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ALU, ALTIUM LIMITED
nipper
post Posted: Jun 7 2021, 11:32 AM
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Altium said it has received a formal, non binding, indicative and unsolicited proposal from Autodesk at $38.50 a share for the acquisition of 100 per cent of Altium via a scheme of arrangement.

QUOTE
The Altium board appreciates the interest expressed by Autodesk, which has evolved from a dialogue about a strategic partnership. However, it considers that the proposal significantly undervalues Altium's prospects and therefore rejects the proposal at the current price.

Altium said it has a unique position in the electronics ecosystem and unsolicited acquisition interest has developed in the past from partnership dialogues with others in the ecosystem.

QUOTE
As consistent with past unsolicited acquisition interest, the Altium board will engage with interested parties in the context of an appropriate valuation of Altium and it will continue to review all potential strategic alternatives for the company, it said.



... up 36% to $37; another offer looming ??



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 23 2020, 11:54 AM
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Matthew Kidman (Livewire Markets) : The real nuff nuff. Circuit boards for technicians, Altium. Buy, hold or sell?
QUOTE
Catherine Allfrey (WaveStone Capital): It is a sell for us. They delivered 10 per cent revenue growth last year, and they're forecasting 6 to 12 per cent this year in terms of guidance. And they put out this long term forecast, which the market has lapped up and has just absolutely priced that. So at $40 for our view, it is just too expensive. And we think there could be some interruptions on the way to that five year revenue target. It is not easy to get to that level as they are in a bit of a transition. And so for us, it's a sell.ote]


Matthew Kidman: They have put out a number of bad announcements recently compared to the market, but the market loves international niche players. Altium, buy, hold, or sell?
QUOTE
Jason Kururangi (Aberdeen Standard): It is a buy for us. Look, we take a three year view when we are looking at these stocks. And when we look at Altium, it's a really high quality product. It has got a large addressable market that they are growing into, and there is a transition going on where we expect significant value to be created for us as shareholders. If you look offshore where you have seen transitions to Software as a Service models, they can be very successful. There will be wobbles along the way. And we do not doubt that there could be a bit of a wobble, but we believe in the longterm story and that it will generate significant value for us as shareholders.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 19 2020, 12:31 PM
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QUOTE
The scrambling of software player Altium to meet its FY20 revenue target of US$200 million ($286 million), through heavy discounting of its popular products, is starting to make a little more sense. The market darling unnerved analysts when it discounted product prices across the board in a mad rush to meet targets.

Some of the eagerness to hit revenue goals is explainable by the short term incentive structure. It pays cash bonuses to a large amount of employees as long as they meet the benchmarks.

According to the latest annual report, 70 per cent of annual cash bonuses are paid for the achievement of group revenue targets, with 30 per cent paid for the achievement of EBITDA margin targets. As Charlie Munger once said, show me the incentive and I'll show you the outcome".

Alas, on Tuesday, Altium reported that its full-year revenue number landed at $US189 million, a little short of its $US200 million target. It did not bother to disclose the EBITDA margin, so staff may have to sweat a little longer on the contents of their bonus letters. Management at Altium tell staff the bonus plan and long-term objective to grow revenue and EBITDA margins are part of its "Line & Length" strategy.


Sounds worth avoiding



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: rlane  
 
nipper
post Posted: Dec 11 2019, 07:34 PM
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QUOTE
Goldman Sachs has initiated coverage on Altium with a 'neutral' rating, saying while it was a market leader with a long runway for growth, it already looked fairly valued. The broker noted the company's transition from a maker of software for the design of printed circuit boards (PCBs) to an integrated platform for managing the design, procurement and manufacturing of PCBs.

GS said Altium's market position, growth outlook, strong returns and net cash position were key strengths but added it needed to exceed its current forecasts to outperform the market due to the fact consensus expectations appeared to be relatively in-line with those forecasts.

"The launch of Altium 365 (November 2019), its success in China and potential M&A will be important future drivers of earnings expectations, but at this stage we do not believe the trajectory is likely to materially deviate from our forecasts," said analyst Ashwini Chandra. "Execution against these key drivers will be important for our future earnings projections."

The broker said it was attracted to the market position and medium-to-long term outlook for Altium, but believed its price already reflected a fair valuation.

- but will they disappoint?

