Cyrill
@cermrew
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I go from A to Z in illiquid companies below 50mm market cap
HCMC
Joined April 2012
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Having had some decent years in the markets I decided to quit my job and give full time investing a shot. This will be my new base - come say hi if you are in the region!
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Here it is. Price target 95p. Yet, I would be gutted to see it sold at this price as I value the CEO and reinvestment opportunities highly. Kinovo PLC
#Kino
Quick reminder that Kinovo's broker will upgrade price target from 70p to ca. 93p as soon as DCB liability is cleared, because they are currently valued at 9xeps instead of peer average 12xeps. If you think that it is fair to value
#kino
at peer average while numbers are better.
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Kinovo Plc
#Kino
delivers another framework win. Now appointed to the NHMF frameworx Heating Service Framework.
Frameworx Director, David Miller comments: “A warm welcome to Purdy Contracts Ltd onto the 2023 Heating Services framework who join Frameworx’ engaged and established
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Now they are paying 45mm for 6.7mm EBITDA. Kinovo PLC
#KINO
Investors should ask themselves what price they are willing to pay for 6.2mm EBITDA, or ca. 4.5mm in FCF, both growing. Currently the price is 34mm. I continue to hold all my shares.
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Quick reminder that Kinovo's broker will upgrade price target from 70p to ca. 93p as soon as DCB liability is cleared, because they are currently valued at 9xeps instead of peer average 12xeps. If you think that it is fair to value
#kino
at peer average while numbers are better.
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Kinovo PLC
#KINO
Market finally waking up that the broker's note is too conservative? As of 05/23 rev expectation was 62.7mm for FY24, now at 72.0mm. What does that tell us about FY25 expectation of 76.6mm? All of that against a backdrop of record visible rev. of 157mm!
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Caught up with the management team of Kinovo
#kino
. Much more relaxed atmosphere than back at the AGM in September 2022 where we first met and the four attending shareholders were far outnumbered by employees and advisors. Since then huge progress on DCB issues and core business.
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/13 In the end we did a factory tour, which was interesting to see and gave us time to further chat with key employees. The AGM also gave me the opportunity to meet friends in person who I had met online.
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Kinovo PLC
#Kino
Mixed Trading Update this morning and I have some questions:
1) What is the explanation for rev. being at 65mm instead of 72mm?
2) In the interim results it was claimed that the administration of a partner led to a terminable event for the contract (see scr.shts)
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Kinovo Plc
#Kino
Here we go again: Gas and Alternative Heating Servicing and Maintenance Services / Metering and Billing Services Framework. Total value of frameworks: 54mm+59mm+19mm=132mm. Awarded to 5 suppliers, so Kino might get ca. 20% over unspecified delivery period.
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Kinovo Plc
#Kino
@Kinovo_group
Another contract win. Your hard work pays off and retail shareholders are thanking you!
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Worth £500k
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This is a part victory. We have only seen a possible offer. The real offer could be slightly increased and discussions start all over again.
Thanks David and the Board for rejecting this offer.
You can have my yes vote for 130p/share today, and 150p next year.
#KINO
$KINO.L KINOVO
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The school secretary just asked me if now is the time to buy Bitcoin…
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Will soon be turning to French and Italian Microcaps. Are there any comparable share chat forums as ADVFN in the UK? Other recommendations on how to efficiently do my research?
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Investors should ask themselves what price they are willing to pay for 6.2mm EBITDA, or ca. 4.5mm in FCF, both growing. Currently the price is 34mm. I continue to hold all my shares.
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Looks like operationally Creightons PLC
#CRL
passed rock bottom. 17mm EV looks unambitious if recovery continues as lean operation should yield operating leverage. Still very little interest in the stock. Investor presentation reinstated. Still holding.
#CRL
- Finals suggest recovery is underway:
➡️6 point plan for turnaround - pricing, overhead reductions, factory optimisation, reduce logistics costs, manage stock levels, capex deferred.
➡️Former GMD, Bernard Johnson thanked.
➡️Back to divi list - 0.45p
➡️Emma Hardie impairment
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I need your help. How would you go about outlining the benefits of share repurchases to management?
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Estonia listed Silvano Fashion Group has a market cap of 40mm (€) and 30mm in cash. Sales at 60mm and EBIT at 15mm. Got excited at first as looks dirt cheap. However, business manufactures and sells ladies lingerie in Belarus and Russia. Besides the moral question, impossible
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Kinovo Plc
#Kino
November is coming and with it the announced Trading Update. I expect several framework and contract wins to be communicated with the market. Should show that the strategy is bearing fruit.
