# TNT - Tesserent Limited



## System (15 February 2016)

Tesserent provides Internet Security-as-a-Service to a wide range of Australian and international customers, including education providers, corporate enterprises, and government customers.

Tesserent has also appointed a number of international resellers (Channel partners) that licence the MSSP Platform to deliver Security-as-a-Service to their own customers.

TNT listed on the ASX on 15 February 2016.

http://tesserent.com


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## Dona Ferentes (13 January 2020)

Well, this one didn't go off with a bang. Probably a good thing that no-one has showed an interest over the last 4 years. IPO'ing at 20c, TNT had dropped to 5c a share by the end of 2017, and has bounced along there until it announced a new Chairman, Geoff Lord, on Friday, after CoB. Then today, a Trading Halt in the afternoon, but not before putting on 1.3c or 29% during the day (mainly in the last hour before T/H).

Cause of all the fuss? The usual reboot, with an article in _AFR_ spelling out the new line:







> [Mr Lord] has set the ambitious goal of taking the company from $5 million in revenue to a $50 million revenue run rate by June 30. To achieve this, Mr Lord intends to shake up the company's management team, cut costs, continue its recent acquisition spree and achieve a positive cashflow. One of his first cost-cutting initiatives will be to ask board members to go without payment or incentives for the next 12 months. The company has already terminated all external consultancy services.





> "There's quite a detailed [turnaround] program and to be successful we have to implement the program  properly," he said."The most tangible showing of my faith [in the business] is the amount of money I've put in. We control about 80 million of the shares and own a sizeable portion."



Geoff Lord was founder of UXC (sold to Computer Sciences Corp in 2016) and currently Belgravia Group chief executive. 







> "I think [TNT] were victims of the technology bubble," Mr Lord said. "They thought that providing they were out there, the market would make an assumption about growth and would look after them. But you can't work that way. You have to work on delivering and letting the share price follow." "There was a lot of gross expenditure in the company. But we've taken out a few million now, like with the directors not being paid."




Tesserent's latest strategy is to buy up small cyber security players and form a larger business with a varied offering. It will be focused on the mid market. To date, Tesserent has acquired Melbourne-based Splunk partner Rivium for $3.2 million, the security businesses within ASX-listed PS&C Group for $16 million and is waiting on shareholder approval to buy Canberra-based security consulting firm north BDT for $5.3 million. Of the $50 million revenue target, Mr Lord believed Tesserent would be able to generate 25 per cent of the growth needed organically, while the remaining 75 per cent would come through acquisitions.

Now in Trading Pause. First the acquisition, then the Capital Raise?


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## Dona Ferentes (13 January 2020)

But things are changing in "cyber security land" (space?). The *Notifiable Data Breaches *scheme started in Feb 2018 and makes cyber breaches compulsorily reportable and subject to fines for non-compliance.

Consolidation in what is a rag-tag and sub-scale collection of providers of cyber security will follow as companies grapple with managing their risk exposure. Before, tech issues were managed by the IT department; now they are business risk issues that needs to be managed by the executive and board.

Perhaps a sophistication is needed for growth to come, and Mr Lord on the Board will bring experience + oversight to this company.


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## Dona Ferentes (14 January 2020)

And got an ASX speeding ticket. Response as follows:







> In the interview given by Mr Lord, he referred to his view that the targeted revenue run rate at 30 June 2020 should be $50m. This view is based on successful implementation of the Cyber 360 acquisition strategy adding further revenue, and the organic growth of the business.





> Mr Lord’s statements in the interview are his own personal view and are not a forecast that has been made by Tesserent in accordance with ASICR Guide 170. Therefore the statements should not be relied upon.



naughty, naughty. Ructions in the board to follow? And a spill?


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## Dona Ferentes (14 January 2020)

Back trading after TH and _Chairman's Letter to Shareholders_ released at 11am. He stated that $40mill revenue was achievable, a bit of a backpedal from yesterday's thought bubble. There was actually a trade or two under 6.0c before steady buying interest during the day..... Made it to 8.8c, but now below 8c with a bit of profit-taking, and some 27mill shares changing hands.


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## Dona Ferentes (17 February 2020)

seems to have digested the 'early leavers' efficiently, and pushing higher  (no recent news)


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## Dona Ferentes (20 June 2020)

up 18% with big volume driving it, on Friday.... probably as a response to the revelations of alleged 'state sponsored' cyber hacking


> A foreign government has escalated "malicious" cyber attacks against Australian businesses and government agencies including critical infrastructure, Prime Minister Scott Morrison has revealed.
> 
> Mr Morrison said investigations so far had found there had been no large scale breaches of personal data.





> Australian security agency chiefs and government officials have been actively monitoring the spike in domestic and global cyber hacking during the COVID-19 pandemic, and were working closely with Five Eyes and NATO countries reporting similar online threats.
> 
> Companies and state governments are being advised by the Australian Signals Directorate and Australian Cyber Security Centre on defence strategies to thwart the industrial-scale cyber hacking campaign.


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## Dona Ferentes (22 June 2020)

going by the maxim that "_no-one ever got fired for buying IBM_" ('80s corporate thinking), I'm tipping TNT for July. There's a big move into cyber security and thus Oz players such as TNT should do OK. In a field where there are numerous home-grown small to middling players, Tesserent has grown by acquisition, recently stating "_*our strategic goal [is] to become Australia’s #1 ASX-listed Cyber Security provider.*_"

'State players' are cited as increasing their attacks, and the Aust response has identified our National departments as fair but State govts and corporatised infrastructure (power, water, etc) are seen as being weak and vulnerable to attack.

From P1 of today's AFR, and building on PM Morrison's Thursday statement:
*Tough cyber security rules loom for business as attacks surge*
_A lack of minimum standards for cyber security is seen as a crack in the wall of the nation's defences

....x.x....x.x....x.x....._
".....also, as announced on 10 December 2019, we are expecting to be cash flow positive and profitable, delivering a forward revenue run-rate of $40m on a month-to-month basis by the June 2020 quarter"


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## Dona Ferentes (30 June 2020)

while the TNT announcement sounds positive, especially as Cyber Security and defence are in the news; it has 







> ... significantly strengthened its Canberra business in recent days through *north security | digital’s appointment to the Defence Industry Security Program* (DISP) together with a strong teaming agreement signed between Tesserent and McArthurAssociates Pty. Ltd.
> The Department of Defence’s DISP Program is a mandatory accreditation required by firms wishing to gain access to Defence security services. north’s appointment to DISP has significantly increased TNT’s opportunities and access to work within the Australian Defence industry.



I'm not sure opportunity is flowing just yet, as DISP membership doesn't imply business







> The Department of Defence, in consultation with industry, has reformed DISP to provide industry increased opportunities to work with Defence and easier access to Defence security services.
> 
> *Industry is now able to self-nominate* for DISP membership without the need for a Defence contract. Allowing greater access to DISP membership supports industry to become Defence-ready.



https://www.defence.gov.au/dsvs/industry/

All this as it may, it's probably news of Cyber security measures taken by the Govt and likely spending that has helped TNT rise 15% today (_one day ahead of the July comp start <grrrr>_)


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## Dona Ferentes (20 July 2020)

previously announced FY20 financial objectives have been met:
 - $40M rev run rate achieved (being revenue during the June 2020 quarter annualised).
 - EBITDA positive in June (unaudited, subject to audit)
 - Cash flow positive from operations in June (unaudited, subject to audit).

