Announcement • Apr 23
Smart Metering Systems Set to Delist from London's AIM Amid Takeover by KKR Smart Metering Systems plc is expected to delist from the London stock exchange's AIM on April 25, 2024, according to April 23, 2024 filing. The cancellation of the energy infrastructure company's admission to trading on AIM will precede the May 7 closing of the ongoing takeover of the company by Kohlberg Kravis Roberts & Co., d/b/a KKR, through Sienna Bidco. Sienna Bidco declared its takeover proposal unconditional on March 22 and started the compulsory acquisition of Smart Metering Systems' shares not already tendered for acceptance of the offer on March 25. Announcement • Mar 25
Smart Metering Systems Applies for Shares Cancelation on LSE Smart Metering Systems plc board announced that it has made an application to the London Stock Exchange for the proposed cancellation of the admission to trading of SMS Shares on AIM (the "Cancellation") in accordance with Rule 41 of the AIM Rules for Companies. Under the AIM Rules, the Cancellation can only take place after the expiry of a period of twenty business days from the date on which notice of the Cancellation is given. The Cancellation is, therefore, expected to take effect at 7.00 am (London time) on 25 April 2024 (being 20 clear business days from the date of this announcement). Announcement • Mar 18
Smart Metering Systems Provides Delisting Update Smart Metering Systems plc Shareholders are reminded that, as stated in the Offer Document, assuming the Takeover Offer becomes or is declared unconditional and Bidco has, by virtue of acceptances of the Takeover Offer or otherwise, acquired, or agreed to acquire, the company Shares carrying not less than 75% of the voting rights then exercisable at a general meeting of the company Shareholders, it is intended that the admission to trading of the company Shares on AIM will be cancelled. If Bidco receives acceptances of the Takeover Offer in respect of, and/or otherwise acquires or unconditionally contracts to acquire, 90% or more of the company Shares by nominal value and voting rights attaching to such shares to which the Takeover Offer relates and the Takeover Offer has become or been declared unconditional, Bidco intends to exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act to acquire compulsorily the remaining the company Shares in respect of which the Takeover Offer has not been accepted on the same terms as the Takeover Offer. It is also intended that, following the Takeover Offer becoming or being declared unconditional and Bidco, by virtue of acceptances of the Takeover Offer or otherwise, having acquired, or having agreed to acquire, the company Shares carrying not less than 75% of the voting rights then exercisable at a general meeting of the company Shareholders, the company will be re-registered as a private limited company. Such cancellation of admission to trading on AIM of the company Shares and re-registration of the company as a private limited company would significantly reduce the liquidity and marketability of any the company Shares in respect of which the Takeover Offer has not been accepted at that time and their value may be affected as a consequence. Any remaining the company Shareholders (unless their SMS Shares are acquired by Bidco pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act) would become minority shareholders in a majority controlled private limited company and may therefore be unable to sell their SMS Shares. There can be no certainty that SMS would pay any further dividends or other distributions or that such minority SMS Shareholders would again be offered an opportunity to sell their SMS Shares on terms which are equivalent to or no less advantageous than those under the Takeover Offer. Announcement • Jan 18
Smart Metering Systems plc Affirms Earnings Guidance for the Fiscal Year 2023 Smart Metering Systems plc affirmed earnings guidance for the fiscal year 2023. For the period, Company expects underlying PBT to be in line with the Board's expectations. Announcement • Jan 06
Cancellation of Admission to Trading of Smart Metering Systems plc's Shares on AIM Expected on 16 February 2024 On 7 December 2023, the boards of directors of Smart Metering Systems plc (SMS) and Sienna Bidco Limited ("Bidco"), a newly formed company wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates, announced that they had reached agreement on the terms and conditions of a recommended cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of SMS (the "Acquisition"). It is intended that the Acquisition will be effected by means of a Court-sanctioned scheme of arrangement (the "Scheme") under Part 26 of the Companies Act 2006 (the "Act"). Suspension of dealings in SMS Shares is expected by 7:30 a.m. on 15 February 2024. Cancellation of admission to trading of SMS Shares on AIM is expected by 7:00 a.m. on 16 February 2024. Announcement • Dec 07
