PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/05/12/open-orphan-orph-sharesoc-presentation-11th-may-2020/   Open Orphan Executive Chairman Cathal Friel presents an update at the ShareSoc Growth Company webinar 11th May 2020. Introduction from Mike Dennis, ShareSoc – 00:23 Cathal Friel, Executive Chairman, Open Orphan. Introduction – 00:55 About Open Orphan – 01:33 Management team – 08:39 Complementary Services Business – 10:26 World’s first Coronavirus challenge model – 11:28 About hVIVO – 14:19 Vaccine and Pharmaceutical product portfolio – 15:39 Genomic data capturing – 17:06 Contracts – 17:53 Open Orphan strategy – 18:07 hVIVO strategy – 18:17 Combined pipeline – 18:20 Revenue synergies – 19:42 Revenue growth and profitability – 21:30 Q&A – 23:25 Open Orphan PLC is a European-focussed, rare and orphan drug consulting services platform. The company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.Venn Life Sciences Holdings PLC is engaged into a Clinical Research Organisation (CRO) providing a suite of consulting and clinical trial services to pharmaceutical, biotechnology, and medical device organizations.

This video can be seen at: https://www.piworld.co.uk/2020/05/08/piworld-thursday-webinar-keith-ashworth-lord-cio-sanford-deland-buffettology-fund/   Keith’s COVID-19 survival strategy Keith’s background – 00:45 The fund’s performance – 04:15 When did you think CV19 was going to affect the markets? – 05:12 Is this bear market different? – 06:25 Did it cause you to sell any companies? – 07:09 Changes in the top 10 holdings – 09:04 Provident Financial (PFG) – 10:25 Which holdings have benefitted from CV19? – 11:40 Are there any new companies in the portfolio? – 12:35 Buying into a company, when does the share price become attractive? – 13:12 Position size of holdings? – 15:52 How has liquidity been over the period? – 17:20 Has the watch list changed? – 18:27 Keith’s investing caveats – 18:58 Games Workshop (GAW) – 24:12 Porters five forces – 26:30 What do expect with the markets from here? – 27:15 Q&A – 28:16   Other companies mentioned: Driver Group (DRV), Restaurant Group (RTN), Revolution bars (RBG) – 31:10; Liontrust Asset Management (LIO), Bioventix (BVXP), Rollins (ROL), Experian (EXPN) – 33:00; Paypoint (PAY); RM (RM.) 33:55. Softcat (SCT) – 36:00. Craneware (CRW) – 37:40 39:05 Scapa (SCPA) 45:15. Trifast (TRI) – 47:20; Liontrust Asset Management (LIO) – 49:15 About Keith Ashworth-Lord, CIO, Sanford Deland The Buffettology Fund Keith is a Chartered Fellow of the Chartered Institute for Securities & Investment, having formerly been an individual member of the Stock Exchange, and he holds the Investment Management Certificate of the United Kingdom Society of Investment Professionals. Prior to setting up the business and the UK Buffettology Fund, he was a self-employed Consultant working with a variety of stockbroking, fund management and private investor clients. His work has been rewarded with the accolade of winning three top-three sectoral, and one top-ten general, Thomson-Reuters StarMine stock-picking awards in 2008, 2009 and 2010. Keith experienced investment epiphany in the 1990s when he discovered the achievements of ‘The Superinvestors of Graham-and-Doddsville’. This group of successful investors drew their inspiration from the father of securities analysis, Benjamin Graham. They consistently outperformed the Standard & Poors 500 stock index year-in, year-out, despite having very different individual investment styles. The common factor was their investment compass where Ben remained true north. Names such as Walter Schloss, Tom Knapp, Bill Ruane and Rick Guerin hardly register in most UK investors’ minds but they are certainly ‘superinvestors’. Two better known superinvestors are Warren Buffett and his investment partner, Charlie Munger. Keith has had the privilege of meeting these doyens of our industry on two separate occasions in Omaha, Nebraska. In addition to Graham, the influence of Philip Fisher can be found at work with Buffett and Munger. Learning from these masters transformed Keith’s understanding of investment philosophy and with it, his investment performance. Keith was responsible for founding Sanford DeLand Asset Management Limited with the encouragement of a small group of businessmen who are now shareholders in the company.

