Pivot Technologie - Mit Ex-Apple CEO auf Wachstumskurs+Start Dividendenzahlung - 500 Beiträge pro Seite

[techinvestor69]

Interessante Aktie. Entweder in Kanada oder in Stuttgart handelbar.

http://www.pivotac.com/

aktueller Kurs: 0,45 CAD = Börsenwert: 75,5 Mio. CAD

Analyst von Cantor Fitzgerald hat Kursziel auf 1,50 CAD erhöht

Quelle: http://www.cantechletter.com/2015/08/pivot-technology-is-cru…



"...There are just a handful of companies on Canadian exchanges that book a billion dollars in sales a year, but can be had by investors for just pennies per dollar of revenue. And only one has a former CEO of Apple helping lead it.

That company is Pivot Technology Solutions Inc., a reseller of computer products and services to Fortune 100 clients that counts former Apple leader John Sculley as its executive chairman. It recorded $1.3-billion (U.S.) in sales last year, but its market capitalization is a teeny $40-million (Canadian).
Under CEO Tim Cook, Apple Inc. has paid a remarkable $11-billion in dividends over the past 12 months, but the overall sector has been eclipsed by financial stocks as the top dividend payer.

There are reasons for this. The company loaded itself with debt in order to buy a series of computer resellers. Then, rather than going a traditional initial-public-offering route that could have raised money to pay off that debt, Pivot went public via a reverse merger that got it listed on the TSX Venture Exchange. Thanks to interest expense and merger-related charges, it’s never posted positive net income; it remains highly leveraged to this day, with $162-million (U.S.) of debt versus less than $30-million of EBITDA, or earnings before interest, taxes, depreciation and amortization.

Before I make you think Pivot shares are junk, however, it’s worth listening to Ralph Garcea of Cantor Fitzgerald Canada, who just became the first analyst to cover the company. He says Pivot Technologies is poised to expand its margins. At the same time, it’s reworked part of its capital structure to the benefit of common stockholders.

Perhaps most important to Canada’s income-crazed investors, it plans a dividend and share buyback later this year. And while the shares have doubled since late February – all the way to 40 cents apiece – Mr. Garcea sees a further tripling, to $1.25 (Canadian), largely led by investor excitement over the pending dividend.

“I like being first on names, and this has been a unique name, given its scale and size and management team,” Mr. Garcea says.

Actually, Mr. Garcea has been first more than once: He covered the company at some of his past employers, and picked up coverage again after joining Cantor Fitzgerald last year. In 2013, when the shares traded around 15 cents apiece, he issued a “strong buy” and suggested a 12-month target of $1. That did not happen.

The chief culprit, he believes, were the holders of a series of preferred shares who, upon any rise in the stock, converted their holdings into common shares and sold, driving the price back down. “Every time [Pivot] reported a quarter, it was either in-line or better than my number, and every time you had the stock rally, you had these pref guys convert and sell.” (The number of common shares in the company more than doubled from 2012 to 2013.)

In early March, Pivot announced a cleanup of its capital structure, with the company converting its remaining preferred shares into common shares. The company said it would seek Venture Exchange approval for a normal course issuer bid for up to 5 per cent of the company’s stock over 12 months. And it plans to pay a three-cent annual dividend, starting with a quarterly payment in September.

“When that news came out, the stock was at 30 cents, and it was ridiculous: A three-cent dividend on a 30-cent stock is a 10-per-cent yield,” Mr. Garcea says. With Canadian technology stocks averaging a yield of under 3 per cent, he says, Pivot shares could rise to a dollar “just on dividend support.”

Mr. Garcea argues, however, there’s an earnings story here, too. Computer reselling is a notoriously low-margin business for companies who bundle PCs and off-the-shelf software and try to eke out a little extra margin from the corporate customer.

While Pivot isn’t trying to be a high-margin consulting company, it is selling specialized large-scale servers and storage devices, rather than low-margin “consumer-grade hardware and shrink-wrapped software.” Its “managed services,” or outsourcing business, has even higher margins, and should grow to 11 per cent of the company by 2018 from 4 per cent in 2010, Mr. Garcea says.