Smart Metering Systems to Make an Application to London Stock Exchange for Cancellation of Admission to Trading on AIM The boards of Smart Metering Systems plc ("SMS") and Sienna Bidco Limited ("Bidco") announced that they have reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued ordinary share capital of SMS by Bidco. Prior to the Scheme becoming Effective, an application will be made to the London Stock Exchange for the admission of the SMS Shares to trading on AIM to be cancelled shortly after the Effective Date (but in any event after the Scheme becomes Effective). The last day of dealings in SMS Shares on AIM is expected to be the Business Day immediately prior to the Effective Date and no transfers will be registered after 6.00 p.m. (London time) on that date. On the Effective Date, share certificates held by Scheme Shareholders in respect of Scheme Shares shall cease to be valid and should be destroyed. In addition, entitlements to SMS Shares held in CREST shall be cancelled on the Effective Date. It is also proposed that, following the Effective Date and after the cancellation of trading of the SMS Shares on AIM, SMS will be re-registered as a private limited company under the relevant provisions of the Companies Act. Upcoming Dividend • Sep 28
Upcoming dividend of UK£0.083 per share at 5.0% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 26 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (6.3%). Higher than average of industry peers (1.7%). Reported Earnings • Sep 17
First half 2023 earnings released: EPS: UK£0.043 (vs UK£0.034 in 1H 2022) First half 2023 results: EPS: UK£0.043 (up from UK£0.034 in 1H 2022). Revenue: UK£79.3m (up 27% from 1H 2022). Net income: UK£5.76m (up 28% from 1H 2022). Profit margin: 7.3% (up from 7.2% in 1H 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Sep 12
Smart Metering Systems plc Announces Dividend in Respect of 2023 in 4 Instalments, Payment Date Is 26 October 2023, 25 January 2024, 25 April 2024 and 25 July 2024 Smart Metering Systems plc announced that in line with the Group's policy to grow dividends at 10% per annum until 2024, a 33.275 pence per share dividend is intended in respect of Fiscal Year 2023. This is expected to be settled in four equal quarterly instalments in accordance with the provisional timetable below: Ex-dividend date is 05 October 2023, 04 January 2024, 04 April 2024 and 04 July 2024. Record date is 06 October 2023, 05 January 2024, 05 April 2024, and 05 July 2024. Payment date is 26 October 2023, 25 January 2024, 25 April 2024 and 25 July 2024. Announcement • Aug 24
Smart Metering Systems plc (AIM:SMS) acquired Domestic services division of Evergreen Energy Ltd. Smart Metering Systems plc (AIM:SMS) acquired Domestic services division of Evergreen Energy Ltd on August 22, 2023. Smart Metering Systems plc (AIM:SMS) completed the acquisition of Domestic services division of Evergreen Energy Ltd on August 22, 2023. Announcement • Jul 25
Smart Metering Systems plc Provides Dividend Guidance for the Year 2023 Smart Metering Systems plc expected Fiscal Year 2023 dividend of 33.275 pence per share, +10% y-o-y in line with stated policy. Upcoming Dividend • Jun 29
Upcoming dividend of UK£0.076 per share at 4.4% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 27 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (1.6%). Announcement • Jun 17
Smart Metering Systems plc to Report First Half, 2023 Results on Sep 12, 2023 Smart Metering Systems plc announced that they will report first half, 2023 results on Sep 12, 2023 Announcement • Jun 06
Smart Metering Systems plc Announces the Appointment of Mike Winkel as A Non-Executive Director Smart Metering Systems plc announced the appointment of Mike Winkel as a Non-Executive Director of the Group with immediate effect. Mike is a former COO of E.ON SE and CEO of its Renewables business and he has extensive experience in the global power and gas sector. Mike has held various senior commercial, strategic and managerial roles in renewable power generation, optimisation, and asset operation and has more than 25 years of experience in the industry. In addition, Mike holds a degree in Business Administration from the Technical University of Dresden and holds a number of board and senior advisory positions with international organisations. Recent Insider Transactions • Mar 31
CEO & Director recently bought UK£120k worth of stock On the 28th of March, Timothy Mortlock bought around 16k shares on-market at roughly UK£7.45 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Timothy has been a buyer over the last 12 months, purchasing a net total of UK£220k worth in shares. Upcoming Dividend • Mar 30
Upcoming dividend of UK£0.076 per share at 4.0% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 27 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: UK£0.11 (up from UK£0.032 in FY 2021). Revenue: UK£135.5m (up 25% from FY 2021). Net income: UK£14.9m (up 292% from FY 2021). Profit margin: 11% (up from 3.5% in FY 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Jan 26
Smart Metering Systems plc to Report Fiscal Year 2022 Results on Mar 14, 2023 Smart Metering Systems plc announced that they will report fiscal year 2022 results on Mar 14, 2023 Upcoming Dividend • Dec 29
Upcoming dividend of UK£0.076 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 26 January 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.3%). Recent Insider Transactions • Oct 21
CEO & Director recently bought UK£100k worth of stock On the 13th of October, Timothy Mortlock bought around 14k shares on-market at roughly UK£7.11 per share. This transaction amounted to 66% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Timothy has been a buyer over the last 12 months, purchasing a net total of UK£200k worth in shares. Upcoming Dividend • Sep 29
