Results are well ahead of expectations - for example re N+1 Singer, ACSO achieved $24.6m EBITDA ahead of $22.8m forecast.
The 56.73c EPS compares to 49.8c forecast (aided by a tax credit).
The $19.1m adjusted operating profit compares to $15.5m forecast PBT.
This comment re Ingresso looks particularly exciting:
"This acquisition has also helped us reach further into London's fragmented West End Theatre market and will, over time, allow accesso to exploit the significant inefficiencies that exist within the travel and leisure industry."
"Volume growth of 67% year-on-year reflects customer wins including Ticketmaster UK, opening up access to West End theatres in London"
And above all:
"accesso is pleased to report that the Group is showing good momentum at the start of 2018. We look forward to a promising year ahead."
"accesso Partners with San Luis Potosí Ministry of Tourism to Provide Ticketing for the Huasteca Potosina Region.
Posted In Press Releases on February 28, 2018
San Luis Potosi, Mexico (February 28, 2018) accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, is partnering with San Luis Potosi Ministry of Tourism to provide a fully integrated ticketing platform for its natural sites within the Huasteca region.
The Ministry of Tourism, in partnership with the Secretariat of Ecology and Environmental Management (Segam), signed a three-year agreement to implement the companys accesso ShoWare solution, a cloud-based Software-as-a-Service (SaaS) for ticket sales and distribution. The accesso ShoWare ticketing software will allow tourists to purchase tickets online for a specific day and time, and will also enable attractions in the state to strategically control the flow of visitors so that the biodiversity of its natural sites can be protected.
The Huasteca Potosina is a popular tourist destination with beautiful landscapes and lush vegetation, formed by rivers, waterfalls, caves and deep chasms. Huasteca Potosina features many popular tourist sites, including Micos, Tamul, Puente de Dios, Xilitla, Sotano de las Golondrinas, Las Huahuas, Tanchachín and La Morena. The first site to implement the accesso ShoWare platform will be Puente de Dios, which is expected to start selling tickets online starting in March 2018. In addition to the Huasteca Potosina Region, the state of San Luis Potosí also includes the regions of Middle Region, Central Region and Altiplano Potosino and 58 municipalities."
"Steven N. Kalkanis, M.D., Medical Director, Henry Ford Cancer Institute, and Chair, Department of Neurosurgery, commented:
"This is unlike anything we've seen before in healthcare. A cancer diagnosis and everything that comes with it can cause an unspeakable amount of stress for patients and families. A solution of this magnitude has the unparalleled potential to ease that burden and we are thrilled to join with Accesso to create an improved experience for our patients."
Spencer Hoover, Henry Ford Health System's Vice President & Executive Director of the Henry Ford Cancer Institute, commented:
"We're creating a revolution in healthcare that, for the first time, combines unprecedented convenience with exceptional and personalized care. In Accesso and TE2, we have found committed colleagues that have brought the best of hospitality to healthcare."
"Sales from advance purchase commitments, including season passes, through the end of January are up 10% from the same time last year, driven by a strong capital program for 2018.
"We are pleased to report a record fourth quarter performance as our parks had a strong finish to 2017," said Richard Zimmerman, Cedar Fair's president and chief executive officer.....This focus has enabled us to generate solid increases across all of our advance purchase channels for 2018, giving us confidence that the momentum we generated at the end of 2017 will continue."
There's a conference call transcript here, which has very positive implications for ACSO as it:
(1) specifically mentions Flash Pass as one of the growth drivers for in-park revenues
(2) highlights the "large-scale" fast growth opportunity for acquisition of and growth in water parks in their portfolio:
"We can have multiple water parks in each of our markets and there are dozens of potential opportunities and it is highly accretive to earnings."
(3) focuses on near-term growth opportunities in China, Dubai, Vietnam etc etc
"Berenberg starts Accesso at a 'buy', sets 2,700p target
Wed, 14th Feb 2018 13:53
Analysts at Berenberg initiated coverage on leisure industry group Accesso Technology with a 'buy' rating on Wednesday, citing several factors that they believed would lead to "double-digit organic revenue growth" over the coming years as their reasoning.
