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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Toluna | TOL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 317.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 317.50 |
| Top Posts |
|---|
Posted at 16/2/2011 08:46 by kenmitch A brilliant deal for TOL shareholders - all the better for being in cash thanks to the arrangement by EVT and Invesco to make that possible.With short term risks for Toluna and the need for more investment this looks an ideal time to take the Company private and I'm very pleased with the price too. Without such a deal now, and bearing in mind the trading update, it is unlikely that the Toluna share price would have done much and might even have come under short term pressure. OK that would have provided TOL investors with a chance to top up lower ahead of strong performance, but that could have meant another year or two, instead of which we get a 30% uplift in the share price now and are able to realise the profit. This is all good news for EVT shareholders too, and EVT will now have more time for their other very promising investments and they are going to have a lot more cash from June too. EVT shares are far too low even after the bounce following the TOL news and look well worth buying and there should be very little downside risk with that substantial discount to NAV. And if the share price does drift lower then EVT will be an even better buy. This is yet another example of Richard Bernstein's deal making and Management qualities. Yes, the EVT share price performance has bee disappointing but in the end again they have pulled a rabbit out of the hat. |
Posted at 14/2/2011 13:43 by wjccghcc I suppose the market never really fell in love with these. The MBO will allow them to increase Asia Pacific investment at the short-term cost of reduced profitability.A 40% gain isn't bad and the prospects of getting more in the next few years aren't that high so I'm happy to take the cash. Farewell TOL. |
Posted at 28/10/2010 16:07 by kenmitch Tipped in Shares Magazine today. Nothing much new - the same positive case. Story of the brilliant Greenfield/ISS buy again + suggestion that TOL will improve their 8.7% margins in 2008 nearer to their own 21.8%. House broker Numis predicts overall operating margins will recover to 17% by 2011. EPS they say should go from 12.5p in 2009 to 19.3p next year. That, says Shares looks cheap given the £128 market cap's growth prospects. Needless to add that has done nothing for the share price - yet! Achieve (or better still exceed) those targets and then surely the shares will respond. |
Posted at 23/9/2010 17:38 by kenmitch Yes, surprisingly little discussion of outstanding results - profits tripled, dividend doubled, big increase in cash and Greenfield confirmed as a bargain priced acquistion that has already been successfully integrated. Broker Numis has initiated coverage with this buy note. Numis: ToLuna (Buy, TP: 374p) Social Engagement ToLuna is one of the world's largest online panel and survey technology providers to the market research industry. The group offers market research and media agencies and corporates access to a panel of respondents across 34 countries, and products ranging from 'sample only' to custom panels allowing clients to develop and maintain their own branded, bespoke online communities. ToLuna employs a community approach to panel recruitment and management through toluna.com; a social media site where members can create profiles, interact with each other, complete surveys for reward points and generate their own surveys. This has several advantages in our view. First, by providing benefits above and beyond financial rewards, ToLuna achieves a high level of panel participation and engagement, which leads to lower recruitment costs, higher response rates, lower churn and higher quality data. Secondly, as well as these cost and quality advantages, the community approach to data collection also increases the range of products available and in turn the potential market size. The unique approach to panel recruitment and maintenance is supported by a best-in-class technology infrastructure that was significantly strengthened through the acquisition of Internet Survey Solutions (ISS) division of Greenfield Online from Microsoft in 2009. ToLuna now has a diversified portfolio of panel respondent technologies, providing multiple channels of survey completion. These direct the right survey to the right panellist efficiently and, where possible, automatically. In our opinion the depth of ToLuna's respondent technology gives the group a competitive advantage and forms a key part of the investment case. We believe that with the transformational acquisition of ISS now integrated, ToLuna has achieved critical mass in a fast growing market and expect its innovative approach to online data collection to be reflected in strong organic growth; we also see further upside from bolt-on acquisitions. We initiate with a target price of 374p and a Buy recommendation. |
Posted at 02/2/2010 09:50 by kenmitch There is a good chance that profits will continue - maybe by increasing amounts too - to beat forecasts to bring that PE down well below 15.Also imo quality wise and for all sorts of other reasons TOL is in a different league to RNOW. e.g TOL, unlike RNOW and YOU has not put a foot wrong so far. It deserves a premium rating and a forward PE in the mid teens is quite low for such a fast growing Company. A successful bid would have to be at a significantly higher price surely? Perhaps more likely is that TOL will continue to be very successful, profits will rise increasingly fast and the shares will perform very well over the next two to three years. As should the shares of Eurovestech who still hold 29.6% of Toluna. btw. Invesco Perpetual also hold 29% of Toluna - a real vote of confidence. |
