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TRCS Tracsis Plc

900.00
-4.00 (-0.44%)
03 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tracsis Plc LSE:TRCS London Ordinary Share GB00B28HSF71 ORD 0.4P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00 -0.44% 900.00 890.00 910.00 900.00 900.00 900.00 40,740 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Prepackaged Software 82.02M 6.81M 0.2277 39.53 269M
Tracsis Plc is listed in the Prepackaged Software sector of the London Stock Exchange with ticker TRCS. The last closing price for Tracsis was 904p. Over the last year, Tracsis shares have traded in a share price range of 695.00p to 1,015.00p.

Tracsis currently has 29,889,120 shares in issue. The market capitalisation of Tracsis is £269 million. Tracsis has a price to earnings ratio (PE ratio) of 39.53.

Tracsis Share Discussion Threads

Showing 401 to 425 of 925 messages
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DateSubjectAuthorDiscuss
14/6/2013
08:00
solid update, good to hear skyhigh is integrating well.

j.

jonnyno1
13/6/2013
14:09
Hope you're right cestnous
tudes100
13/6/2013
12:53
Should bounce around this point Tudes. It's just the market generally imo and not stock specific. I would be somewhat coincerned if it dropped heavily from here. Strong support around 160.
cestnous
13/6/2013
12:08
anyone know whats going on here ?
tudes100
21/5/2013
09:23
Second up day in a row. Chart breakout coming here?
cestnous
16/5/2013
14:08
there was a trading statement end of April last year so why no update this year ?
tudes100
05/5/2013
15:05
Finals end October unless an unplanned Trading statement is issued
pj 1
04/5/2013
18:47
Can anyone tell me when the next trading statement is due?
fruitninja84
25/4/2013
11:55
Small Cap Company of the year - fairly deserved I feel :)
canteatvalue
22/4/2013
13:25
Hmm, not sure, the sum is pretty close to £7500 so maybe it was a purchase but of an amount rather than a specific number of shares? I do the same thing and always buy an amount in pounds rather than decide on a number of shares.
canteatvalue
22/4/2013
10:33
Odd number CeV,
Scrip dividend perhaps?
apad

apad
22/4/2013
09:44
Good to see John buying here, even if it's a relatively small amount compared to his main holding!
canteatvalue
08/4/2013
15:04
Thx stewy.
If we add 3p (annualised earnings of 500k net for Sky High )onto earnings of 13.6p we get 16.6p for a company growing fast with 25-30p of cash
PE 9x -far too cheap ! 30% upside excluding any further use of cash.

buffetteer
04/4/2013
14:48
13.6 pence was the target and that was before the acquisition.
stewy_18
04/4/2013
12:46
ANYONE KNOW WHAT EPS WE CVAN EXPECT THIS YEAR PLS - MY OLD ONE OF 10.6P SEEMS OUTDATED?
buffetteer
01/4/2013
19:07
Good debate about the very low margins of the acquisition over on the iiiboard.
apad

apad
28/3/2013
10:44
The nature of the deal process tends to lead to relatively high benchmarks for post-acquisition bonuses for the management of the acquired business. If you think about it, Sky High management will (if they have been doing their jobs properly) have talked up their prospective earnings for the current year because it is those earnings that Tracsis are buying - the earnings multiple for the last completed financial year is largely irrelevent, albeit it is seized on by investors and analysts because we are not privy to the forecast earnings.

Having talked up the prospective earnings for the purposes of maximising the sale value, the Sky High management team can scarcely talk them down again for the purposes of earning their bonus!

The process of negotiating a deal should lead to exactly this healthy tension - and indeed is why so many deals tie at least some of the sale consideration into an earn-out mechanism, though this is difficult for listed company acquisitions.

As a TRCS shareholder, I hope of course that the Sky High management team will easily earn their bonuses!

timpernel
27/3/2013
13:49
Stuart,

Indeed, those profits will be far ahead of what they have achieved historically. However, the last interims show PBT to be up significantly so there is a positive trend there. It would be odd for management to agree to a bonus structure they felt was impossible, so at least it shows us what they are aiming for and what they think they are capable of - they may just be being far too optimistic but given their financial incentives are to downplay their expectations to make it easier to achieve their bonuses this would be odd.

