Totally Share Discussion Threads

[microscope] 08/11/2018 12:14

Good material from @aim_chaos on twitter this morning. among the comments, see below. (Wavy lines are 'circa' of course, not minus signs :) ).

@aim_chaos "Vocare in 2016 recorded PBT of £1.5m on revs of £60.7m.

Think what it could achieve on revs of £90m, and improved GM.
‏
Next year, due to the continued improvement in GM whilst G&A costs are maintained, operating cash flow (pre WC movements) should more than double to ~£2.3m.

Capex is modest (c.£200k pa) - therefore these positive cash flows will be used to steadily rebalance the WC position #TLY

It was +£2k in H1, but that included ~£0.5m of Vocare restructuring costs IMO.

Brokers penned in ~£1m of restr. costs for full FY, yet this exceptional was not separated from the G&A line.
Therefore #TLY is on for ~+£1m of operating CF for FY 18/19, pre movments in WC, IMO."

To see a fuller version of these comments obviously you need to be on twitter and easier to be following the poster.

[sikhthetech] 08/11/2018 11:31

gl,

Pages 84-87 of Vocare Admission Doc..

[gowlane] 08/11/2018 11:06

The curious thing with re-measurement is that they do not revalue the asset, only the liability. But it is becoming more common - RTHM did it as well of course.

From a practical point of view we can only be thankful that they had these earnout clauses and did not overpay. Anyone know if they are based on profit rather than revenues?

It looks very possible now that the remaining contingent consideration of £2m in current liabilities will not actually be payable either when the time comes.

There is a provision for restructuring costs in payables I suspect.

[football] 08/11/2018 10:58

Cometh the hour, cometh the man.


Come on STT what's reason for the almost 40% share fall since results(21p to 15pish)

And why didn't you putting the brokers notes the one that stop covering the other day or did you?


And if someone set up a new totally thread would you keep off it like I would so these people here could have a sensible conversation without your ramping and posters slagging the share off because of your antics elsewhere

[sikhthetech] 08/11/2018 10:53

The increasing need for NHS 111 and IUC...


NHS emergency care in crisis all year round


"An NHS England spokesman said: "The NHS's extensive planning for winter is already well under way, with access to clinical advice through NHS 111 and evening and weekend GP appointments improving people's access to care, plus action by hospitals and local councils to free up beds by reducing long stays."

[dave4545] 08/11/2018 10:29

16p offer to 21p bid and within a week it's now 15.7p offer

Traders dream stock so having another bash for a bounce although at some point I expect to get caught out, it's never this easy

[1gw] 08/11/2018 10:28

microscope - for the avoidance of equal doubt I think you will struggle to find many if any posts from me defending barkboo. I have said that he is transparent in the sense that I think it doesn't take long to work out why he posts the way he does, but that's not a defence, it's a comparison with the lack of transparency about the way sikhthetech posts on the rthm boards.

My feelings on barkboo and sikhthetech have been expressed fairly recently over on rthm as follows:

------------------------------------------------
1gw 19 Sep '18 - 18:01 - 8754 of 9632 Edit 0 4 2

STT - I think you and barkboo could have been separated at birth (virtually speaking) - if not, you certainly deserve each other.

You both come across on these boards as egocentric, conspiracy-minded oddballs, who can't seem to put a rational investment argument together to save your lives and so resort to endless trickery to try to cover that up. Barkboo favours racing/bookmaking metaphors and language, you just spam anything in sight related to ad-tech and dig up historic posts with the most tenuous (or no) link to the subject being discussed, but both of you have this underlying theme of the world being against you and you're going to win through in the end and show everyone that you were right about the conspiracy.

I truly believe if you two could set up a bulletin board for your exclusive use and stick to it, life would be so much better for nearly everyone else on here.

You could perhaps call it "barky and stt the aeroplanes" and focus on swapping conspiracy theories.

[1gw] 08/11/2018 10:17

savagedstock - I'm not sure about your conclusions on administrative expenses.

Firstly, the FY18 accounts are for 15 months, so you can't get 6 months to March'18 by subtracting 6 months to 30/9/17 from 15 months to 31/3/18. And even though that means your numbers are for 9 months to 31/3/18 (so the comparison to 1HFY19 would look even worse), they include only 5 months of Vocare, not 6.

Secondly, at least in the past, TLY have wrapped all sorts of things up in the "administrative expenses" line - in particular acquisition related costs. So in the 9 months to 31/3/18 there was certainly some acquisition-related cost.

I'm also struggling to see where the cash associated with any remedial/restructuring spend on Vocare is identified. If it was already provided for in the balance sheet liabilities then it shouldn't have hit the income statement, but then it ought to be identified separately in the cashflow statement. But it isn't as far as I can see. So either they didn't spend any material amount of money in 1HFY19 on restructuring, or they spent money that wasn't provided for and it appears in the income statement (probably as administrative expenses).

A cash bridge could really help.