Kinovo Plc
#Kino
Here we go again: Gas and Alternative Heating Servicing and Maintenance Services / Metering and Billing Services Framework. Total value of frameworks: 54mm+59mm+19mm=132mm. Awarded to 5 suppliers, so Kino might get ca. 20% over unspecified delivery period.
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Kinovo Plc
#Kino
;
Competitor Mears increases FY23 guidance;
sector tailwinds continue, should bode well for
#Kino
trading at 7 PE
Mears Group
#MER
Share Price 270p (pre-open)
Interims
Agree H1 was good
Pleased with H2 outlook.
Margins are slim, but at least a big dog in a competitive area.
A steady compounder in years' ahead.
Expect SP retracement.
A Buy over time.
#voxmarkets
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Kinovo is on several frameworks as preferred supplier and multiple contracts can be awarded under each framework. This is your growth right here and we should not let any bidder take that away from us on the cheap!
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@DiogoPrnt
1. childhood friend runs his business there, hence social reason & little overhead to figure things out
2. Value cost base: need a fraction of the € for better lifestyle compared to Germany
3. curiosity for the country and the region
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@Investmentideen
Seems like they´re stepping up Investor Relations, likely a good sign:
We'd like to welcome KINOVO PLC to Investor Meet Company!
Register NOW to make sure you're invited to KINOVO PLC's next LIVE investor presentation.
Click below to register now
#KINO
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Toy manufacturer Heng Sheng Holding Group trades for 20mm USD and has 147mm USD net cash. However, recent acquisition was not paid using cash but by issuing 50% more shares at this laughable price. Sus!
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Kinovo Plc discussed here, let's see if the growth projection is too conservative; business is typically second half weighted and sector tailwinds clearly visible for future years.
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Balance sheet stabilized. As of 30 June short-term borrowing is reduced to nil, as working capital has been reduced by reducing inventory and receivables.
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All in all, counting the evidence I tend to believe that this is not the end of Kinovo as a public company just yet. Obviously I could be wrong and am putting it out here to review at a time when more is known.
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After studying BRK shareholder letters I yearned for a summary and quickly learned about Cunningham's outstanding book.
Now listening to the BRK AGM recordings I wonder if anyone ever created a best of, sparing us the repetitions?
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/5 We asked why no call. They said that there is no more to say then what is in the reports. I think they don´t want to use the share as acquisition currency, so no need to spend time preparing investor presentations.
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Still no comment from the BOD about this win! Previously every contract win has been touted, why the silence now?
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Mind you, visible revenues include ZERO value from all of those recent framework wins that are in the many millions.
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"Clearly, the strategy is starting to bear fruit. We have a lot of opportunities in the hand [...] in terms of the framework wins and the accreditation expansion [...]. I think those opportunities lie within the market and sector as a whole. It's very exicting."
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/2 The key takeaway is that the company is currently running a single shift which is on 70% capacity. Adding volume will need very little capex, obvious there is room on the single shift, but also a second shift can be put in. Potential for operating leverage.
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Need to correct. Upgrade was from 65.7mm to 72mm. EBITDA from 6.1mm to 6.2mm. All original numbers from 05/23 to upgraded numbers 11/23. Profitability lagging a bit because of investments.
Kinovo PLC
#KINO
Market finally waking up that the broker's note is too conservative? As of 05/23 rev expectation was 62.7mm for FY24, now at 72.0mm. What does that tell us about FY25 expectation of 76.6mm? All of that against a backdrop of record visible rev. of 157mm!
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Highly recommended reading!
#KINO
$KINO.L KINOVO
Here is my updated investment case for KINOVO + Valuation
I believe that the current non-binding offer of 56p/share undervalues the business significantly and is an attempt to rip current shareholders off.
Any offer below 130p/share doesn’t value the
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Currently hunting in Korea. I can find financials through but would really be interested in management discussion and analysis. Any idea where I can find that?
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Calculated bet: Some investments are made in sales for China and USA for Emma Hardie and Feather and Down. I believe it is a low cap-ex bet that could yield significant benefit, if successful.