Also signed an agreement with its existing debt provider, PURE Asset Management (PURE), for a new $15M Facility. The new Facility replaces the Company’s existing $5m loan and has been struck on improved terms of 8.9% per annum, well below the current interest rate of up to 11.5%. The funds will be drawn down as required to *support earnings-accretive acquisitions (three of which are well progressed)*, as previously set out in TNT’s Cyber-360 Strategy.

(_don't hold, but is my July tip_)


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## Sdajii (20 July 2020)

I bought a couple of parcels of TNT earlier this month(first thing I've bought all year), very happy with today's announcement and price action. It looks like a symmetrical triangle played out (I was expecting this to play out this week after seeing it last week). It began just a few minutes before today's announcement, and not surprisingly after the announcement hit the technical target of 10c. As expected, profit taking is going on, but with this announcement and what it implies for next week's quarterly, we should consolidate between 9-10c (unless we do better) and hopefully head further early next month after the report.


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## Dona Ferentes (22 July 2020)

https://www.homeaffairs.gov.au/cybe...s/2020-cyber-security-strategy-iap-report.pdf



> The 56-page report calls for increased government investment in the Joint Cyber Security Centre program. Federal agencies spend on average about 6 per cent of their ICT budget on security. Leading jurisdictions, such as Singapore and Israel, spend about 10 per cent.
> The panel also said there was a clear need for a mechanism between industry and government for real-time sharing of threat information, beginning with critical infrastructure operators. "The government should also empower industry to automatically detect and block a greater proportion of known cyber-security threats in real time."..


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## Sdajii (22 July 2020)

Amazing action over the last few days!

I've chosen TNT for the August competition. The timing might not be perfect as we're getting so much appreciation late in the month, Dona Ferentes may well win July (fingers crossed for you!), but things are looking very positive.

Cybersecurity is obviously an area which is increasingly in focus and presumably will continue to grow. TNT is the largest cybersecurity gig on the ASX, recently announced it became cashflow positive with a very favourable financial position implied (the details of the quarterly next week will be critical, and if they're as good as the recent announcement implies we should get another rerate early next month) and the technicals are looking fantastic, other than perhaps the rise being overextended; I'm up over 50% and only started buying recently, I bought my most recent parcel less than a week ago and it's up 64%, so profit taking becoming an issue is likely, but having said that volume has been huge so profit takers are largely being dealt with.


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## wabullfrog (23 July 2020)

Another acquisition

"Tesserent Limited (ASX:TNT) is pleased to announce the strategic acquisition of Seer security’s Melbourne and Canberra-based businesses with the signing of a binding Share Purchase Agreement executed between both parties."

https://www.asx.com.au/asxpdf/20200723/pdf/44ks150zb7xh1d.pdf


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## Dona Ferentes (23 July 2020)

- Acquisition servicing Federal Government departments and agencies (including Defence and Law Enforcement agencies) 
- Tesserent now Canberra’s largest pure cybersecurity provider 
- Acquisitions targeting the newly announced $1.35B “Cyber Enhanced Situational Awareness and Response” budget 
- Immediately revenue and earnings accretive with FY20 revenue of $7.6M and $2.2M EBITDA 
- Significant fixed long-term contracts with multiple Federal Government departments and agencies

_... the first of three that were telegraphed as 'in progress'. _


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## Sdajii (23 July 2020)

This acquisition is brilliant and clearly sets us as the dominant player in this rapidly growing industry. It's also just the first of three promised acquisitions!

Amazing reaction from the market, we were already up around 50% for the week and today a further 25% or so. I'm absolutely rapt, I just bought in this month, my first purchase of the year and it's already a double bagger for me.

Congratulations in advance to Dona Ferentes for winning the July tipping contest


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## Purple XS2 (23 July 2020)

Sdajii said:


> Congratulations in advance to Dona Ferentes for winning the July tipping contest




(cough). Many a slip twixt cup and lip.
As for Tesserent, I remember looking at them a long while back. Haven't taken any further interest.
I did once upon a moon work for a entity that was assimilated into the Borg of the empire run by Mr Geoff Lord. Perhaps that jaundiced my opinion.


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## Dona Ferentes (23 July 2020)

Purple XS2 said:


> (cough). Many a slip twixt cup and lip...



should I give up drinking?


Purple XS2 said:


> As for Tesserent, I remember looking at them a long while back. Haven't taken any further interest...



I don't hold TST; just a tip in a Monthly. Serendipitous timing (so far).

Having had a job (!) in financial services, and see the change over the years as tech got more complex, multiple software each doing a function but needing to get data feeds, platforms needing maintenance, clients migrating from postal system to accepting online, the commensurate demands of IT were always problematic. It was either have someone in-house who had the IT smarts and got the feed, the patches https://www.cyber.gov.au/acsc/view-all-content/alerts/small-and-medium-businesses
or a small outfit that was local that could fulfil both hardware and software upgrades, or a big corporate.

None were entirely satisfactory, but the cost of being down or, worse, compromised, was worse. Ultimately, like many things, it is all about relationships. And speed of reaction. Usually, the upgrades would happen overnight (don't get a job in FinTech IT if you want your weekends free !!). The Corporates failed on the service, the billing was opaque, there was no sense of a value proposition. But the smaller, neighbourhood outfit (some which have grown and are now TNT targets) could be stretched and, often, the competent person would be poached elsewhere. Tricky space. Trying to find the optimal provider was fraught.

(( Sadly, Mr Lord and govt departments are made for each other))

(_DNH_)


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## jbocker (23 July 2020)

TNT. That's appropriate the price went bang today for you Dona in the tipping competition! well picked.


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## barney (27 July 2020)

Sdajii said:


> my first purchase of the year and it's already a double bagger for me. Congratulations in advance to Dona Ferentes




Your shout  @Sdajii   Nice when they behave quickly!

I've been preoccupied and not reading enough ASF lately. Well done @Dona Ferentes . Good call


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## Dona Ferentes (27 July 2020)

barney said:


> Your shout  @Sdajii   Nice when they behave quickly!
> 
> I've been preoccupied and not reading enough ASF lately. Well done @Dona Ferentes . Good call



EXR nipping at heels but TNT holding up still


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## Sdajii (27 July 2020)

barney said:


> Your shout  @Sdajii   Nice when they behave quickly!
> 
> I've been preoccupied and not reading enough ASF lately. Well done @Dona Ferentes . Good call




Usually I would happily should a round of drinks or take a (cute) friend for a night out or something to celebrate at a time like this, but in hard lockdown I'm forced to enjoy my favourite foods at home alone! Over the last few days I've bought some gifts for some friends who have been doing it tough lately (plus my friend who initially pointed me in the direction of TNT, asking for my input - unfortunately he became extremely overburdened with work and didn't buy when I was jumping up and down saying I was buy buy buying at 7.6c, and he missed the train!), but it's not quite the same as doing it in person. Still, half of this problem is something I'm very happy to have.


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## barney (27 July 2020)

Sdajii said:


> Usually I would happily should a round of drinks or take a (cute) friend for a night out or something to celebrate at a time like this, but in hard lockdown I'm forced to enjoy my favourite foods at home alone!




Yep, understand.  Difficult times.

Good trade just the same and hopefully added a zero or two to the trading account


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## Sdajii (28 July 2020)

barney said:


> Yep, understand.  Difficult times.
> 
> Good trade just the same and hopefully added a zero or two to the trading account




It has indeed added a zero! It needs to run a very long way to add another zero, unforunately! But hey, it may be within the realms of possible.