It's always going to be hard for TRCS to find acquisitions at the kind of prices they like to pay (i.e. very low!) but I know the CEO spends the majority of his time 'on the hunt' as it were and reviews many, many opportunities so he's not shooting at the first thing that moves. As you say, management are good at avoiding doing acquisitions for all the wrong reasons and getting caught up in 'deal heat'. They'll buy when it makes sense for them to do so, and this deal looks like it makes a lot of sense even before factoring in any synergies & cross-sell.

canteatvalue
27/3/2013
13:39
Hi CantEatValue,

I have had a look at last years figures for Sky High and I have to say it would be a remarkable turnaround if they were able to do £750K PBT this year. Last year they managed £80K PBT and the year before that a loss of £250K.


Whilst they say they have had a strong start to this year, they would really have to motor to get their bonus's. I hope it happens but I'm not sure a 1000% swing (almost) in PBT is really possible. As you say, it will be difficult to attain any synergies with Tracsis this year. As I mentioned on the fool, I really wanted to see an acquisition that gave Tracsis a compliment to their MPEC tooling. I read in the SCSW that Network rail were looking for something to check the tension of overhead power cables. That kind of thing would have been very interesting, especially if it had the same margins as MPEC.

However, this is what we have and I'm not complaining. We will just have to wait and see what they can do this year. I hope it does turn into a gem of an acquisition.

I think it will get harder for Tracsis on the acquisition front. Companies will have seen how well they did with MPEC and may drive a harder bargin. By my calculations MPEC has paid for itself already (in just under 2 years). For this reason, I think patience will be needed when it comes to further acquisition news. One of the good things about this management is they don't seem to get caught up in 'deal heat'.

For that reason, it think it is important they have a lot of acquisition options (as they said they have in the last presentation). They can then cherry pick the companies which offer the right price.

Time will tell but I am very relaxed about this investment. Without acquisition news they seem to be on target for 13.6 EPS this year. Anything over that will be a bonus.

Regards

Stuart

stewy_18
27/3/2013
10:56
Surprised no one has commented on the bonus structure in the takeover disclosure. The management get £0 bonus if the PBT is less than £750k in the 12 months after acquisition. I make that to be a P/E of 5.5 (assuming ~20% tax rate) for their base level of profit expectation! The top level of bonus only kicks in over £950k, which would put the acq on a P/E of 4.3. And this is only in the next twelve months, before any real time for any cross sell / synergies to kick in in full.

Classic cheap Tracsis acquisition! It still doesn't even make that big a dent in the cash pile given the rate at which they are piling it up, so they are probably still on the prowl for more. Guess it must be hard to find deals going so cheaply!

canteatvalue
26/3/2013
17:18
i didnt get enough out of skhg so moved over here now. had looked in a couple of years ago...maybe I should have dipped in then. but i see a rosy future.
mmelody
26/3/2013
08:36
Looks like a nice acquisition...

"We believe that this acquisition, whilst being immediately earnings enhancing, will also drive growth for the combined Group and in turn provide further value to our shareholders."

cestnous
25/3/2013
21:57
Maybe the news that the rail franchising process is to restart helped today
valustar1
25/3/2013
18:42
Bought into Tracsis today. Have had them on my watch list since Stewy's excellent post on TMF. We are now close to full year figures which should hopefully be around 13.6p EPS. That would then put Tracsis on a historical EPS multiple of around 13 which seems very cheap for a company with excellent growth prospects.

With £8.5m in the bank and a history of shrewd acquisitions I'm looking forward to the next year.

There are quite a few synergies with C21 which I also hold, sales, research and head office costs could be pooled and we could have a company that has a strong hold in both rail and road transportation, I'm sure Tracsis could use the CCTV arm on trains with their market penetration. Just a thought as that would be win win for me :-)

kalkanite
18/3/2013
23:42
Just read a report form this company for the first time. Good growth, high margins, great balance sheet, PE fine. Not many negatives here.

Looks worth a punt.

sparkymoc
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