This video can be seen at: https://www.piworld.co.uk/2020/05/01/piworld-thursday-webinar-with-david-buik-macro-market-commentary/ piworld Thursday webinar with David Buik: Macro Market Commentary David’s background - 00:35 How does this bear market compare with others? - 02:55 Why do you think the market has been so forgiving? - 09:29 Is the market just looking longer term? - 12:12 Will all the stimulus lead to inflation or stagflation? - 14:23 What are your views on the ECB stimulus, the EUs stability and their banks? - 16:57 Is the Bank of England & HMG doing enough? - 21:33 What taxes will go up? – 26:53 When do you see dividends returning? – 30:47 If you had £100k to invest, would you invest any today? - 33:29 What would you look for to invest 100% of your capital? - 35:28 Q&A – 36:23 About David Buik David Buik worked in the City throughout his career, mainly for companies involved in spreadbetting including City Index and BGC Partners. David was awarded an MBE in 2016 for his services to Financial Services. He often appears as a pundit on Bloomberg, BBC and other international news channels. Earlier this year he became a consultant to Aquis Exchange* (AQX). *About Aquis Exchange (AQX) Aquis Exchange PLC, formerly Aquis Exchange Limited, is a United kingdom-based company that operates as a pan-European cash equities trading exchange. The Company’s lit order book allows institutional traders to trade the stocks from 14 European countries. Its Market at Close order type allows members to enter orders on Aquis Exchange at the closing price of the market-of-listing end-of-day auction. It offers trading in a range of European financial instruments, including the constituents of the European indices from various markets. Its software and technology division, Aquis Technologies, develops trade surveillance and matching engine software for banks, investment firms and exchanges. Aquis Market Surveillance is a market surveillance platform for exchanges, multilateral trading facility, brokers and other trading firms. The features of its AMS include case management, market abuse indicators, management information system, order book replay and intraday alert parameter control.  

This video can be seen at: https://www.piworld.co.uk/2020/04/30/proactis-holdings-phd-2020-half-year-results-presentation/   Proactis CEO, Tim Sykes, and CFO, Richard Hughes, present the Group's half year results for the period ending 31st January 2020. Tim Sykes, CEO Introduction - 00:19 COVID-19 - 00:22 Key messages for the period - 03:10 Performance highlights – 04:53 Richard Hughes, CFO Financial highlights – 07:33 Reported to adjusted analysis - 10:38 H1 revenue analysis - 11:15 Tim Sykes, CEO Growth strategy update - 11:41 Return to organic growth in ARR - 15:07 Customer retention - 16:51 bePayd - 18:40 Summary - 20:54 Outlook - 21:34 Q&A – 22:32 PROACTIS Holdings PLC is a United Kingdom-based company, which is a Spend control and e-Procurement solution provider. The Company is engaged in the development and sale of business software, installation and related services. It offers a range of solutions, such as PROACTIS Source-to-Contract, PROACTIS Purchase-to-Pay and PROACTIS Supplier Network solutions. It offers managed services, such as procurement-related managed services, such as Sourcing and Content Management; Finance-related managed services, such as Invoice Data Capture and Accelerated Payment Facility, and information technology (IT)-related managed services, such as Application Hosting & Management. Its Solutions for Finance and Procurement include cloud, hosted or on-premise software applications. PROACTIS Spend Analysis offers company-wide data on users' laptop, tablet or mobile. Its PROACTIS Invoice Data Capture turns paper, fax and Portable Document Format (PDF) invoices into system-ready electronic records.

