Carefully Does It
18 Feb 2018
Says it all from the latest TU - VERY STRONG BUY If this statement isn't waving a "BUY PHD NOW" flag I don't know what else they could do to get the message across."We are extremely excited about the next six months and beyond. Not only are we confident in our continued ability to execute the integration effectively, but I believe there is a substantial value creation opportunity for the Group generally but, more specifically, within the supplier community of our customer base through both networking and our accelerated payment facility."
Carefully Does It
14 Jan 2018
Institutional holders Have taken my eye off this for a while.Checking the 3% holders I am of the opinion this is too lightly held by institutions.There are a few institutional holders (9) but none very great %.Henderson (now Lombard Odier) have been reducing and this may have been suppressing the price.They have around £3M worth left should they decide to clear out.
sgd
20 Nov 2017
Re: RNS: good size director buying Were they genuine buys or were they buying as a result or exercising options at a generous price?I always suspect that when many directors are buying it is option time.
gretel
13 Nov 2017
RNS: good size director buying Encouraging to see £77,000 of director share buying, including by the CFO:[link]
Carefully Does It
11 Oct 2017
Re: results If you want to hold for medium term and longer then this isn't a bad price.Lower the better but who can say what might happen any day to cause the price to run?
PIE-EATER
11 Oct 2017
results Mr Market probably wasn't expecting the loss to be quite so much.....will really need to deliver on promises in this next year.Personally, I have faith in that happening but wouldn't necessarily want to top up at the momentPE
Carefully Does It
02 Sep 2017
Perfect Commerce Website It needs updating, soon.Even the "A Proactis Company" is poorly formatted and doesn't show properly. Sooner they tidy it all up, and brand properly, the better.
Carefully Does It
22 Aug 2017
Update Excellent and cost savines in the bag with more to come plus growth.Like it all.
gretel
18 Aug 2017
Increased target price and forecasts N+1 Singer have increased their price target to 226p and their EPS forecasts considerably as follows: "We have upgraded our forecasts following the completion of the acquisition of Perfect Commerce for up to $132.5m. This transformational deal positions the enlarged PROACTIS group as the sixth largest pure-play provider of ePurchasing solutions globally, as well as one of the fastest growing and most profitable. The commercial and operational synergies arising from this combination are considerable and warrant the acquisition multiples paid (max. 3.4x est. FY 2018 revenue and 19.0x est. EBITDA). Our FY 2018 group revenue, EBITDA and EPS estimates increase by 105%, 119% and 18% respectively. We raise our target price from 201p to 226p and reiterate our Buy recommendation."
Carefully Does It
05 Aug 2017
Private Eq No surprise at all if this becomes ripe for a Private Equity take-out once integration is sorted.
Carefully Does It
05 Aug 2017
August news This could be any one of a number institutions but good news no matter which one.[link]
gretel
25 Jul 2017
New client win [link] Hampshire Trust Bank is the bank referred to, formed in 1977 and bought by a management team in 2014. Described as "One of a new generation of challenger banks." [link]
gretel
17 Jul 2017
Finncap upgrade to 250p FYI, here's Finncap's summary of the Perfect Commerce acquisition when they raised their target price to 250p:"Perfect deal Subject to General Meeting, Proactis has undertaken a £70m placing and £99m acquisition of Perfect Commerce, a US-based spend management solution provider. The increased scale offers enhanced growth opportunities, extending current UK focus deeper into the US, and mainland Europe; broadens the tier 2 customer base into tier 1; extends the UK public sector focus into the private sector; adds material supplier-led revenue to the buyer-led revenue model with Perfect Commerce’s mature Business Network; and brings evident crossselling potential based on the contributory companies’ specialisations. We upgrade our forecasts substantially (EBITDA +122%) as the acquisition accelerates Proactis board’s strategy by five years and creates a global force in the spend management environment. Target price 250p, with much more upside-potential available following momentum from proof of execution.Via reverse takeover, Proactis has acquired Perfect Commerce, a US-based spend management solution provider delivering £30m revenue and £8.9m adjusted EBITDA in FY16. After identification of at least £5m of specific synergies from deduplication, and delivery of £3m in FY18, the post-synergy EBITDA uplift of £11.5m equates to an EV/EBITDA of 8.7x. The £99.0m acquisition is funded by a £70m placing at 165p alongside debt facilities of £55m. The CEO of Perfect Commerce will become CEO of the enlarged Proactis Group, rolling part of his stake in Perfect Commerce into a $3.5m convertible loan in Proactis (for tax reasons: expected to convert into equity within twelve months).Leading to group stats of 85% recurring revenue, 30% EBITDA margin, a global potential market of tier 1 & tier 2 public & private sector customers, Perfect Commerce brings its Business Network to the group, adding a supplier network with 15 years established maturity, now complemented by Proactis’ Accelerated Payment Facility module. The enlarged (buyer & supplier) customer base provides scale and opportunity to gain market share in a $5bn market growing at 10% per annum. Both companies feature amongst Gartner's 12 magic quadrant players, and the combination creates the sixth largest global pure play for spend control.Sprinting past £100m market cap to both a larger opportunity and a larger investor base, we lift our target price to 250p, equivalent to 12.5x EBITDA and en route to the Megabuyte Accounting and Enterprise Software peer group at 17x."
gretel
10 Jul 2017
Good coverage of the acquisition here:http ://www.proactiveinvestors.co.uk/companies/news/180521/proactis-reverses-ukus-merger-trend-with-100mln-perfect-commerce-deal-180521.html?utm_source=Sign-Up.to&utm_medium=email&utm_campaign=7163-367168-Proactivity+-+07%2F07%2F2017Extract:"House broker finnCap said it was a great deal."The increased scale offers enhanced growth opportunities, extending current UK focus deeper into the US, and mainland Europe; broadens the tier 2 customer base into tier 1; extends the UK public sector focus into the private sector; adds material supplier-led revenue to the buyer-led revenue model with Perfect Commerce's mature Business Network; and brings evident cross-selling potential based on the contributory companies' specialisations."The broker has upgraded its foreacasts signficinatly, the underlying profit forecasts rises 122%, as the acquisition accelerates Proactis board's strategy by five years and creates a global force in the spend management environment.Target price rises to 250p "with much more upside-potential available following momentum from proof of execution"."
valuemanbuyer
08 Jul 2017
Re: Transformational acquisition news...... The US business has acquired several businesses over past few years. Met the new CEO - who I thought was excellent ( bright, leader,good operational background, and seemed a good communicator . Tim back to CFO a good move also, Rod & Hampton have known each other for years and compared notes ( as they weren't competitors). Think it will be a good fit as it makes them a £50m revenue company . Now on everyone's radar as one of the worlds biggest supplier tech companies. Probably get snapped up by a giant in next few years. Too small before.