Berenberg stated that Accesso and its end-to-end technology stack, married with its global footprint, position it well in "a market that is fragmented by product, geography and vertical".
"We believe this will allow Accesso to take market share in its core theme park market, but also expand in the broader leisure industry where it has less penetration," the Tuesday morning research note read.
Berenberg initiated coverage with a 'buy' rating and a 2,700p price target.
Berenberg said, "Accesso has spent c$170m on five acquisitions since 2012. With more than $120m of balance sheet firepower over 2018-20E, we believe that accesso will likely use M&A to accelerate growth in new verticals and geographies. Our analysis indicates that M&A could deliver 30%+ earnings upgrades over 2018-20E and add up to 1,100p to our base-case DCF price target."
"We value accesso on a 80/20 blend of our base-case DCF and blue-sky valuation. Accesso trades on 37x 2018 P/E for a 20% 2018-20E EPS CAGR," the analysts concluded."
"Berenberg sees 20% upside potential for accesso Technology as it starts coverage with a buy
13:04 14 Feb 2018
Berenberg's analysts pointed out that accesso's end-to-end technology stack combined with its global footprint positions the group well in a market that is fragmented by product, geography and vertical
German bank Berenberg has initiated coverage on accesso Technology Group PLC (LON:ACSO) with a buy rating and a price target of 2,700p, offering over 20% upside potential to the shares which are currently trading at 2,230p each.
In a note to clients, Berenbergs analysts noted that accesso is the leading provider of virtual queuing, ticketing and point-of-sale (POS) solutions for the global leisure industry.
They pointed out that this end-to-end technology stack combined with the AIM-listed group's global footprint positions the group well in a market that is fragmented by product, geography and vertical.
The analysts said: We believe this will allow accesso to take market share in its core theme park market, but also expand in the broader leisure industry where it has less penetration. We believe these factors will continue to drive double-digit organic revenue growth over the coming years.
They added: Coupled with the capacity to consolidate its fragmented industry and a scalable business model, we believe accesso can grow to multiples of its current size on a multi-year view.
The Berenberg analysts noted that since 2012, accesso has delivered a compound average growth rate (CAGR) of 12% in organic revenue.
They believe that level of growth is sustainable as accessos breadth of solutions and depth of intellectual property will, in their view, allow it to: 1) continue to take share in the large US theme park market, 2) capitalise on the increasing investment in the Asian theme park market and 3) continue expanding its addressable market by entering new high-value verticals, such as live events, festivals, sport and cultural activities.
The analysts said: Given these opportunities, and with the leisure market as a whole increasingly adopting digital supply chain and ecommerce solutions, we believe accesso will continue to deliver at least double-digit organic growth over the coming years.
As such, they forecast a 13% organic revenue CAGR for 2018-2020.
Material margin growth expected
The analysts also said they believe accessos software as a service (SaaS)-based revenue share model will drive material margin growth over the coming years.
They added: This model requires accesso to bear the upfront implementation costs, reducing contract margins at the outset, but with ongoing costs largely fixed and with growing contract revenues, we would expect margins to naturally increase over time.
The Berenberg analysts said while their base case already models EBIT margins to expand to 16%-18% in 2018-2020, they believe EBIT margins of 17%-21% in 2018-2020 and 30%-plus by 2025, are achievable.
They added that this upside scenario would increase their 2018-2020 EBIT estimates for accesso by 4%-15%, and add +700 basis points to their base-case discounted cashflow-based price target.
M&A also offers material upside
The analysts also pointed out that M&A offers material upside for the group, with accesso having spent around US$170mln on five acquisitions since 2012.
They added that with more than US$120mln of balance sheet firepower estimated over 2018-2020, they believe that accesso will likely use M&A to accelerate growth in new verticals and geographies. They said their analysis indicates that M&A could deliver 30%-plus earnings upgrades for accesso over 2018
(1) Berenberg initiated with a Buy and 2700p target. Berenberg are a sizeable and highly respected German investment bank
(2) Cedar Fair have renewed for another 5 years across ALL of their properties, i.e a big vote of confidence in ACSO. The City love this guaranteed, recurring income, and it's one big reason why they love ACSO
(3) The President and CEO of IAAPA will succeed Steve Brown as CEO. This has to be the most impressive and heavyweight appointment ACSO could possibly have announced! And it's evidently amicable as Steve is continuing to advise for a further year.
