Ciphersense Research

Accessible & balanced Equity Research covering sub £1bn UK stocks.

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[Ciphersense Research @CiphersenseRes1]

@AltaFoxCapital @MMeldrumDotCom for the analytical thought process of modelling and @F1F9 for best practice excel ‘engineering’.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF This is one of the reasons for the depressed value - no one knows what the heck they’re going to do with it.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF Interesting, had a look on the FRC site and had no idea they were so active.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF Following a hefty placing, this isn’t a good look. Management changes long overdue.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF You should package this RNS linguistic decoding into some sort of SaaS offering.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF How they can continue to sit on £14m cash without plans to use it is beyond me.

[Ciphersense Research @CiphersenseRes1]

@twistednico Alternative is they push for growth in other categories… I’d be interested to see how the Lost Mary / Elf stock is shifted. They had £16m invested at half year inc advance payments / stock.

[Ciphersense Research @CiphersenseRes1]

@twistednico Think they have a markedly higher GP.

Vape users might shift into pod systems to limit the impact but IMO SUP will never get a mid/high PE rating with heavy vaping exposure - despised by the market.

Sandy would be better off taking this out of the public eye.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF 😂 how is this still going.

[Ciphersense Research @CiphersenseRes1]

@RichardBeddard @rolandhead Indeed, well placed…

One of the few ‘growth’ businesses with a decent owner operator. I will continue to watch with interest!

[Ciphersense Research @CiphersenseRes1]

@RichardBeddard @rolandhead Tidy business doing good in a stale sector. I had a mild concern about the potential for the model to be perceived as an employment loophole similar to the IR35 issue - the lawyers are de-facto employees and the benefit for KEYS is avoiding the employment costs.

[Ciphersense Research @CiphersenseRes1]

@MGinvestor Classic…Shame as I liked the look of this but speaks volumes.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF The ‘franchise reacquisition’ seems model seems odd to me and way to game revenue / profit growth.

Plus, they capitalised c£4m of cost relating to Salesforce…

[Ciphersense Research @CiphersenseRes1]

@RanmoorRuffian @F15JCM Perhaps Alex could return some of his £56m cash buffer from floating this trash…

[Ciphersense Research @CiphersenseRes1]

$ZOO lists almost two pages of ‘investor engagement activity’ in its annual report.

Utter waste of management time and an instant red-flag for me.

[Ciphersense Research @CiphersenseRes1]

@Moatdelusion Agreed - looking forward to the trading update.

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF Translation: “we’ve finally got round to automating a spreadsheet that Doris created 20 years ago using a macro..”

[Ciphersense Research @CiphersenseRes1]

@1James1n1 Interesting. Have they disclosed revenue generated from this sideline at all?

[Ciphersense Research @CiphersenseRes1]

@rhomboid1MF Whole point of SaaS was to shorten sales cycles and grow users. Doesn’t really work for niche software with a small end market. Good story though right?