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## Dona Ferentes (30 July 2020)

as posted elsewhere by Mick (Mullokintyre) when talking about WHK; I've got a feeling it's pretty fair comment for what passes for cyber security practice everywhere; from his mate working in IT:







> It's a really hot market right now because so many IT departments have been asked to turn their sticky tape local networks into remote work hubs with flawless VPN access over a 100mb cable line that cuts out at 60% humidity and surprise surprise it's [eff'n] hard. I can't see many *sysadmins* earning $60k to maintain a local network putting their hand up to take on cybersecurity without double the pay, so they get externals in. Also employees will be sharing everything over the internet instead of locally, so every company is now at risk of GDPR and PCI breach: even if they were compliant, their policy is now completely irrelevant because it all assumes working from the office.





> The trick is the auditors don't actually fix the issues they find: they turn around and sell bog standard cyber insurance wrapping in a shiny fintech coating. It's very easy to sell insurance to the C levels when it's a lot cheaper than *finding and paying good techs to actually do the work*. I reckon companies like whitehawk promising flexible contract auditing can specialise in writing automated audit software just designed to spit out scary reports, and leave someone else higher paid to actually implement. It's basically the _airtasker of security_, hoovering up all the easy cheap work and leaving real jobs for real professionals.
> 
> I see a lot of the same in my industry with performance testing: digital marketing firms will pump out automated 100 page audits of all the issues wrong with a site, then when asked to fix them say 'we don't do that, go employ a developer'. They milk it for six months or so while the developers trawl through all the [bulldust] 'issues' that have a 0.001% effect on traffic while the agency takes low hanging fruit. The poor companies just don't have the technical skills to call [bulldust], and are terrified of the cost of employing someone who can, so they rinse and repeat the cycle.
> 
> Could be another source of insurance crisis in the making, a'la GFC: everyone kind of knows web security is a house of cards, all it would take is one big breach to bankrupt the lot. I've never once seen or heard of a company take full PCI compliance over cyberinsurance, it's all insurance all the way down to avoid upfront costs. They all treat it like it's only for 'real' e-commerce companies, except they don't realise they are one: everyone is now.


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## Sdajii (20 August 2020)

After a spectacular rally, TNT looks like it may be running out of steam. Long term I'm as bullish as ever for fundamental reasons, but the chart is looking uncertain. A lot of the heavy volume including the company's highest ever volume day recently was below the current price. The trendline which was holding up well was broken yesterday. I'm not sure what will happen short term now. When we broke the trend yesterday I sold most of my holding and bought back today plus a few more (threw the same money back in and increased my holding) which it looked like the candle would disappear, which it did. Interesting watching short term, or IMHO a good stock to have in the bottom drawer long term.


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## Sdajii (20 August 2020)

The following is in response to a post about TNT's fundamentals in a technical thread, so I thought it would be worth posting here:

I bought in last month when I accidentally stumbled across it, and all the pieces really seemed in place. As an industry, cybersecurity seemed like something obviously worth a look; it's obviously something which is on an upwards trend as computers/IT is only becoming an ever-increasingly large part of our lives. The Wuhan virus has put so much more internet use into our lives all of a sudden with people either working from home/remotely, or out of work and online all day, plus more online shopping rather than going to physical shops, etc etc etc. A lot of this will be permanent. We also have a deteriorating political situation, with international tensions rising and the threats of cyberattacks being larger than ever and ever-increasing.

TNT specifically was looking like emerging as the biggest fish in the Australian cybersecurity pond, and that seemed like a good thing to jump on given the likely sector growth, and it hadn't yet taken off. My timing was brilliant with a triple bagger coming my way within the next 2-3 weeks (since pulled back but still well over a double bagger for me). On a P/E basis TNT looks extremely cheap, and has indicated two more significant acquisitions coming (it indicated three and has already announced one of them, which triggered one of the big jumps). We should be added to the tech index on the next rebalance which should bring insto buying and more exposure. Plus all the government funding being thrown at cybersecurity this year, it seemed crazy that it hadn't already raced up when I bought in around 8c. I still think it has a long way to go, but regardless of the fundamentals, any rally is at risk of a pullback if it gets ahead of itself. I'm very confident there will be another good entry point coming up, whether that's if it takes a tumble or if it sets up for another breakout. As a fundamental investment I think it's good anywhere near the current price.


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## tech/a (21 August 2020)

With all due respect.
I often see this type of discussion instigated when 
Punters are un sure of their opinion and position
In a trade. I see long term argument to hold and
Short term reasoning to sell.

While a fundamental thread technically this stock has 
Switched from bull to bear. 

Pick your timeframe 
Position size to suit your trading plan.
Know where and when your analysis both technical and 
Fundamental is wrong.
No stock should be a bottom draw stock unless it is way
In the money and long term bullish.
It’s fine to be wrong —- how long you stay wrong is the key.

Losing trades cost from capital loss AND opportunity cost.
A double whammy!
Bottom draws are TWICE as costly as taking a loss!

Just saying.


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## Sdajii (21 August 2020)

tech/a said:


> With all due respect.
> I often see this type of discussion instigated when
> Punters are un sure of their opinion and position
> In a trade. I see long term argument to hold and
> ...




Not sure why you feel the need to say 'with all due respect' when you've basically just agreed with what I was saying (long term bull, short term bear/unsure). Incidentally, I'd love your analysis on the chart and what bearish target you might be able to glean.

The bit where we partially disagree: having stuff in the bottom drawer. If you know what you're doing and you are watching it like a hawk, sure, that's basically true. If you have no ability or desire to understand the technicals and/or no ability or desire to check your portfolio frequently because you're busy or it's stressful for you or for whatever other reason, but you have a very strong grasp of the fundamentals, it does make sense to put something in the bottom drawer long term. There are also tax reasons to keep something in the bottom drawer. Many people freak out and get quite emotional/irrational when it comes to making quick decisions with money, and they're prone to doing silly things under pressure. Look at the majority of people who first try to trade on the share market and you'll see great examples. Most people don't get past this and so most people don't make good traders, but some may still want to invest long term if they know something has good fundamental value. Most people don't make investing anything like as big a part of their thoughtspace as you do, so what works for them will be different, and of course they may not get the same returns you do, but it allows them to focus on other areas of their lives more than would be possible if they tried to focus on something they don't like, aren't good at and would stress them and probably cost them a lot of money.


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## tech/a (21 August 2020)

Sdajii said:


> Not sure why you feel the need to say 'with all due respect' when you've basically just agreed with what I was saying (long term bull, short term bear/unsure). Incidentally, I'd love your analysis on the chart and what bearish target you might be able to glean.
> 
> The bit where we partially disagree: having stuff in the bottom drawer. If you know what you're doing and you are watching it like a hawk, sure, that's basically true. If you have no ability or desire to understand the technicals and/or no ability or desire to check your portfolio frequently because you're busy or it's stressful for you or for whatever other reason, but you have a very strong grasp of the fundamentals, it does make sense to put something in the bottom drawer long term. There are also tax reasons to keep something in the bottom drawer. Many people freak out and get quite emotional/irrational when it comes to making quick decisions with money, and they're prone to doing silly things under pressure. Look at the majority of people who first try to trade on the share market and you'll see great examples. Most people don't get past this and so most people don't make good traders, but some may still want to invest long term if they know something has good fundamental value. Most people don't make investing anything like as big a part of their thoughtspace as you do, so what works for them will be different, and of course they may not get the same returns you do, but it allows them to focus on other areas of their lives more than would be possible if they tried to focus on something they don't like, aren't good at and would stress them and probably cost them a lot of money.




*Most people* invest like this ------.
*No idea of analysis of any thought.* That's why they invest in ETF's and see 
Financial Planners.
They hear that CBA or BHP or Whatever is a good thing so they throw some money at it.
Worse they dont even know what it is they are buying (Mind you nor do I but I trade.
I dont need to know. ). If investing I need to know but not to the "Nth" degree.