The shares are trading at less than seven times Mr. Garcea’s 2015 earnings forecast, and the announced dividend represents a 7.5-per-cent yield. Pivot’s enterprise value – market capitalization plus net debt – is less than 0.2-times its sales.

We are still early in this story, it is safe to say, and much can go wrong with the thesis. It doesn’t cost investors too much, however to see if Pivot can, well, pivot and turn itself into a winner.

Quelle: http://www.theglobeandmail.com/globe-investor/investment-ide…

Q2 Ergebnis:

"PIVOT TECHNOLOGY SOLUTIONS REPORTS SECOND QUARTER 2015 RESULTS

Pivot Technology Solutions Inc. today released its results for the second quarter ended June 30, 2015.

Financial highlights for second-quarter 2015:

Revenues were $357.9-million, up 18.2 per cent compared with second-quarter 2014, attributable both to strong product sales and continued growth of the company's services business:
Product sales were $314.2-million, up 19.2 per cent compared with second-quarter 2014.
Service revenues were up 11.4 per cent to $40.8-million compared with second-quarter 2014.
Gross profit was up $7.1-million, or 18.6 per cent, to $45.3-million from the same period in the prior year.
Gross margin for the quarter was 12.7 per cent, up slightly from 12.6 per cent in second-quarter 2014.
Adjusted earnings before interest, taxes, depreciation and amortization* came in at $9.9-million, up 29.1 per cent from second-quarter 2014.
Adjusted for changes in non-cash working capital balances, the company generated $5.9-million in cash from operating activities, as compared with $5.4-million for the same period last year.

Quarterly dividend

The company also announced today that its board of directors declared, under its approved dividend policy, a cash dividend on the common shares of the company in the amount of 0.075 cent per share for the quarter (an annualized amount of three cents per share), which will be payable on Sept. 15, 2015, to holders of record at the close of business on Aug. 31, 2015..."

Quelle: http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPTG-23045…

Vom aktuellen Niveau sollte ein Doppler drin sein. Hab mal heute paar Stücke aufgesammelt.

[techinvestor69]

Mittlerweile schon bei 0,52 CAD.

[techinvestor69]

[techinvestor69]

Cantor Fitzgerald und Macquarie beißen hier sehr aggressiv rein. Hoch 0,58 CAD bisher. Das riecht nach News und bei der Hektik könnte es sein, dass die Firma bald nicht mehr eigenständig ist...

[techinvestor69]

Mehr als 2 Mio. Aktien heute in Kanada gehandelt. Close 0,57 CAD - fast auf Tageshoch geschlossen.

Zum Ende Geldseite 209.000 Stück bei 0,56 CAD

Wer noch nicht dabei ist, sollte auf den Zug aufspringen.

[techinvestor69]

0,60!!!!!!!!!!!!

[ossibirne]

Antwort auf Beitrag Nr.: 50.632.112 von techinvestor69 am 15.09.15 22:10:12

Hallo tech, lohnt es sich hier noch mal in den Keller zu gehen oder bin ich schon zu spät.

besten Dank von der Ossibirne

[techinvestor69]

Sehe bis Monatsende 0,80-0,90 CAD als Zielzone.

[DWL33]

"Quarterly dividend

The company also announced today that its board of directors declared, under its approved dividend policy, a cash dividend on the common shares of the company in the amount of 0.075 cent per share for the quarter (an annualized amount of three cents per share), which will be payable on Sept. 15, 2015, to holders of record at the close of business on Aug. 31, 2015."

Hier sind widersprüchliche Angaben. 4* 0,075 = 0,3

Bitte kläre doch mal ob das 0,3 oder 3,0 cent Dividende pro share sind, ist ja nicht ganz unwichtig. Wenn es denn 3 cent sind Glückwunsch zu der Entdeckung, scheint ein interessanter Dividendentitel zu sein und ist mal nicht von shareribs gepusht.

