partridge
- 31 Oct 2007 14:24
Have taken a modest stake in RWS, which has niche market in patent translations into various languages for blue chip customers. Market cap approx 120M, but has 20M cash in the bank and excellent track record on profit/cash generation. Shares have been punished recently because of a forthcoming European Directive which will affect need for some translations. IMO the drop in the price from 360p to the 3 I paid looks overdone, but we shall see. Might be worth a look for those interested in medium term investing. Always DYOR
Energeticbacker
- 26 Aug 2015 11:32
- 30 of 48
We’re hunting for bargains in what many consider the more boring end of AIM – solid, well-established profitable businesses, that have consistently delivered excellent returns over the long term.
RWS hasn’t been the growth engine of old over the past couple of years and there are clear concerns surrounding the impact of the European Union Patent but the growing cash balance (£21.5m) and dividend (yield 3.8%) continue to have its attractions.
With the shares now trading at a more modest 16x estimated earnings for 2015 the rating is far more encouraging.
Read more about RWS and our hunt for bargains at http://tinyurl.com/osaj5k7
partridge
- 02 Nov 2015 15:39
- 31 of 48
Very interesting looking acqusition announced today. Previous purchase of online patent filer inovia took RWS into largely uncharted territory and has taken longer than hoped for to settle in, but CTi deal today in the area RWS knows best. It should be "immediately and significantly earnings enhancing" - much better imo than having cash in the bank at present, but always dyor.
partridge
- 12 Jan 2016 14:49
- 32 of 48
Hi microscope. RWS has served me well for over 8 years. Straightforward business to understand, well run, highly cash generative and divi increased every year. Much depends for decent future profit growth on success of the CTi acquisition, but gut feel is that it might be very good indeed. Hope so - best of luck with it, I intend to keep all mine. Never been a fan of charts, but reassured by your comment!
partridge
- 14 Jan 2016 19:34
- 33 of 48
micro - bought my first share in 1972 and learned a long time ago that the best way to make money is to buy decent quality at a fair price and hang on to it, top slicing occasionally to release some cash. Sounds very Buffett like, but it has put my two kids through private education and debt free University and with nearly all my holdings now in ISA wrapper the rewards can be significant. Many AIM shares also out of reach of IHT calculation under present rules when held for at least two years and that is a bonus for me (or my family!). Among my larger holdings are ANP, JHD, LTHM and TFW, as well as RWS, which I believe will all come in this category. All have more than doubled since purchase. After a poor first half, RWS had a good run towards the end of 2015 after better than expected results and the CTi deal. It has retraced a bit with the market in turmoil - not sure where your entry price is, but AGM is coming up shortly and we should learn more about prospects then - question is, do you decide before or after?
partridge
- 21 Jan 2016 18:47
- 34 of 48
No problem, micro - this is a long term game. My strategy not too clever last couple of weeks, worst since 2008/9, but seen it all before and chances are that the market will recover in time. Cannot argue with not rushing in at present, though. Have you ever looked at RWS chairman Andrew Brode's other listed interest LTG? I hold much smaller position there than in RWS (much riskier in my view) but recent contract win might prove very lucrative in a couple of years time.
partridge
- 10 Feb 2016 09:37
- 35 of 48
Excellent trading update at AGM yesterday. Recent acqusition CTi bought on 10x expected 2015 EBITDA earnings of $7M - unaudited figs suggest $8.5M. No further payments due to vendors and this business very much in RWS comfort zone (unlike previous purchase inovia a couple of years or so ago). Augurs well for 2016, albeit around half of CTi sales said to be "lumpy", so 2016 may see a dip. With borrowed money very cheap, however, a much better investment for them than cash on deposit. Should also give cross selling opportunities with RWS business in Europe. Core business plodding on nicely and inovia now seems fully integrated. Weak sterling an added bonus in the short term at least. I like, but always dyor.
partridge
- 11 Feb 2016 15:44
- 36 of 48
Bit disappointing to see sale of most of sizeable options exercised by CEO, but nevertheless his holding now increases from previous very modest level to over 220K shares. Exec chairman and 42% shareholder Andrew Brode is on the Remuneration Committee and imo keeps fair rein on pay for his co-directors.
partridge
- 17 Apr 2016 11:56
- 37 of 48
Very strong half year trading update. Recent acquisition looking excellent and medium/long term story intact. I have top sliced a few held outside ISA, but will buy back in new ISA year on any weakness.Always dyor.
partridge
- 11 Oct 2016 09:57
- 38 of 48
Record year to 30th Sept, helped by US acquisition and over 80% of revenues now non sterling. Net debt £1.5M after new loan $45M end of 2015 shows superb cash generation and likely increase in dividend again this year. AIM listed, so should be free from IHT once held for two years - held mine a lot longer! Always dyor.
partridge
- 06 Dec 2016 10:26
- 39 of 48
Superb results. Profit and dividend increased every year since flotation and cash generation from operations this year almost £30M. Think it was Warren Buffet's pal Charlie Munger who said you make your real money by waiting and RWS is a good example of that for me, but always dyor.
partridge
- 20 Jun 2017 09:08
- 40 of 48
Another excellent set of interim figures and latest (big) acquisition has started well. Int Divi up 13% looks likely to maintain record of increases every year since flotation.
partridge
- 05 Oct 2017 13:31
- 41 of 48
Chairman Andrew Brode's other quoted interest LTG attracting a lot of attention of late, but more mature business RWS has trading update due soon, which if past performance anything to go by is unlikely to disappoint. They have been a fantastic investment over last ten years, but always dyor
partridge
- 06 Oct 2017 09:06
- 42 of 48
Came sooner than last year, but they say good numbers take less time to add up than bad. Not many updates as positive as this one, from the normally quite cautious Andrew Brode. Mine still locked away, but always dyor.
partridge
- 10 Oct 2017 15:04
- 43 of 48
Wow!
partridge
- 18 Oct 2017 08:55
- 44 of 48
Big volatility in share price of late and now we know why. Large placing to help with large acquisition. Sharp intake of breath, but RWS has not put a foot wrong so far, so I am keeping mine. Always dyor
partridge
- 06 Dec 2017 17:25
- 45 of 48
Splendid results to 30th Sept., upstaged by large acquisition of Moravia since. Jury out on that one yet, but with other business trading strongly at the start of the new financial year and Moravia hoping to "immediately and highly" add to earnings, mine locked away in the ISA. Always dyor.
Chris Carson
- 07 Feb 2018 11:25
- 46 of 48
kimoldfield
- 07 Feb 2018 12:21
- 47 of 48
One of Questor's favourites and tipped as a buy.
partridge
- 07 Jun 2018 09:34
- 48 of 48
Half year results show back on track after recent concern over forex, albeit RWS now becoming a large animal to manage. Lot to digest with Moravia acquisition, but senior management changes across the group suggest Andrew Brode still on the ball. 15% increase in interim divi higher than expected and a sign of confidence. Debt looks like it can be paid down fairly quickly. Always dyor.