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Well the clumsy buyer looking for 100k of these shares has nearly got there - only 8.5k left to get by my count. Managed to create enough movement in the shareprice for a few more traders to take an interest. The big question is whether this is the end or the beginning of the price movement?!?
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MAQ now moving steadily in the right direction, with price at $1.30, though on low volume. With P/S of 0.10 and Pr/NTA of 0.6, there's plenty of value still in this one - they just have to make it profitable before they depreciate all those assets away again...
A great example of how apparently under-valued shares can take a long time to get a re-rate - especially when large management holdings make a takeover unlikely and the controlling management puts re-investment for growth ahead of profits/dividends.
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Time to drag this one out for an annual review.
MAQ are finally forecasting positive NPAT in current period! Maybe at this weeks agm they'll give some indication on quantum for first half.
Net cash now $19m, market cap $16m and in second half last year they had over $5m of free cashflow, so it's hard to imagine there can be much downside from 80cps. Then again, go back to the start of the thread and it becomes apparent that it has nearly always looked this way and yet still lost two-thirds of market cap since 2004.
Very illiquid but I've picked up a few in recent months anyway.
Last edited by Lizard; 23-11-2008 at 07:12 PM.
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Hi Liz.
I'd love to enter this discussion but got compulsorily bought out of MAQ a few years ago after the price crashed. ( Actually, I think I could have elected to keep my miserable holding but was so disillusioned by then that I let em go!)
I'd originally bought in the excitement of the tech boom when it was thought that a number of smart new telcos were going to give Telstra a bit of a hurry up. Our old friend Telecom had similar ideas!
So sorry, havn't followed their fortunes since but wish you all the best with MAQ.
Cheers
Last edited by macduffy; 23-11-2008 at 03:23 PM.
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The problem is all TEL stocks around the world is now very cheap trading at low PEs and with a good div yield. Can MAQ compete when comparing the numbers with other telcos?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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Originally Posted by Lizard
Time to drag this one out for an annual review.
MAQ are finally forecasting positive NPAT in current period! Maybe at this weeks agm they'll give some indication on quantum for first half.
Net cash now $19m, market cap $16m and in second half last year they had over $5m of free cashflow, so it's hard to imagine there can be much downside from 80cps. Then again, go back to the start of the thread and it becomes apparent that it has nearly always looked this way and yet still lost two-thirds of market cap since 2004.
Very illiquid but I've picked up a few in recent months anyway.
Well one year on from my last review and time to give it another whirl.
Been a great year for MAQ and, with sp having gone from 80cps to $4.10, directors will finally have been able to face some happy shareholders at the agm.
Net cash has risen from $19m last year to $49m - amazing to think what a giveaway it was at a market cap of $16m last year. Turned a profit of $7.5m in FY09 and currently running a little ahead this year.
Still cheap with a market cap of just $85m considering cash, though not quite as cheap as it was. Unlikely to be a multi-bagger the next 12 months, so will probably ease some funds back out at some stage.
Most of the smaller telcos did well this year I think - though SOT might have been the one to beat, with a 52 week range of 11cps to $1.78!
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Hit $5.00 today. A lonely trade.
Fwiw, this company is not related to Macquarie Bank and never has been.
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No takers after yesterday's profit upgrade - probably because no one wants to jump a 5% spread to buy and definitely no keen sellers at below $5.
Pretty easy to come up with a valuation that justifies $9+ given over $2.70 per share of cash, forward PE about 9.5 at current $4.71 bid and general earnings growth trend... Might be more likely to get there if they opted to pay a dividend though (and they've given no sign that they are likely to do so). I guess the lack of liquidity means this will probably always look cheap.
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Looks like MAQ selling for a discount.
You need it for a small cap.
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Market cap just short of $100m and EV/EBIT around 2.8 with NPAT growth forecast - still a hard combo to find.
Only ones I have on watch or hold with cheaper EV/EBIT are all either micro's (under $20m market cap) and/or not likely to grow profits next 12 months.
(Lowest ratio micro on my watchlist is LRG at EV/EBIT 1.5, market cap $8.9m and probable NPAT growth - though I'm still unsure where the longer term growth comes from)
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