For a start it is one of the few companies on the AIM market that makes a profit and pays a dividend - in fact it is a very generous payout.
And it is probably the only firm in the fast paced world of telecommunications that can say it has been working in the sector for more than half a century.
But it is only when you probe under the bonnet you realise quite what a unique business it is – and realise that its merits have been somewhat overlooked by the market.
That said the stake has been diluted back from around 70 per cent at the time of the listing in 2008 to 48 per cent currently.
The recent £4.5 million placing helped increase that free float as well as providing much-needed working capital to underwrite the firm’s expansion plans.
So far we have talked about Norcon’s heritage, its investor base and even its dividend policy without actually mentioning exactly what it does.
The company works on long-term implementation and outsourcing contracts and the company has a utilisation rate of over 90 per cent.
It has no direct peer – but plenty of competition from systems firms and management consultants that can only dream of matching Norcon’s productivity.
It has a relationship that dates back to the late 1960s with the Saudi Telecom Company, which historically accounts for between 70 per cent and 90 per cent of Norcon’s revenues in any one year.
And while the group is embedded with STC and has a good working relationship with the Saudis, it has worked in more than 30 countries around the world and is always looking at opportunities to broaden its geographic base.
The firm might do this organically where there are opportunities to land large implementation or managed services contracts, or it may look to making bolt-on acquisitions, according to Norcon’s chief financial officer Marne Martin.
She admits the company is currently examining a number of potential deals, though she is understandably coy about the details.
“We have a number of larger diversified organic projects which I hope we will convert sooner rather than later as our first priority,” Martin tells Proactive Investors.
“But we also are in confidential discussions on doing due diligence on a number of options.
“In general we benefit from a cadre of shareholders who are supportive of the continued evolution of the company,” she explains.
“That said there are prices (at which shares might be issued) that would be too much of a discount and prices that would be perceived as much better.
“But ultimately what we care about is doing transactions that are the right fit for the company and the right price.
“And the right price is one where the deal is accretive in a 12-24 month period - and no longer than that.”
The geographic focus of expansion is Africa and South East Asia. It continues to win new business in Europe where it has strong ties with Norway’s Telenor.
“Africa is in general still adding two and half and 3G capacity. So that will drive the core business there in the next few years - helping with basic operations and roll-outs in that region,” says Martin.
“In Europe and Asia you still have the roll-out of new tech operations, but you are also getting into more sophisticated technology overlays and upgrades there similar to what we see in the Middle East as well.”
So based on the historic top line growth rate of 10-15 per cent Norcon ought to be a US100 million company in two to three years time.
However, you sense management is a little more ambitious than that.
“It would be interesting if we could do some larger managed service contracts and/or make acquisitions,” Martin says, and be a US$200 million company instead.”
Martin’s confident pitch suggests Norcon is a very ambitious company that is going places.
It also has a very long and profitable track record and is generous, some might say overgenerous, in paying out 50 per cent of net profits, giving a dividend yield of 8.8 per cent.
So why then does the market apply such a miserly rating to the shares, particularly when the Norcon founding family is loosening its grip?
Based on earnings forecasts produced by the company’s broker, the shares currently trade at six times earnings, yet it is fully cashed up after the placing.
And savvy stock-pickers are starting to realise Norcon’s merits as both a growth and income stock.
“We continue to believe the stock is undervalued,” said Amisha Chohan of HB Markets in a recent note to clients, reiterating her 'buy' advice and 97p a share price target.
But the last word goes to Martin: “Our rating will appreciate as we continue to show good cash conversion and diversify our projects and client base."
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