MaX ProfOrdiS
02 Aug 2017
A Rarity A news article on the IND website!New casino intallation in Paris:[link]
MaX ProfOrdiS
29 Jul 2017
News Flow I have to say that I do miss the old Motley Fool discussion board. Trying to find information about IND's new contracts, developments etc. was alwasy difficult at the best of times but is now nye on impossible. As for IND's own website, I can't say that I'm at all impressed; doesn't seem to work well (certainly not in Firefox) and there doesn't appear to be any contract news of note any longer.
thirty fifty twenty
25 May 2017
Re: share back back + high intrinsic val... i'm quite happen to wait 6 months 
i see this an an investment on the mgt team's ability to sell and expect to sell the shares at either 400p or 200p and think there is 50/50 chance of either !!All IMHO, DYOR + BoLIND is in my portfolio
MaX ProfOrdiS
25 May 2017
Re: share back back + high intrinsic value One small hiccup; you actually have to have some share dealing activity to implement the share buy backs! Share dealing has more or less dried up in the last few days.IND's share price is, as ever, driven by news and now that it plays its cards even closer to its chest (doesn't seem to announce new orders on its website) and the apparent demise of the Motley Fool bulletin board, that news is even harder to come by between RNS.Looks as if the action might be over for another six months!
thirty fifty twenty
23 May 2017
share back back + high intrinsic value ING has announced a share buy back – I think this makes the situation even more exciting now. Not just because of the buy back but because of what they said with it.To me it means….1.There is now a floor on the price so I’ve limited downside2.Mgt must know they are generating CASH and have surplus CASH even after significant investment in new US salesforce3.The divi is likely to be much higher than the current 4p fcst4.They used the term ‘significantly below intrinsic value’ so with the share price at 240p I think they must see a 50% valuation gap. Now of course they may value their won company higher than the stock market will do… but you wouldn’t say that if profits were fluctuating around at a low level, not to me they must feel like they have real momentum and I have increased by expectation for 3m+ ebitda next year. Additionally I think they must be very confident of current sales and H2… why risk looking so stupid if there is a future profit warning? Historically although profit have been volatile IND have a good record of sales growth so maybe this will be take off. The mgt are generally regarded as credible, they have increased sales consistently for 10 years despite significant price pressure on their products but are now in a ‘on cyclinders’ phase with new product development at high margins. I am expecting EPS next year of c.25p with still net CASH of 6m+ so 400p is looking more likely now. The chart shows great support and a clear path to 400p.All IMHO, DYOR + BoLIND is in my top5 hldgs
frigginrascal
19 May 2017
Good Info ppl my opinion share price was well under valued.
MaX ProfOrdiS
19 May 2017
Re: AGM Report Thanks SRSM. Informative as ever. Much appreciated.
thirty fifty twenty
19 May 2017
Re: AGM Report Great post - many thanks for taking the time to write up.it all seems to be adding up to soemthing exciting.I know they are serial disappointers but they do now seem to be taking steps of quality.I think the Trump culture will be to get the best / whatever the cost so hopefully that will help to some degree with their premium products.There are risks of course but teh chart break out is now confirmed firmly on large volume.And it looks resistacne free until the highs of 500p reached.All IMHO, DYOR + BoLIND is in my top5 hldgs
srsm
19 May 2017
AGM Report Meeting Report.Turned up at the wrong venue. Was Bush House, now Pentlands Science Park - Mordun building. About 500 metres away. And conscientious IND had made a map for folks like me at Bush House. Turned out I think I was the only shareholder.So big drop from dozen to 20 which was typical for many years. A sure sign to "buy when the market has lost interest" ??? There were quite a number of folks though. Auditors, a journalist (Herald probably) and some tech staff - they always like to have some staff at the AGM.Usual business. Resolutions passed. Near 100% agreement from proxies. Nice round of applause from attendees for Hamish.Presentations from Marcus, Alex Swanson - Head of Engineering, and Chris Lea (new CFO).Confirmation of main markets as Cities, Airports, Banks, Police and Casinos. No change really.Move to Chinese cameras complete. Turns out every other competitor is doing the same. In the past a product would sit in the cataloque for 4 to 5 years, now new stuff turns up every year. So less cash to spend developing a product that will need to be replaced very soon. Not sure what these new features might be. But IND has made the right move in good time.Priorities are Software, USA, Sales Teams and Partner Support. Sensible stuff as hardware has been commoditised.Software - Lite, Pro and Ultra approach. Same for other tech. Helping to get away from IND being mainly low volume, flagship solutions.Cybervigilant seems a great idea. Patented. Very novel I think. Marcus indicated that the Trump inauguration cameras (not IND) were hacked. Widely reported. Competitors playing catch up. But many are faking it.hxxp://www.technewsworld.com/story/84267.htmlRegarding USA and Sales Teams. They now have Sales coverage in every state. Whereas before there were gaps. Presumably that means at least 1 reseller reporting to a State level IND Sales guy???? And there are 3 zones. West. North East and South East. One is a long termer and I think the others are top recruits from competitors - one from Avigilon I think.Admission that they maybe didn't get the best people in the past. Hence endless