Posted at 05/1/2010 21:35 by theophilus A few years ago this one was part of a group of 'glamour stocks' but then the sector appears to have fallen out of favour.Some had really large falls but Tol did not fall anywhere as far as You and in fact there has recently been some interesting buying which has produced quite a sizeable rise in share price. Not cheap in terms of PE but one worth keeping any eye on. Cheers Th. |
Posted at 15/4/2009 07:12 by theophilus Another set of good results.Headines are below 15 April 2009 ToLuna Plc (the "Group" or the "Company") Results for the year ended 31 December 2008 Expanding our global reach and services for the next phase of growth Highlights * Another year of strong growth for ToLuna * Revenue up 74 per cent. to GBP21.7 million (2007: GBP12.5 million); underlying growth 35 per cent. before acquisitions * Net cash from operating activities up 47 per cent. to GBP5.0 million (2007: GBP 3.4 million) * Profit before tax up 48 per cent. to GBP4.7 million (2007: GBP3.2 million) * Total dividend increased 47 per cent. to 1.65 pence (2007: 1.12 pence) * Earnings per share up 46 per cent. to 9.63 pence (2007: 6.59 pence) * Common Knowledge acquisition strengthens US platform and ToLuna's global offering * Opening of Sydney office to support Asiapac growth strategy * Panel membership rises to 2.65 million, across 30 countries * Rapid growth in ToLuna "social voting" community activity - rising to 8 million votes a month * In Q1 2009 strong growth in revenue, on a proforma basis, compared to last year, reflecting the resilience of ToLuna's business model Cheers Th |
Posted at 17/9/2007 15:38 by kenmitch Interest in this sector has declined in recent months. Even so there might be one or two here still following TOL. Posted the following on Mike Walters paysite earlier today. "Recent interim results from Toluna were very good but passed almost unnoticed. BB comment on TOL has dried up for now, but all is going very well. More and more Companies - if not investors for now - are cottoning on to the huge advantages, in terms of speed and cost, of conducting their surveys online. PBT up 53% to £1.4 million. Net cash £3.9 million. EPS up 48% to 2.51p Strong cash generation - up 81% to £1.6 million. Operating margins just slightly down at 21.6%. Currency costs and accounting charges for the 25000 shares gifted to charities account for the very small fall in the still very impressive margins. Dividend raised again - to 0.37p. Profits/progress looks well on schedule to reach or probably exceed what seemed ambitious targets in the Cenkos broker buy note. i.e £3.8 million PBT for 2007 and £5.4 million in 2008. The second half is always stronger than the first. Toluna now has 1.6 million panellists in 26 Countries. They have Offices in 6 Countries and have expanded their offering to Scandinavia and South America. Loads on the excellent Toluna website www.tolunapro.com and lots too on their www.testandvote.com website if wanting to become a panellist or to find out a lot more. Toluna confirms a high level of repeat business. Still about 70%. There have again been significant client gains. Also yet again there is 100% repeat business for their technology offering Automate Survey. Clients for this have now reached 59, with 13 new clients. Most are big blue chip Companies. 100% repeat business says it all. Other news/progress includes an improved version of Automate Survey and a new version of PanelPortal. The recent acquisition of DPoll seems to be going very well, and includes online community features. Apparently they have some world class web engineers. Very soon they will be launching unique and highly innovative web community initiatives. YouGov has recently gone for a fund raising to pay for 3 large acquisitions, and YouGov remains better known in the UK than French company Toluna. Toluna continues to look for small add on acquisitions like DPoll. That's a lower risk approach that is clearly working. The share price has done nothing for quite a while and since falling 20% in the market wobble last March. Interest in the sector among private investors has declined judging by the almost total lack of comment on bbs over recent months. One good thing about that is that unlike what happened last March the shares so far have seemed immune to recent big rises and falls in the markets. There are clear plusses holding shares that are not popular with spread betters subject to margin calls too. If not holding it is probably safe to sit and watch from the sidelines for a while longer but to keep an eye out for increased interest in the sector again ,and with Toluna for any possible further Institutional buying. Top Fund Manager Neil Woodford has bought large stakes in both Toluna and Eurovestech over recent years. Am not suggesting that he will buy even more, but buying by other Institutions, if they can get hold of the shares as only around 10% are not accounted for by big investors, would be another plus point. Another plus for Toluna is that should there be an economic slowdown then the need for cost saving by large Companies could even lead to increased business. Online surveys are so much cheaper and faster than the old fashioned methods so many Companies are still using. Even now online research only accounts for 20% of the research market. Toluna's chunk of that 20% is getting larger too. And that 20% looks likely to increase strongly too. Also as explained before