So generally what happens is once any loss becomes too painful to crystallize it goes
in the file away for ever draw. Sometimes they get lucky from the get go
Sometimes lucky to recover losses.
But this isn't investing its thoughtless use of spare funds.


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## barney (21 August 2020)

Sdajii said:


> I'm very confident there will be another good entry point coming up, whether that's if it takes a tumble or if it sets up for another breakout.




Agree.  At a glance it looks to be behaving pretty normal for a fast mover.

Up almost 500% from recent lows (July 0.006) to a high around 29 cents

Current retrace/profit taking as expected 25% from recent High (29-22 cents)

A 30% retrace would bring it back to around 19-20 cents. 

If the fundamentals stack up (I don't know enough to comment), that is the region I would prefer to start accumulating but it may not retrace that far/unknown yet.

If the FA and TA marry up, I think it always makes for a stronger trade long term but everyone has a different financial position to determine whether they hold through the bumps or cash in and pay the taxman his pound of flesh

Either way, nice little earner @Sdajii


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## Sdajii (21 August 2020)

tech/a said:


> *Most people* invest like this ------.
> *No idea of analysis of any thought.* That's why they invest in ETF's and see
> Financial Planners.
> They hear that CBA or BHP or Whatever is a good thing so they throw some money at it.
> ...




Maybe we're talking about different things when we say bottom drawer? I definitely agree that if you have no idea what you're doing, no idea of fundamental value and you simply heard someone say company x was good value, or you made a guess, and the price goes down, that in itself is not a good reason to put it in the bottom drawer, and yes, that will often cause you to lose more money than taking the hit and selling out at a loss. I was saying that if you're sufficiently sure about the fundamental value and you don't want to pay attention to the short term movements, it's okay to hang on to something and wait for true value to catch up. Obviously someone like you who is a strictly technical investor would never do it, but there are different strategies which work for different people.

Just as an example of different investor mentalities, the person who first told me about TNT is not an investor. One of those people who has a great job, makes a pile of money, is very immersed in his corporate role, and says he wants to get into investing. He basically hears people talk about various stocks, and buys some of them, mostly on the basis of 'Person x got the last one right, they must know what they're doing, now like like stock Q and just bought, so now I will buy Q'. Not surprisingly this isn't working for him, and he is a little frustrated. I first bought TNT at 8.6c saying I thought it didn't look like a technically good entry but the fundamentals looked like they were about to shoot the share price, he asked me to tell him when I thought it was a good technical entry. A couple of weeks later I said it was a fantastic entry at 7.5c and I'd just doubled my holding at 7.5c (I saw a symmetrical triangle with a target of 10c), he figured I didn't know what I was doing because I just bought at 8.6c and was now telling him to buy at 7.5c, it was on the way down. The next day it hit 10.5c. He kicked himself. This was just last month. Not much later, I was seeing another symmetrical triangle, I was jumping up and down buying at 19c and saying it was a good technical entry with a target of 27.5c. He thought I was silly because I hadn't been saying buy between 10.5 and 17, but suddenly at 19c I was all about buying more. 3 days later it exceeded my 27.5c target. At this point he thought I was a genius who could predict anything and asked when he should buy. I said at this point I have no idea, he thought I was being modest and coy. He kept asking when to buy until I said something like "I think the fundamentals are good, it might be okay, it's difficult to say" at 26c and he bought in based on that. Then when I traded out at 23.5 he panicked and sold out. I bought back yesterday for 22.5 and told him, but the whole ride was just too terrifying and he is staying out, feeling confused and bewildered, upset about missing out, still pleading for me to tell him when to buy in, and I'm pretty sure if I said I was confident it was a good time to buy he'd hesitate until it started to go up then buy in ignoring the fact that I think the rally is about done. Totally true recent story here, not just an hypothetical example. For someone like him, watching closely and trading in and out is obviously just not a great idea, and more of a bottom drawer approach would be better. I don't mean 'irrationally hold it regardless of any new evidence', I just mean 'don't panic yourself and try to trade in and out because you'll just burn yourself'. Rather than a huge gain my friend is now on a small loss, and attempting to trade will just cause him to continually make small losses, maybe some small gains, and a lot of frustration. I think his psychology is quite common.


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## barney (21 August 2020)

Sdajii said:


> Rather than a huge gain my friend is now on a small loss, and attempting to trade will just cause him to continually make small losses, maybe some small gains, and a lot of frustration. I think his psychology is quite common.




Yep .... Really good traders seem a fairly uncommon commodity, and over trading due to micro managing can keep a punter poor for sure. 

The "Kenny Rodgers" indicator should always be part of a punters arsenal, but the KR stop loss point is different for everyone's individual trading "plan" of course. 

Back to TNT .... Going ok today. Price action consistent with forming a consolidation range. I'd be backing a 23 cent close


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## tech/a (21 August 2020)

Sdajii

Will have a closer look over the W/E
But agree with your observations.
We all have friends like that.

'I used to be in decisive now Im not so sure".


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## Garpal Gumnut (21 August 2020)

barney said:


> Yep .... Really good traders seem a fairly uncommon commodity, and over trading due to micro managing can keep a punter poor for sure.
> 
> The "Kenny Rodgers" indicator should always be part of a punters arsenal, but the KR stop loss point is different for everyone's individual trading "plan" of course.
> 
> Back to TNT .... Going ok today. Price action consistent with forming a consolidation range. I'd be backing a 23 cent close



That is a coincidence. I was thinking of the Kenny Rogers dictum just before I opened this thread. 

gg


----------



## Sdajii (21 August 2020)

tech/a said:


> Sdajii
> 
> Will have a closer look over the W/E
> But agree with your observations.
> ...




Thanks for taking the time to look at it, I'd be very interested in your thoughts.

As for what gets put in the bottom drawer, it sounds like we're on the same age but there was just some miscommunication. It's never ideal, but depending on what you mean by it (and maybe I'm not using the term in the way it's 'supposed' to be used?) it can be the best option for some people.

TNT is actually having a fairly good day today, currently up 6.7% and earlier was up 10%. Looking like we'll end the week on a nice green candle which it a welcome relief after the first four days were red.


----------



## tech/a (22 August 2020)

First a few things with regard to technical analysis.

(1) In every time frame T/A on a chart has an expiry both in time and validity.
(2) T/A is a graphical depiction of participant behavior over a period of time.
(3) The best you can expect from T/A if you are proficient is to be able to *anticipate *a move.

3 things will happen.
(1) It will move exactly how you anticipated through your analysis.
(2) It will do nothing
(3) It will move counter to your anticipated move through your analysis.

Technical analysis is *DYNAMIC* ---Fluid--- see (1) at the top.
T/A builds stories,adds to stories or ends stories on your chart.
a T/A indicator is *NOT* a signal --- at best it is an indication of what is happening in the *NOW.
*
Technical analysts should strive to be excellent decoders of the chosen indicators they use to read their charts in the pursuit of anticipating opportunity.
They should then understand *HOW* to take advantage of the opportunity while *mitigating risk*.

*TNT*

*




*


----------



## over9k (22 August 2020)

tech/a said:


> So generally what happens is once any loss becomes too painful to crystallize it goes
> in the file away for ever draw.




"A long position is simply a short position that failed".


