IOMINVESTCOM
26 May 2017
Re: Top sliced Should have read June 2014
IOMINVESTCOM
25 May 2017
Top sliced Sold some at 30.00 which I paid 9.50 for in June16 for 208% banked profit.Too tempting as position was getting high % weighting.atb
IOMINVESTCOM
08 Mar 2017
Re: Breaking out into new high Continuing it's good run making new highs over the last 5 days.......26.00 getting tested in the afternoon!!!
IOMINVESTCOM
08 Mar 2017
Re: Breaking out into new high Continuing it's good run making new highs over the last 5 days.......25.00 getting testedGood if we see broker target of £2708 Feb 17 N+1 Singer Buy 2,512.00 2452.00 2716.00 Reiterates01 Nov 16 N+1 Singer Buy 2,512.00 2139.00 2452.00 Reiterates
IOMINVESTCOM
06 Mar 2017
Re: Breaking out into new high Continuing it's good run making new highs over the last 5 days.......24.00 getting tested.
IOMINVESTCOM
01 Feb 2017
Re: Breaking out into new high Continuing it's good run making new highs over the last 5 days.......maybe 23.00 tested very soon.GLTA
IOMINVESTCOM
03 Jan 2017
Breaking out into new high Good to see this break out with more newsflow on companies wanting to use Big Data software to give them the edge in 2017Would be great to see large US Tech firm cast their eye over these then we could see £25+ IMHOGLTA
IOMINVESTCOM
01 Nov 2016
Interims highlights highlights * Revenue GBP72.4m (H1 2016: GBP53.8m) +34% * Adjusted* EBITDA GBP13.6m (H1 2016: GBP10.8m) +26% * Profit before tax GBP7.0m (H1 2016: GBP4.6m) +52% * Adjusted** profit before tax GBP10.1m (H1 2016: GBP7.6m) +33% * Reported diluted EPS 19.4p (H1 2016: 13.9p) +39% * Adjusted** diluted EPS 29.0p (H1 2016: 23.9p) +21% * Interim dividend 6.0p per share (H1 2016: 5.0p) +20% * Net debt GBP16.3m (FY 2016: GBP15.1m)
swisspaul
31 Aug 2016
Re: TGISVP - First Derivatives Trouble is that Wexy boy is a stopped clock so don't let that be the basis of any decision you make. Have a look at the AFDFVN board for a contrarian view
gamesinvestor
31 Aug 2016
Re: TGISVP - First Derivatives Good post. Just looked at this for the first time whilst trawling through MarK Slater's top 10 holdings -- this is number 2.I had a quick look at the numbers and noticed the 5 years of declining margins, always a worry, he has quite a few IT services businesses in his top 10.Your article saved me a lot of time, and possibly some pain, although I doubt I'd have been an investor in this acquisitive company.Games
Wexboy
02 Jun 2016
TGISVP - First Derivatives 2016 – The Great Irish Share Valuation Project (Part II):Company: First Derivatives (FDP:LN)Last TGISVP Post: HereMarket Cap: GBP 494 MillionPrice: GBP 2,038pMy last write-up was bang in the middle of a sickening price reversal. While FDP got nearly sliced in half at the time, my price target’s been massively adrift ever since. Clearly, I was wrong to speculate FDP’s consulting business* might eventually grind to a halt – as banks continue to retrench, we’re actually seeing an increasing reliance on IT outsourcing, while reduced head-count & market evolution demanded ever greater technology capacity & automation. [*Let’s not forget consulting (64% of revenue) remains FDP’s primary business, and its margins are far less scale-able than software]. And revenue’s continued to forge ahead, at an average 28% pa in the last three years, assisted by FDP’s serial acquisition strategy (three new acquisitions & a consolidation of Kx Systems in the last 18 months, or so). Earnings growth trailed though, as FDP essentially bought revenue/technology (rather than profits…with new Big Data & IoT opportunities also being touted) & the share count’s been diluted almost 25% in the last couple of years. [Even on a revenue basis, those acquisitions look damn expensive – averaging over 7 times sales, vs. a 4.2 P/S multiple for FDP]. But FY-2016 was clearly a real gang-busters year, boasting 41% revenue & 33% EPS growth.However, we’re still seeing a huge disconnect between EBITDA & operating free cash flow margins (Op FCF: Operating cash flow, less net PPE/intangible expenditure). But presuming software is the ultimate driver of the business, EBITDA will become increasingly relevant: A decent compromise for now is to use an adjusted margin, averaging the latest 19.9% EBITDA margin & Op FCF margin of 7.2% (noting a prior year margin of just 2.6%) – a 13.6% adjusted margin deserves a 1.33 Price/Sales ratio. And noting FDP’s financial strength (with net debt of just £15 million), we can adjust for (surplus) cash & also add a debt adjustment. [Based on this adjusted margin, I calculate another £23 million in debt (at an assumed 5% rate, for acquisitions etc.) would still limit finance expense to 15% of adjusted margin – as usual, let’s apply a 50% haircut, just to be conservative]. Of course, we also need to value FDP as a growth stock: While earnings growth has accelerated to 33%, we should still recognise the huge/ongoing disconnect vs. cash flow (& reported earnings, which are now about 40% lower than adjusted diluted earnings) – limiting ourselves to a 20.0 Price/Earnings ratio, based on adjusted diluted EPS, seems only prudent (or maybe even generous)
GBP 0.517 Adj Dil EPS * 20.0 P/E + (117 M Rev * 1.33 P/S + 15.1 M Cash + 23.1 M Debt Adjustment * 50%) / 24.2 M Shares) / 2 = GBP 893pAgain, First Derivatives looks massively over-valued. Which reflects the fact it’s one of those stocks where investors will inevitably have a totally binary positive/negative perspective, depending on which figures & accounting statement(s) they focus on – not unusual for a serial acquirer. As long as revenue (& earnings momentum) is maintained, growth investors will ignore anaemic cash flow, potentially fudged accounting, dilution, any potential increases in leverage, and keep buying at almost any price…the optimistic outcome is for FDP to eventually grow into its valuation. On the other hand, if something goes horribly wrong here, and/or investors’ expectations are dashed, my new fair value may end up looking pretty generous for what could become a pariah stock…Price Target: GBP 893pUpside/(Downside): (56)%—For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
IOMINVESTCOM
18 May 2016
Excellent price action today. After Tuesday's Final results they have put another leg higher in. Up 100% since my purchase in June 14 with no real reason to sell.Continuing to enjoy strong growth and executing on their strategy.GLTA
mcescher
28 Mar 2016
Solid dividend player with healthy balance sheet. At least that is the view on here [link]
IOMINVESTCOM
22 Jan 2016
Chairman buys Good meaningful purchase by the chairman with a good sign for investors.First Derivatives PLC22 January 201622 January 2016First Derivatives plc("FD" or the "Company"
Director's ShareholdingFD (AIM: FDP.L, ESM: FDP.I), a leading provider of software and consulting services, announces that Seamus Keating, Chairman, has today acquired 10,000 ordinary shares of 0.5 pence per share in the Company ("Ordinary Shares" at a price of 1,550p per share. Following the transaction, Mr. Keating now has an interest in 25,314 Ordinary Shares, representing 0.1% of the Company's issued share capital.
GeorgyBoy
12 Nov 2015
Re: Cracking results & share price movem... And I still see plenty of potential for further progress.The results make many mentions of using the proven technology outside the financial software area for realtime analytics, etc. Big Data is a big market at the moment, and FD "Big Fast Data" is a great take on that. If they manage to crack a few other areas outside the financial world, the potential is huge.
