Sopheon (SPE)

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Sopheon SPE Logo

Engaged in the provision of software and services in the product lifecycle management (PLM) market, it’s Accolade product provides integrated support for innovation planning, roadmapping, idea and concept development, process, project, portfolio, resource and in-market management.

4-Jan-2018 – 367.6p – £36.8m – PER 12.8

Trading Update For 2017 – Revenues and PBT expected to exceed market expectations – Improved recurring revenue and visibility into 2018.

There’s lots to like here, growing (but not dynamically, reflected in the PER), great ROCE and Operating Margin – And, it’s got Cash. It’s on my Watchlist as a potential on a general market correction, 350p.

29-Jan-2018 – 492.5p – £49.2m – PER 17.9

Trading Update For The 12 Months To End December 2017 – Expects revenues to be over $28m, upfrom $23m in 2016, and comfortably ahead of current market expectations. Expects PBT to be significantly ahead of current market expectations. Year-end Net Cash $9.5m (2016: $4.2m). Overall revenue visibility for 2018 already stands at $18m, compared to $13m at this time last year.

I still like this, on my Watchlist, 470p, may even consider paying up here.

Subsequently revised Watchlist price, 500p.

22-Mar-2018 – 655p – £65.5m – PER 23.5

Results For The 12 Months To End December 2017 – Revenue up to $28.5m from $23.2m in 2016, PBT up to $5.1m from $3.0m and Net Cash up to $9.5m from $4.2m. $19.3m Revenue visibility versus $14.5m last year and there’s a Maiden Dividend of 2.5p.

Upped my Watchlist price here from 500p to 600p.

7-Jun-2018 – 880p – £88.5m – PER 22.5

AGM Statement – Revenue visibility up 34% YoY (a record).

This statement seems more bullish about the past than the future. I am kicking myself for not paying up here numerous times in the past but don’t want to here at present. To keep an eye on it though I will keep it on my Watchlist, revised price 750p.

19-Jul-2018 – 760p – £77.0m – PER 19.1

Trading Update For The 6 Months To End June 2018 – In-line with expectations with Revenue and PBT for this period to be significantly ahead of last year.

Could be tempted here this morning but I will await broker notes following this update.

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