----------



## Dona Ferentes (26 August 2020)

as telegraphed  earlier:
_*Acquires Airloom kicking off Phase 2 of acquisition strategy*_

_Airloom is a Sydney-based cybersecurity firm with a focus on security architecture and supporting organisations secure their journey to the cloud. The firm has a strong management team and an excellent operating record, with FY20 gross revenue in excess of $27M. Airloom is immediately earnings, cash flow and EPS accretive to the TNT Group, having achieved in excess of $2.7M EBITDA in FY20. Strong revenue and earnings are expected to continue into FY21. Importantly, the firm’s financial position is underpinned by multiple locked-in recurring multi-year annuity-based contracts. _

_The acquisition is fully funded through Tesserent’s Acquisition Debt Funding Facility with PURE Asset Management (announced 20 July 2020). The consideration for the acquisition of Airloom is a mix of cash and TNT shares, being $6M cash and 40M shares, issued at a 30-day VWAP, subject to any necessary shareholder or other regulatory approval. The cash payment will be split over two payments, with $5M payable on completion and $1M upon achieving agreed key financial milestones_.   

The


----------



## Dona Ferentes (28 August 2020)

and another one

_- Tesserent strengthens position as Canberra’s largest pure cybersecurity provider with  significant talent acquisition 
 - Industry-renowned cybersecurity expert and his team join TNT’s Canberra operation  
- Ludus is the second acquisition in phase 2 following on from Airloom announced on the  26th of August 2020  
- Tesserent now one of only three suppliers delivering full-service capability targeting  $1.67B Federal Government cybersecurity funding package  
- Acquisition immediately earnings and cash flow accretive_

Ludus achieved in excess of $1.2M revenue and $350K in sustainable  earnings in FY20, with strong revenue and earnings forecast for FY21. Importantly, the firm’s financial position is underpinned by multiple locked-in federal government contracts, and Tesserent  expects to achieve strong financial growth from synergies as Ludus is integrated into North Security. 

The acquisition is fully funded through Tesserent’s existing cash reserves. The consideration for the  acquisition of Ludus is a mix of cash and TNT shares, being $536K cash and 4.3M Shares issued at  22.41 cents per share, subject to shareholder approval if required prior to completion


----------



## Dona Ferentes (31 August 2020)

accounts out:
_FY20 saw Tesserent become Australia’s #1 ASX-listed cybersecurity firm primarily as a result of several substantial acquisitions, a strategy led by TNT’s new Chairman, Geoff Lord, appointed in January 2020. Since this date, several important organisational changes and strategic acquisitions have led to exponential business growth, creating shareholder value in a number of key areas including a significant uplift in market capitalisation and share price. As a result of these acquisitions and organisational changes, significant upfront, one-off costs were incurred without the full-year financial benefits being recognised in the FY20 statutory accounts. The FY20 statutory results are therefore backward-looking and are not a current reflection of the Company’s current or go-forward financial position. 
_
so, we have to wait and watch...

_Including the new acquisitions, at the time of publishing this document, the Company: 
 has an FY21 forward gross revenue run-rate of circa $80M 
 is cash-flow positive; and, 
 is operationally profitable on a month to month basis 
 has an ambition to get gross revenue run-rate to in excess of $100M by December 2020.   

The additional acquisitions are fully funded using the Company’s Pure Asset Management Debt Facility (announced 20 July 2020).  In addition, the Company has in excess of $6M in further cash reserves. 
*Key Highlights *
● *FY20 Financial Objectives achieved: *
○ $43.8M Revenue per annum run rate achieved in FY20 
○ Achieved quarterly EBITDA profitability for the FY20 June quarter 
○ Cash flow from operations positive during the FY20 June quarter 
● *Acquisitions*: 
○ Phase 1 Acquisitions Completed: - Rivium (completed FY20) - Pure Security (completed FY20) - North Security (completed FY20) - Seer Security (completed FY21) 
○ Phase 2 Acquisitions Announced: - Airloom (SPA signed FY21) - Ludus Cybersecurity (SPA signed FY21) 
● *First Acquisition Integration milestones achieved, *including: 
○ First cross-sales achieved 
○ Single Finance Platform, Oracle NetSuite, rolled out across the Group  
○ Rivium and the Tesserent MSSP/SOC absorbed into Pure Security _


----------



## Sdajii (1 September 2020)

Gross revenue run rate to $100M this calendar year! They're setting a track record of meeting or exceeding guidance. Even if they miss by a small amount, a run rate of $100M gross revenue in a company which currently has a market cap of around $170M looks very promising. Plus there is the inevitability of sector growth which will be ongoing for years.


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## Dona Ferentes (24 September 2020)

TESSERENT ACQUIRES IQ3, A MAJOR PRIVATE CLOUD PROVIDER FOR SECURE DATA  

 - Secure Cloud Services provider with $25M turnover delivering sustainable EBITDA of $3M
 - Significant synergy benefits and cross-sell opportunities 
- TNT achieves $100M gross revenue annualised run rate well before December target
 - Acquisition is immediately earnings, cash flow and EPS accretive


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## Telamelo (24 September 2020)

*Tesserent Limited TNT* announced acquisition of iQ3 for a cash deal including TNT shares @ 0.2496c (currently TNT is trading @ 0.23c).

- Secure Cloud Services provider with $25M turnover delivering sustainable EBITDA of $3M
- Significant synergy benefits and cross-sell opportunities
- TNT achieves $100M gross revenue annualised run rate well before December target
- Acquisition is immediately earnings, cash flow and EPS accretive

Strong revenue and earnings are expected to continue into FY21. Importantly, more than 70% of iQ3’s revenue comes from multiple recurring multi-year annuity-based contracts. The TNT Group now has
in excess of $30M annual recurring revenue from multiple locked-in multi-year contracts.

The consideration for the acquisition of iQ3 is a mix of cash and TNT shares, being $8.6M in cash and
34.6M shares issued at $0.2496 per share. The cash component is fully funded from existing cash reserves being $4.3M on completion and four deferred quarterly payments of $1.07M over a 12-month period.

Synergy Benefits and Opportunities

By introducing iQ3 into the Group, there are considerable Cyber 360 cross-sell and up-sell opportunities at a customer, geographic and solution level. Tesserent envisages significant sales opportunities for iQ3 Secure Cloud Services to existing TNT Group customers, whilst selling the Group’s core services to iQ3 customers in Australia and Singapore.

There are also notable benefits associated with iQ3’s ISO-certified Network Operations Centre (NOC) and TNT’s existing ISO-certified Security Operations Centre (SOC) in relation to the delivery of associated Cloud, Connectivity and new Managed Security Services capabilities.

In addition, the Company sees an immediate opportunity to leverage State and Federal Government
relationships and capabilities within the Group, particularly North, Seer, Ludus and iQ3.

Mr Humphreys commented; “Joining Tesserent is a natural strategic evolution for iQ3. The delivery of
cloud services is becoming more and more security-centric and we now have the ability to significantly
grow the business by providing our clients with that end-to-end secure cloud and cybersecurity solution they’re looking for”.

Julian Challingsworth, TNT’s CEO, commented; “The addition of Secure Cloud Services into our Cyber 360 strategy creates substantial opportunities, particularly as organisations transition to mobile and remote workforces as a result of COVID-19. We have already been providing tactical advice to our clients in this area, so enabling these services is a natural next-step for Tesserent.”

Mr Challingsworth added; “The models deployed by Cloud and Data Management firms like Megaport
who are realising multi-billion dollar market caps through the deployment of smart technology with
comparative annual recurring revenue to TNT are very interesting to us”.

https://www.marketindex.com.au/asx/tnt

Please DYOR .. Cheers tela


----------



## Telamelo (24 September 2020)

Telamelo said:


> *Tesserent Limited TNT* announced acquisition of iQ3 for a cash deal including TNT shares @ 0.2496c (currently TNT is trading @ 0.23c).
> 
> - Secure Cloud Services provider with $25M turnover delivering sustainable EBITDA of $3M
> - Significant synergy benefits and cross-sell opportunities
> ...



