Share Name Share Symbol Market Type Share ISIN Share Description
Xaar Plc LSE:XAR London Ordinary Share GB0001570810 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 191.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
191.80 194.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 47.98 -4.32 -15.20 149
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 191.00 GBX

Xaar (XAR) Latest News

Xaar News

Date Time Source Headline
22/6/202117:37UKREGXaar PLC Holding(s) in Company
22/6/202111:44UKREGXaar PLC Holding(s) in Company
16/6/202113:17UKREGXaar PLC Result of AGM
01/6/202110:10UKREGXaar PLC Total Voting Rights
17/5/202109:27UKREGXaar PLC Holding(s) in Company
12/5/202110:15UKREGXaar PLC Holding(s) in Company
04/5/202115:01UKREGXaar PLC Total Voting Rights
30/4/202118:23UKREGXaar PLC Annual Financial Report
27/4/202109:33ALNCXaar "well positioned" for future as loss narrows in 2020 on costs cut
27/4/202107:00UKREGXaar PLC 2020 FULL YEAR RESULTS
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Xaar Investors    Xaar Takeover Rumours

Xaar (XAR) Discussions and Chat

Xaar Forums and Chat

Date Time Title Posts
22/6/202114:29XAAR - 2006 & Beyond4,597
17/12/201415:44Tip TV Daily market Round-up-
28/8/201414:44XAAR 2004 - MAJOR RECOVERY IN PROGRESS1,081

