That's started to have some effect today. It's been a frustrating ride but better times are around the corner and it does look far too cheap!

Better yet @ 44.75p

Volume is growing today

ST of IC today - Bears of the stock are playing a very dangerous game.

45.75p +1.50p

another movement on the right direction
-----------------
From IC some time back ( 2 February 2015 ), good interview with CEO, tired of the shorters taking the SP down

from IC
“When we announce details (of our acquisitions and fundraising) short sellers will be in for a surprise and it will not be a pleasant one” says Costis Papadimitrakopoulos, chief executive of Aim-traded Greek mobile software provider Globo (GBO: 42.75p).

Indeed, short sellers who have driven down Globo’s share price in the fortnight since the company issued a bullish first half trading update, and which prompted the company to issue a statement last week, would be well advised to take note especially if they are basing their investment view on the contents of two defamatory articles concerning the company circulating the internet since mid-July. In fact, having interviewed Mr Papadimitrakopoulos at length yesterday, it’s time to put the record straight.

Firstly, Globo’s boss points out that 90 per cent of all the cash on the company’s balance sheet, a sum equating to €82.8m at the end of December 2014, is deposited with “investment grade banks” and all of this money is fully accessible with no tax restrictions on transfers whatsoever. This is contrary to what the shorters would have you believe. In fact, the company only has €100,000 of its cash balance deposited with Greek banks, a point I made when I last published an article on the company (‘Primed for major re-ratings’, 22 July 2015).

Secondly, there are sound reasons why the company has opted to raise a high yield bond to finance its acquisition strategy. For starters, Globo’s current bank facilities with Barclays and East West United Bank have 10 different covenants which it must comply with. These are quite restrictive if it’s going to significantly scale up the business by making some sizeable acquisitions.

The company has a “good relationship” with these lenders, but the facilities of €65m are due to expire in October 2016 and between now and then Globo will be making capital repayments. In fact, it has already made two such payments in the past few months. True, an interest rate of Euribor plus 3.5 per cent is attractive on these current bank facilities, but by raising in excess of US$150m (£97m) through a five-year high yield bond, as Globo is trying to do right now, and with no maintenance covenants, the company is actually mitigating risk for its shareholders. That’s because any new facility with Barclays and East West United Bank would still have restrictive covenants which would be “dangerous for shareholders” if Globo pursues a substantial acquisition strategy.

Although the market will ultimately decide on the pricing of the bond issue Mr Papadimitrakopoulos says the coupon rate will be “more than 8 per cent, maybe 9.5 per cent or even 10.1 per cent”. That’s a reflection of the current state of the high yield bond market, rather than Globo which has recently been given a credit rating of f BB- from rating agency S&P and B2 from Moody's.

The point being that a ‘covenant lite’ bond issue priced around the upper end of that coupon rate would still be accretive for shareholders on a cash profit basis given the potential synergy benefits from acquisitions. Just as important, the company will not be diluting their interests by issuing shares to fund acquisitions.

Moreover, the company’s cost of equity is far higher that the likely coupon rate on the bond, and interest payments are tax deductable against operating profits. It’s also worth noting that the plan is to refinance the acquisitions within two to three years through lower cost bank facilities and possibly an equity issue once the operational and financial benefits have materialised, so the bond funding is certainly not long-term. Also, once the acquisition strategy has proved itself, then shareholders in Globo will also see the benefit from the lower cost credit lines as more of the company’s profits will be captured by them rather than the bondholders.

On the M&A trail

What has not been made clear to equity shareholders, and something that the short sellers have taken advantage of, is that half the proceeds of the bond issue will be used for “acquisitions within six months, and the balance within 15 months.” The targets being looked at are located in the US, Western Europe and Australia and importantly all offer “the technology, geographic reach and people to multiply our sales into new channels”.

Mr Papadimitrakopoulos is looking at paying a multiple of 10 times cash profits for acquisitions (and that’s before factoring in synergy benefits) and expects additional sales from tapping into these new channels to reap a further 20 per cent upside in cash profits. It’s also worth pointing out that by adopting this particular approach, rather than taking on the execution risk of building up an operation from scratch in new territories, Globo can accelerate the ramp up in its business and avoid incurring start-up losses in the first few years. That mitigates risk.

Clearly, the company’s free cashflow of €10m (£7m) in the past 12 months is not enough to fund an acquisition spree on the scale Globo is looking at even if the company uses a large proportion of its aforementioned cash deposits to pay the consideration. True, it currently has net funds of €47.4m, up from €40.4m at the end of December 2014, a sum equivalent to almost 9p a share, but even after factoring in cash on deposit then it still needs external funding to scale up the business quickly.

And that’s important because if Globo’s board want to fulfil their ambition of becoming a leading pure-play operator in the enterprise mobility management (EMM) and Mobile Application Development Platform (MADP) business segments, offering businesses solutions to expand their engagement with employees and customers through the mobile channel via a secure and extensible environment that runs on all smart devices, then strategically it needs to act now. “Tech is a fast market and you need to execute fast. You either win it or lose it” says Mr Papadimitrakopoulos. He’s in no mood to lose it.