Favourable acquisition of iQ3 now brings onboard 24 NSW Government entities.

*‘A natural next-step for Tesserent’*

The company said the acquisition materially complemented its existing  strategy and marked a significant step forward in its ability to provide a full end-to-end cyber service.

It also anticipates cross-sell and up-sell opportunities.

“The addition of Secure Cloud Services into our Cyber 360 strategy creates substantial opportunities, particularly as organisations transition to mobile and remote workforces as a result of COVID-19,” said CEO Julian Challingworth.

“We have already been providing tactical advice to our clients in this area so enabling these services is a natural next-step for Tesserent.”


----------



## Telamelo (24 September 2020)

Telamelo said:


> Favourable acquisition of iQ3 now brings onboard 24 NSW Government entities.
> 
> *‘A natural next-step for Tesserent’*
> 
> ...



_Cyber Security solutions provider, Tesserent Ltd (TNT) is expected to see strong demand for its products and services, from both its enterprise and government clients.

This is a result of increasing attacks from sophisticated State-basedActors and other malicious parties, including Hacktivists and Cybercriminals.

The company's Cyber 360 acquisition strategy, has boosted its annual revenue run rate to $80m and expanded capabilities, making it the largest ASX-listed Cyber Security provider and a one-stop-shop for Cyber Security solutions, with Tesserent targeting a run rate of $100m in revenue by the end of FY21.

Having acquired 6 Cyber security providers, sales and earnings growth potential from unlocking synergies is significant.

Numerous additional acquisition opportunities also provide Tesserent with strong prospects for accelerated revenue growth. We initiate with a BUY recommendation on Tesserent Ltd (TNT) with a 12-month target price of $0.40 per share (54% upside on Thursday's close).

Initiation Report attached._
Tesserent (TNT)-Initiation Report-CurranCo.pdf


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## Telamelo (25 September 2020)

Telamelo said:


> _Cyber Security solutions provider, Tesserent Ltd (TNT) is expected to see strong demand for its products and services, from both its enterprise and government clients.
> 
> This is a result of increasing attacks from sophisticated State-basedActors and other malicious parties, including Hacktivists and Cybercriminals.
> 
> ...



Tesserent Ltd TNT forms bullish "Continuation Wedge" chart pattern
Sep 24, 2020

Trading Central has detected a "Continuation Wedge (Bullish)" chart pattern formed on Tesserent Ltd (TNT:ASX).

This bullish signal indicates that the stock price may rise from the close of 0.23 to the range of 0.30 - 0.32.

The pattern formed over 16 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.


----------



## Telamelo (26 September 2020)

06/08/20
The Australian Government is investing $1.67 Billion in its 2020 cyber security strategy which it says will protect and strengthen the security and resilience of Australia’s critical infrastructure, and ensure law enforcement agencies have the powers and technical capabilities to detect, target, investigate and disrupt cyber crime – including on the dark Web.

https://www.itwire.com/security/aus...ew-$1-67-billion-cyber-security-strategy.html

The integration of the recent acquisitions by Tesserent TNT to capitalise on operational synergies and streamline sales and deliveries will underpin the company's earnings growth.

Tesserent will then focus on capturing further market share in three key sectors: government (including defence), critical infrastructure and banking & finance.

If acquisitions and growth can continue at a sustainable pace, the company seems well set on its way to cementing its place as the number one end-to-end, pure cybersecurity firm on the asx.


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## Telamelo (30 September 2020)

Telamelo said:


> 06/08/20
> The Australian Government is investing $1.67 Billion in its 2020 cyber security strategy which it says will protect and strengthen the security and resilience of Australia’s critical infrastructure, and ensure law enforcement agencies have the powers and technical capabilities to detect, target, investigate and disrupt cyber crime – including on the dark Web.
> 
> https://www.itwire.com/security/aus...ew-$1-67-billion-cyber-security-strategy.html
> ...



TNT nice green candle today.. tesserent website makes reference to another quality 'positive cash flow' acquisition in the near term pipeline schedule so announcement could come any day now imo


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## Telamelo (30 September 2020)

Full Year Accounts Highlights:
- $105M rev run rate achieved (ahead of schedule)
- $8.8M EBITDA inc notional full year from acquisitions
- Revenue coming from 60% Government, 25% Enterprise and 15% Critical Infrastructure
- Nice chart showing the breakdown of products and services sold.
- The exploration of international partnerships with USA, UK, Canada and NZ (i.e Five Eyes Allies).
- Ambitions to get revenue to $150M+ by June 2021 (that is progressing well on track already)
- Cashflow positive for the first time in the company's history in June.
- $11M in new MSS deals for FY19
- Will continue to acquire businesses that compliment TNT. I hope that will include a DFIR capability, especially one based in ACT.
- An office in Singapore could prove quite strategic for eventual sell-off.
- Complete financial integration onto Oracle NetSuite. Great for accurate reporting and customer perceptions (i.e. less complexity). And as the report states, ability to integrate new businesses quickly and easily and lower transaction costs.

Seriously impressive progress by Tesserent in only these past 9 months (especially given Covid-19) so next 4C report due in 3-4 week's time should be a beauty.

Cheers tela


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## Telamelo (1 October 2020)

*TNT* @ 0.235c +6.82% on massive line wipes @ 0.225c/0.23c here we go!  happy day's ahead


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## Sdajii (20 October 2020)

TNT is continuing to chalk up milestones, delivering/exceeding on guidance and setting attractive future goals. Unfortunately I was busy and missed tipping TNT for October (I would have currently been in second place if I had) but as a very happy holder seeing the price go from 22c to today's close of 35.5c I'm not hurting too much! I topped up early in the month at 22c on the brief dip when Trump was diagnosed with a mild fever, which turned out to be a lovely move.

Revenue run rate now over $100 million and climbing
Many more aquisitions than expected with two more expected to be announced soon. TNT has indicated that they will be earning accreditive.
The quarterly due out in a few days should be excellent, it'll give them a good opportunity to articulate all the recent positive developments and give us an updated figure of the revenue run rate. Some of the recent developments and goals/company vision were outlined in a recent online conference, which probably contributed somewhat to the splendid rally over the last four sessions (which followed another recent rally) and I expect the market will react further when this and more is put into the quarterly.
Once synergies between the acquired companies are demonstrated, I'm sure the market will really love it, but that probably won't be demonstrated well until mid to late next year. Having said that, there's plenty which the market will love before then. This is definitely a company worth a close look.


----------



## Sdajii (20 October 2020)

If anyone is interested, here's a video uploaded from the investor conference a few days ago. TNT CEO Julian Callingsworth discusses various aspects of the business and answers some questions.


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## Sdajii (21 October 2020)

Today we see yet another fresh all time high for TNT! That's four days in a row! Very happy holder here!


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## Dona Ferentes (21 October 2020)

Sdajii said:


> Today we see yet another fresh all time high for TNT! That's four days in a row! Very happy holder here!



yep, it is doing really well:
_1. New Federal, State and Local Government contract wins across the Group in excess of $6M in the September quarter 
2. The Group retained 100% of existing Federal Government clients with most contracts extended through to the end of the calendar year and beyond 
3. Significant enterprise contract wins in aggregate in excess of $4M in the month of September with large Financial Services, Insurance, Advertising and Media organisations _
_4. Continued growth of the firm’s annual recurring revenue streams from new and existing locked-in annuity contracts now in excess of $30M per annum _

And I can see why they are establishing in Canberra, big time (from AR9 Quarterly):
_During the quarter, the Australian Government committed to the following funding initiatives to mitigate the growing threat to Information and Cyber Security: _
_• $270b of funding to Department of Defence, including $15b over the next decade to cyber and information welfare capabilities; and,_
_• $1.67b over the next decade to Australia’s Cyber Security strategy. _


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## over9k (21 October 2020)

Watching this for a pullback. I'm in if we get one.


