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  1. #1

    Default VOC - Vocus Communications

    Founded in 2008 and listed in July 2010, VOC is an independent wholesale telecommunications provider. The company's current market cap is roughly $76 million.

    They recently topped the Deloitte 2010 Technology Fast 50 with an 11,306% increase in revenue over the past 3 years.

    VOC's management team appears to be experience with Stephen Baxter, co-founder of PIPE Networks, recently joining the board.

    The company has a strong balance sheet with a good cash position and a relatively conservative gearing level. They have managed to successfully maintain a high return on equity over the past couple of years.

    The stock is currently trading with a trailing PE of about 9.5. I'm not qualified to assess the company's longer term prospects for growth. However, I believe this may be a growth stock available at a value stock price.

  2. #2

    Default Re: VOC - Vocus Communications

    Bought a nice chunk of VOC this morning, paid a bit above my calculation of IV but the growth of this baby is unbelievable.
    I think we will also be hearing Roger Montgomery talking a fair bit about VOC in the future as he recently added it to his Valueline portfolio.

    11.00 today VOC went into a trading halt due to capital raising there must be a aquisition in the works as cashflow is very solid.

    Normally companies use the announcement date of spp as the record date, I think that means I will miss out on participation in any spp .
    If a bargain cannot be obtained today, the market will open again tomorrow offering you a fresh new opportunity and a new price.

  3. #3

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by robusta View Post
    Bought a nice chunk of VOC this morning, paid a bit above my calculation of IV but the growth of this baby is unbelievable.
    I think we will also be hearing Roger Montgomery talking a fair bit about VOC in the future as he recently added it to his Valueline portfolio.

    11.00 today VOC went into a trading halt due to capital raising there must be a aquisition in the works as cashflow is very solid.

    Normally companies use the announcement date of spp as the record date, I think that means I will miss out on participation in any spp .
    Interesting coincidence or fluke and if there was a trading halt today unfortunately your purchase may not qualify. Hold your breadth and see what comes out.

    On another matter with VOC - two postings only and VOC is at the top of ladder in competition thread.
    More strangely our topper in competition has not even made any comment in ASF. Surely Lotto win comes by fluke only and no correlation or regression technique can explain that.
    Trading Halt today
    Hmm ! Smelling rose with so many coincidences
    Miner :
    All sellers are inevitably, and by the meaning of the word, buyers so DYOR .

  4. #4

    Default Re: VOC - Vocus Communications

    Only reason it hit $2.90 was Roger Montgomery. Yes its a good company, but its fundamentals are by no means perfect. The best part about this company is the industry growth prospects..

    I actually started researching VOC on monday...pitty I didnt buy in before the guru jumped aboard and sent the price rising.

    I have to admit it has had a solid appreciation over the last 3 months...but today was a bit ridiculous!
    Its funny how Montgomery tends to avoid companies that will require extra funds from shareholders and the day after he includes this company to Valueline...it announces a capital raising

  5. #5

    Default Re: VOC - Vocus Communications

    RM really is a self-fulfilling prophecy...

  6. #6

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by VSntchr View Post
    Only reason it hit $2.90 was Roger Montgomery. Yes its a good company, but its fundamentals are by no means perfect. The best part about this company is the industry growth prospects..

    I actually started researching VOC on monday...pitty I didnt buy in before the guru jumped aboard and sent the price rising.

    I have to admit it has had a solid appreciation over the last 3 months...but today was a bit ridiculous!
    Its funny how Montgomery tends to avoid companies that will require extra funds from shareholders and the day after he includes this company to Valueline...it announces a capital raising

    RM rates it as a B2 which normally means he wouldn't get involved.

    However with little other value investments out there he probably needs to come up with something.

    His IV is 2.45 so it is now at a premium to its IV so I will give it a miss.

  7. #7

    Default Re: VOC - Vocus Communications

    At least on the surface, Montgomery's investment in Vocus Communication seems to break at least one of his well-publicised rules. I seem to recall him saying that he only invests in companies he rates 'A1' or 'A2' by his (hidden) criteria. He also apparently dislikes companies that raise funds through placements due to their dilutive effect.

