Monday, November 28, 2011

Diary: dsg, idh, phtm

Been looking at some shares that had been down a lot last month.

DSG - Dillistone - Software and comp services - 72.9p/£13.3m

Down 10% on 14-Oct-2011. There was a notice of general meeting on that day to be held tomorrow, convened to address a technical issue for the dividends paid by the company for the years ended 31-Dec-2006 to 21-Dec-2010. The problem seems to be whether the divvies were paid out of distributable profits rather than distributable reserves. Under the Comapnies Act, the company may be able to recover the divvies they paid out because they did it under the wrong reserve. The meeting tomorrow should rectify that - I don't think they're actually going to demand money back.

Company has a ROE of 32%, has always been high, but is decreasing. Directors own about £6m worth of shares.

Business activities:

Dillistone Group Plc is a leader in the supply and support of recruitment software to the search and selection market.  Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006.

Dillistone develops, publishes and supports FileFinder, its executive recruitment software, for recruitment companies and in-house recruitment teams.  FileFinder is unique in providing tailored workflow and 24 hour support for global users, to mirror the profile and demands of an executive search assignment.  FileFinder has been adopted by more than 1,000 companies in more than 60 countries.
 2011F 5.3p + 4.1% 2012F 6.10 + 15.1%
PER 13.8, yield 4.42%, net cash £2.1m z score 4.87.

Interims issued 21-Sep-2011:
Revenues up 16% ... did not expect to see the full impact of our new product prior to 2012 ... acquisition of Woodcote

IDH - Immunodiagnostic Systems - healthcare equip and services - 728.2p/£206.9m

Down 6.7% on 14-Oct-2011. Stockopedia reported on 12-Oct-2011:
A leading producer of diagnostic testing kits for the clinical and research markets last week announced a trading update for the six month period to 30 September 2011. Turnover from continuing operations for the period is 21 per cent ahead of the comparative period for last year at £27.3m (2010: £22.6m). The Company has made continued progress in placing IDS-iSYS systems into reagent rental accounts as well as outright unit sales. During H1 IDS sold or placed 81 systems compared to 66 systems in H1 2010, an increase of 23 per cent. Overall trading continues to grow and the Board remains confident that, as in previous years, H2 revenues will exceed both those of H1 and of the corresponding period last year due to both the enlarged estate of IDS-iSYS system placements and an expanded IDS-iSYS product menu.

 By a quirk of fate, I see that it is the biggest faller reported by LSE (London South East, not the stock exchange, which has an aweful website), down 41.3% to 461.25p at the time of writing. IDH released an IMS today for the 6 m/e 30-Sep-2011:
Revenue up 21% to £27.3m. Gross profit up 22% to £20.7m. Net Cash £3.3m. The impending introduction of competing automated products has coincided with efforts to contain health budgets, particularly in the US.  As a result we are beginning to see increasing price pressure, particularly on our larger accounts, and some very recent disruption to equipment ordering patterns which we believe will persist in the short term. [This presumably is the killer]. Since its launch in 2009, revenues from IDS-iSYS have continued to grow and were £8.3m for the period, representing 30% of total sales, compared to £3.3m (14% of total sales) for the 6 months to September 2010.Although the total number of IDS-iSYS systems sold or placed is 33.6% higher than at March 2011, as we indicated in our pre-close update the period has seen a reduction in placements made compared to the second half last year. This is mainly due to a number of potential USA customers delaying purchase decisions beyond the end of the period as they wait to evaluate new products that are being launched shortly by competitors.

PER 13.8 (based on a SP of 778.2p. though), ROE 16.4%, z-score 7.88.

PHTM - Photo-Me International - leisure goods - 51.2p/£185.1p

This one was down 6% on 02-Nov-201. Trading activities:
The Company, along with its subsidiaries, operates coin-operated automatic photobooths for identification and fun purposes and a diverse range of vending equipment, including digital photo kiosks, amusement machines and business service equipment. Sales and servicing consists of the manufacture, sale and after-sale servicing of both the above-mentioned equipment and a range of photo-processing equipment, including photobook makers and minilabs. The Company’s products include photo booths, biometric solutions, digital photo kiosks, minilabs, photobook machines, kiddie rides, amusement machines and service machines. Photo booths include Easybooth, Minibooth1, Minibooth2 and Minibooth3. Digital photo kiosks include Speedlab 100 and Speedlab 200. Minilabs include Wet Digital Labs and Dry Digital Labs. Photobook machines include Photobook Pro and MyPocketbook.

 ROE 15.5%, ROE10 11%, z-score 3.53 net cash £40.7m. PER 12.98, yield 4.28%. 2012F 4.09p + 9.4% 2012F 4.51p + 10.3%

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