OmniChart

FDL IB Investor 26 Nov 2014

Re: Depressed It used to be unknown for them to make a profit in the first half, so this is good news. Of course the product mix is very different from a decade ago. Christmas should be good as retail spending goes up. Kitbag seems like it might even make a profit. Kleeneze - get rid, or shut it down - it has had its day - overtaken by the Internet. They are still uncovering some accounting errors from the old days, and a lot of the recovery may be in the price but it is always Christmas that makes them. It has taken them over 5 years to get back to where they were 10 years ago - it just goes to show what a mess the old management created.

TLPR gamesinvestor 26 Nov 2014

Old article Tullett like it is - Structural issues are a concern but not necessarily terminal for a businessNick Kirrage8 Aug 2014Inter-dealer broker Tullett Prebon issued its half-year results at the end of July and it would be fair to say these lived down to the market’s very low expectations. While equities tend to be bought and sold electronically, other assets are less easily traded and inter-dealer brokers help this happen by providing liquidity. In recent years, as you might imagine, this has been a very tough business to be in.The reasons a company can struggle fall broadly into two categories – the first being ‘cyclical’, which means the problems are down to the business or its wider sector going through an unhelpful part of the economic cycle and so things may be expected to improve over time. The other category is ‘structural’ and these problems can be far more hazardous to a company’s health.Certainly structural issues are the ones investors view with far more concern because these can make it look as if a company is about to drop into a bottomless pit, never to emerge. The impact of the internet on businesses such as Blockbuster and HMV is a textbook example of a structural issue seriously wounding a company – and Tullett undeniably has a few such problems of its own.Foremost among these is the aggressive regulatory environment the company faces – not least because it is so involved in trading derivatives, which have been at the root of so much of the financial mayhem of the last decade. There have also been concerted efforts to force all trading to be done electronically as this is seen as more transparent and less risky – though whether it is practical is another matter.At the same time as its business and volumes are being hit by these concerns, Tullett has also had to cope with an environment of extraordinarily low volatility. High volatility may not be to everyone’s taste but, for a company that makes a margin on every deal it facilitates, high volatility means more trades and so higher profits. For Tullett, the ongoing low volatility is very bad news indeed.Investors can often convince themselves a company’s problems are all structural and that nothing is cyclical. However, while we are firmly of the opinion the current low volatility cannot last for ever, we would also acknowledge some of our less successful decisions historically have come from buying too early and a company’s problems turning out to be far more structural than we had initially thought.Trinity Mirror, for example, may have come good for us in the end but, although we bought it low, for an uncomfortable period of time it traded lower. While Trinity’s structural issues were fairly obvious, however – it is easy enough, for instance, to envisage a world two decades hence where nobody is reading newspapers – we believe the structural outlook for Tullett is not so bleak.Ultimately, there are certain things that are hugely difficult to put on an electronic exchange – whether that is because they are non-standard in nature, because businesses don’t want to reveal their positions or because the contracts are time dependant and simply lack liquidity. you have to know people who know people who can source and find individuals to take the other side of your trade.Thus, while Tullett is clearly facing some structural pressures, it seems likely that, when all is said and done, a base level of business will exist. The key questions then become – what is that level and what are you paying for it? It is time to look at some numbers, among the starkest of which is that Tullett’s sales have fallen by £225m – that is, 24% – over the last five years.Some effective cost-cutting has seen profit margins fall by a lot less but profits are still down from £170m to close to £100m this year – so how much further could they go? Let’s assume Tullett’s sales fall another 30% from this point. This would put them down around the £500m

SEA rollthediceagain 26 Nov 2014

Re: Mello2014 investor event Quite like the look of Seaenergy, the fact they're confident of going into profit Q4 but low cash balances & reliance on overdraft facilities (rather than term debt) is a niggling doubt. This looks ripe for a placing. If they did so I'd buy a few!

ADM lambrini girl 26 Nov 2014

Re: Why positive on here? weak buy for xmas..