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## Sdajii (21 October 2020)

Dona Ferentes said:


> yep, it is doing really well:
> _1. New Federal, State and Local Government contract wins across the Group in excess of $6M in the September quarter
> 2. The Group retained 100% of existing Federal Government clients with most contracts extended through to the end of the calendar year and beyond
> 3. Significant enterprise contract wins in aggregate in excess of $4M in the month of September with large Financial Services, Insurance, Advertising and Media organisations _
> ...




I haven't read the AR9 quarterly, but have been following how much federal funding is being put into cybersecurity, and wondering exactly how it'll affect TNT. I'm really not sure. It's clearly a huge growth sector and with TNT being the biggest player on the ASX it's something worth looking at.

I've watched AR9 and compared it to TNT over the last few months. They've largely moved together, AR9 was outperforming TNT for a while (which seemed odd) but TNT has pulled ahead recently, especially with the huge rally this week and last.


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## Sdajii (21 October 2020)

over9k said:


> Watching this for a pullback. I'm in if we get one.




I've sold out and bought back in on pullbacks a few times (and made errors and quickly bought back in for a bit more a couple of times too).  Most recently I topped up on the pullback to 22c about two weeks ago (I might have mentioned that a few posts ago?), which was perfect timing.

You might get lucky on this one; there will be a pullback at some stage, it might be tomorrow to 32c or it might be in a couple of weeks from 48c back to 42. I have pretty high expectations for TNT through 2021. Being the biggest cybersecurity player on the ASX in a massive growth sector, while undergoing company-specific organic and rapid acquisitional growth is very compelling.


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## over9k (21 October 2020)

I have an order in for 0.03, 0.001 above the previous peak of 0.029. Fingers crossed!


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## wabullfrog (2 November 2020)

over9k said:


> I have an order in for 0.03, 0.001 above the previous peak of 0.029. Fingers crossed!




In yet?

Sold enough to get free carry when it hit 0.4 & still up but not a pretty couple of days.


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## MrChow (3 November 2020)

They bought a lot of revenue but little profit given their market cap now.


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## Dona Ferentes (6 January 2021)

__





						Tech - Latest Tech News & Expert Insights from Stockhead
					

Read the latest tech stock news with small cap stories from Australia's leading business journalists.




					stockhead.com.au
				




*Here’s a list of all ASX cybersecurity stocks and their performance in 2020*



Code Company Price %Yr  MktCap TNT Tesserent Limited 33.5 628  $324.2M WHK Whitehawk Limited 30 249  $63.4M FZO Family Zone Cyber 43 161  $169.6M FFT Future First Tech 4.2 148  $23.2M AR9 Archtis Limited 31 138  $62.7M 5GN 5G Networks Limited 131.5 85  $150.2M PRO Prophecy Internation 67 34  $43.5M ELS Elsight Ltd 41 10  $57.3M VOR Vortiv Ltd 17 6  $23.9M HWH Houston We Have Ltd 4.4 5  $11.5M SOV Sovereign Cloud Hldg 97 0  $51.4M PSC Prospect Res Ltd 13 -10  $43.2M SEN Senetas Corporation 6 -12  $67.1M CPT Cipherpoint Limited 4.6 -28  $7.3M SPA Spacetalk Ltd 10.5 -64  $18.1M


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## Telamelo (12 February 2021)

Sdajii said:


> Today we see yet another fresh all time high for TNT! That's four days in a row! Very happy holder here!



wow *TNT* big line wipe @ 0.36c! now trading @ 0.365c +7.35% already 

DYOR .. Cheers tela


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## Telamelo (13 February 2021)

Tesserent TNT summary Q2 FY2021​
With added turnover from its iQ3 business, Tesserent posted a record performance in the second quarter of financial 2021
Sales for the period reached $21.4 million, representing a 41.7 per cent increase compared to the quarter before
The company's annual turnover run-rate is now more than $110 million and expected to grow to $150 million by the end of the financial year
As of December 31, the company had $7.9 million in cash and boasts a strong financial position
*FY2021 Outlook*​
Provide Cyber 360 capabilities to a rising number of Australian businesses.
Combine acquisitions to increase synergy efficiencies plus drive organic revenue growth via cross-selling.
Capture market share in Government (including Defence), Critical Infrastructure and Banking & Finance sector.
Drive its acquisition strategy to increase on Cyber 360 capabilities plus increase shareholder value via incremental EPS growth.
Build out high-value recurring annuity revenue sources.
Increase proprietary intellectual property to make high-margin product & service offerings.
Look for Global expansion prospects.
How did the cybersecurity provider Tesserent (ASX:TNT) fare in Q2 FY2021? (kalkinemedia.com)

Tesserent (ASX:TNT) posts 41.7pc increase in sales for Q2 2021 - The Market Herald

TNT Share Technical Analysis | Tesserent Ltd | SwingTradeBot.com

DYOR .. Cheers tela


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## Dona Ferentes (27 February 2021)

5:10pm on last Friday of Reporting Month: (never a good look)


> Tesserent Limited (ASX:TNT) refers to the non-audit reviewed Appendix 4D and Half Year Report lodged today and advises that it will utilise the extension of time granted by ASIC for lodgment of Half Year Reports for balance dates ending on or before 7 January 2021.




*Future Focus*:
Tesserent, through its Cyber 360 strategy, continues to focus on building out a one-stop-shop that provides a complete end-to-end cybersecurity solution for its clients. A primary objective is to maximise shareholder value by increasing earnings margins through the growth of high-margin annuity-based income and the inclusion of proprietary intellectual property in its solutions.  

The Company’s previously stated goals for FY21 remain: 
● Deliver our Cyber 360 capabilities to an increasing number of Australian organisations
● Integrate acquisitions to maximise synergy efficiencies and drive organic revenue growth through cross-selling
● Focus on capturing market share in three key markets: Government (including Defence), Critical Infrastructure and Banking & Finance
● Continuing to drive the Company’s acquisition strategy to expand on Cyber 360 capabilities and increase shareholder value through incremental EPS growth
● Building out high-value recurring annuity revenue streams
● Expand proprietary intellectual property to drive high-margin product and service offerings
● Explore International expansion opportunities with a focus on Australia’s key Five Eyes allies, which consists of the USA, UK, NZ and Canada


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## wabullfrog (29 April 2021)

4C out with a day to spare this qtr, so that should please @Dona Ferentes 


Like AR9 & WHK the TNT share price has dropped back to be in the $0.20s for the last few months. TNT share price did get a little bump after the release this afternoon. 


To achieve the annualised run rate of $150M I think they still need to grow the monthly revenue from the $9.1M they achieved in March to $12.5M by June 2021. Please correct me if I've read or interpreted that wrong. These figures wouldn't include the April acquisition of Seer Logic so that should make it a little easier.










More acquisitions it seems



> the underlying core philosophy is to acquire quality cybersecurity assets that are complementary to the Cyber 360 strategy and incrementally Earnings Per Share (EPS) accretive. TNT sees this as an important element in continuing to deliver future value to our shareholders.
> 
> With this in mind, the Company completed the strategic acquisitions of Lateral Security (February 2021) and Secure Logic (April 2021)
> .TNT looks forward to updating the market on additional future acquisitions, a number of which are at an advanced stage.





