ADA ;Adacel Technologies Ltd

**NZSilver** · 19-11-2021, 11:40 AM

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

Nice��

**NZSilver** · 02-12-2021, 08:54 AM

Wilson asset management went substantial yesterday, 5%, this is probably why there has been strange price action (dare I say manipulation).

Pretty hard to get 5% holding in a stock such as this when thorny holds 32% and and top 20 hold 63% of shares on issue according to last annual report.

**percy** · 02-12-2021, 10:45 AM

Originally Posted by NZSilver

Wilson asset management went substantial yesterday, 5%, this is probably why there has been strange price action (dare I say manipulation).

Pretty hard to get 5% holding in a stock such as this when thorny holds 32% and and top 20 hold 63% of shares on issue according to last annual report.

Pleasing seeing they bought a great number at prices a lot higher than the current share price.
Date of Change Persons whose relevant interest changed Nature of Change
Consideration given in
relation to change (9)
Number of Securities
affected
Class of Securities
affected
Persons votes
affected
12-Aug-21 WAM Microcap Limited On Market Purchase (1,353,249.40) 1,008,751 Ordinary Shares 1,008,751
13-Aug-21 WAM Microcap Limited On Market Purchase (307,352.81) 232,671 Ordinary Shares 232,671
16-Aug-21 WAM Microcap Limited On Market Purchase (94,437.47) 73,935 Ordinary Shares 73,935
17-Aug-21 WAM Microcap Limited On Market Purchase (63,861.75) 49,138 Ordinary Shares 49,138
24-Aug-21 WAM Microcap Limited On Market Purchase (137,616.70) 100,000 Ordinary Shares 100,000
30-Aug-21 WAM Microcap Limited On Market Sale 30,362.03 23,552 Ordinary Shares 23,552
21-Sep-21 WAM Microcap Limited On Market Purchase (46,876.81) 37,876 Ordinary Shares 37,876
29-Nov-21 WAM Microcap Limited On Market Purchase (54,297.70) 50,591 Ordinary Shares 50,591
30-Nov-21 WAM Microcap Limited On Market Purchase (14,857.37) 13,724 Ordinary Shares 13,724
01-Dec-21 WAM Microcap Limited On Market Purchase (11,035.13) 10,255 Ordinary Shares

**percy** · 07-04-2022, 12:36 PM

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

**NZSilver** · 11-04-2022, 01:49 PM

From a post i put on HC

Yep this is one to just sit and wait, it has come back of its highs but this second buy back is a very astute move as will it increase div and EPS everything else being equal, while also keeping a floor on the share price. As long as the contracts keep coming in there is no reason to worry. Dividend is there to keep you holding while we wait for the share price to increase. When this does go it could move upward in big chunks as liquidity is lower and reducing at every buy back announcement.

**percy** · 11-04-2022, 01:56 PM

Originally Posted by NZSilver

From a post i put on HC

Yep this is one to just sit and wait, it has come back of its highs but this second buy back is a very astute move as will it increase div and EPS everything else being equal, while also keeping a floor on the share price. As long as the contracts keep coming in there is no reason to worry. Dividend is there to keep you holding while we wait for the share price to increase. When this does go it could move upward in big chunks as liquidity is lower and reducing at every buy back announcement.

Agree.......................................

**DarkHorse** · 12-04-2022, 09:21 PM

I've just run the ruler over ADA for the first time.

Valuation is certainly attractive - low PE plus significant cash balance and low average capex requirements compared to depreciation/amortisation.
Allowing for dividend, PEG is less than 1 on 2023 and 2024 forecasts (one broker only).
The services division has significant recurring revenue.

On the other hand:
Risk: Services division has significant customer concentration (3 dominate) and the Systems division has lumpy revenue and competitive tenders can lead to losses from cost underestimates (happened a few years ago, although new management seem smarter and more prudent)
(Risk to earnings only. Capital light, balance sheet is strong and cashflow solid)

Long-term Growth: Services, which provides 75% of revenue and all the recurring revenue, seems to be quite a mature industry with limited runway. Systems seems cyclical.

I'd love to know how you guys see their long-term growth prospects in the sector.

**NZSilver** · 24-08-2022, 07:30 PM

So so result, steady as she goes but slightly below last year. Systems rev (which is lumpy) was down approx 3 million. Positives are their new virtual air traffic control segment could provide good growth into the future. Outlook statement on page 13 is pretty upbeat. Good dividend once again.

Note in presentation it sounds like they are chasing a couple of big projects 100m+ (not sure what part they would play in this, I suspect a small percentage and multiyear) - potentially remote type virtual towers may be the future of air traffic control.