FPO Chief Mukuni 26 Nov 2014

Re: excellent results Totally agree with you Catsick....however the share price does not reflect this stellar performance. The SP has been hovering around 30p for far too long - this could be the impetus for a huge rise now....let see. Ben Habib now need to do a well organised broker/media briefing.

PTV sageii 26 Nov 2014

nearly 60 mill traded now and mostly buys ..a renewed confidence pervades..

PTV sageii 26 Nov 2014

wake up..sp flying especially on isdx 0.5 ask now over there..

BGO KayCatso 26 Nov 2014

steady rise Very quiet board for a share that has a nice steady rise. I was hoping for a dip to buy, it never came so now have invested. I'm not a big fan of AIM shares, they can swing quite a lot on small volume and get over hyped, but Bango seems to have a good story, room for growth and is not frequented by those quick profit merchants (hence the quiet BB). I wanted to diversify my portfolio to some smaller , riskier, potentially higher gains tech stocks hence my investment. Good luck to all

MWA dotlink 26 Nov 2014

rsi is over 70 and macd is showing over bought, sp will not go much higher unless theres some miracle or news, so expect some heavy selling

MDZ digitaldanuk 26 Nov 2014

hope di maria sold :

HTG II Editor 26 Nov 2014

NEW ARTICLE: Ben Graham's checklist for hunting high-quality value stocks "This is the third article in our series on how to screen the stockmarket for winners. Last week we introduced the father of value investing - Benjamin Graham - and investigated some of his early techniques for finding bargains trading below their ..."[link]

AVG tejo 26 Nov 2014

Update Thank you LionRock for those thoughts and for the reference to Paul Scott's analysis which I had not seen before. Having given more than my usual casual glance at the figures, I find myself agreeing with Paul Scott's conclusion, that it is actually very difficult to evaluate AVG's true underlying earnings. I then refreshed my memory of past years by re reading their history section on their website and looking at the names of major shareholders. Finally I see that FinnCap and Numis have downgraded their valuations, in one case projecting the impact of these short term issues into 2015/2016Adding two and two together and making five, I wonder why Nigel Wray (major shareholder) would want to be an investor in AVG and then I think about some of the current activities being transferred to Sigma and/ or outsources. My mind goes back then to the sale of Jena to the Japanese. Jena was built up by a series of small acquisitions and then sold for a very good profit. Is AVG as much a corporate trading company with its deal making, as a long term manufacturer manufacturer.Back in the real world, two, at least, of its major clients are having problems i e Rolls Royce and Petrofac and I am not sure that these problems, especially Petrofac, are short term.In conclusion, I remain nervous of the fact that whilst I do feel that the management are doing their best, the events outside of their control , could lead to a further profit warning. They need some good news!

FITB Buffettsluvchild 26 Nov 2014

Re: GREAT RNS A word of caution, I don't see mention of the loans from Kifin Ltd who are a susidiary of Kirsh Group (Swaziland billionaire amongst other things) NW1 have been aligned with the business for a long time and invested heavily so this is a continuing vote of confidence, but at a cost, their debt represents on a market cap of £20m ish about 35%, excluding Kifin interest From interim rns update "There are 13,000,000 (2013: 13,000,000) shares that could potentially be issued under the terms of options and a further 66,666,667 shares that could be potentially issued under the terms of the convertible loan that will potentially reduce future earnings per share". With losses last year of £1.6m, £160,000 cash in June, they need to sell sell sell loads of the devices and plans as well as having higher valuer wins in the b2b sector. A court case victory if awarded costs will contribute, but who would rely on that in an investment case, fundamentals at all times.

FSJ forddrive 26 Nov 2014

J Fisher Can anyone explain why there has been such a precipitous fall in the share price (now ca 35% from the peak), and which is continuing relentlessly?Thank you.

PTV yoyo 26 Nov 2014

BuyBAO did you missed the boat yet?