And, as reported elsewhere, is there really a
QUOTE
US$2-trillion market for on-demand electronic design and manufacturing, produced via 3-D printing.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Aug 10 2019, 11:40 AM
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In Reply To: blacksheep's post @ Jul 24 2019, 02:15 PM

ALU gets a mention here - https://www.theage.com.au/business/companie...808-p52f3d.html
extract
QUOTE
Another tech darling Altium, which plans to dominate the rather obscure but lucrative world of design software for printed circuit boards, is worth a billion dollars more than JB Hi-Fi.

That is despite Altium reporting a profit roughly one-seventh that of JB Hi-Fi's $234 million.

The long term price to earnings ratio for S&P 500 shares is around the 15 mark. Which means that investors have generally been willing to pay $15 on the share price of a company for every dollar of profit.

Atlassian, the Nasdaq-listed software group founded by tech billionaires Mike Cannon-Brookes and Scott Farquhar, reported in July that its revenue had finally exceeded $US1 billion for the financial year just ended.

The company is valued at $US33 billion after the recent share price fall. It means investors are paying $33 for every dollar of revenue it generates.


Total short positions as at 5/8/19 = 0.43%
https://www.shortman.com.au/stock?q=alu
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 24 2019, 02:15 PM
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Extract - Why the best performing hedge fund is selling - LHC is LONG ALU

QUOTE
Other long positions include ASX-listed payments company iSignthis, and high flying tech stock Altium.

https://www.afr.com/business/banking-and-fi...20190723-p529t2
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


nipper
post Posted: Feb 18 2019, 05:45 PM
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Altium Limited (ASX: ALU) reported its half-year results for the period ending December 31 2018.

[With comparisons to the prior corresponding half (all figures in US$).]
Revenue of $78.4 million, up 24%
Net profit of $23.4 million, up 57%
EBITDA margin increased from 30% to 36.3%
Reported expenses of $49.8 million, up 12%
Earnings per share of 18 cents, up 57%
Interim dividend of A$0.16, up 23%
China revenue of $9.66 million, up 49%



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jun 22 2018, 12:21 PM
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In Reply To: right edge's post @ Jun 21 2018, 09:51 PM

QUOTE
Seems mighty expensive.


Agree - too expensive for my taste even though analysts/media reckon it's got further to go. But then I recall similar recommendations made re BIG un not that long ago - see this extract I posted else where.

QUOTE
The Big Un Ltd share price is up over 1,500% this year
QUOTE
Considering its cash profit margin was approximately 37% in the first-quarter, this could mean a cash profit of almost $30 million in FY 2018. In light of this, I continue to believe there is still meaningful upside for its shares over the next 12 months and would consider it to be one of the best tech shares on the market at the moment alongside the likes of Altium Limited (ASX: ALU) and Aconex Ltd (ASX: ACX).




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
right edge
post Posted: Jun 21 2018, 09:51 PM
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In Reply To: blacksheep's post @ Jun 12 2018, 08:41 PM

Lots of good news baked into the cake.
EPS of 22c and trading at $25.00
Seems mighty expensive.

 
blacksheep
post Posted: Jun 12 2018, 08:41 PM
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ALU received a favourable mention in this article recently.
3-D PRINTING STOCKS POISED FOR RECOVERY
By Tony Featherstone
Wed 06 June 2018 08:15 AM

extract
QUOTE
Software star Altium is a better way for long-term investors to play the 3-D printing trend. The developer of electronic circuit board software is not a 3-D printing stock, but its software, used to design electronics for devices produced through 3-D printing, is leveraged to the trend.

Altium is eyeing a tiny slice of a US$2-trillion market for on-demand electronic design and manufacturing, produced via 3-D printing.

It is early days, but Altium could provide free software to retail product designers, such as university students, who design electronic circuit boards for product prototypes that are manufactured on-demand. Then receive a small fee from the product manufacturer – a fascinating business model if it works, given expected growth in 3-D printing and on-demand production for small-scale runs.

Altium is not cheap. The stock trades on a forward price-earnings (PE) multiple of about 50 times on some broker estimates. But the well-run Altium is justifying its valuation through faster-than-expected growth, reflected in its recent result that beat market expectations.

https://www.nabtrade.com.au/investor/insigh...rinting_stocks0
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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