gretel
19 Mar 2018
RNS: MOD contract renewal to 2021..... Excellent news today, with £1.1m of further secured income through to 2021 from the MOD - a big vote of confidence in PEG:[link] contract extension is expected to be worth in excess of £1.1 million over the two year period to 31 December 2021 in addition to the original contract which was worth in excess of £1.6 million for the three year period to 31 December 2019."
gretel
15 Mar 2018
New note from Hybridan Hybridan have also issued a new note. They go for 2.15p EPS this year, with a closing cash pile of £2.51m.They summarise as follows:"Petards ended the year with a strong order book of over £18m, with over £12m thereof deliverable in the current financial year. This has been further augmented by a subsequent £1.5m order from the Ministry of Defence (MOD). Prior to this, defence orders scheduled for delivery in 2018 were almost 40% higher than atthe same stage last year.2017 was a significant year of investment for the Group, particularly in eyeTrain software and hardware products. Nevertheless, positive cash flow from operations combined with a conversion of all outstanding debt meant that net cash grew from£775k to £1.3m. The outlook for the rail division remains strong. Petards has six of the world's largest train builders as its customers. The 2017 edition of the Long Term Rolling Stock Strategy published by leading players in the UK rail industry forecast that the number of vehicles in service will increase by 20-25% in the period to 2024.The outlook for Petards’ defence products is positive in the medium to long term as the MOD, encouraged by Brexit, turns to cheaper UK suppliers, and is released from EU competition rules.Our 2018 forecasts are looking for revenue growth of 12.3% to £17.5m and adjusted EBITDA growth of 17.8% to £1.91m. On a current year EV/EBITDA multiple of 5.8x and PE multiple of just 11.5x, we do not believe the rating adequately reflects the solid niche, that Petards has built in the rail sector which is underpinnedby very solid long-term growth drivers.In due course we would hope to see Petards grow its product offering in the sector either organically or by acquisition."
gretel
14 Mar 2018
WH Ireland: 30p price target WH Ireland, as well as forecasting 2p EPS this year, also forecast that the cash pile will rise to £3.5m by the close of 2019 from £2.5m this year (against a £13m m/cap).They note:"The order book stood as at 31 December stood at over £18m, providing excellent visibility over the next 18-months, including over £12m order coverage for FY 2018E. Following the results, we have left our FY 2018E earnings expectations unchanged, whilst introducing FY 2019E forecasts for the first time. At current levels, the shares trade on a lowly 11.7x FY 2018E PER and 5.6x EV/EBITDA and we continue to see fair value at 30p."And conclude:"Looking forward, the Group is well set for the year ahead with the order book standing at £18m as at 31 December, with £12m for delivery in FY 2018E and £5m for FY 2019E, including Stadler Bussnang AG on the list of customers for the first time. Encouragingly, management notes that the Group is in ongoing discussions for new projects across each of the areas of the business and it was encouraging to see the £1.5m Defence order last month.The shares currently trade on a FY 2018E fully diluted PER of 11.7x and EV/EBITDA of 5.6x. Given the level of secured work, in addition to the pipeline of opportunities, we believe that these multiples continue to undervalue the business."
gretel
14 Mar 2018
Re: Solid results and good outlook for 2018 WH Ireland retain their 30p target today.They see 2p EPS this year, with the cash pile rising to £2.5m.
gretel
14 Mar 2018
Solid results and good outlook for 2018 PEG's results show them to be in excellent shape for this year, with the £1m deferrals from last year helping towards an impressive order book for 2018 and beyond. PEG also have £2m net cash, against the £13m m/cap. And PEG will gain a further £130k or so this year with no loan note interest payable. The Chairman's outlook statement is nicely confident, with new project discussions "across all areas of the business": ""The Group's order book at 31 December 2017 was over £18 million, of which £12 million is expected to be taken to revenue during 2018. We are also engaged in on-going discussions for new projects across all areas of our business, many of which our customers have themselves already been awarded. This coupled with a strong balance sheet provides the board with confidence for the Group's prospects in 2018 and beyond." Good news today re QRO: "has also recently been awarded two multi-year framework contracts, the first with Thames Valley Police and Hampshire Constabulary and the second with the Cheshire Police. Both contracts are expected to contribute to revenues in 2018." With a core £1.62m positive EBITDA, and a good outlook in Rail, Defence and Traffic, prospects look pretty good imo.
gretel
02 Mar 2018
Huge potential for PEG The Times reports today that Siemens are considering building a new £200m rail manufacturing factory in the UK.The article demonstrates the scale of the upcoming opportunities for PEG. PEG have in the recent past won contracts with all of Siemens, Hitachi, Bombardier and Alstom....[link] for London is running a £2.5 billion competition to build 250 carriages in its “deep Tube” programme for the Piccadilly, Central and Bakerloo lines. It expects to award a contract in the autumn. HS2 Ltd is about to launch a £2.75 billion competition for 54 train sets for the London-Birmingham-Manchester high-speed rail network, which it expects to award next spring. Siemens is shortlisted for both — as are Bombardier and Hitachi.There is a fourth bidder shortlisted for both HS2 and deep Tube: Alstom, the French train manufacturer, which is going through a complicated merger with Siemens. ...Siemens is also targeting further future UK train-building programmes, for a project variously known as Northern Powerhouse Rail or Great North Rail, the as-yet unspecified trans-north railway linking the big northern cities and providing faster and more regular services between Leeds and Manchester."
