobile phones and connected devices. Tern stated at the point of purchase that Wyld Technologies would achieve revenues of £350k in its first year. Not enough known about Wyld Technologies at this stage although Tern are quite bullish on their prospects. Conclusion There are some funding issues to be resolved by Tern and I’m quite confident they will deliver something that will draw a line under it. But 2018 has the promise of finally delivering on the undoubted potential of their investee companies. The technical and sales ability of the Tern BOD and the management teams at these investee companies is impressive and the new open approach to their shareholders and the markets is a refreshing change. In terms of the development of their portfolio companies all eyes are certainly on Device Authority with 2018 looking like the year that significant revenue generation begins. And we might not even get to enjoy all of that if someone makes the right offer and Tern decide to sell. But don’t take your eyes off INVMA and its accelerating growth. That might justify the current MC all on its own. Wyld Research could be anything and look forward to seeing how they develop. At the moment Tern has a MC well below where it was in August 2015, but Device Authority is much more advanced than it was then, and they have added 2 other IOT companies that have significant potential going forward. At the current MC I think this is a company that should be on investors watchlists for 2018. Read Full Thread Follow Reply
04/8/2018 23:09	journeysend: Old article but very informative for newbies and no doubt it's all about 2018!TERN PLC AIM:TERNTern PLC (AIM:TERN) Is there an investment case for Tern?I was going to start to try to give a full background and history of Tern but quickly realised it would run into dozens of pages. Instead I'll focus on the here and now. I will point out that I personally have a fairly significant holding here, albeit that holding is currently in deficit. I have reduced my average in late December availing of a price drop to 2p per share.The opinions expressed here are my own and are not intended as advice. Please do your own due diligence before making any decisions in relation to investments.I would say from the outset that I have developed a love hate relationship for Tern. Perhaps hate is too strong a word and frustration would better describe the journey thus far. On the one hand they have a portfolio of companies with huge potential, operating in the rapidly growing space of the Internet of Things, while on the other hand a lack of visibility in the wider market and the obvious need to fund these growing companies has resulted in a market capitalisation of about £5 million ( based on current price of 2.75p per share ), which looks ridiculously low versus that potential.Back in August 2015 Tern shares had a market capitalisation of £13 million based off the belief (fuelled by comments in an interview that their then CEO gave), that their flagship portfolio company Device Authority was on the brink of signing lucrative contracts with fortune 500 companies. That turned out to be woefully premature and a series of subsequent placings at lower and lower prices, coupled in my opinion with a reluctance on the part of the BOD to highlight the progress that was really being made to the wider market, leaves the share price looking a little bombed out.However the original CEO has been replaced by Al Sisto who has a history of growing and selling technology companies in the US, and he has been joined by Ian Ritchie ( non executive chairman of Iomart ) who has been involved in over 40 high tech business start-ups. This also seems to have triggered a change in policy towards shareholders and the wider markets. Tern just last week held their first ever shareholder update event, during which they committed to doing 3 of these per year, as well as a commitment to share more on the developments of their portfolio companies, by way of their website and both regulatory and non-regulatory announcements.And all this comes at a time when their flagship investment Device Authority is finally signing deals, and they have added 2 particularly exciting portfolio companies one of which (INVMA) is already showing signs of rapid growth.Given the pedigree of Mr Sisto and Mr Ritchie in growing and exiting technology companies, their new approach to their shareholders and the markets, and the huge potential of their portfolio companies I think Tern deserve another look.There are still funding issues to be resolved, in particular for Device Authority, but having recently signed a 3 year contract with Comodo ( ~ 40% of the global digital certificates market 85 million desktop security software installations, 700,000 business customers and 8,000 global partners ), and multiple other partnerships with household names such as Thales, Amazon Web Services, Intel, Samsung, IBM, Dell, AT&T, GE, I would expect that these issues will be resolved fairly soon.The message that I hope to get across is that despite the current trials and tribulations associated with Tern and its share price, there is a huge disconnect between the MC and the potential of their investee companies. I would recommend that you keep Tern on a watchlist in 2018. If management get their act together with respect to funding, and Terns investee companies (Device Authority, INVMA and Wyld Research ) deliver on their undoubted potential, then things could get very interesting indeed.Current MC ~ £5MMShares in Issue 173 millionWho are Tern?HTTPS://WWW.TERNPLC.COM/Tern are essentially an investment company focussed on the cloud and Internet of Things (IOT) technolgies. Their aim is to acquire or invest in primarily UK based technology companies, grow them substantially over 3 years and then seek an exit at a significant premium to the initial funding and growth funding invested.What are their current investments?Device Authority 56.8%, Flexiops 100%, Wyld Research 90%, INVMA 50%, and Seal/Push Technology both 1% or less. I'll focus mostly on Device Authority.Device Authority:HTTPS://WWW.DEVICEAUTHORITY.COM/Device Authority have developed a security product 'Keyscaler' for securing the billions of new devices that will come to market in the next 5-10 years. Their market is commonly know as Identity and Access Management (IAM) and estimated to grow to $3 billion per annum by 2021. There are hundreds of articles citing lack of security in IOT devices as the key inhibitor for overall growth of the market. The company or companies that solve this issue will attract lucrative revenues and will command valuations to match. There are a few potential competitors out