[microscope] 08/11/2018 10:09

For avoidance of doubt, the reason i have chosen to no longer converse with anyone who has defended barkboo from the RTHM boards.
Imho, another attack on All TLY holders on here, which Sikh is up against this on an almost daily basis, not just from this poster but several others over there, and imho it stinks.
"BARKBOO7 Nov '18 - 10:44 - 7428 of 7452
0.000346 4 3
FTSE up a nice 85pts - TLY down another 7%, how wonderful to see the ADVFN rags suffer in such a way.
More thumbs down please! lol"
And from 1gw:: "barkboo wants to see you lose money, while football wants to give you a taste of your own medicine by bashing TLY over here.
Transparent.That contrasts sharply with you"

No better imho.

My last word on the subject, now back to discussing TLY but only with posters who i think are genuine on here. All imho.

[pugugly] 08/11/2018 10:09

1 year breakout DOWN VVVVV Now TOTALLY toxic (imo) unless and until company becomes cash flow positive-
Strongly suspect II's have become worried about merger and takeover accounting and so are avoiding/cutting losses.
OK If can be turned round potential for those brave enough but those who got in after the 2nd and 3rd falls now looking at very significant losses.

[1gw] 08/11/2018 09:48

I'm sure they had something in mind when they made the strong cash generation statement. I was hoping they might have got that story out either in the results or in the brokers' notes that followed. I have seen another company provide a cash bridge, so that you get a bit more meaningful granularity - that way you could see how much of that £903k outflow on "operations" was actually a non-recurring expense on restructuring Vocare for example, or perhaps costs associated with an unusually large advance payment.

[1gw] 08/11/2018 09:44

"...cash generation continued to be strong..."
[TU 24th October]

£000
(903) Cash generated from operations
(867) Net cash flows from operating activities
(352) Net cash flows from investing activities
( 3) Net cash flows from financing activities
(1222) Net (decrease)/increase in cash and cash equivalents [corrected]
[Cash flow statement, 1H results, 5th November]

Discuss

[ttreb] 08/11/2018 09:19

looking at the chart there is a gap to fill down to historic lows at 12.7.
price action would suggest we are going to that level.
we are in the buy accumulation zone so all is good if you are buying down here.

[football] 08/11/2018 09:14

I've never had a post voted down before the page refreshed so I could see it

[football] 08/11/2018 09:11

I know STT put out all them brokers notes yesterday but was this mentioned in them? And could it be a reason for people selling out? And if he didn't include it why not people need to know all the facts not just the rose tinted ones certain posters want you to see





Cenkos: Totally Plc -- Terminate Coverage

[football] 08/11/2018 09:06

JonC that's my I detest STT so much has he takes pleasure in seeing people lose money and can't wait to rub it in when the down! Also he doesn't see the parallels between this company and another one that he continually posts every day negative stories about seems to have a glint in his eye with every penny it falls.

[football] 08/11/2018 09:04

Was a shareholder here and the management and about the share buyback surely they should be asking held accountable why it's not happening? Or at least putting out a statement saying it still on the table. Can only be if you reasons why there's no share buyback firstly they need the money to make more purchases, secondly the cash burn isn't as good as people here believe and thirdly they don't think the company's fair value at this price and will fall further hopefully it's just the first one and they are keeping their money/powder dry to make a purchase







Instead of sitting here and moaning on a free message board to each other getting contact with the company remember it's your money and they work for you as you are a shareholder and they should be putting shareholder value first and not their pay packets


Totally plc contact details

[jonc] 08/11/2018 08:58

Well done footers.Nice one.

[arteespresso] 08/11/2018 08:50

Oh dear, price action is not too great! Where is STT with his words of wisdom - oh yes, silly me, he's on the rthm board!

[1gw] 07/11/2018 22:10

You might also note that they appear not to have been able to use this wheeze on the company (rather than consolidated) accounts. If you look at notes 14 and 24 you will see they had to write down their investment by the amount of the contingent consideration adjustment and reported a loss for FY18 of nearly £7m.

"Investments were adjusted during the period to reflect the decrease in the fair value of the contingent consideration payable on acquisition of subsidiaries"

[1gw] 07/11/2018 21:52

Microscope / STT - I'd be interested in your thoughts on what TLY have done with their acquisition accounting. Taking just About Health for simplicity, as far as I can see they've done this:

June 2016:
Buy AH for £2.0m cash (if you include payment for the shareholder loans) + possible deferred consideration
Put it on balance sheet as a £7.7m asset, plus a liability to pay deferred consid.

Sometime after 31/3/17
Pay £1.1m of deferred consideration (making £3.1m total paid)

31/3/18
"Revalue" deferred consideration down by £2.9m
Leave asset value unchanged, creating £2.9m of "profit" to offset losses elsewhere

So by this point (31/3/18), if I've understood it correctly, they've spent £3.1m cash buying the company and created £2.9m of profit simply from the revaluation. And they've done something similar with PPH & OSPC where together it appears they've spent £2.2m to 31st March 2018 buying the 2 companies and created £2.6m of profit from revaluing down the contingent consideration.

I can imagine what STT might say if he discovered RTHM had been operating this way. It looks ever so slightly odd don't you think? Certainly worthy of discussion on an investment bulletin board.