The comment from the new appointee was most intriguing imo:
"Paul Noland commented:
"I'm thrilled to be joining Accesso at such an exciting time in its development. The Accesso team has built a fantastic business and I look forward to bringing my experience to bear in driving it forward.
My background across the industry gives me a full sense of the opportunity Accesso has before it, and with the combination of outstanding technology and fantastic people already in place, I'm full of excitement about the future."
Which suggests that there is much excitement still to come here. TB's aim of shaking up the entire ticketing and entertainment sector looks like it has some way to run yet.
"Citywire A-rated Kames Capital small cap stalwart Elaine Morgan has upped her holding in online ticketing firm Accesso Technology (ACSO) after it announced that it expected earnings to come in ahead of expectations this year.
Kames increased its stake to 4.1% of the company, or 1.1 million shares, this week from a previously undisclosed level. This was valued at £24.4 million at Fridays £22.20 share price.
The shares are held across Morgans UK Smaller Companies fund, as well as the asset managers UK Equity Absolute Return, UK Equity and UK Equity Income funds. Kames holds 3.8% directly with the remaining 0.3% through options.
Accesso, which has contracts with a number of major theme parks, including Alton Towers and Legoland, told the market that earnings were on track to be substantially ahead of expectations this year, enabling the company to pay down its debt faster than expected.
The shares are up 42.3% over 12 months and 18% since the start of the year."
"accesso ShoWare and TicketGuardian Announce Strategic Insurance Technology Partnership to Enhance Platform Offerings
Jan 25, 2018, 08:00 ET
LOS ANGELES, Jan. 25, 2018 /PRNewswire/ -- Today, accesso ShoWare and TicketGuardian announced a strategic partnership, integrating TicketGuardian's insurance technology with the accesso ShoWare ticketing platform.
The technology integration will deliver a unique value to accesso ShoWare clients, who can now provide their customers with an enhanced ticket-purchasing experience and the comfort of a simplified ticket insurance process.
"The accesso ShoWare team is thrilled to partner with TicketGuardian as we continue to enhance the ticketing experience for our clients and their customers," said Bruno Boehi, President of accesso ShoWare. "TicketGuardian's innovative technology will allow our clients to provide customers with peace of mind when making advance purchases, improving the guest experience before they even set foot on site."
Known for their industry expertise, TicketGuardian develops insurance technologies providing keen solutions to some of the most complex challenges in the ticketing industry, for both ticket holders and sellers.
"By partnering with accesso ShoWare, TicketGuardian is helping to improve the live events industry around the world," said Bryan Derbyshire, Founder and CEO of TicketGuardian. "Combining our insurtech with accesso ShoWare's robust ticketing solution extends the reach of our most advanced technologies to protect as many people that buy tickets to live experiences as we can."
To reiterate, ACSO's TE2 are responsible for the new Ocean Medallion devices introduced this year on Princess Cruises, owned by the behemoth Carnival Corporation. If these are rolled out across the various Carnival fleets - P&O, Royal Caribbean, Holland America etc - then that will be pretty sizeable. To say the least.
On top of which ACSO have the potential for a rollout of the Tapu Tapu device currently being used at Universal's Volcano Bay resort being rolled out across the rest of Universal's theme park and attractions estate.
Plus of course the completion of the rollout across Merlin's theme park and attractions estate currently being implemented.
The huge Trump corporate tax cuts now passed in the USA will have a big beneficial effect for ACSO.
ACSO currently provide for US taxes at 40%, which will presumably now reduce to 21%. The overseas tax charge for 2016 was $1.43m (I'd assume mostly US tax), so it's likely that ACSO will benefit by say some $600,000 per annum, and obviously more as time goes on as profits will have risen sharply in 2017 and thereon.
"Princess Cruises is the first of Carnivals 11 brands to embrace the Ocean Medallion, a 1.8-ounce device that interacts with the ship, allowing passengers to interact with food and beverage, retail, entertainment, lodging, recreation, and excursions seamlessly without ever taking it out of their pocket, off their necklace, or swiping a band. (The Medallion can be tossed in a pocket or purse, or worn in a variety of cases, like a necklace or band).