another way into Toluna is to buy Eurovestech shares which look cheap. Eurovestech still hold 50% of Toluna. Eurovestech shares too have done nothing for ages now and that might last a bit longer. BUT Eurovestech results are out at the end of this month and one of their new Investments, Mist Technologies looks a potential blockbuster. For more information on French Company Mist see their website Mist have developed a way of changing mono and stereo sound into high definition quality sound. Already their unique offering is being used by a number of top Companies and the potential looks massive,for cinema and broadcasting and in the home for top quality high definition sound to go with that High Definition picture. And that potential looks in the short term too. No doubt there will be more on Mist's progress when EVT report shortly. But with their current 3 big successes - KSS, Magenta and TOL all doing well, another big success soon might well give EVT shares a much needed boost before too much longer. It could well be that Mist, another French Company will in time prove as big a success for EVT as Toluna." |
Posted at 13/11/2006 19:32 by kenmitch Apologies straight away. I can't post a link to the Cenkos brokers note, and the following is just a copy and paste of my post about it last week on Mike Walters bulletin board.But some here might find bits of this interesting/useful. Ignore the bits that really only apply to those who subscribe to Mike's site. I - and a few others - have posted regularly over there on EVT and more recently TOL. The following (after a waffly introduction mostly already known to anyone regularly reading/contributing to this bb) is mainly about the latest Cenkos broker buy note for Toluna, issued last week.... "My posts concentrate on ToLuna because that is the company I know the most about. The sector as a whole is making progress at a fantastic rate, and although the share prices already reflect some of that, there should be far more to come as the on-line research sector covers only 5% of the market here compared with 32% in the United States. That gives some indication of the potential for huge further growth. The advantages of on-line research compared with the old methods - telephone polls, interviews etc are obvious. Reliability, speed, and especially time and cost efficiencies. e.g ToLuna are expanding very fast - not just here and Europe, but also into the US, Asia, Australia and probably in time, beyond. The costs of so doing thanks to the wonders of the computer age are very low. Offices are set up with very few staff needed so the costs of this massive expansion are small. Yet the rewards in increased revenues and profits are enormous. Already TOL have gone from a single office in Paris when they floated, to offices in London and New York, and established a strong presence in Germany. TOL has been an excepional performer, comfortably exceeding what seemed ambitious growth targets when they floated. Until very recently few had discovered this sector - and maybe only two or three others on this bb despite endless posts singing its praises. That has changed in the last week or so with 3 buys tips in National newspapers for TOL and then coinciding with those a hugely positive pre close update from Research Now which saw their share price rise around 50% in a couple of days. Anyway a few details,and explanations from the Cenkos buy note issued earlier this week. Anything in brackets is/are my additional explanations. 1. ToLuna now has over 1.1 million participants across Europe. It also licenses its own proprietory data collection technology - the other two do not - so this is a distinguishing feature, with higher margin opportunities. Indeed YOU is actually a customer of TOL. 2. Cenkos mention the high level of repeat business - reflecting satisfied customers. (Some time ago I mentioned that TOL had 100% repeat business from their technology offering, and that still applies.i.e they have not lost a single customer). 3. In addition to the strong organic growth potential Cenkos expect TOL to make selective earnings enhancing acquistions.They have already done this once with the purchase of Speedfacts in Germany and this acquisition has already been successfully integrated. Cenkos reckon there could be opportunities for further product innovations, particularly emanating from the fact that the company has developed on line communities for consumer opinions, initially in France - where they are based - and subsequently across Europe. Cenkos reckon that if TOL continues to perform as forecast then they could easily appear on the radar of large consumer information groups and private equity. (i.e the low capital intensity of this business as explained above could be a key attraction). 4. Valuation. Cenkos concede that the short term valuation is steep - but justifiably so. (This is what has put off so many on this bb from investing in TOL following a "wow just look at the PE" post from Nil Desperandum. Many of us have a lot of respect for Nil D.but he didn't like what he saw when he had a quick look at the company, when the shares were around 140p compared with £2 now. Sadly the sceptics did not accept the arguments put forward here to explain that this was perhaps a fairly rare example of a short term high PE being fully justified by the huge and rapid expansion prospects, with the resultant huge increases in turnover and profits as well. They made the same mistake earlier with EVT as well, which they argued - and their case on the surface looked equally convincing - was overvalued when the EVT share price was 3p!! Now it is 18p - and all but £12 million of the EVT market