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BSA, BSA LIMITED
mullokintyre
post Posted: Jul 9 2020, 08:38 PM
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In Reply To: nipper's post @ Jul 9 2020, 08:13 PM

Been in BSA in the past, mainly because ot used to have a high yield on divvies.
The problem has always been liquidity.
Fairly tightly held (at least it used to be). Took me ages to get a stake, and ages to get out of it again.
Yield not so great now, but at least its a very low PE.
Mick



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nipper
post Posted: Jul 9 2020, 08:13 PM
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Australian communications and technical services company, focused on the delivery of infrastructure projects, services and equipment to the building services industry. BSA provides installation and maintenance solutions to the broadcast and telecommunications industries. BSA has three business segments namely: BSA |Connect, BSA| Build and BSA |Maintain.

Also, from Naos fund (NCC) came this:
QUOTE
BSA provided a trading update in June, after numerous months of providing little to no information to the market, which we believe was a major factor in the share price hitting a 12-month low of $0.23. The update covered a number of key points with commentary on expected profitability for FY20, capital management initiatives, dividend policy and balance sheet flexibility. FY20 underlying EBITDA is expected to be in the range of $20 to $22 million, with a strong cash position enabling the board to pay the deferred interim dividend in July 2020.

Looking forward, the board expect to implement a dividend payout ratio between 40 to 60% of earnings and are also looking at various capital management initiatives which may allow the release of the significant franking credit balance. No commentary was provided on the current tender pipeline, but we believe that the actions of the board with regard to capital management implies that the potential workload ahead of BSA may well be significant.




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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: Mar 22 2017, 01:54 PM
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In Reply To: mullokintyre's post @ Sep 2 2016, 04:53 PM

BSA doing well (and overcoming legacy issues).
QUOTE
BSA | Connect - Communications, installation and maintenance services for major Australian telcos and media operations including Optus, Foxtel, nbn, Ericsson and Telstra.
BSA | Maintain - Ongoing maintenance services for HVAC, hydraulic, electrical and fire systems. National presence. Leading mobility information systems.
BSA | Build - Design and construct, manufacturing, and commissioning of heating, ventilation, air conditioning (HVAC) and fire systems. Commercial, large scale residential and industrial buildings. National presence.

-- and somewhat the exception to this comment in today's AFR about the "historic paucity of management skills in a range of industries reliant upon long-term contracting.Think about all the profit downgrades and losses that have been incurred at companies that could not work out a positive net present value for contracts they entered into. High profile examples include Macmahon Holdings, UGL, Worley Parsons, Sedgman and Henry Walker Eltin."

OUTLOOK
• All markets are steady or improving.
• Focus on new market opportunities gaining momentum.
• Organic growth in Maintain and Connect.
• Balance sheet flexibility to invest in new capabilities and services.
Order Book
• Build - $245m
• Connect and Maintain - recurring revenues $313m
Growing Annuity Services
• Maintain – growth in integrated services and fire.
• Connect - to benefit from nbn ramp up.
Improving Margins
• Maintain and Connect met minimum EBITDA threshold of 5% in H1.
• Opportunity for further improvement in underlying margins in each business unit.



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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: mullokintyre  
 
mullokintyre
post Posted: Sep 2 2016, 04:53 PM
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Its almost exactly two years since I posted the following.


QUOTE
BSA had another of its little runs, up nearly 50% since early July low of 9.2.
Trouble is, volume is too small to provide signals early enough to make any money.
Mick


Today, it hit 36.
Failed on its first attempt at getting past 36, will it make it this time??

From that July low, its been a big rise. Still didn't get enough of the buggers.
The yield is not as great as it once was, but I will take a 300% increase in two and a bit years any day.

Mick



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mullokintyre
post Posted: Aug 11 2016, 11:12 AM
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In Reply To: nipper's post @ Aug 10 2016, 02:26 PM

Took me by surprise this one.
Pity I only have such a small holding, otherwise I could have outbid the Chinese on Heron Island.
Mic k



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nipper
post Posted: Aug 10 2016, 02:26 PM
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In Reply To: mullokintyre's post @ Aug 14 2014, 09:35 PM

Within the portfolio (NAOS Emerging Opportunities NCC) there were a couple of significant releases made by one of the largest positions within the NCC portfolio, BSA Limited (ASX: BSA).

Firstly, BSA announced that for FY16 the underlying EBITDA result would be slightly lower than FY15 mainly due to the timing of a number of new project wins that will fall within FY17 and FY18 coupled with the costs associated with resourcing for these contracts occurring in FY16.

Significantly, post this release BSA also announced that it has been awarded its 2nd contract with NBN Co. This is a very significant announcement as it marks the 2nd contract win with NBN Co and in our view sets BSA up with a potential revenue base from NBN alone in the region of circa $200 million at margins that should be higher than the current group profile.

Given the current revenue base of BSA is circa $500 million this is not an insignificant outcome.

When reviewing the basic BSA investment fundamentals over a 24-month period we believe that the current revenue base has the potential to increase to circa $700 million from the current $500 million.

When comparing to margins of listed peers such as Service Stream (ASX: SSM), whose last release EBITDA margin was ~7.50%, this illustrates the opportunity for BSA which had an underlying FY16 EBITDA margin for BSA of ~3.2%.

We do not necessarily believe that 7% is a realistic goal for BSA over the long term but when factoring in the recent contract wins and the significant change within revenue profile of the business we believe an EBITDA margin of 4.5% - 5.0% is achievable over the long term.

With a large net cash balance sheet and a significant franking balance NAOS believe BSA still makes a compelling long term investment opportunity.



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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
 


mullokintyre
post Posted: Aug 14 2014, 09:35 PM
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In Reply To: mullokintyre's post @ Aug 6 2014, 08:44 AM

Another 15% today. Surely a speeding ticket is warranted.??
Mick




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mullokintyre
post Posted: Aug 6 2014, 08:44 AM
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BSA had another of its little runs, up nearly 50% since early July low of 9.2.
Trouble is, volume is too small to provide signals early enough to make any money.
Mick



--------------------
sent from my Olivetti Typewriter.
 
Ian
post Posted: Feb 20 2013, 09:48 AM
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In Reply To: mullokintyre's post @ Feb 19 2013, 01:58 PM

Mick,
Perfectly understood. Thanks for the intro to NWH. Looks inviting - I think - even though it seems to be under downwards pressure
Cheers
Ian

 
mullokintyre
post Posted: Feb 19 2013, 01:58 PM
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In Reply To: Ian's post @ Feb 16 2013, 08:12 AM

Decided that there are other areas to make money. IT will take more than one good report to get punters to want the stock again and push it up to those dizzy heights.
May look at it again, but in the meantime selling at least half and looking to NWH.

Mick



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sent from my Olivetti Typewriter.
 
 


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