This video can be seen at: https://www.piworld.co.uk/2020/04/28/judges-scientific-jdg-2019-full-year-results-march-2020/   Judges Scientific Chief Executive David Cicurel and Group Finance Director Brad Ormsby present the Group’s 2019 full year results. Recorded 18th March 2020 David Cicurel, Chief Executive. Introduction – 00:17 About Judges – 00:39 The Judges group - 01:44 Customers - 02:38 Key messages - 03:40 Brad Ormsby, Group Finance Director Financial highlights - 05:37 Performance - 07:26 Order intake - 08:20 Revenue summary - 09:50 Balance sheet & cash flow - 10:26 ROTIC -12:06 Diversification - 12:51 Financial History - 13:12 David Cicurel, Chief Executive. Growth drivers - 14:03 Acquisitions - 18:22 Acquisition criteria - 19:55 Post acquisition - 23:28 Outlook - 25:22 Investment case - 28:07 Judges Scientific PLC is primarily engaged in the designing, manufacturing, and sale of scientific instruments. The company operates two main operating segments: Materials Sciences and Vacuum. The firm specializes in the acquisition and development of a portfolio of scientific instrument businesses. The company has operational footprints across the United Kingdom, Rest of Europe, North America, and Rest of the world. The company operates in two operating segments: Materials Sciences and Vacuum.Judges Scientific PLC is engaged in designing, manufacturing and sale of scientific instruments.

This video can be seen at: https://www.piworld.co.uk/2020/04/24/piworld-thursday-webinar-leon-boros-investing-in-the-age-of-uncertainty/?preview_id=4456&preview_nonce=e65f1323ed&post_format=video&_thumbnail_id=4463&preview=true   Bear markets history and the future – 01:00 Portfolio performance ytd – 17:33 Bioventix (BVXP) – 19:17 Best of the Best (BOTB) – 21:29 Nintendo (TYO: 7974) – 23:18 4Basebio (ETR: 4BSB) – 25:40 Arcontech (ARC) – 27:45 4BaseBio (ETR: 4BSB) – 34:50 Placings – 46:57 Valuing a company incorporating debt – 51:44 Q&A – 59:05 About Leon Boros Leon is a recently retired private investor. Prior to his retirement he was founder and managing director of Equity Strategies, a boutique corporate finance firm. Leon started his career at EY where he qualified as a Chartered Accountant. Leon has been investing since his late teens. In 1993 he opened his first PEP and has since achieved annualised returns of 18.42% (to Dec 2019). Leon was previously a non-executive director of ShareSoc. Twitter: Leon Boros @Boros10  

This video can be seen at: https://www.piworld.co.uk/2020/04/23/xlmedia-xlm-2019-full-year-results-presentation/   By Stuart Simms, CEO XLM’s business - 00:28 XLM in numbers - 01:36 2019 overview - 02:48 Update on Google de-ranking - 05:07 COVID-19 update - 06:55 Current trading and outlook - 08:53 Financials - 10:07 Transformation strategy - 11:34 Summary - 17:10 XLMedia PLC is the United Kingdom-based online performance marketing company. The Company focuses on paying users from multiple online and mobile channels and directs them to online businesses who, in turn, convert such traffic into paying customers. The Company's segments include Publishing, Media and Partners Network. The Company owns over 2,000 informational Websites in approximately 20 languages. Its Media division acquires online and mobile advertising targeted at online traffic with the objective of directing it to its customers. It buys advertising space on search engines, Websites, mobile and social networks and places advertisement referring users to its customers Websites or to its own Websites. It manages marketing partners, whose role is to direct online traffic to its customers. Its partner program enables affiliates to have a single point of contact for directing traffic.

This video can be seen at: https://www.piworld.co.uk/2020/04/21/sumo-group-sumo-2019-full-year-results/   Carl Cavers, Founder & CEO, David Wilton, CFO present Sumo Group’s 2019 full year results.   Sumo Group plc is a United Kingdom-based company that provides development services to the video games and entertainment industries. The Company’s operating businesses include Sumo Digital Ltd. (Sumo Digital) and Atomhawk Design Ltd (Atomhawk). Sumo Digital is a developer of AAA-rated video games, providing both turnkey and co-development solutions to blue-chip client base. Atomhawk is a visual design company that provides services to the games, film and visual effects industries. Together, the Company delivers visual and development solutions, which include initial concepts and pre-production, production and development, and post-release support.  