gretel
27 Feb 2018
Re: WH Ireland raise forecasts It's worth reiterating that PEG now have £2m cash (including the £700k compensation receipt). This is forecast to rise to £3m by the end of this year - against a mere £13.6m m/cap.With forecast 2.3p EPS, the ex-cash P/E must fall to only around 8.5 or so.
gretel
26 Feb 2018
WH Ireland raise forecasts Good to see the price moving up on a 10k buy today. Perhaps not much stock around.WH Ireland have now increased their forecasts for this year per Hemscott.They now go for 2.3p EPS this year (up from 2p EPS previously).
gretel
20 Feb 2018
Re: RNS: £1.5m contract win for MOD Hybridan have issued a new note today after the contract win. They leave their forecast at 2.03p diluted EPS for this year for the moment, and conclude:"The shares are trading at just 0.7x current year revenues and circa 10x current year earnings. We believe this remains a significant buying opportunity for a Company we are forecasting to record its fifth successive year of revenue and net profit growth. The orders announced today have further de-risked thisopportunity."
gretel
20 Feb 2018
RNS: £1.5m contract win for the MOD Lovely stuff - a big new £1.5m contract win for the MOD.Looks like 2018 will be a bumper year given the already deferred contracts from last year.Forecast EPS might now rise to around 2.15p-2.2p EPS or so....[link] WinPetards, the AIM quoted developer of advanced security and surveillance systems, announces that it has been awarded £1.5 million in contracts from the UK Ministry of Defence ("MOD"
for the provision of communications equipment and services in the UK.Petards has a long established reputation as a supplier of radio communications equipment together with related engineering services to the MOD and the award of these new £1.5 million projects cover the delivery of radio equipment and engineering support services, the majority of which are expected to be delivered during the first half of 2018.Raschid Abdullah, Chairman of Petards Group plc said:"Petards continues to be very proud of its unbroken 18 year relationship with the MOD in this field. We believe that the consistently high levels of customer service through our enabling agreement, together with our independently audited accreditations and expertise in supporting the MOD has again been recognised through the award of these contracts."
gretel
12 Jan 2018
Re: PBT to be above expectations..... Good to see a bounce happening now after the bonkers early markdown by the MMs, but still very cheap imo.WH Ireland this morning have a 30p fair value even on just an in-line rating for the sector - over 50% above the current share price.They cut historic EPS to 1.4p, and "conservatively" retain their existing 2p EPS forecast for this year.PEG now have a £2m cash pile (£1.3m at 31/12/17 plus today's £0.7m). This rises to £3m at the end of 2018 - almost 30% of the £10.9m m/cap.The ex-cash m/cap stripping out the £2m cash is now a historic 11.4, falling to only 8 for the current year.With:- a very strong order book for 2018- £1m additional revenues for 2018- £2m and rising net cash- booming marketsI continue to believe PEG have very good fundamentals and prospects.
gretel
12 Jan 2018
PBT to be above expectations..... Trading statement - PBT to be above expectations.....so likely to be around 2.3p EPS.Good news is a recovery of £0.7m cash under a settlement. Bad news is that £1m of revenues have been deferred to this year, so that's merely a timing issue and will benefit this year's PBT.In particular the visibility of revenues for this year bodes well:"the Group continues to trade profitably and enters 2018 with an order book of £18 million. Over £12 million of this is scheduled for delivery in the coming year and the Board remains confident of the Group's future prospects."
gretel
04 Jan 2018
Good outlook for 2017 and 2018 Happy new year to everyone here. Given the outlook in September's interims I'm hopeful that 2017's - and 2018's - results will be good:"The results for the first half of the year and a strong order book that includes almost £8 million of revenues scheduled for delivery in the second half of 2017 and nearly £11 million for 2018 providing good support for the current year and a foundation for 2018."That growth in product development and projects has been financed from its own resources without recourse to shareholders or debt demonstrates the strength of the Group."Against this backdrop and on-going customer discussions for new projects, the Board continues to be confident about the Group's future prospects."
Otter2
20 Dec 2017
Bahrain stake jumps to 15% Let's hope the 15% stake by the Bahrainis presages a more settled - and even upward - price from here on in.....
gretel
14 Dec 2017
RNS: new major shareholder Great to see Thomas Charlton buying here on his own account, going above 3% with 1.16m shares:[link] his biography - former board member at Merrill Lynch and at Mercury:[link] Thomas W. Charlton is on the Board of Directors at Feedback Plc and Panvista Technologies Ltd.Mr. Charlton was previously employed as Executive Chairman by Pinnacle Staffing Group Plc and a Managing Director by Merrill Lynch Investment Managers.He also served on the board at Mercury Asset Management Group Plc."