Padgett said the wearable leverages a first-of-its-kind experience platform, embedded with NFC, BLE, and other telemetry-producing sensors in the context of a smart ship with an orchestrated multi-sensor experience ecosystem.
The Ocean Medallion the most extensive experiential Internet of Things thats ever been done, Padgett said. Beyond the ability to open and lock doors, order drinks, make dining or entertainment reservations, or purchase excursions, the Ocean Medallion ecosystem embraces artificial intelligence that tracks and learns about the guest with every interaction. Padgett said this AI evolves in real-time, multiple times per second, to offer suggestions for guests based on where they are on the ship, time of day, and what activities are occurring at that time.
This technology disappears into the experience, Padgett explained. Wearables came about because its about how to make things connected to the world become less invasive to your life. Any technology can do anything, but the real question is how do you employ technology to create an experience thats immersive and not distractive.
The Ocean Medallion gives guests the option of connecting to other Carnival technologies, including Ocean Ready (to answer health questions, scan passports, and go paper free), Play Ocean (a suite of mobile video games that can be played on or off the ship), and Ocean Compass (a schedule of on-board activities as well as a custom virtual sea avatar that appears across the ship).
The way we use the mobile phone is as a guest option, Padgett said. The guest can choose how much digital exposure they want, from zero to 100. If you reject the mobile phone from the Ocean Medallion experience, youre at no experiential disadvantage from other guests.
The Regal Princess is the first of multiple Princess ships that will launch over the coming years featuring this technology. And Padgett said the hope is that additional Carnival brands like Carnival Cruise Line, Holland America Line, and Cunard adopt this technology in the future."
"accesso received two awards at the 2017 IAAPA Attractions Expo: the attraction industry's largest and most prestigious event. Both were awarded to the Group's accesso Prism product, which won IAAPA's highest honour for a new product, the Impact Award, as well as a Brass Ring award for the best new technology product. IAAPA's Impact Award is bestowed annually on a winner of one of the Best New Product Categories that, in the opinion of the judging panel, had or will have the largest impact on the amusement parks and attractions industry. The Brass Ring award recognises excellence throughout the global attractions industry, and is the fifth such award accesso has won in the last nine years.
In the same week, accesso was also named mid-market business of the year at the Lloyds Bank National Business Awards. In their summarising comments, the judges referenced the Group's global reach, vision and dynamic leadership as reasons for winning the award. "
"accesso Prism wearable technology wins coveted IAAPA Impact Award
20th November 2017
Leading technology solutions provider, accesso, has won IAAPAs prestigious Impact Award for its breakthrough accesso Prism technology.
A Brass Ring winner in the Best New Technology category, Prism was judged to have the greatest impact on the amusement parks and attractions industry.
This is the fifth time accesso has scooped IAAPAs Best New Product Technology award in the past nine years. The IAAPA Brass Ring Awards recognise excellence throughout the global attractions industry.
Prism allows for a fully integrated smart park
accessos award-winning Prism technology is a fully integrated smart park solution. The next-generation, wearable device can handle everything from front gate entry and secure cashless purchases, to sending push notifications or triggering events based on guest location.
Prism employs the companys award-winning queuing technology: LoQueueSM. Guests secure their place in a virtual queue for an attraction or show simply by swiping the wristbands touchscreen menu no need for a kiosk or smartphone. If a rides operation is temporarily interrupted, or a show is rescheduled, the Prism device will simply notify guests.
"ACCESSO - THE LLOYDS BANK MID-MARKET BUSINESS OF THE YEAR
THE JUDGES SAID
"AIM listed accesso is a truly global business, providing premier technological solutions to the leisure, entertainment and cultural markets in 27 countries. Accesso's strong business vision, dynamic leadership and commitment to service and innovation has enabled it to forge an enviable set of long-term, sustainable and mutually beneficial relationships with clients. Ambition, technology and commitment to customer experience continue to drive accesso's growth and development, in a market with enormous opportunity."