cap is the value of their stake in Toluna. i.e it would be hard to argue that the EVT share price was overvlaued now). Anyway back to Cenkos on the TOL valuation. They claim that the strong growth prospects put TOL on a very low PEG ratio of just 0.1 for 2006, and 0.4 for 2007 and 2008. They forecast pre tax profits rising to £2.1 million this year, £3.8 million next year, and £5.4 million in 2008. They also forecast a progressive dividend policy as TOL is so strongly cash generative. The maiden dividend was 0.2p and they forecast a final dividend of 0.6p with the scope for dividends to rise after that. (fwiw - the pattern so far, with YOU and RNOW as well as TOL has been to under promise and over deliver. If that continues then even these forecasts could be beaten. e.g TOL, YOU and now RNOW have all come out with "results likely to be much better than anticipated" pre close trading statements. TOL have also outperformed forecasts in earlier buy notes. e.g not so long ago Cenkos had a target price for TOL of just £1.20. How fast things have moved since then, and my hope/expectation is that there are more of these surprises on the upside to come). 5. On strategy, Cenkos point out that while there remain major opportunities for growth in Europe, the company recognises the benefits of a global offering and is considering further expansion into Asia in 2007. And in the US their presence there will allow them to conduct business globally. TOL, they say, will contiue to try and lead the way with innovative products like their unique proprietory technology. (My own - possibly inappropriate! - comparison is that it's a bit like the rapid expansion of Tesco worldwide, but without the big set up costs and NONE of the nasty side effects. Today Europe, tomorrow the World). (This is not a share for the get rich quick brigade. My guess is that the shares will continue to perform as they have since floating - with spells of sseveral weeks with few trades and hardly any change in the price, followed by sharp spikes up. We've just had the latest spike up of around 30p or so. Whether that is the end of this spike for a month or two, or whether the current spike has a bit further to go is guesswork). I'm very happy with a share that performs like that). If there isn't enough here to tempt anyone else into buying Toluna then have a look at RNOW and YOU. Until the rise this week RNOW was significantly cheaper than TOL and YOU. YOU shares have rocketed more than TOL partly helped by the fact that they are better known in this Country than TOL. Alternatively, as explained before if not sure about TOL then a compromise is to buy Eurovestech shares instead, as EVT still owns 50% of TOL. EVT have just taken a profit of £4.5 million on the sale of 6.8% of their then 57% stake in TOL. Their buying price btw was about 9p so the latest sale at 185p was at a big big profit. They paid £2 million for their TOL stake and have already taken out £7.4 million and still own 50%!! It was sensible to top slice as like us they don't want too unbalanced a portfolio - and as explained earlier that stake has been sold to top Fund Manager Neil Woodford. He would expect upside from his purchase.i.e that should answer any query as to why sell now if there is further upside. They sold another stake earlier at £1.30. In theory a rising TOL share price should feed through and give a rising EVT share price too. So far that has not happened. Which means that EVT shares look cheap at 18p. Take out the value of their stake in TOL and around £8 million in cash on their balance sheet, and that leaves the rest of EVT, the brilliant KSS purchase included valued at just £12 million. Apart from one offs KSS was profitable this year and last, and is forecast (from memory) to make profits of around £2 million in 2007. So have a good look at Eurovestech too, especially so if you like the sound of the on-line research sector but can't make up your mind which one to buy. At least by buying into EVT you have some exposure to the sector and all the other goodies in the EVT basket. That includes a warchest of £8 million or so- and the recent purchase of a stake in Pixology at what looks to be a bargain basesment price. Loads more on EVT on this bb. A bit of a marathon effort. Hope it is of some use to somebody. I realise TOL and EVT are not the sort of shares that the majority here go for. otoh - they have a high chance of being very profitable INVESTMENTS on a one to three year view, with a good chance of a bid for TOL at some stage. i.e the sort of investment that can help you survive and enjoy this investment game. Good luck. |
Posted at 09/12/2005 14:23 by kenmitch Apologies for copying the following from the Mike Walters bulletin board. I haven't got time to write a different post today, and with so few readers there shouldn't be any complaints. Obviously ignore the non EVT and TOL bits of this post. Anyone reading it should get the message that I think Toluna shares are very temtpting..................... "I know this doesn't compete with the covered warrants some of us are having so much fun with just now. But EVT and now Toluna are two of my sensible investments - i.e not punts. And Toluna has the big advantage of being in a thriving little followed sector that has the potential for HUGE growth, and could well prove to be recession proof. i.e both EVT and TOL are ideal for longer term investments, but should also continue to perform short term as well. Also broker Cenkos has come out with a Toluna buy note, and some of the information and figures in this post are from that note. That Toluna sector? The one providing on-line solutions and services to the