Short covering and newsflow to spark substantial re-rating

It’s my strong view that if Globo pulls off its high yield bond issue, and I understand that some serious fixed income investors are considering the fundraise right now, and reveals details of its first strategic acquisitions to its shareholders, then short sellers will be scrambling to cover their positions. We shouldn’t have long to wait because we can expect news on this front “within weeks”.

Indeed, the share price could be in for a very sharp re-rating because investors have ignored a bullish first half trading update that confirmed that the company is bang on track to lift EPS from 6.7p to at least 8.7p in 2015. This means Globo’s shares are being priced on a cash adjusted prospective PE ratio of 4,a valuation that fails to recognise its growing international bias and intention to make complimentary acquisitions. Bears of the stock are playing a very dangerous game.

Trading on a bid-offer spread of 42.5p to 42.75p, I continue to rate Globo’s shares a buy and have a 69p target price, having initiated coverage six months ago with a conditional buy recommendation at 47p a share ('Going global', 2 February 2015).

The CEO maybe not be happy, but the shorters managed to bring the share price down to 25p yesterday and then 4M appeared on the ticker ( closing )

well today is on the bounce very fast.

still looking at it since 27p earlier with very strong buying and a UT at 29.25p not long ago, I will wait for a good intraday retracement, maybe to get some.

Managed to get some at 28.50p It did not had a proper retrace and hold all day much at the same price

will announce its 2015 Interim Results on Tuesday 29 September 2015.

Why Have Globo Plc & Tern PLC Been So Volatile In Recent Days?
The Motley Fool By Alessandro Pasetti - Wednesday, 16 September, 2015

Tern (LSE: TERN) fell almost 14% from its intra-day high on Tuesday, but Globo (LSE: GBO) fared even worse yesterday, when its shares lost 16% of value during the trading session.
Here’s my quick take on these two very different companies.

Top Pick
Globo’s downbeat performance since mid-June has surprised me. Its shares roared back today, and were up 15% at the time of writing, but I am puzzled. It is really hard to say why they have fallen and risen so much during the last couple of days, given that aside from an update on its high-yield bond fundraising, there’s not been much to report this week.

“This process has been delayed by market events through the summer of 2015,” the tech company said on Monday, and it’s possible that investors were not pleased with that. Still, it also said that its financing plans have received “strong interest from numerous investors“, and frankly its balance sheet doesn’t strike me as being particularly stretched, while its core cash flow profile is sound. Trading multiples also point to value.

It has succumbed to broader market volatility in the third quarter, but its first-half trading update was decent and personally I think its stock remains a good buy at 28p.

Risk
Tern is up 10% today, and currently trades at 21p. This is a tiny firm that invests in the tech world, and as such I would expect it to have a relatively weak balance sheet, negative operating cash flows and funding needs that are essentially backed by investors who are willing to embrace risk.

That’s precisely what you’d be buying today, which is not necessarily a big problem given that its investment portfolio could indeed deliver rapidly rising returns.

The biggest risk is represented by possible dilution stemming from several rounds of equity financing that may be needed to support its cost base as well as its ambitious expansion plans.

Until higher revenues are generated, though, personally I’d leave it to opportunistic traders.

30.50p +1.75p

Moving up fast now
Plenty of interest at the moment and share price following yesterday's bounce

and much faster now on reaching 32 v 33p+3.75p with 1.1M volume on just 2 hours of trading.

there was a 50K buy @ 32.90p that got things moving

At twiter
Aim Buster ‏@AIM_Buster 15h15 hours ago
#Globoplc $GBO
Have started to scale in for the push up. Excellent company. Interims due end of Sep

from the British Bulls tonight..........

GLOBO
Last Signal:BUY
Last Pattern:BULLISH HARAMI
Last Close:31.00 Change:+2.25 change+7.83%

Confirmation Status
Signal Update Our system’s recommendation today is to BUY. The BULLISH HARAMI pattern finally received a confirmation because the prices crossed above the confirmation level which was at 28.75p

another nice start of the day to 33.25p +2p, hope it last

Very volatile of late, but I still think this is undervalued and in due course will be higher and more stable. Here's hoping anyway.

MORE from Motley fool........

http://www.iii.co.uk/articles/267365/are-these-3-aim-stocks-set-soar-boohoocom-plc-monitise-plc-and-globo-plc

Similarly, mobile apps specialist Globo (LSE:GBO) also has huge potential. It focuses on creating efficiencies for companies using mobile devices and, in the last five years, has increased profit at an annualised rate of 36%. Furthermore, Globo has increased its bottom line in each one of those years, indicating that it is a very consistent performer.

Looking ahead, Globo is forecast to continue its strong performance by posting a rise in net profit of 21% in the current year, followed by further growth of 17% next year. And, with its share price having fallen by 20% since the turn of the year, Globo has a PEG ratio of only 0.2. This indicates that it has a very wide margin of safety, thereby moving the risk/reward ratio further in the investor's favour.

