Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SIMIGON LTD. We currently have 11 research reports from 1 professional analysts.
|29Dec16 03:15||RNS||Result of AGM|
|24Nov16 02:18||RNS||Notice of AGM|
|05Oct16 07:00||RNS||Holding(s) in Company|
|27Sep16 04:24||RNS||Issue of Equity|
|19Sep16 07:00||RNS||Interim Results|
|12Sep16 03:03||RNS||Holding(s) in Company|
|23Aug16 07:00||RNS||Notice of Interim Results|
Frequency of research reports
Research reports on
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Well positioned to take flight again
20 Sep 16
SimiGon’s revenues have been sliding half-on-half since H2 2014 while the company has focused on delivering the massive $6.7m military training project won as a Prime Contractor in 2013. Its delivery has been slowed by the client requesting work outside the scope of the original contract, but that has been balanced with the prospect of lucrative follow-on stages. Although billings have been affected over this period, gross margins have remained high and overheads have been controlled, so SimiGon has continued to generate earnings, cash and dividends. The major project has been meeting milestones and should be completed in H2, leaving SimiGon well placed to win those lucrative subsequent phases. In the meantime, the company has also won a major 5½-year $7.9m contract in civil aviation. It is now well funded ($8.4m net cash) with major contracts to deliver and some very exciting potential contracts ahead.
The Joy of Techs
15 Aug 16
Mobile money has been an awkward area for investors and industry alike. There have been too many new arrivals offering too many new solutions, leading to a confusing plethora of payment methods for both consumers and retailers, championed by varying stakeholders: banks, credit card suppliers or mobile network operators (MNOs). In this, the mobile money industry has ignored the key element of currency – that it is universally recognised and accepted. The confusion of competing payment methods inevitably led to numerous failures. The industry has promised much: a total technological revamping of the monetary systems in place since ancient times, in a short space of time, but has delivered little to date. However, that is not to say changes aren’t happening.
The Joy of Techs
04 May 16
This quarter's topic: Feasting on Red Tape. 2016 harbours every chance of being a stultifying year, given the imminent local and London mayoral elections, the looming hurdle of Brexit, the summer doldrums, the bizarre potential outcome of the US presidential election and then the home strait to Christmas. Excuses for inactivity abound with regard to spending IT capex budgets.
Earnings outperformance on lower overheads
19 Apr 16
The global leader in simulation and training solutions provider has delivered strong earnings outperformance on the expected lower revenue. SimiGon had previously flagged that delayed delivery of its major $6.7m prime contract won in 2013 would affect recognised revenue in FY 2015, and we reduced our expectations to $6.8m. In fact, the company delivered $6.9m. Moreover, there was a dramatic reduction in overheads, across all areas but notably in R&D, which has led to a significant rise in operating margins (from 17% to 25%) and consequently to adj. PBT rising 17% to $1.7m, well ahead of our forecast $1.5m. The adj. FD EPS of 3.3c is up 13%, again ahead of our 3.0c expectations. Trade debtors rose considerably, affecting cash conversion to such an extent there was a $1.7m outflow from operations. With the $0.3m dividend payment in the year, this led to a $2.0m reduction in net cash to $7.4m at December 2015. $1.8m of the $3.7m trade receivables have been collected since the year end and – in a demonstration of confidence – management has maintained the dividend at the 0.6c declared last year. We reiterate our 45p target price.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
33% upgrade to January 2017 PBT
09 Jan 17
Redstone has released a trading update stating it ‘expects to report EBITDA at the upper end of market expectations’. This implies EBITDA of £1.8m which is above our current estimate of £1.5m. Accordingly, we are upgrading our PBT forecast for the year ending January 2017 by 33% to £1.2m from £0.9m. We reiterate our buy recommendation with a 2.2p price target implying 69% upside.