Upcoming dividend of UK£0.076 per share Eligible shareholders must have bought the stock before 06 October 2022. Payment date: 28 October 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (1.5%). Reported Earnings • Sep 14
First half 2022 earnings released: EPS: UK£0 (vs UK£0.009 in 1H 2021) First half 2022 results: EPS: UK£0. Revenue: UK£62.7m (up 21% from 1H 2021). Net income: UK£4.50m (up 340% from 1H 2021). Profit margin: 7.2% (up from 2.0% in 1H 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Commercial Services industry in the United Kingdom. Upcoming Dividend • Jun 23
Upcoming dividend of UK£0.069 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 28 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.2%). Higher than average of industry peers (2.0%). Upcoming Dividend • Mar 24
Upcoming dividend of UK£0.069 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 28 April 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.1%). Recent Insider Transactions • Mar 18
CEO & Director recently bought UK£100k worth of stock On the 15th of March, Timothy Mortlock bought around 14k shares on-market at roughly UK£7.29 per share. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: UK£0.032 (down from UK£1.72 in FY 2020). Revenue: UK£108.5m (up 5.3% from FY 2020). Net income: UK£3.79m (down 98% from FY 2020). Profit margin: 3.5% (down from 188% in FY 2020). The decrease in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 73%. Over the next year, revenue is forecast to grow 6.0%, compared to a 9.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 23
Upcoming dividend of UK£0.069 per share Eligible shareholders must have bought the stock before 30 September 2021. Payment date: 28 October 2021. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (3.9%). Higher than average of industry peers (1.2%). Reported Earnings • Sep 19
First half 2021 earnings released: EPS UK£0.009 (vs UK£1.71 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: UK£51.7m (down 4.6% from 1H 2020). Net income: UK£1.02m (down 100% from 1H 2020). Profit margin: 2.0% (down from 356% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 14
Price target increased to UK£10.60 Up from UK£9.86, the current price target is an average from 6 analysts. New target price is 20% above last closing price of UK£8.84. Stock is up 35% over the past year. Price Target Changed • Jun 25
Price target increased to UK£9.75 Up from UK£9.03, the current price target is an average from 6 analysts. New target price is 13% above last closing price of UK£8.65. Stock is up 49% over the past year. Upcoming Dividend • Jun 24
Upcoming dividend of UK£0.063 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 29 July 2021. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (4.0%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 16
Full year 2020 earnings released: EPS UK£1.72 (vs UK£0.036 in FY 2019) Full year 2020 results: Revenue: UK£103.0m (down 9.9% from FY 2019). Net income: UK£193.5m (up UK£189.5m from FY 2019). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 02
CFO & Executive Director has left the company On the 31st of March, David Thompson's tenure as CFO & Executive Director ended after 3.6 years in the role. As of December 2020, David personally held only 3.00k shares (UK£21k worth at the time). A total of 2 executives have left over the last 12 months. Upcoming Dividend • Mar 25
Upcoming dividend of UK£0.063 per share Eligible shareholders must have bought the stock before 01 April 2021. Payment date: 29 April 2021. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (4.4%). Higher than average of industry peers (1.6%). Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from UK£0.095 to UK£0.12. Revenue forecast steady at UK£105.0m. Net income forecast to shrink 93% next year vs 33% growth forecast for Commercial Services industry in the United Kingdom . Consensus price target up from UK£8.40 to UK£8.68. Share price was steady at UK£7.66 over the past week. Reported Earnings • Mar 17
Full year 2020 earnings released Full year 2020 results: Revenue: UK£103.0m (down 9.9% from FY 2019). Net income: UK£193.5m (up UK£189.5m from FY 2019). Is New 90 Day High Low • Mar 06
New 90-day high: UK£7.54 The company is up 15% from its price of UK£6.57 on 04 December 2020. The British market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£4.83 per share. Is New 90 Day High Low • Dec 29
New 90-day high: UK£7.25 The company is up 11% from its price of UK£6.51 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£4.45 per share. Is New 90 Day High Low • Dec 04
New 90-day high: UK£6.57 The company is up 7.0% from its price of UK£6.15 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£3.84 per share. Is New 90 Day High Low • Oct 15
New 90-day low: UK£5.86 The company is down 2.0% from its price of UK£5.95 on 17 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£3.91 per share. Major Estimate Revision • Sep 22
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from UK£0.85 to UK£1.67. Revenue estimate for the same period was approximately flat at UK£99.4m. Net income is expected to shrink by 49% next year compared to 14% decline forecast for the Electronic industry in the United Kingdom. The consensus price target of UK£7.99 was unchanged from the last update. Share price stayed mostly flat at UK£6.54 over the past week.