[techinvestor69]

Steht doch richtig da:

"0,075 cent per share"

Das sind 0,0075 CAD*4=0,03 CAD pro Aktie pro Jahr.

NU - NeutriSci läuft auch.

[DWL33]

0,075 cent = 0,00075 CAD * 4 = 0,3 cent/share

[techinvestor69]

Pivot Technology to pay 0.75-cent dividend Sept. 15

2015-08-21 17:35 ET - Dividend Declared

The issuer has declared the following dividend.

Dividend per common share: 0.75 cent *4 =0.03 CAD

Payable date: Sept. 15, 2015

Record date: Aug. 31, 2015

Ex distribution date: Aug. 27, 2015

[techinvestor69]

Pivot signs $200-million (U.S.) credit facility

2015-09-21 17:21 ET - News Release

Mr. Andrew Bentley reports

PIVOT TECHNOLOGY SOLUTIONS REFINANCES EXISTING CREDIT FACILITIES

Pivot Technology Solutions Inc. has entered into a $200-million (all figures in U.S. dollars) senior, secured, asset-based revolving credit facility agreement with a group of lenders represented by JP Morgan Chase Bank N.A. (JPMC), as agent.

The new facility replaces the company's current facility with PNC Bank National Association as agent. The proceeds from the facility will serve to finance general working capital of Pivot and its operating companies, and repay the outstanding balances of both its existing term loan and current revolving credit loan facilities with PNC. No penalties are due on redeeming the revolving credit loan facility, while a 1-per-cent fee is payable on the remaining principal ($5.75-million) of the term loan. The new credit facility allows the company to borrow up to $200-million, with the exact amount available based on eligible accounts receivable and inventory at any time. The facility has been underwritten by a syndicate of lenders led by JPMC and initially includes Bank of America, N.A.

"In replacing the existing facility, we achieve a number of benefits, such as lower interest expense, greater liquidity and additional flexibility in the use of funds drawn down," stated Kerri Brass, chief financial officer of Pivot. "For instance, the new facility allows us to draw down funds for financing international sales, an area we have targeted for growth. The new facility also makes provision to scale up at our discretion in support of overall growth in the business."

The loans under the new credit facility bear interest at a rate based on LIBOR or Canadian prime rate plus the applicable margin, which shall vary between 150 and 175 basis points or zero and 25 basis points, respectively, depending on excess availability from time to time. The new credit facility will mature on Sept. 21, 2020.

The new credit facility may be increased by a maximum total amount of $75-million by obtaining additional commitments from one or more lenders, without additional approval from other lenders, during the term of the agreement provided there is no default or event of default at such time.

Quelle: http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPTG-23125…

[techinvestor69]

Mon, Oct 19, 2015 - 6:30 PM
Jason Donville, president & CEO, Donville Kent Asset Management answers your questions about Pivot Technologies, Home Capital Group, and TIO Networks.

http://www.bnn.ca/Video/player.aspx?vid=730284

[techinvestor69]

PIVOT TECHNOLOGY SOLUTIONS TO PROPOSE SHARE EXCHANGE TRANSACTION TO ITS SHAREHOLDERS

Pivot Technology Solutions Inc. has entered into an arrangement agreement with PTS Holdings Corp., a company controlled by a group of investors that includes two of the company's founders, and PTS Income Corp., a special purpose corporation that will receive cash distributions under the terms of preferred securities to be issued to PTS Income by a successor to the company. Under the terms of the Arrangement Agreement, once all shareholder, court and regulatory approvals are obtained, and subject to the satisfaction of other customary conditions of closing, the current common shares held by Pivot shareholders (the "Common Shares"), other than the members of the Founder Group, will be exchanged for preferred securities (the "Preferred Securities") of Income Corp (collectively, the "Transaction"). The Founder Group controls a combined 30,446,880 Common Shares.

John Sculley, the Chair of the Company's Board of Directors, controls an additional 9,375,000 Common Shares, and upon completion of the Transaction these Common Shares will be exchanged for Preferred Securities. Both the Founder Group and John Sculley will vote in favour of the Transaction.

