Accesso Technology Group plc (lon:acso)
Accesso Technology – Nobody Wants It Enough.

Accesso Technology Group plc Financials

ItemCurrent PeriodPrevious Period
Year20192018
Period6 Months6 Months
Revenue£51m£54m
Earnings
Adjusted Earnings
EBITDA
Adjusted EBITDA£11m£15m
Statutory Profit(£5m)£1m
Adjusted Profit
Total Debt
Net Debt£15m£12m
Accesso Technology Group plc Share Price
Grade:No grade has been assigned to this company
Title: Accesso Technology – Nobody Wants It Enough.
Company: ACSO - Accesso Technology Group plc
Share Price Then: 700p
Author: Ian Smith
Date: Tue 15 Oct 2019
Comments: In July 2019 Accesso announced itself open to offers, this caused the share price to Jump from 755p to around 1,100p, it then drifted down to around 800p as there was no obvious stunning offer on the table.

Today’s announcement that the sales process is effectively over caused the drop down to about 670p which is roughly where it was for most of the year or back to around 2014-2015 value.

Looking at the share price over the last few years it is easy to argue for a possible tripling of the share price to something like 2,100p, yet even at 670p the P/E is around 73.

Why does a board get to the point that it openly says the company is for sale if it truly believes that it can stand on its own? Possibly because it has an offer it wants to accept but feels obligated to see if a better offer is out there, this can’t be the reason as no offer was deemed acceptable.

I tend to take the view that well established software houses should be making a profit unless there are real exceptional costs such as buying out a competitor.

If they are not making a profit now then what will change in the future? For some the change from desktop apps to web based apps can incur a big redevelopment cost but that isn’t the case here and most companies that plan to do this did a few years ago.

Accesso seems to me to be well established but has nothing that makes it stand out from it competitors, apparently the lack of great offers for the company means that others agree.
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