Accesso Technology Group - ACSO

This company operates several different tech businesses that are active in ticketing, mobile and ecommerce.

Nice to see the steady rise for ACSO. Been a SIPP holder since May, now also in GIA FT.

Earnings call September 14th.

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Trading update expected this. P/E 13.8, P/FCF 8x, Gross margin 77%, net margin 17.6%, net cash 60m (no borrowings).

CEO bought $105k for c. 614p on 23/06 just before trading update. Clearly a sign of confidence.

Let’s review prev updates:

17/05 (726p): “We’ve continued our momentum from 2021 and we are executing in line with our plan for the year”

Remember 2021 was a decent yr despite some covid disruptions beginning of the year.

22/03 (814p): “Strong start to 2022: trading volumes for Jan and Feb are encouraging with Passport ticket volume for N.American double that of 2019 […] We expect another cash generative yr”

Ok, mkt changed a fair bit since March but price already come back down. Sure, costs will rise as they have said many times but current vals not demanding for a software company.

Six Flags Q1 revs (large client):

Q1 22: 138m

Q1 21: 82m (covid yr)

Q1 20: 103m

Rev 34% :arrow_up: from Q1 20. higher rev for clients = higher revs for Accesso. Cedar Fair had similar increase in revenue; another client.

Ok, it’s discretionary spend in an inflationary env. but it’s not the same as buying an iPad. People want to do things following a torrid past couple of lockdown years. Going to theme parks is cheaper than flying abroad. Avoid travel chaos. Helps their clients maximise profits. Support at 600p ish.

Yes, I’m biased so DYOR.

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