This video can be seen here: https://www.piworld.co.uk/2020/04/17/jamie-streeter-webinar-investing-compounding-surviving-the-corona-crash/   The piworld Thursday webinar with Jamie Streeter, (aka @CompoundIncome) Jamie outlines his approach to investing and his Corona virus investing strategy. Overview – 00:51 Jamie’s background – 01:40 Evolution as an investor – 02:08 S&P over 35 years – 04:34 Poll: have we hit the low? – 07:26 Why Compound Income? – 08:27 Annualised real returns on asset classes – 11:30 Jamie’s investment philosophy – 13:38 Portfolio construction – 15:37 How Jamie finds shares & further research – 19:12 How Compound Income Scores work – 20:10 Metrics used to identify Quality Income Growth stocks Comparing Vodaphone & Unilever – 21:50 Performance since 2009? – 27:04 Outlook for dividends post Covid – 28:16 A tick shape or W shape recovery? – 30:39 Cycle of greed and fear – 32:06 Dead Cat bounce or ‘off to the races’? – 32:42 How’s Jamie dealing with CV19 & surviving it? – 39:14 Where are we now, and what does the future hold? – 40:18 Summary & concluding thoughts – 43:03 Q&A – 44:40 About Jamie Streeter Jamie worked in the City of London for over 20 years as a Fund Manager for a number of top institutions. In his career he managed billions of £’s across a whole range of different funds from Distribution funds, Investment Trusts, OEIC’s / Unit Trusts & Pension funds. He was also involved in the management of Income funds more generally. In March 2009, he quit the City, escaped the rat race to “retire” and manage my own investments. Jamie’s website: https://www.compoundincome.org/ Twitter: Jamie @CompoundIncome   The presentation slides can be viewed here.

This video can be seen here: https://www.piworld.co.uk/2020/04/10/stephen-english-webinar-a-plague-on-all-our-houses-how-to-repair-some-of-the-damage/   The piworld Thursday webinar with Stephen English. Stephen gives us his interpretation of the current COVID-19 markets and his investing strategy to navigate where we're at. Peppered with Stephen's wry humour, and full of investing gems. It's superb! Intro - 00:19 For those who don’t know you, give us a very short overview of your background – 00:42 What’s your thoughts on the current market, did you see it coming? – 01:17 Do you think the market has hit the bottom? – 04:17 What is your strategy? – 16:50 Has this changed the business case for any companies you hold? - 24:25 Liquidity: Could you sell if you wanted to? - 27:13 Who will be the winners? - 31:29 Who will be the losers? - 39:29 What are you looking for in companies? - 44:46 Do you think there will be a credit squeeze, everyone holding onto their cash, so severe cashflow pressure? - 46:54 Will there be more M&A: survival of the fittest? Do you see this in any specific sector? - 47:46 What sort of recovery do you think we will have? U, V, W, L or a letter that doesn’t exist? - 50:57 And what structurally will change? (Supply chain, etc) - 54:11 How will government monetary and fiscal policy be financed? Do you think the IHT BPR status is in danger, or other taxes imposed? - 57:15 Q & A 1:02:43 Companies mentioned: Tristel (TSTL). Accrol (ACRL). Smart Metering Systems (SMS). Begbies Traynor (BEG). FRP Advisory (FRP). Strix (KETL). Tracsis (TRCS). Oxford Metrics (OXG). Shoe Zone (SHOE). K3 Business Technology (KBT) Alliance Pharma (APH). EMIS (EMIS). The Property Franchise Group (TPFG). Hollywood Bowl (BOWL). RA International (RAI). The webinar slides can be downloaded here. Stephen's Investment philosophy can be downloaded here.   About Stephen English Stephen is a Director of Investment Services, at Blankstone Sington. Stephen has managed Blankstone Sington’s award-winning AIM IHT service since inception in 2010. He’s an avid student of markets, authoring his own 12-page investment philosophy, he believes that investing is more ‘art than science’. Stephen is a Chartered Fellow of the Chartered Institute for Securities & Investments (CISI) and a CFA Charterholder. https://blankstonesington.co.uk https://www.linkedin.com/in/stephen-english-cfa-chtd-fcsi-32a04718/