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Xaar Daily Update: Xaar Plc is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker XAR. The last closing price for Xaar was 185.80p.
Xaar Plc has a 4 week average price of 182p and a 12 week average price of 137p.
The 1 year high share price is 230p while the 1 year low share price is currently 53.60p.
There are currently 78,266,639 shares in issue and the average daily traded volume is 739,464 shares. The market capitalisation of Xaar Plc is £149,489,280.49.
scottishfield: Yes, XAR was included. That's good.
zho: Share price reacting to this? "Xaar is currently among the stocks with the strongest six-month and one-year relative price strength in the market"
gersemi: ST from IC Xaar’s roadmap to profitability Cashed up Xaar primed for profitability. Disposal of Xaar 3D stake expected in first half of 2020. Exciting new product launches. Gross margins rising and operating costs cut. I had an informative results call with the management team of Cambridge-based Xaar (XAR:147p), a leader in the development of inkjet technology and maker of piezoelectric drop-on-demand industrial inkjet printheads. Xaar operated at cash profit break-even on slightly lower revenue of £48m in 2020, but this conceals an ongoing recovery and one that is underpinned by a reinvigorated customer centric focus and product investment in market segments in which the company has a competitive advantage. Chief executive John Mills is particularly excited by prospects for this week’s launch of Xaar Nitrox. The printhead enables printing at up to 100 metres per minute for applications using oil-based inks, such as in ceramic tile decoration, as well as handling more demanding fluids including soluble salts and frit used for printing glass. By working directly with original equipment manufacturers (OEMs) Xaar is not only addressing their specific requirements, but is winning contracts that will underpin revenue for years to come. In the meantime, self-help measures pushed up printhead gross margin to 31 per cent in the second half of 2020, a run-rate that looks set to improve further. The board are also trimming annual operating costs, saving £0.7m by relocating Xaar’s Cambridge offices in the coming months. There is hidden value in the balance sheet, too, as Xaar is in the process of selling its 55 per cent stake in its 3D printing business to Stratasys (SSQ:NSQ). House broker Investec is pencilling in a cash payment of £18m in the first half of 2021 which would double Xaar’s net cash to £36m (45p a share). Importantly, analysts expect that bumper cash pile to hold firm as Xaar uses internal cash flow for its investment plans. The point is that ongoing customer wins are highly supportive of a sharp improvement in Xaar’s revenue from £51m this year to £61m in 2022 and £74m the year after, as Investec predict. Moreover, with gross margin on the rise and annual operating costs holding steady at £20m, then cash profit could hit £3.6m in 2022 and £10.9m in 2023. Deduct non-cash depreciation and amortisation costs, and Invetec’s £7.2m operating profit estimate in 2023 is a modest 10 times Xaar’s enterprise valuation (post Xaar 3D disposal). I suggested buying Xaar’s shares, at 36.4p, in my 2020 Bargain Shares Portfolio and the re-rating has further to run to my 200p target price. Buy.
amt: Results as expected with a lot of optimistic words but still loosing money. The outlook wording is a let down. No forcast and still expecting a loss in the year ahead it seems. Only medium term return to profit whatever that means. They burnt 6m of cash in the last 6 months and have 18m net cash left. Lets hope they dont continue at that rate and burn through 12m in the year ahead. I think we have had a great run in the share price so I cant complain. Net assets down by 9m in the last 6 months. DYOR
thomasearnshaw: I see Simon Thompson has done KAPE maybe that may be a good one to get His target is 35% over present price. Kape Technologies (KAPE:198p), a provider of cyber security software, has released a bullish pre-close update ahead of annual results on Wednesday, 17 March 2020. It’s hardly surprising given that home working and remote working restrictions due to the Covid-19 pandemic has led to increased adoption of Kape’s cyber security software (which protects data security and privacy against piracy and phishing attacks). Demand for virtual private network (VPN) solutions that encrypt and secure internet connections has been rising notably in both North America and Europe, regions that account for almost three-quarters of Kape’s annual revenue. Kape is also benefiting from the transformational acquisition of Colorado-based Private Internet Access (PIA) at the end of 2019. These strong drivers have delivered full-year cash profit of $39m, well ahead of previous guidance ($35m-$38m), on 85 per cent higher revenue of $122m. Margins shot up from 22 to 32 per cent, helped in part by a 31 per cent reduction in PIA’s operating expenses. On this basis, analysts at Progressive Equity Research forecast a trebling of full-year pre-tax profit to $34.4m, EPS of 15.8¢ (11.6p), up from 6.4¢ in 2019, and closing net cash of $25.7m. Furthermore, higher marketing activity in the final quarter of 2020 has laid the platform for accelerated organic growth in 2021. In addition, Kape has completed a cutting-edge infrastructure upgrade that has significantly cut costs as well as enhancing the customer experience for its 2.5m paying subscribers, a tenfold increase since I first advised buying the shares, at 47.9p, in my 2017 Bargain Shares portfolio. Analysts forecast a further increase in cash profits to $41.5m in the current year, but I expect this to be easily beaten. However, even on this basis, the shares are not highly priced on an enterprise value to cash profit multiple of 13 times, one reason why they have made decent headway since I last suggested buying at 170p (‘Four tech companies with high growth potentialâ€482;, 18 November 2020). I expect the positive share price momentum to be maintained. A chart breakout above last summer’;s highs around 225p would signal that a share price move towards my 275p target price is under way. Buy.