Highlights of the Transaction

An exchange of Common Shares for Preferred Securities with a face value equivalent of $0.70 per Common Share Quarterly distributions on the Preferred Securities, representing an annual yield of 12.85% of face value, a three-fold increase on the current rate of Common Share dividends (equivalent to $0.09 per annum per Common Share) Preferred Securities will be perpetual securities Listing application for Preferred Securities has been made to the TSX Venture Exchange (there is no assurance that the TSX Venture Exchange will grant conditional or any other acceptance to the listing of the Preferred Securities); Common Shares to be de-listed from the TSX Venture Exchange Founder Group to control the successor entity to the Company

The Consideration

Upon completion of the Transaction, holders of Pivot Common Shares will receive one Preferred Security, with a face value of $10.00, for every 14.286 Common Shares of Pivot, representing $0.70 per existing Common Share based on the face value of the Preferred Securities to be issued in exchange for Common Shares. The closing trading price of Pivot's Common Shares on January 25, 2016 was $0.53 and the volume weighted average trading price of Pivot Common Shares for the ten trading days up to and including January 25, 2016 was $0.516. Subject to the terms of the indenture creating the Preferred Securities, holders of each Preferred Security will receive quarterly distributions of $0.321 ($1.285 per annum), representing an annual yield of 12.85% based on the face value of the Preferred Securities. The quarterly distributions to be paid to Preferred Securities holders represent a three-fold increase from the current quarterly dividend of $0.0075 ($0.03 per annum), paid in respect of the Common Shares. The Preferred Securities will be perpetual securities having no fixed maturity date or redemption date. Distributions on the Preferred Securities may be deferred at the option of Income Corp and the payment of deferred interest would be voluntary except in the event of liquidation. No distributions may be paid in respect of any securities that rank junior to the Preferred Securities, including common shares, unless distributions to Preferred Securities holders are up to date. The Preferred Securities will be secured by a pledge of preferred securities issued to Income Corp by a successor to the Company, which preferred securities will have similar terms to the Preferred Securities. Upon completion of the Transaction, PTS Holdco will acquire all of the Common Shares of Pivot, the Common Shares will be de-listed from the TSX Venture Exchange and PTS Holdco will be wholly owned by the Founder Group. Application has been made to the TSX Venture Exchange to list the Preferred Securities. There is no assurance that the TSX Venture Exchange will grant conditional or any other acceptance to the listing of the Preferred Securities.

Special Committee and Financial Advisors - Fairness Opinion

The Transaction is a "business combination" for the purposes of Canadian securities legislation. Accordingly, the board of directors (the "Board") of the Company appointed a special committee (the "Special Committee") of independent directors to review the terms of the Transaction and make a recommendation to the Board. Deloitte LLP ("Deloitte") acted as financial advisor to the Special Committee in connection with the Transaction and has provided its fairness opinion to the Special Committee that, subject to review of the final form of documents affecting the Transaction, as at the date of the Arrangement Agreement, the consideration to be received by Pivot shareholders pursuant to the Transaction is fair, from a financial point of view, to non-Founder Group Pivot shareholders (the "Fairness Opinion").

Recommendation of the Special Committee and Pivot Board

The Special Committee unanimously determined that the Transaction is in the best interests of the Company and recommended to the Board that the Company enter into the Arrangement Agreement and associated agreements required to give effect to the Transaction. The Special Committee also recommended to the Board that it recommend that the shareholders vote in favor of the Transaction. Based on the Fairness Opinion and the recommendation of the Special Committee, the Board has: (i) determined that the Transaction is in the best interests of Pivot; (ii) resolved to recommend that Pivot shareholders vote in favor of the Transaction; and (iii) determined that the consideration to be received by non-Founder Group Pivot shareholders pursuant to the Transaction is fair, from a financial point of view, to those shareholders.