research industry. Now, in Europe just 5% of all market research is internet based compared with over 30% in the US. So just look at the growth potential. The shares in that sector? Yougov - floated earlier this year. I started monitoring this one just ahead of their results. Didn't buy then at £2, and the share price has gone to £3.I now prefer Toluna - and the Toluna share price has only gone up 50% or so from the float price of 70p to just over £1. Research Now - also joined the market this year. I haven't followed this one, put off by profit margins half those of Toluna at 12% compared with 25% for Toluna. Their shares have lagged Toluna and Yougov, maybe because they raised less cash for the business at float with a lot of the founders shares being sold, with only around £2 million of the £9 million raised going into the business? Toluna's maiden results were issued on Wednesday, and have already been posted. The accompanying statement was bland, but perhaps better companies that under promise and overperform, rather than as so often the other way round. And Toluna are certainly performing! e.g profits to the end of September were £0.56 million and they said that current trading is ahead of expectations. Current year revenues have increased by 300% and panellist numbers have trebled to over 650,000 in 13 Countries. This compares with around 90,000 for Yougov almost entirely in the UK. Both have a very impressive client list. Details of some of the Toluna clients - AOL, Peugeot, Aventis, Mercedes and many more of similar quality have been given before. OK current PE ratios for Toluna seem high, but that's hardly surprising given the huge growth potential. The tax adjusted PE for 2006 is 24 and 17 for 2007. Now these figures do not take into account the forecast QUADRUPLING of profits between 2005 and 2007 thanks to triple digit revenue growth and margin expansion. And that gives a PEG rating of 0.5 for 2006 and 0.4 for 2007 - low for an already successful, profitable and fast growing Company. Yougov - a top quality competitor is on a much higher forecast PE ratio of 40 for 2006 and 27 for 2007. That's partly because their shares have already doubled while Toluna have "only" gone up 50%. Of course the PE difference could be adjusted by Yougov shares falling back. More likely though in such a thriving sector that Toluna shares will play catch up. Another key reason why Toluna shares could go up fast is because so few are available. Only 20% are in free float, and of that 20%, 10% or so are in the hands of Invesco and top quality Fund Manager Neil Woodford. Already as happened since this post... "http://www.michaelw ... even small lot buying is lifting the Toluna share price. Even after the results there were only a few trades, nearly all buys and the shares rose around 10% on results day. A couple of small sells yesterday and the shares fell a couple of pence. It seems few know about Toluna - YET. Another plus is that with over £1.5 million of tax losses the effective tax charge for 2005 is nil, and only 18% for 2006. Taking this into account EPS rises to 4.05p for 2006 and 5.7p for 2007. There is certainly scope for further earnings upgrades. The planned release of a new suite of Auotomate Survey Products early next year could help. Recurring revenues are high with current renewal rates of nearly 100% which suggests a lot of very satisfied customers.Apparently there has already been consolidation within the sector, and Toluna are likely to make small earnings enhancing acquisitions too. OR of course they could themselves be a takeover target. What is really attractive though is the sector itself. Growth is likely to be explosive. e.g The European on-line research market was worth 121 Million Euros in 2004, and will increase by 38% to 167 million Euros in 2005. Toluna's market share is just 3% which is more than Yougov.The on-line market research sector is already expanding by 29% per annum compound. That growth will grow more rapid. Remember - even with this expansion that means only 5% of such research in Europe is on-line compared with 32% in the US. It is of course so much more efficient, quicker, and more profitable than the old fashioned methods of the past. Think how quickly Yougov political surveys are now carried out for example. That's one difference between Yougov and Toluna. Toluna - though much bigger - are not doing politics. Don't forget that if tempted by Toluna then one way into the Company is to buy shares in my old favourite Eurovestech, as EVT hold over 60% of Toluna, currently worth around 8p of the 15p EVT share price.Significant rises in the TOL share price should feed through to the EVT share price too.EVT shares have ticked up 0.75p post the TOL results. EVT themselves should be issuing their results very soon, and certainly before Christmas. Toluna btw is already a 12 bagger for EVT. Loads and loads on EVT on the EVT threads, including their equally stunning success, KSS. I've held shares in EVT for years - first started buying at 6p and bought more all the way down to under 2p, and recently purchased more TOL shares at 90p. And I've posted about EVT many times, and still think they are a buy. I prefer TOL to Yougov (YOU) but YOU too are well worth a look. Wish I had bought them too around £2. Worth keeping an eye on their price too. Any further rise in the Yougov share price without a rise in TOL would of course make TOL even more tempting. Obviously the reverse applies if YOU shares fall - but in view of the huge growth potential of this sector any falls are very likely to prove excellent buying opportunities. " |
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