Venture Life Share Discussion Threads

[redartbmud] 26/3/2018 11:54

attrader
Thanks.
It has been my experience that when figures are adjusted, year on year, using different headings and numbers, but the overall result fall within a very limited band range, then those figures have an element of 'massaging'. Quite legal of course and the results are approved by the Auditor, because the underlying assumptions can be easily justified.
My early days in industry taught me that. AT one job, we had a master of the art, nicknamed 'Fudger Fred' who operated in another Division of the same Company.
I tried to emulate him by fudging an urgent report that I didn't have time to complete properly. When I took said report to the Group FD, he 'went off on one' and said it was fudged, which of course was true. Fred often got away with similar things, but had 25 years or so more experience to cover his tracks!!

red

[attrader] 26/3/2018 11:34

Great work Red, i'll set aside a day or two to compare their accounts and learn from your exercise..

BVXP is a money machine.. hope to find more BVXPs for my folio..

[redartbmud] 26/3/2018 11:00

BVXP

Well done to the holders, the afterburners are on.
I would not have bought ahead of results, but another one missed!:-(

red

[redartbmud] 26/3/2018 10:56

PTSG
Attempt to cut and paste precis of workings:
PTSG
Numbers read across….. 2017…2016̷0;2015…2014
Cost of sales %...48.85….48.15….45.73̷0;.42.68
Unadjusted net operating costs %...46.70…43.92…49.38….49.11
Adjusted net operating costs %.......31.05…31.83…33.80230;35.06
In that time Turnover has increased 294.07% whilst reported profit in 2017 was £1.794m and 2014 £1.713m. It should have significantly improved, but annual ‘adjustments’ seem to get in the way.

Percentage of turnover by division:
Access & Safety 38.16%
Electrical Svs 38.09%
Building Access 10.3%
Fire Solutions 13.46%

Revenue per employee: 2017…2016 Employees 2017
Access & Safety ……£;128.6k…..£129.2k No 157
Electrical Svs ………;..£98.3k̷0;….£66.8k No 205 Note
Building Access …….£93.8k….£98.7k….No 58
Fire Solutions ,,,,,,,,,£192.6k….£160.5k No 37
Note: Fat finger on orignal calc for 2017 last night. but revised on checking. It is better, by c£15k but margins are down by 4.5%

Margins, based on numbers that I adjusted for assessment of ‘One off’ charges to divisions for share options allocated and contingent payments related to acquisitions: 2016 2016
Access & Safety 12.15% 12.66%
Electrical Svs 18.09% 22.60%
Building Access 21.56% 21.34%
Fire Solutions 21.49% 20.89%

Debtors: 2017 2016
Over 1 year not impaired £2.419m £1.912m
Who is financing this?

Impaired £987.3k £587.9k
No figure for write off disclosed.

Fixed assets:
Motor Vehicles NBV £2.168m are 50.32% of Net book value of fixed assets. W/off 33.3% pa

Intangibles:
Increased to £26.21m in 2017 (£12.36m 2016).
Of this Tender List, and Order Book NBV £2.729m (£167.2k 2016)
Depreciation £370.6k charged to Admin Expenses.
Will the Depreciation increase in 2018, and by how much? Effect on profits!

red

[al101uk] 26/3/2018 09:35

APAD,

I get the mail from Shareprophets and skim it for companies I've heard of, most of them are car crashes that I glance at from a safe distance with morbid fascination. I'm not a subscriber.

Not noticed SOU on the list for a while, doesn't mean he hasn't talked about it though.

[apad] 26/3/2018 09:20

As in "first' interim dividend, att.
apad😊

[apad] 26/3/2018 09:06

Still got lots of shares, janeann.

I expect there will be regular sales and awards of options to top them back up again.

apad

[attrader] 26/3/2018 09:05

Only thing about BVXP is lack of opportunities to reinvest capital, however, I admire Harrison's approach to return excess capital back to shareholders rather than wasting it on empire building mission..

Been reading "Capital Returns" over the weekend. "Generally speaking acquisitions, M&As and empire building has destroyed value while demergers, spinoffs, debt repayments, share buybacks at right time and dividends have created shareholder value". Unable to get this out of my head...