re-organisations. Time will tell.At ISCWest IND indicated that they had 200+ at their stand 2 years ago. But with Cybervigilant and aided perhaps by bold new design for exhibition stands they had 900+ visitors. Has to be positive.Partner Support. Nothing to add other than a statement from Marcus that "our customers love us" but that they need to get their story out better. Amen.I like Techie stuff. So asked about Body Worn Cameras. Nothing massive but it is good at getting people in the door. Often other security tech is sold to folks initially enquiring about the Body Worn.They are still the only company with the Distributed Architecture. So, much more tolerant of failure than EVERY other CCTV system installed anywhere. I again expressed my frustration that they are the company with the best end to end architectural solution (undoubtedly); amongst the best cameras (evidence the video comparison of the best of their competitors - although these days everyone just sells Chinese cameras); and amongst the best at everything else. Yet remain a minnow. Don't understand it.Avigilon $660M vs IND £14M market cap. And probably IND would win any tech competition... that's a guess. And I'm biased.A few Case Studies. I asked about the great stories Oliver (founder) used to tell of how a Casino (typically) would reject IND to buy a competitor solution on price - it would fail and then they'd come back to IND. I suggested that these are the best stories to help sell a product. These still happen. E.g. Airport with IND in one area but went cheap in the other and had to give up when integration failed so came back to IND.And an airport terror incident where competitor system tried to find evidence - it took a day then the IND solution was searched and the evidence was found in minutes. Seems
thirty fifty twenty
18 May 2017
Re: analysis at 196p of AGM I thought this was a great update.They are on track for the year - (broker fcsts are 20p EPS) despite the slow January and say strong momentum and US yet to get started!Gven the cost investment in the new US sales staff if that can meet profit fcsts this year ,then logic would say a decent increase in profits next year as those investments start to pay back.What I like about the new US sales team is that their job should be easy....They have 10%+ growth in other geographies so de facto the previous sale team was under delivering. New sales team should be able to increase sales by 10% PLUS the backlog from under performing years.There there is their new cyber product - how timely is that!Its been well received in the market, has higher margin and it is all incremental profit on the fixed costs of the sales team.....I think the market will like the new chariman to be announced - time will tellSo as well as the profits (4m ebitda by 2018?)(26p eps?) the fact they are moving into such a growth area could lead to a very punchy rating!40p would not look expensive AND they have CASH + are generating CASH!!I suspect Paul Scott will deliver a positive write up later today - he has previously been a fan.I bought before the results and early this morning - averaging UP!!All IMHO, DYOR + BoLIND is in my top 5 hldgs
MaX ProfOrdiS
18 May 2017
Re: analysis at 176p of FINALS Nice update for a change this morning. Don't want to count my chickens before they hatch (been here before on IND; more times than I care to mention) but perhaps (just perhaps) they are beginning to turn the corner and get it right. I had noticed a number of new job vacancies in the US recently and clearly this is a region where they now hope to see progress (at last).
thirty fifty twenty
02 Mar 2017
analysis at 176p of FINALS I thought a good announcement from IND this morning.The company will always have lumpy sales and its previous track record wasn't great,but there were no surprises today and several bits of good news.CASH up significantly and will be c.80p!!! a share by the end of the year.This is backed up by 200p of Net Assets.So this is effectively a Benjamin Graham type value stock....price is less than Net Assets, WC is positive, CASH is positive, it is profitable + paying a dividend.The divi was increased 20%H2 sales were up and H2 profit was 0.63m so using that as a run rate gives EBITDA of c.2.6m for this year. which allows for further increases in the dividend and adding to the CASH pile.That would give EPS of c. 16p to 18p.So at 177p it might still be argued that is not ludicrously cheap but given the CASH backing of c.80p a share and the fact that the new mgt team would have at that point demonstrated their credibility the upside the following year could be huge.I think their clear out of defd tax asset is also positive as they clean up the balance sheet in preparation for a full year of good results. They have confirmed that they don't expect to pay tax for the foreseeable future.There are risks, but I like the CASH generation, the CASH safety net and the tipping point for me is the excellent chart pattern which evidences the steady buying there has been over the last 6 months.All IMHO, DYOR + BolIND is in my portoflio
Another Jacko
21 May 2016
CFO So that got the CFO from Superglass, a failing asset rich company. Is it the case of out of the frying pan into the fire for Chris Lea?
Frankseluk6
21 Mar 2016
Re: Anything positive here? Nope,Nothing here to look forward to, I'm out today.GLA
Blanketstacker
21 Mar 2016
Anything positive here? The new CFO is coming from Superglass. That was a total disaster, and his experince there seems to suggest we may need a fundraising here! SPGH only survived because effectively a single individual stepped in and bailed out the company. Not good.The recent results saw revenue down by almost a quarter, a loss recorded, and the dividend slashed by c80%. Annoyingly this still keeps cropping up on my value screening. Can anyone come up with something positive here?