Commentary

"We agree with the conclusions of the Fairness Opinion from Deloitte, and believe that the Preferred Securities represent an attractive investment opportunity for our shareholders" said Doug Stuve, Chair of the Special Committee. "Pivot has a track record of generating positive cash flow and this transaction provides an opportunity for Pivot's shareholders to receive significantly enhanced distributions derived from Pivot's underlying businesses."

Special Meeting of Shareholders - Approval requirements

The Board of Directors of Pivot intends to call a special meeting (the "Meeting") of Pivot shareholders, where the Company will seek approval of the Transaction, anticipated to be held in April 2016.

In accordance with requirements of applicable corporate law and securities law (including the requirements of Multilateral 61-101 - Protection of Minority Security Holders in Special Transactions applicable to a "business combination"), the required level of approval for the special resolution approving the Transaction will be (a) two thirds of the votes cast on the special resolution by shareholders present in person or represented by proxy at the Meeting and (b) a majority of the votes attached to the common shares held by shareholders present in person or represented by proxy at the Meeting, excluding for this purpose votes attached to common shares held by members of the Founder Group and related parties.

Arrangement Agreement

The Arrangement Agreement is subject to customary provisions, conditions of closing and termination rights, including termination at any parties' option if the Transaction has not been completed by May 31, 2016. In addition, the Company has the right to terminate the Arrangement Agreement if prior to obtaining shareholder approval, the Board authorizes the Company to enter into a definitive agreement in respect of a "Superior Proposal" (as defined). Termination of the Arrangement Agreement would not result in the payment of a termination fee.

Governance of PTS Holdco and Income Corp.

The Arrangement Agreement provides that effective on closing, PTS Holdco (as successor to the Company) will enter into a relationship agreement with Income Corp, pursuant to which Income Corp would have the right to nominate a minimum of one-third of the directors of PTS Holdco. The balance of the directors of PTS Holdco will be appointed by the Founder Group.

The board of Income Corp will consist of three current independent directors of the Company, each of whom will also be a trustee of a voting trust that will hold the sole common share of Income Corp.

The Founders

Upon completion of the Transaction, the Founder Group will own all of the shares of PTS Holdco and accordingly will control 100% of the Company. The members of the Founder Group consist of entities controlled by Gordon McMillan, a director of the Company, Shane Maine and Dana Gilman.

Closing Conditions and Completion

The Transaction is subject to various closing conditions, including receipt of Court approval, shareholder approval, and stock exchange approval to the listing of the Preferred Securities. Upon receipt of required approvals, the Company anticipates completion of the Transaction in the second quarter of 2016.

Further Details

Further details with respect to the Transaction will be included in the information circular to be mailed to Pivot shareholders in connection with the Special Meeting. The information circular and other relevant documents relating to the Transaction, including the Arrangement Agreement, will be filed on Pivot's SEDAR profile and will be available for viewing at www.sedar.com. All references in this press release to "$" are to Canadian dollars.

Conference Call

The Company will host a conference call on January 26, 2016 at 11:00 am ET. DATE: Tuesday, January 26, 2016

TIME: 11:00 am ET DIAL-IN NUMBER: 1 [phone] or 1 [phone] TAPED REPLAY: 1 [phone] or 1 [phone] Available from January 26, 2016 14:00 ET to February 2, 2016 23:59 ET Reference number: 38829041

We seek Safe Harbor.

© 2016 Canjex Publishing Ltd.

[Geheimnisvoller]

Comdirect

2017 e 2016 e 2015
Umsatz 2,16 Mrd. 2,03 Mrd. 2,07 Mrd.
EbitDa 64,76 Mio. 51,54 Mio. 43,62 Mio.
EBIT 51,84 Mio. 34,74 Mio. --
Gewinn je Aktie 0,185 0,0793 0,0278
KGV 2,5402 5,9272 19,437

Wenn diese Schätzungen stimmen sollten, wird es noch sehr spannend.

[techinvestor69]

Pivot geht jetzt selbst auf Einkaufstour:

http://www.stockhouse.com/news/press-releases/2016/10/03/piv…

Cantor Fitzgerald hat PTG auf Kaufen mit Kursziel 1,50 CAD.