    I thought it suspicious that the day after Montgomery writes about Vocus Communications, the price shoots through the roof and then the company goes into a trading halt for a placement.

  8. #8

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by McCoy Pauley View Post
    At least on the surface, Montgomery's investment in Vocus Communication seems to break at least one of his well-publicised rules. I seem to recall him saying that he only invests in companies he rates 'A1' or 'A2' by his (hidden) criteria. He also apparently dislikes companies that raise funds through placements due to their dilutive effect.

    I thought it suspicious that the day after Montgomery writes about Vocus Communications, the price shoots through the roof and then the company goes into a trading halt for a placement.
    There may be a bit more pressure on him now with his new venture to find opportunities.

    His mantra has been in the past that it is better to leave your money in cash and be patient if there are no investments that fit his strict criteria eg A1 or A2 companies trading at a significant discount to IV.

    Not sure that the trading halt had anything to do with him at all.

  9. #9

    Default Re: VOC - Vocus Communications

    Yeah I was suspicous too..I was kind of alluding to that in my first post but I held back slightly.

    He did say that he met with management recently..so whether or not he knows something that we don't is up for interpretation...

    I think he rates Woolies a B2 and holds that also...

  10. #10

    Default Re: VOC - Vocus Communications

    I haven't seen him mention it before.. until now. I had a quick look at it the other night but it didn't make the cut, being a b1.. and telecoms.. it ended up in the wait and see what happens pile.

  11. #11

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by VSntchr View Post
    Yeah I was suspicous too..I was kind of alluding to that in my first post but I held back slightly.

    He did say that he met with management recently..so whether or not he knows something that we don't is up for interpretation...

    I think he rates Woolies a B2 and holds that also...
    Like when he did with CCP and bought in ...then blame them for mis information sold out at 1.20, sue then blame everyone but his bad timing and judgement

    Only if he has conviction and hang on -
    "cash - a call option with no expiration date, an option on every asset class, with no strike price. Warren Buffett

  12. #12

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by robusta View Post
    Bought a nice chunk of VOC this morning, paid a bit above my calculation of IV but the growth of this baby is unbelievable.
    Normally companies use the announcement date of spp as the record date, I think that means I will miss out on participation in any spp .
    Record date for SPP is last thursday so you will get a chance to buy more Robusta. Will the price be the same as it was for the institutional raising? $2 is a nice discount to IV.

    How has your IV changed with the updated equity and shares on issue ??

  13. #13

    Default Re: VOC - Vocus Communications

    I broke one of my major investing rules with VOC by paying above my calculation of IV, was planning to unload my holding today until I learnt I may be able to participate in the SPP at a discount to IV.

    Quote Originally Posted by VSntchr View Post
    Record date for SPP is last thursday so you will get a chance to buy more Robusta. Will the price be the same as it was for the institutional raising? $2 is a nice discount to IV.
    Hope it is $2.00 as I will fill my boots up.

    Quote Originally Posted by VSntchr View Post
    How has your IV changed with the updated equity and shares on issue??.
    Have not worked this out yet VSntchr but I imagine the IV will reduce a bit.
    If a bargain cannot be obtained today, the market will open again tomorrow offering you a fresh new opportunity and a new price.

  14. #14

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by robusta View Post
    Have not worked this out yet VSntchr but I imagine the IV will reduce a bit.
    As far as I can tell, the current book value for VOC is around 29c? (I could be wrong?)

    They are raising capital at $2 per share.

    So for every additional share they sell, the book value of non-participating shareholders will go up a lot. Doesn't that mean that IV will rise IF they can maintain the same ROE with the new capital? Of course, if ROE falls, this would not be the case, just book value increasing a lot with ROE falling. In that case, the intrinsic value may even stay flat. Thoughts?

  15. #15

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by drlog View Post
    As far as I can tell, the current book value for VOC is around 29c? (I could be wrong?)

    They are raising capital at $2 per share.