[attrader] 26/3/2018 08:59

That was about 6 months ago APAD. Just my judgement which might be totally incorrect...

[apad] 26/3/2018 08:23

When was that, attrader?

BTW - I bought when Paul Scott caused a dip by pointing out the receivables.
I note that he has not commented this time around.

apad

[janeann] 26/3/2018 08:22

PTSG - directors sold some shares at 202 in Jan ...........

PTSG, the niche specialist services provider, hereby notifies the market that, on 18 January 2018, 1,500,000 existing ordinary shares in the Company were placed on behalf of certain directors of the Company ("Director Vendors"), (the "Placing"), on the London Stock Exchange at a price of 202.5 pence per share.

[attrader] 26/3/2018 08:17

Thanks for the analysis red, when I attended PTSG event I was both scared and excited by CEOs emphasis on doubling the share price and proving city wrong again by doubling it again. I decided to err on the side of caution thinking if business does not perform well he might make the numbers.. just my caution not necessarily what might or might not happen ..

[apad] 26/3/2018 08:14

Excellent red. Your detailed look at PTSG has come to a different conclusion from my top-down look.
I'll look forward to comparing your approach and mine to see if I can add anything to raise flags without digging so deep.
Ta muchly.

BVXP
EBIT/revenue ranges around 80/90% over the years - remarkable. Agree with your comment, dacian.
They make the point that data from Siemens is out of sync with accounts (I think they have said that before). Oh! And just the 20% increase in divi.
apad😊

[hydrus] 26/3/2018 08:13

Bit like a community chest card in Monopoly.Impressive stuff, looks like it's heading back towards number 2 spot in my portfolio.

[redartbmud] 25/3/2018 22:40

PTSG
I have come to the conclusion that PTSG is just another run of the mill stock.
Having looked at 4 years’ data, I cannot see any visible improvement in the numbers.
There is no doubt in my mind that they are being clever in the sums that they are allocating to reorganisation, year on year.
The basis of the share options ‘awarded’; is very opaque, and the numbers, relative to the size of the business is very generous..
It seems to me that they need a couple of acquisitions per annum to maintain momentum. It also makes year on comparison difficult and allows generous write offs to reorganisation.
Intangibles are an ever-increasing number in the balance sheet.
They are not improving revenue per employee, which indicates that prices are static.
They term their employees as being the “man with the van”. Good slogan but very capital intensive and I bet the vans get serious hammer and running costs are very high, with excessive wear and tear. Poor shelf life and disposal proceeds when they are sold on.
The bad debt provision has increased significantly, year on year. It may be Carillion related, but if so, it should have been written off as irrecoverable at that business is in liquidation.
I can see why the shares were marked down, given the rating and low yield.

Tomorrow, I will add a few numbers to back up the comments.

red

[apad] 25/3/2018 20:00

hxxps://www.stockopedia.com/content/boohoo-investing-for-success-or-disappointment-344988/

At last a sensible balanced view of BOO.

apad

[apad] 25/3/2018 18:38

pps
Has he said anything interesting about SOU, al?

[apad] 25/3/2018 18:35

ps
really frightened of the Canada Pension Plan expertise.

apad😊

[apad] 25/3/2018 18:28

BOO
Fund % short change Date changed
AHL Partners LLP 0.51% 0.22% 12 Feb 2018
Canada Pension Plan Investment Board 0.76% 0.13% 21 Mar 2018
CapeView Capital LLP 0.51% 0.0% 27 Feb 2018

apad

[al101uk] 25/3/2018 17:33

Shareprophets just reported BOOHOO.COM PLC as the number 4 most shorted company on AIM, albeit with only a 1.78% declared short interest.


TELIT COMMUNICATIONS PLC 8.76
IQE PLC 7.65
PURPLEBRICKS GROUP PLC 2.51
BOOHOO.COM PLC 1.78

[redartbmud] 25/3/2018 13:15

APAD

I said that it was work in progress.
Some girls are too eager:-)
Still working away.

red

[hydrus] 25/3/2018 12:00

Fair point Dave I don't know it well enough anymore but that would make sense.

[discodave4] 25/3/2018 10:44

APADTake it that's capex, which there isn't any, or very little, as it's an outsourced business model.Their marketing is about 9%-10% of revenue last time i looked.DD