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4/ ... team handled the business pressure of the past 24 months by reducing cost and turning the business cash flow and earnings pos. since 11/22 is in my view testatment to their skill, adding to a decade long track record. Hence, let's consider other causes.
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Considering going from A-Z in the USA below 50mm market cap. It is my first time looking at the US, any recommendations/primers?
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Thought this was about studying, but actually it comes with a price tag of $19,700.
I'm very excited to announce the launch of a
#RicherWiserHappier
Masterclass for a select group of 10-20 people who'd like to study with me over a year. We'll discuss key themes in my book in monthly Zoom calls & will meet at three unique in-person events. For details, please
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The largest shareholder Toomas Tool was charged with market manipulation in 2012, and he seems to control through direct ownership and other channels the majority of the shares. Go figure, cheap for a reason.
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Yes, I find it annoying. Will it endanger the company? No, because the core business is motoring ahead and all these costs can be funded from cash flow.
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@Sutjeinvestor
…which was on the horizon. And the Lunux and Nordeon acquisitions turned out to be horrible. All the while the CEO put make up on the pig and sold shares ahead of the FY22 numbers. Stock should be 50% lower but no short stock available on IBKR.
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/4 Capital allocation II: Once business is stabilized, a dividend is planned. This point was discussed the longest as most of the six shareholders pushed for buybacks.
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/3 Capital allocation I: Still stabilizing the business and keeping cash in company coffers to avoid reliance on banks. Significant invoicing facility headroom of 6mm if I remember correctly.
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Latvia based SAF Tehnika A/S develops, manufactures, and sells digital microwave transmission equipment. >50% inside ownership, sales up almost 8x over 20 years. Yet with capricious margins and a product life cycle of 5 years I find it hard to get conviction.
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5/ Bernard's management style is by some described as dominant.I would assign a low probability to some kind of workplace misconduct, resulting from this. This would justify the ommission of a thank you, but on the other hand what are the chances of that showing only after 20 yrs
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Recently becoming very popular with voluptuous, lightly dressed females on here. Got my FinTwit rizz on!
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@Investmentideen
@patviera
Growth should also be good for cash flow as we are working capital negative. This will somewhat alleviate the liquidity risk with regards to DCB costs. Remember Mar-23E net debt is 1.7m with most of it financed through a 2.5m overdraft facility.
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/6 I asked about level of working capital. Reducing stock and finished products proved successful, will not need additional investment, service level remains high.
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to get money out of Russia, so they are reinvesting it there. They claim the cash lies mostly in Estonia and have this certified by EY (you know, the wirecard auditor). What is surprising is that on that cash pile of 30mm they report only minor interest (ca. 0.5%). Suspicious!
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Yes, we knew about these awards from our retail research, why have they only been announced now? Make sure to follow
@patviera
and
@Investmentideen
, who are doing a great job covering the company! Also, RX3 talking down the company is exposed as hot air with this RNS!
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/7 Now focus on operating efficiency, which they say might have been neglected in the past as focus was on growth.
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This is the first award under a framework, showing the value these hold. Kinovo is on several of them, this is only the beginning, hence smart retail keeps buying. Head over to their Twitter account and give them a follow, they are brand new on here!
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First in-person management meeting coming up. What resources do you recommend to prepare? Anything from questions to do‘s and dont‘s welcome.
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@Investmentideen
This is a part victory, but is not over. We have only seen a possible offer, the real offer could be slightly increased and the discussions start anew.
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/10 Contract manufacturing has been hit hard, private label and branded are compensating.
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/9 T-Zone of Brodie&Stone performing especially well, according to Pippa. New listings.
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3/ On the surface one might suspect poor trading to be the reason and that may well be so. However, it puzzles me that under these conditions they wouldn't include a thank you after Bernard gave more than 20 years of his life for the role. Additionally, the way the management ...
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Whats the matter with the Romanian Motor Insurance Market? Citizens must buy insurance, but only 8 insurance companies have received permission by the "authority" to sell it. Rumors see margins at 50%. Earlier this year the "authority" forced the market leader into insolvency ...
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2/ The decision was made by the board, which includes the largest shareholder William McIlroy. The difference in opinion must be so strong, that a two-decade long work relationship is ended in such a cold way.
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@SilentLewo
@keinSpekulant
@Papamicha007
Die HVs in den Pandemiejahren waren beide offline. Meine Fragen wurden ausführlich beantwortet und Vorstand erkundigte sich, ob noch Rückfragen bestehen.
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