A technology nugget the market really HAS missed.

Heard that sort of ramp before........
But this needs serious checking out!

Cash in bank 3.5 million, profitable, (expects about 600k for full year) no gearing and recent 2.6 million contract announced............ Dilution amounts to a miniscule .01p per share. Shares 70.5p.

What would be a fair market cap? 12 million 15, 20??

Total Systems, TTS has a market cap of 7.4 million.

This borrowed from a poster elsewhere. As he holds sure he won't mind me using it here:

The balance sheet is very strong with 3.5 mill spare cash floating about. So with the current market cap only 7.3mill (10,513,376 shares x 70p) we`re only really paying 3.8 mill for a business

a) with 4 mill turnover
b) made 596k pretax profit last year
c) paid 2.7p dividends last year (a yield of 3.9%)

d) said this in the interim statement "In my Chairman's Statement for the year ended 31 March 2003 it was anticipated that the performance of this financial year would not show any improvement on the previous year. This remains the case regarding turnover, but
profitability should improve as a result of reductions in our cost base. Continuing delays in the signing of significant new business make it extremely difficult to forecast future performance.

That was before the 2.6 million contract was signed........

A little cracker.

If anyone would like to insert a chart, please feel free, technocrat!!

Couldn't resist the challenge!

Thank you Snoball!! I have added to my position today (trade not yet showing) and now one of my top five holdings, even though i am wary of tech at moment i think this is a cracking opportunity.

Value will out.

Surprised there isn't more interest in this one. For a stock with such a low market cap and decent - and broadening - product suite, the numbers (above) seem to represent, at least to me, a real bit of value.

Results on monday and judging by today's 10% move up in a dire market, a few shrewdies reckon they know a bargain when they see one! Very, very cheap still imho.

I see they are accompanying Monday's results with an analysts' presentation. That's very unusual for a sub - 10 million market cap company and i think it is a sign of considerable confidence.
Even if you are not in yet, one to keep an eye on.

Up from 70.5p to over 80p since first mentioned. You should take time out to read results on Monday morning. The analysts get their turn mid-morning so if you like the cashpile, profit, divvy and no debt that you see - which i anticipate all of - then hopefully you can get a slice of the action before they get stuck in!!

Market has looked at outlook statement and taken fright, but all is better than it might seem!

First the numbers. bang in line. Fine. Profit 520k after tax etc, shares in issue c10.6 million. At 75p market cap around 7.9 million p/e 15.5.
But that ignores the 3.6 million cash in the bank and zero debt, though creditors outweigh debtors by about 400k. Dividend 1.8p, (final), very nice. Strip out cash and the p/e falls to 8, which is very cheap for a technology company. Increased profits and strong cashflow reported.

Now the statement. A mixed bag, as you'd expect! We need more contracts, Terry moans, not sure of the visibility but continuing business is fine. Good client list, including Dixons, Axa and Corinthian.

We all need more contracts, Terry, and you say steps have been taken.......... lol!

The system as he points out at length is extremely cost effective and there is a new product launch near the end of the year, which sounds very exciting infact. maybe that is what new customers are waiting for?

Just as last year he says he is looking for flat results next year (he got that wrong too!). Yet I do like the management, their customer relations is exceptional and they do seem to work with their blue chip clientelle very successfully when all is said and done Terry!

Verdict: Not without risk and more contracts would be nice, but there is likely to be positive newsflow later this year as the new product is launched and orders should follow - and for a 8 million market company with all that cash - and the 2.6 million contract with Corinthian recently signed which is comforting - these are a strong buy with an 12-15 month price target of 125p.

Buy now and hold 12-15 months.

I am told this has been tipped in the Sunday Business today.

At 51p this gets a "free lunch" rating from me.

Freehold Property in Central London on books at cost of 0.76M. In 19 years this will have trebled at least. So worth around 2.5M with taper relief all but eliminating capital gains tax if property sold.

So current market cap of 5.4M more than covered by net cash(3.4M) + property (2.25M).

And there is a major software release next month of the Total Fund Manager which has been under development for a few years now.