    So for every additional share they sell, the book value of non-participating shareholders will go up a lot. Doesn't that mean that IV will rise IF they can maintain the same ROE with the new capital? Of course, if ROE falls, this would not be the case, just book value increasing a lot with ROE falling. In that case, the intrinsic value may even stay flat. Thoughts?
    I have the business valued around $2.80 for FY11..so in my mind issuing shares at $2 is counterproductive as it is below IV...but in saying that...a company positioned in an industry that is expecting 95%p.a growth for the next 5 years is going to want to have as much money as possible to ensure they can keep up with changing needs of the industry...(which are also added to by the NBN).

    Im still forming an opinion on this business, but in reply to your question on the IV and the capital raising - the main things for me are
    1) it is conducted at below IV - which is bad

    2) the company may stand to benefit with very high returns from the capital and as such the cap. raising may be certainly justified..

    I suspect by the end of the FY we may know a lot more in relation to this...

  16. #16

    Default Re: VOC - Vocus Communications

    Another data centre bought, this time PerthIX.

    http://www.asx.com.au/asxpdf/2011032...g30bvdbs32.pdf

    PerthIX has according to the announcement a significant number of carriers and ISP's as customers.
    If a bargain cannot be obtained today, the market will open again tomorrow offering you a fresh new opportunity and a new price.

  17. #17

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by robusta View Post
    Another data centre bought, this time PerthIX.

    http://www.asx.com.au/asxpdf/2011032...g30bvdbs32.pdf

    PerthIX has according to the announcement a significant number of carriers and ISP's as customers.
    Interesting that they have agreed to pay an extra $750k should the acquired business exceed FY12 forecasts. The price paid is more than 4 x EBITDA, which tells me that they did not get an absolute bargain - however the price is reasonable. Should the performance only slightly exceed forecasts (and thus the bonus payment have to be paid) the price paid will look more expensive.

    Regardless of the price paid, I feel that this is a positive direction for Vocus to be heading in. They are diversifying their income streams, which I feel is very important for a company which may be heavily relying upon one specific lease agreement...

  18. #18

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by VSntchr View Post
    Interesting that they have agreed to pay an extra $750k should the acquired business exceed FY12 forecasts. The price paid is more than 4 x EBITDA, which tells me that they did not get an absolute bargain - however the price is reasonable. Should the performance only slightly exceed forecasts (and thus the bonus payment have to be paid) the price paid will look more expensive.

    Regardless of the price paid, I feel that this is a positive direction for Vocus to be heading in. They are diversifying their income streams, which I feel is very important for a company which may be heavily relying upon one specific lease agreement...
    Don't forget that this is a smoking hot industry at the moment. We have no opportunities to make purchases cheaper than this on our own. Respectable purchase.

  19. #19

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by tonza View Post
    Founded in 2008 and listed in July 2010, VOC is an independent wholesale telecommunications provider. The company's current market cap is roughly $76 million.

    They recently topped the Deloitte 2010 Technology Fast 50 with an 11,306% increase in revenue over the past 3 years.

    VOC's management team appears to be experience with Stephen Baxter, co-founder of PIPE Networks, recently joining the board.

    The company has a strong balance sheet with a good cash position and a relatively conservative gearing level. They have managed to successfully maintain a high return on equity over the past couple of years.

    The stock is currently trading with a trailing PE of about 9.5. I'm not qualified to assess the company's longer term prospects for growth. However, I believe this may be a growth stock available at a value stock price.
    Hey tonza, I wish I took a good look at your post in January
    If a bargain cannot be obtained today, the market will open again tomorrow offering you a fresh new opportunity and a new price.

  20. #20

    Default Re: VOC - Vocus Communications

    Quote Originally Posted by robusta View Post
    Hey tonza, I wish I took a good look at your post in January
    I actually purchased into this company in the later months of last year. Unfortunately I didn't have the conviction to pull the trigger and load up. I started the thread in an effort to find someone who might be able support my views but was greeted with the sound of crickets. I, foolishly, sold down some of my holdings shortly after. I will be looking to get some of this holding back in the cap raising but I won't be getting my hopes up.

    I have made this mistake a few times and I believe it to be the most important lesson in investing: Get every bit of information you can about a company. Research, research and then establish a value. Make a decision and back your judgement always!



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