zho: Simon Thompson updated his 2020 tips yesterday, including a note on XAR, which finishes: The share price may have more than doubled, but Xaar is still only valued on a 62 per cent premium to net asset value (NAV) of £65m even though the trading outlook is positive, Xaar retains £20.2m of net cash and looks set to realise a £24.3m windfall from its 55 per cent stake in Xaar 3D. Panmure’s upgraded 176p target price seems reasonable to me. Buy.
thomasearnshaw: Analysts' consensus price target is GBX 50.3p A good read Price Target Upside/Downside According to analysts' consensus price target of GBX 50.33, Xaar plc (XAR.L) has a forecasted downside of 61.1% from its current price of GBX 129.50. hTtps://
lauders: Simply Wall Street isn't something I usually use or look at but when conducting a search on XAR just now I was taken to its XAR related page and was interested to see this statement: Below Fair Value: XAR (£1.7) is trading below our estimate of fair value (£7.87) Significantly Below Fair Value: XAR is trading below fair value by more than 20%. Https:// Take the above as you wish but with a reported SWS fair value of 787p I am fine to sit this one out thank you ;-)
garth: Thanks for the link Dave - greatly appreciated. I think I both agree and disagree with your verdict on the piece though. John Kingham's piece ought to be a must read for any holder or would-be holder. It explains the historic rise and fall in the share price. For the reasons he is a seller, I am a buyer and holder. He had XAR in a defensive value portfolio. He bought high (circa 320p) and sold low (90p) - having resisted the impulse to sell at half that because at half that they represented good value. From what I can see, he took a 70% loss. I bought on the covid dip. I took a position at about 30p on the way down. Added more a bit lower (it got to 20p, I has hoping for 18p!!) and again on the way up. I took profits around 60p in June and then bought some of those back again at about 62p towards the end of July as it started to nudge up again. I made a nice profit on the ones I sold and I am about 90% up on the ones currently held. I bought because they had great cash backing, no debt, a distressed share price and the potential to gain from the 3D venture along with winning back market share. John Kingham says: "In summary then: •Xaar is a company which has repeatedly shown that it can pioneer the advance of inkjet printing into new markets. •It has also repeatedly shown that it has trouble maintaining sales and market share once the transition to digital printing has taken place." Well, if both of those statements are true of the past then they may well be true of the future. I am banking on him being correct about the first and I am giving new leadership the opportunity to show that the second point does not have to be true in the future. If the first point holds true we will see the share price continue to rise. That is what I expect. That rewards holders. If management can move beyond the second point then the price will continue to rise and I should be able to smile at a future divi check offering a remarkably good yield on my original investment. Just a view. No advice intended. G.
spob: Simon Thompson Bargain share Investors Chronicle 7 February 2020 Https:// Xaar Main: Share price: 35.9p Bid-offer spread: 35.4-36.4p Market value: £28.1m Half-year results from Cambridge-based Xaar(XAR), a world leader in the development of inkjet technology and a manufacturer of piezoelectric drop-on-demand industrial inkjet printheads, were catastrophic. The main issue was a £39m write-down of the company’s heavily lossmaking Thin Film printhead business, which remains years away from achieving meaningful scale and would have required a strategic investment partner with deep pockets to fund the business before it becomes commercial. Sensibly, Xaar’s directors decided to cease all activities and seek licensing deals to exploit the intellectual property (IP). But even ignoring the hefty non-cash impairment charge, the company still reported a first-half operating loss of £13m on revenue down a third to £22.5m. The dividend was axed, and don’t expect a payout when the annual results are released on 24 March 2020 either. The headline numbers will not make for a pleasant read. Analysts at Peel Hunt expect a 2019 pre-tax loss of £25m (excluding exceptional items of £47m). However, rather than looking through the rear-view mirror, it pays to look at the road ahead and the transformation of the business under the new management team led by new chief executive John Mills. He joined Xaar last summer as head of the printhead business unit, and took up his new role at the helm at the start of this year. Mr Mills has extensive experience in the digital print market, having worked at Domino Printing Sciences from 1994 to 2001. Xaar also has a new finance director, Ian Tichias, who joins from Ibstock(IBST), a maker of concrete products, where he held the same role. Other board changes include the departure in March of chairman Robin Williams, who has held the position for nine years. He will be replaced by Andrew Herbert who was Domino Printing Sciences' finance director