In addition, with Globo having only a modest amount of debt on its balance sheet (its debt to equity ratio stands at just 24%), it seems to be sensibly financed and all set to post stunning share price gains over the long term.

35.125p +1.125 (+3.32%)

ahead of interim results tomorrow the shares are rising with volume today

getting on with the spike and reaching 37 at one time, very busy at the moment, as there is some larger trades on the offer side, most likely do not want to wait for figures and take their profits.

36.125p +0.1.125p

another supper results from the company that makes it so undervalued.......

"Globo"

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
Financial highlights

• Revenue up 56% to €72.4 million (H1 2014: €46.5 million)
o GO!Enterprise revenue up 126% to €44.9 million (H1 2014: €19.9 million)
o CitronGO! and GO!Social revenue up 6% to €21.3 million (H1 2014: €20.1 million)
o Telecom & SaaS revenue grew 16% YoY to €5.0 million (H1 2014: €4.3 million)
• The Group continues to build on its strong recurring revenue streams:
o GO!Enterprise EMM & MADP had a renewal rate of the prior year's licences of roughly 99%
o 68% of GO!Enterprise MBS project revenue was generated by repeat orders
• H1 Gross profit margin increased to 59% (H1 2014: 58%) primarily due to the increased proportion of direct sales
• EBITDA increased 55% to €34.2 million (H1 2014: €22.0 million)
• Last twelve months (LTM) EBITDA was €63.1 million
• Profit before tax rose 37% to €22.0 million (H1 2014: €16.1 million)
• Earnings per share increased 14% to €0.049 (H1 2014: €0.043)
• Net cash generated from operations increased to €21.0 million (H1 2014: €16.6 million)
• Free cash flow1 of €7.2 million (H1 2014: €4.2 million)
• LTM free cash flow of €10.3 million
• Net cash position increased to €47.4 million (31 December 2014: €40.4 million)

Outlook
• Our positioning within the field of Mobile Enterprise creates strong momentum for further growth in enterprise customers and new project wins.
• Strong business momentum is expected due to the traditionally stronger second half of the year and continued US expansion.
• Our current cash position and cash flow covers all of our operating requirements and will enable us to pursue selective acquisition opportunities in the near term. In order to grow the business through more sizeable acquisitions, we continue our High Yield Bond discussions. Globo maintains a prudent view on the methods of financing its acquisition led growth.

Commenting on the results, Costis Papadimitrakopoulos, CEO of Globo, said:

"We are proud of the continued success of our growth strategy. Over the course of just a few years, Globo has been positioned as one of the leaders in the Mobile Enterprise space and our business continues to evolve in a number of different business areas. Our International operations and growing US presence are driving opportunities for our customers and the Enterprise transformation towards mobile systems and applications is accelerating.

We remain committed to increasing shareholder value, both through organic growth and strategic investments in technology, expertise and market reach."

36.875p +1.875p

Steady buying after the supper results, with top of the mark the 100K buy @ 37.2975p
expect some movement soon

comment - cheap as chips

Globo - Focus on cash management

Strong beat, but known. As we published in Globo:
_Strong_H1_beat_'EUR"_It's_not_all bad_in_Greece, Globo's 1H revenues beat our revenue estimates by c17%, mainly driven by Go!Enterprise and MAPD sales.
Turning to profitability, gross margin was 1.3 percentage points above our 58% forecast at 59.3% due to better direct sales and EBITDA of 'x¬34.2M was comfortably ahead of our 'x¬30.9M forecast while EBITDA margin of 47% was slightly below our 50% estimate.

Focus on cash management 'EUR" shining a light on DSO's: with all of the key metrics having been reported at the end of July, investors' attention should be focused on cash flow management. Free cash flow of 'x¬7.2M was up significantly on last year's 'x¬4.2M. Net cash has improved as a result to 'x¬47.4M from 'x¬40.4M as of December.

Despite this, high growth has led to a significant increase in the cash outflow from working capital ('x¬15m in 1H15 vs 'x¬9.3m in 1H14). Globo management has also used the

1H release to shine a light on Days Sale Outstanding (DSO's), the company argues that a simplistic approach to DSO's does not fully capture the underlying movements as LTM revenue does not include the service component of licence sales (recognised as deferred revenue), but this is included in their receivables. Their definition of receivables also excludes prepayments to vendors. Under the new disclosure, DSO's have increased by 15 days to 129 (from 114 days in LTM 1H14). In expansion mode. Globo has signed a conditional letter of intent (LOI) to acquire a European mobile Bring-Your-Own-Device (BYOD) and Mobile Security Software provider. While the name of the target is still undisclosed, the company had previously flagged that it would use M&A to accelerate the growth strategy (see Globo:_In_expansion_mode).

The company has also highlighted that while the current cash position enables it to pursue selective acquisitions opportunities, high yield bond discussions will be continuing. In addition, Globo intends to continue with their U.S. expansion which now accounts for 21% of total group revenue. Valuation. We estimate Globo trades on a 2016E EV/sales of 0.5x, EV/EBITDA of 1.0x and P/E of 3.3x.Globo - Focus on cash management

Good numbers again, let's hope we're out of this down channel now.