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% 24.80 42,227 08:18:34
Bid Price Offer Price High Price Low Price Open Price
25.70 26.40 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 63.53 -14.93 -16.00 19
Last Trade Time Trade Type Trade Size Trade Price Currency
08:03:45 O 38,474 25.16 GBX

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Date Time Title Posts
04/4/202022:54XAAR - 2006 & Beyond3,524
17/12/201415:44Tip TV Daily market Round-up-
28/8/201414:44XAAR 2004 - MAJOR RECOVERY IN PROGRESS1,081

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Xaar (XAR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-04-06 15:35:4424.805,0001,240.00O
2020-04-06 15:35:1724.806,6721,654.66UT
2020-04-06 15:26:0224.80266.45AT
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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 24.80p.
Xaar Plc has a 4 week average price of 18.70p and a 12 week average price of 18.70p.
The 1 year high share price is 115.50p while the 1 year low share price is currently 18.70p.
There are currently 78,222,818 shares in issue and the average daily traded volume is 1,262,880 shares. The market capitalisation of Xaar Plc is £19,399,258.86.
amt: The share price is rather silly now. Market cap 24m.Net Assets 80m and probably if the company was wound up it would produce 60m without any value attached to the IP or the 12m further investment.
amt: The share price is rather silly now. Market cap 24m.Net Assets 80m and probably if the company was wound up it would produce 60m without any value attached to the IP.
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.
bookbroker: The share price is not really worth haggling about, it is whether this is a going concern, the market looks forward, not back!
marmar80: If current share price won't multiply quick then main shareholder will takeover or buy more stake and delist Xaar. This is my major concern now. Tempted to average down but afraid of the worst.
ok,yah: There is a bit of upside here i think maybe rerated to 75p - 1.00? The investment lowers risk which reflected the share price prior to the announcement but also reduces the upside as there is a strong chance (imo) the 3D business will be sold 'cheaply'
amt: Added about 30m usd to previous value so might help the share price a bit say to 90p but that's all
bookbroker: World leader they may say, but the share price suggests not. I am holding here but it is the same old story, when are they going to see an improvement in operating performance!
cascudi: Good point. But lots of better company will see a drop in share price so they will might be better opportunity. We don't know what will happen. At the moment xaar is good value imo
shieldbug: Xar looks increasingly interesting. If you take the cash out of the share price this is cheap. Currently 18% of the share price is net cash. Not in here yet. As for generating cash - ADVFN shows cashflow of 15.95p/s with dividend cover of 1.54. Admittedly I have not read more recent announcements. Looks like they have some great patents though not sure they can defend them against the likes of HP. Not a holder here.
Xaar share price data is direct from the London Stock Exchange
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