done a bit of research in to this company before it was placed on the aim and it looks quite promising, was placed on the aim yesterday 18/03 opening at 51p. i am new to this game and would appreciate others views.

cheers questy

gf

Are you thinking of buying Ambient then?

Regards
gk

questy bit keen for a newbie ..get some proper rest b4 coming into work, melado .. p.s always give thought to what gf writes .. he's one of the few on this bb who know what they r talking about..

good luck

P.S congrats heard u got made up today !

www.evbg.com 29 March 2004
Cardpoint (CASH) Buy (unchanged)
Mkt cap: 44m Net cash: 0.3m Comment Price/Target: 150p/133p
Cardpoint (CASH) Buy (unchanged)
Mkt cap: 44m Net cash: 0.3m Comment Price/Target: 150p/133p
More for your money
Cardpoints share price has had a strong run this year as investors have
warmed to its business model and track record. Despite this, it is valued at
a discount to its newly quoted competitor.
Cardpoints closest quoted competitor Moneybox (ATM.L) has been trading
for a few days. Its share price has been in a range of 50-52p a relatively
modest premium to its flotation price of 47p. Although competitors in terms
of delivery of convenience ATM services, there are important points of
differentiation between the businesses.
Cardpoints root is strong organic growth, but since flotation it has
established itself as the leading sector consolidator. Moneybox has been
grown organically
Cardpoint's estate is almost exclusively of managed ATMs. Moneybox
has 1,100 merchant replenishment ATMs (smaller and lower volume)
Cardpoint's estate (approx 2000 ATMs) is mainly wholly owned,
depreciated over 5 years. Moneybox's estate (2,400 in the UK, 180 in
Netherlands and 180 in Germany) is funded by 7 year operating leases.
Moneybox is looking to build fastest its merchant replenishment, Dutch
and German estates. Cardpoint has just entered the German market
Moneybox's average transactions/ATM/month is 1,400 (for the
managed ATMs) and 500 (for the merchant fill ATMs). Cardpoints
average is 975. Cardpoint's average is diluted by the Securicor
acquisition
Cardpoint's average withdrawal fee is 154p. Moneybox's is nearer to
150p
Moneybox has a net cash balance of 14.5m on its balance sheet. We
estimate that Cardpoint will end the year with net debt of 3.9m.
Cardpoint continues to seek acquisition opportunities to consolidate
further the sector utilising funding from the market as previously.
Moneybox has indicated that the cash balance, war chest, is to be used
for unspecified acquisitions
Neither group is currently paying tax because of past losses
Both groups have non-ATM businesses. Cardpoint's is the mobile
phone-top up business, which we estimate to contribute 0.3m on sales
of 9m this year. Moneybox has an electronic security / vending card
business, with turnover of about 10m and 10% margin.
As to valuation. Cardpoint is trading at a discount to Moneybox. EV/EBITA
probably provides the best comparator ratio for the groups. Our preliminary
estimates for Moneybox show turnover of 39m and pre-tax profit of 3m for
this year and 66m and 7.7m, respectively, for next year (years to Dec). On a
market cap of 103m this gives an EV/rev of 1.3x and EV/EBITA of 12.4x for
12/05E. For Cardpoint, we have 32m of turnover and 2.4m of operating
profit for the year to Sept 2004 and 37m and 4.0m, respectively, for next
year. On a market cap of 44m, this gives EV/rev of 1.2x and EV/EBITA
10.7x for 9/05E. There seems to be no good reason for Cardpoint trading at a
discount to Moneybox, aside from size, Cardpoint's longer record as a public
company and wider coverage argue for a valuation premium.


http://www.beesonresearch.co.uk/