And also, a nice snippet from the BlackRock Smaller Companies Trust portfolio update just out:
"Shares in ticketing and virtual queuing solutions provider Accesso Technology continued to rise following the strong interim results announced in September. The attraction market remains relatively early in the move towards electronic and mobile commerce and Accesso's market leading technology is becoming increasingly central to its customers' propositions, leveraging software and data to improve guest experience while driving operator profitability."
""Were proud to announce that today at the 2017 @IAAPAHQ Attractions Expo we were presented with the Brass Ring Best New Product Award for accesso Prism! This is a huge honor for our team to be recognized as a technology leader in the amusements industry."
I also notice that Carnival Cruises are to extend the Ocean Medallion device to a further 7 cruise ships by January'19:
"Carnival plans to incorporate Ocean Medallion into seven additional ships by January 2019. The program brings the if you like this, you might like this mentality adopted by Netflix and Amazon to the cruise ship industry. The ships guest portals allow passengers to request everything from sunscreen to a cocktail, which can be brought directly to them, thanks to the on-board sensors. At the same time, the Ocean Medallion app keeps track of users activities in order to predict what they may want to do at any given time.
Social engagement is one of the things being calculated, and so is the nuance of the context, said Michael Jungen, Carnivals SVP of experience design.
The data points being collected include where passengers spend most of their time, which other passengers they spend time with and what time of day it is when they are in certain places on the ship. The cruise ships stewards will also be able to access real-time data on guests, such as whether it is a passengers birthday or whether a guest has specific plans on a given day."
And that Carnival's "multi-million-dollar redesign and upgrade of Cruise Terminal 2 at Port Everglades in Fort Lauderdale" includes the following re Ocean Medallion:
"The transformation includes the addition of Carnival Corporations proprietary xIoT (Experiential Internet of Things) network, which is activated by the Ocean Medallion. As a result, guests sailing on Medallion Class ships will enjoy expedited boarding and a more personalized arrival experience as soon as they enter the terminal.
That includes interacting with their Ocean Tagalong on a gigantic LED screen (8 3 tall by 53 5 wide) that surrounds the Ocean Portal area where guests enter after clearing the security and check-in area."
"Speaking about Universals TapuTapu technology, which was rolled out earlier this year. Belzer said: We have had rave reviews from those who have done their homework and know how to use it in advance but we do need to educate people about it.
Hope this is helpful. It's just my opinion based on what I think the chart is suggesting. This is always a balance of probabilities so my opinion can be wrong and other analysts may have differing views.
"Digonex and accesso Siriusware Announce Dynamic Pricing Relationship
Posted on October 24, 2017 by Digonex
Indianapolis (October 24, 2017) Digonex, a leading provider of dynamic pricing solutions, is pleased to announce that it has reached an agreement to make its services available to clients of accesso that currently utilize their accesso Siriusware ticketing and admissions solution.
Under the agreement, Digonex has integrated their technology with the accesso Siriusware platform to make it easier for clients to utilize Digonexs powerful dynamic pricing technology to accelerate revenue growth, enhance community accessibility and advance other strategic objectives.
The relationship with Digonex brings a new set of capabilities to accesso Siriusware clients. Digonex develops a customized set of algorithms for each client to determine the optimal admission price for each day and then update prices over time as new data and insights are gathered. Once the recommended prices are approved by the client, Digonexs solution also automatically creates the pricing rules required to implement the new prices in accesso Siriuswares platform.
We are thrilled to be part of the Accesso Siriusware community, said Greg Loewen, Digonexs Chief Executive Officer. Accesso has always focused on providing its clients with world-class functionality and we are looking forward to helping them optimize revenue through the implementation of our customizable, fully-automated dynamic pricing solutions.
We are delighted to be working with Digonex, said Mark Danemann, President of accesso Siriusware. We have always focused on providing our clients with innovative tools to drive revenue and through our new relationship with Digonex, our clients now have seamless access to best-in-class dynamic pricing solutions.
I thought it would be interesting to quote the following from the advfn board:
"@@Just watched the Tom interview which I suggest all serious holders should do.
The biggest takeaway for me (aside from underpinning my decision to buy and hold this company) is that Carnival are spending a nine figure sum in developing their Medallion Program during this year as this large project is rolled out - thats a spend in excess of £/$100,000,000! Im sure a large part will find its way into Accessos pockets...
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