there and Tern believe they have significant technical advantage over them. There are barriers to entry namely the length of time it takes to develop a technical solution and get that solution tested across the wide range of protocols that currently exist.They have patented technologies and have developed key strategic partnerships with industry giants such as Thales, Intel, Amazon Web Services, IBM, Dell, PTC Thingworx, Comodo, Samsung, AT&T, GE, and Symantec.They have also developed a strategic partnership in some niche markets such as with Multos for secure payment transactions, and just recently reached out to blockchain companies offering to provide secure access for their blockchain products. Not a blockchain company per se but a security provider to blockchain companies. That market certainly has some potential given the recently well publicised security breaches and indeed it is an area that Thales has some interest in. I would keep that on the back burner for now until we see evidence of partnerships develop further.It has taken a frustratingly long time to develop these partnerships into commercial contracts but that is just the nature of doing business with the biggest players in the industry. In November they signed a 3 year deal with Comodo (a digital certificate provider with 40% of their market). Comodo is building a platform to exploit the huge growth promised by IOT and that platform will have Device Authorities technology at its core. The contract is based on revenue share and should be launched in 2018. Digicert ( a competitor of Comodo ) were also developing a product "powered by Device Authority". Digicert have since announced that they are buying the Symantec digital certificate business, which would bring them to about 30% of the certificate market. The launch of that is unknown.Device Authorities contracts will, in the majority of cases, be offered in this manner because all of the companies that they deal with are grabbing as big a share of the market as they can but can't put a defined value on any contract. What is particularly appealing is that support costs for the contracts will be very low and hence profit margins should be well in excess of 60%.Device Authorities technology has significant relevance in the IOT space. If the No1 and No2 security companies in the world ( Symantec and Thales/Gemalto ), and the No1 and 3 Certificate providers partner with you then there must be something in your technology that is more attractive than other offerings.Tern recently issued revenue projections for Device Authority showing $5 million in revenue in 2018 growing to $33 million in 2021. That might seem pie in the sky but it only represents 1% of the market. Tern believe they have technology advantage and a market leading position as this market grows rapidly. If Device Authority do gain the traction to match Terns claims then that 1% market share will be adjusted northwards. During last weeks shareholder event Mr Sisto stated that Device Authority would adjust their projections in line with progress. What value to place on a company that can deliver 60-80% profit margin?Device Authority obviously have to deliver now but with Comodo and Intel launching in 2018 it looks like the long wait for meaningful revenue may be coming to an end.Also note that Device Authority has reached the third and final stage in its development cycle. This stage is defined by Tern as a 6-12 month cycle ( to continue building whilst the sale of the business process is sought and executed ). It is my firm belief that even if Tern decided to exit Device Authority right now they would get many multiples of the current MC, and with recognised revenue streams the story will just get better.INVMA:HTTPS://WWW.INVMA.CO.UK/INVMA are a systems integrator. They will work with companies primarily in the UK (eg Airbus ), but have also executed work in the Middle East with Etisalat. They can offer SME's a full solution based off PTC/Thingworx IOT platform. Early days, but they are on an aggressive growth path increasing their headcount significantly in the last 2-3 months. Their business model is more resource intensive with lower margins, but they also have a product in Asset Minder that looks like it would deliver a recurring revenue stream. Although it doesn't have the same ultimate potential of Device Authority it could become very interesting indeed as they expand in the UK and seek out new opportunities beyond their current geographies.This one is currently at Stage 1: Basically restructuring to set it up for success.Wyld Technologies:Purchased in Sept 2017 for £78kThey offer a mesh networking software platform for use with mobile phones and connected devices. Tern stated at the point of purchase that Wyld Technologies would achieve revenues of £350k in its first year.Not enough known about Wyld Technologies at this stage although Tern are quite bullish on their prospects.ConclusionThere are some funding issues to be resolved by Tern and I'm quite confident they will deliver something that will draw a line under it.But 2018 has the promise of finally delivering on the undoubted potential of their investee companies. The technical and sales ability of the Tern BOD and the management teams at these investee companies is impressive and the new open approach to their shareholders and the markets is a refreshing change.In terms of the development of their portfolio companies all eyes are certainly on Device Authority with 2018 looking like the year that significant revenue generation begins. And we might not even get to enjoy all of that if someone makes the right offer and Tern decide to sell. But don't take your eyes off INVMA and its accelerating growth. That might justify the current MC all on its own. Wyld Research could be anything and look forward to seeing how they develop.At the moment Tern has a MC well below where it was in August 2015, but Device Authority is much more advanced than it was then, and they have added 2 other IOT companies that have significant potential going forward. At the current MC I think this is a company that should be on investors watchlists for 2018. Read Full Thread Follow Reply

Tern share price data is direct from the London Stock Exchange

add chat code

Your Recent History

LSE

GKP

Gulf Keyst..

LSE

QPP

Quindell

FTSE

UKX

FTSE 100

LSE

IOF

Iofina

GBPUSD

UK Sterlin..

Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

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

ADVFN UK Investors Hub ADVFN Italy ADVFN Australia ADVFN Brazil

ADVFN Canada ADVFN Germany ADVFN Japan ADVFN Mexico

ADVFN France ADVFN US Finance Manila

P:40 V: D:20180918 20:56:27