from 1998 to 2015 when it was taken over for £1bn. Mr Herbert also held a number of director roles in operations, planning and business development. He has a track record of delivering sustained international growth across a wide range of market sectors through the acquisition of technology-based businesses and creation of sales channels. Understanding the business Xaar’s technology is used in a wide range of manufacturing applications, including graphics, labelling, packaging, product decoration, ceramic tile and glass decoration – as well as printing with specialist functional fluids for advanced manufacturing techniques. Specifically, the technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than traditional methods. The company designs and manufactures printheads, as well as systems for product decoration and industrial 3D Printing. Upside from restructuring The new brooms are restructuring Xaar’s lossmaking printhead division to generate annual recurring cost savings of £8m at a one-off cost of £2.5m, and have removed £7.4m of related items from the Xaar 1201 product in the Thin Film business. This should go a long way to stabilising and simplifying the structure of the printhead unit and cut the cost base to a level that should support a marked improvement in profitability this year. There are growth areas to exploit within the printhead unit, too. For instance, the industrial printheads segment reported 12 per cent sales growth in the first half, driven by demand in ceramics, decor and advanced manufacturing. Xaar’s 2001 product, the most versatile printhead for ceramic tile and glass decoration, was a key driver. Also, the packaging printhead segment reported 8 per cent growth as volumes of Xaar 501 ramped up, a product designed to deliver industrial reliability and robustness in applications such as printing large exterior banners or indoor point-of-sale material. Admittedly, the 52 per cent first-half reported sales growth for Xaar 2001, a product designed specifically for new printer installs, was offset by pressure in the replacement ceramics market for which Xaar 1003 was designed as orders from original equipment manufacturers (OEMs) were directed at new printer installs. Nonetheless, with substantial costs being taken out of the business, and the Thin Film unit ceasing production, prospects for the printhead operation are arguably far better than the market is suggesting. The same is true of Xaar’s product print systems business. This division increased first-half revenue by 22 per cent, with equipment sales growing by 26 per cent and consumables up by 15 per cent. This activity provides a more stable and predictable revenue stream and offers scope to scale up through acquisitions. Strong and liquid balance sheet Even after taking into account the thumping first-half loss of £52m, Xaar’s NAV of almost £80m is more than double its market capitalisation of £28.1m even though the company announced a few weeks back that it ended the financial year with net cash of £25.4m (32.5p a share). The balance sheet is incredibly strong, with property, plant and equipment accounting for £24m of NAV; last reported current assets of £61m is more than four times greater than total liabilities of £14m, thus indicating a strong liquid ratio, which supports Xaar’s ability to meet its financial obligations. In fact, even if you write off all of the £10m of intangible assets and goodwill on the balance sheet, net tangible assets of £70m still equate to 89.5p a share, or more than double Xaar’s current share price. Uncovering hidden value There is hidden value in the balance sheet, too. That’s because Xaar holds an incredibly valuable 55 per cent stake in Xaar 3D, the company’s cutting edge 3D printing business. Eighteen months ago, Xaar formed a partnership with Stratasys to develop 3D printing solutions based on its high-speed sintering technologies. Stratasys is one of the world’s leading 3D printing companies, working with global leaders in aerospace and automotive industries. Stratasys clearly sees the potential for the technology, so much so that it paid Xaar $10m (£7.7m) last autumn to purchase a further 20 per cent equity stake in Xaar 3D and has a three-year call option to buy the balance of Xaar’s 55 per cent stake for $33m (£25.4m), placing a value of $60m on the venture. In other words, the combined £51m value of Xaar’s year-end cash pile and the read-through valuation of its retained stake in Xaar 3D is 81 per cent greater than the company’s own market capitalisation of £28.1m. This implies nil value is being ascribed to the rest of Xaar’s businesses even though it has £61m of hard assets: inventories of £22.9m; receivables of £14m; and property, plant and equipment of £24m. Trading on a bargain ratio of 1.6 and on a 65 per cent discount to last reported book value, I feel the investment risk is skewed to the upside. Interestingly, the share price is in oversold territory and trading close to its 2008 bear market lows around 35.8p, suggesting that the risk premium embedded is at extreme levels. Peel Hunt predicts a 2020 pre-tax loss of £15m on revenue of £44m to produce a cash loss of £8.3m (after accounting for non-cash depreciation and amortisation charges of £6.7m) and a free cash outflow of £9m to reduce net cash to £16m. However, if the new management team is successful in turning around the printhead operations faster than the market expects, then Xaar’s share price has potential to rise sharply given its cash backing and the substantial hidden value in its Xaar 3D shareholding. Bargain buy.
Xaar share price data is direct from the London Stock Exchange
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