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So what was the big surprise? The loss of 7m for Q3 and 14,3m for 9months, combined with the information about the need for additional funding. That was enough for the market to give up on the C-rad case for this time… more about this later but first the important part of the report! Focus on the main thing! The most important number for C-rad is the order intake. 23m was at the low end of the range, the market was expecting +50% so we should be around 25/26m, but have in mind q3 2014 was strong and most likely the Skandion order was sold at a discount. Skandion is important from a strategic perspective so that can explain the missing 2m and also explain the low gross margin, 53% for 9 months is not what we are used to. Anyway this was the second best quater in C-rads history and 2-3m represents one project that was pushed into Q4, so not the end of the world… its impressive to see the DACH region (Deutschland, Austria and Switzerland) marching on, the ROE (Italy) is growing, the US is on track and thanks to the Skandion order the Nordic region shows a strong development. The weak areas are clearly Asia, OEM and Cyrpa. ...

The combination of weaker sales and higher operating costs (staff, travel and R&D) are hurting the bottom line, but boosting the top line! According to the conf call, the board has given Tim a mandate of grasping the opportunity to establish the products rather than generating profits. Profits will come but ramping up a global sales organization is expensive, (C-rad have added 3 new sales people so far this year). The full impact of this investment will start to show during 2016. It would make sense for a company with an established global sales organization, which target the same clients as C-rad does, to buy C-rad and just add the products to their existing portfolio. Companies like GE, Phillips, Elekta, Raysearch, etc… ...

So why do I think something is happening? The strong performance we have seen this week has been on back of a change in the balance of supply and demand. The nr 1 broker on the Stockholm Stock Exchange, SEB (ENS), have bought around 100k shares. Why is that intresting you might think… well, first of all its very rare to see SEB active in C-rad, their clientbase is not daytraders or shortterm punters, their clients are institutions and wealthy individuals. If you look at the pattern, they started on Tuesday the 14th of July and bought around 50k shares. First they tried to be passive and waited on the bidside for someone to hit them but it didnt happen so after lunchtime they ran out of patience and started to lift offers. The stock closed up a couple of percent at 17,3kr. The day after they took it easy and bought only small, but yesterday and today they bought another 50k shares using the same strategy. Most of the time when C-rad have started to get some momentum the sellers have woken up and pushed it down, but not this time. Could be just the fact that almost everyone in Sweden is on vaccation, or that the holders, for once, want to sit thight and wait for good news. I would not be surprised if the buyer this week is a classic institutional investor that is buying a small position to see what happens. If it starts to outperform they might start building a longterm position and that is exactly what we want! 100k shares is 1,8m sek, for a fund of lets say 1bn this is just scaps, its 0,18% of AUM, so if they decid to take the position up to lets say 1% that equals 500k shares. That would take the game to a new level, those shares would then dissapere from the freefloat and that would be nice. So why would an institutional investor dip their toes in C-rad? ...

Qbank inledde sin börsresa förra sommaren och de som köpta aktier då har inte haft någon rolig resa. Aktien är ner mer än 50% då den sattes på dryga 2kr, toppade runt 2,80 i september men har sedan dess rasat ihop till dagens nivåer på runt 1,10. Varför denna utveckling? Dels har försäljningen inte riktigt levt upp till förväntningarna, 2014 hamnade någon miljon lägre på försäljning och 2-3m lägre på resultatet. ...

Advenica erbjuder säkerhetsprodukter och lösningar inom IP-baserade nätverk. Bolaget har i dagsläget två produkter, den ena är en VPN-produkt som utvecklades tillsammans med FMV i början av 2000-talet. För att få fler produkter att stå på så började man under 2012 att utveckla en tjänst som heter SecuriConnect och lanserade i våras (2014). Den säljs i form av abonnemang (Managed Security Service) och vänder sig till en bredare kundgrupp än VPN-Iösningen, tex. olika myndigheter och företag som har höga krav på kundsekretess och informationssäkerhet. Advenica siktar på att lansera ytterligare en produkt i slutet av 2015. En datasluss (Cross Domain Solution) eller SecuriCDS och kommer vända sig till kunder inom nationell säkerhet, myndigheter mfl. samt i förlängningen även till banker och försäkringsbolag. ...

Efter att ha läst rapporten över helgen och lyssnat in på telefonkonferensen så måste jag säga att presentationen gav ett mycket bättre intryck är fredagens rapport. Det var väldigt få nyheter i rapporten och marknaden hade förväntat sig lite mer… Siffrorna är inte så mycket o prata om då det är ett säsongsmässigt svagt kvartal men det sköna är att kassan ligger på dryga 10m samt kundfordringar på 15m vilket indikerar ett bra kassaflöde inför andra halvåret. ...