Looking forward




> FUTURE FOCUS
> 
> As per our recent Investor Update (13 April 2021), the Company’s stated goals for FY21 are:
> ●Continue to drive the Company’s acquisition strategy to expand on Cyber 360 capabilities and market share, increasing shareholder value through incremental EPS growth
> ...


----------



## greggles (22 June 2021)

Cybersecurity continues to be a growth sector and while Tesserent has had a rocky road in the last 12 months, the company appears to be set for continued growth from strong demand for its services. I think the share price will continue to reflect that in the coming months.

Announced today:


> Tesserent Limited (ASX:TNT, the Company) is pleased to advise that that the Company will comfortably exceed its prior ambition of annualized turnover run rate of $150m (based on turnover for the month of June 2021 annualised). It is now expected that the annualized turnover based on June will be approximately $180m.




I like TNT as a strategic long term play in a world where cybersecurity is increasingly becoming more critical than ever, with the number of cyber attacks on businesses and government continuing to increase: https://www.insurancejournal.com/news/international/2021/04/19/610514.htm

TNT up 21.95% today.


----------



## Dona Ferentes (29 July 2021)

_A bit of a move up today , to 32c, as it announces:_

TNT INVESTS IN GROUNDBREAKING BIOMETRIC SECURITY FIRM DALTREY  

Tesserent Innovation has acquired a stake in Daltrey Pty Ltd, a leading sovereign biometric company
Initial investment of $600K with a future investment of $1.1M subject to key KPIs being achieved, giving an initial 7% holding in the company
Additional options secured to invest up to $10M in growth funds to support global expansion ambitions 
Daltrey is a potential global leader in the multibillion dollar cybersecurity industry.
Tesserent Innovation continued investment into globally applicable proprietary cyber IP with the *potential to support a future in specie distribution to Tesserent shareholders*


----------



## Dona Ferentes (20 August 2021)

_and another groundbreaking acquisition of another leading firm_


Acquisition of *Loop Secure *with the signing of a Share Purchase Agreement executed between both parties on the 18 August 2021.

Headquartered in Sydney with offices in Melbourne and Brisbane, Loop Secure is a leading Australian cybersecurity firm providing Managed Security Services, GRC and Offensive Security services. The firm operates a Security Operations Centre located in Melbourne, working predominantly with a range of international and domestic enterprises

_Acquisition delivering unaudited $18M revenue and $2.25M sustainable EBITDA _
_Loop Secure’s Offensive Security, GRC and Managed Security Services strengthens  TNT’s Cyber 360 capabilities with significant synergy benefits and cross-sell opportunities _
_Acquisition is immediately earnings, cash flow and EPS accretive whilst delivering significant locked-in recurring revenue _



> _"...new opportunities ...  will allow us to continue our strong growth in the key cybersecurity domains of monitoring, consulting and solutions."_



Prevention?


----------



## wabullfrog (2 September 2021)

Preliminary Report was released a few days ago.



			https://tesserent.com/site/PDF/1178a64d-d8c2-49d8-89d5-ebfa78478c7b/PreliminaryFinalReportandUpdate
		


Headline



> Normalised EBITDA of $9.6m up from FY20 result of negative $2.8m and Turnover increased to $96.7m, up 372% from FY20 result of $20.5m




When you include acquisition costs



> The Group has achieved a normalised net profit (NPAT) of $4.9m, excluding acquisition related costs and non-operating share based costs. Once these costs are added back in, this equates to a statutory reported net loss of $4.5m for FY21.




With all the Acquisition SOI have gone from 511,834,114 to 1,063,018,657.


Markets reaction in red

Guess they need to show they can grow organically & not just via acquisitions???

I do hold


----------



## Dona Ferentes (24 September 2021)

been a bit quiet and unspectacular on the TNT front for a while.  I guess it is hard to actually get down and perform

and now, a _*trading halt is requested pending release of an announcement concerning a *__*capital raising *__*to support *__*pending acquisitions. *_


----------



## galumay (24 September 2021)

Have a look at the share count, SH value being diluted to zero on this pathway! Not an investible business IMO.

Share count 2016-2021, will no doubt pass a billion shares after this one!


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## Dona Ferentes (25 September 2021)

Dona Ferentes said:


> and now, a _trading halt is requested pending release of an announcement concerning a capital raising [for] acquisitions. _



$20M @ 21c a share


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## Dona Ferentes (18 October 2021)

Cyber Security firms are everywhere. .... thriving in the "_we've gotta do something_" environment. Whether they deliver the goods is moot, as there is no answer to "Why is the dog not barking?"

There is an article in the _*AFR *_about the merger of 4 players


> A quartet of Australian consulting firms has negotiated a merger to form a new company that plans to take on the growing cyber security practices of the big four consulting firms, and go public on the Australian Securities Exchange next year.
> The new company will be called Sekuro and combines the formerly separate firms Privasec, Solista, CXO Security and Naviro in a deal that the founders said involved no typical M&A buyouts and represented a tactical alliance that would make the combined entity stronger than the individual parts.





> .... the separate companies specialised in different aspects of cyber security strategy, and the merger would mean it could offer a so-called “end-to-end solution,” ranging from assessment of an organisation’s security posture to building new capabilities, monitoring networks and augmenting in-house skills.



The chief proponent goes on to say:


> Sekuro enters a competitive sector where the likes of EY, PwC, Deloitte, KPMG and Accenture are all positioning themselves as cyber experts, while global business advisory firm Ankura set up shop locally in 2020 and private equity backed roll-up machine CyberCX has acquired almost 20 Australian cyber firms since launching in 2019 following the acquisition of 12 separate niche firms. Last month ASX-listed cyber security firm Tesserent also kicked off plans to buy up smaller operators.





> ... he believed Sekuro trumped the model of all these competitors, which he positioned as financially motivated roll-ups and acquisitions as opposed to strategic mergers.
> “_CyberCX is at its core a cyber security acquisitions machine, when a company is bought by it, it is absorbed into the CyberCX identity and the staff must adapt,_” he said. “_CyberCX is primarily a financial instrument run by fund managers to make profit. While this works for them, it doesn’t work for Sekuro.
> “The big four consultancies are acquiring smaller well-established but uncompetitive, or market-tired, cyber security businesses to bolster their capability in terms of people and processes; while *Tesserent *is specialising in acquiring established –and sometimes stagnant –businesses, with a focus on giving their founders a fast and easy exit.”_



Ouch !!


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## galumay (19 October 2021)

LOL! Its not getting any better for TNT is it? The ticker is an appropriate one, this is going to blow up one day.


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## peter2 (23 April 2022)

*TNT* appeared in my HVBB scans (daily x2, weekly). No news announced. I'm leaving it at "interesting".


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## galumay (25 April 2022)

Be careful if you decide to play with TNT, @peter2. A serial destroyer of shareholder capital!


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## dvnsh1994 (25 April 2022)

peter2 said:


> *TNT* appeared in my HVBB scans (daily x2, weekly). No news announced. I'm leaving it at "interesting".
> 
> View attachment 140778



hey man, what scanner you use for scanning cause this thing is a beauty


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## Dona Ferentes (23 June 2022)

good work if you can get it


> One-off costs of *Refinancing  *It is noted that the refinancing and early repayment of the PAM facilities will incur a one-time prepayment/exit fee of $1.75m.



_*Refinancing *has resulted in a replacement of the existing debt facilities of $35m, previously provided by Pure Asset Management (PAM), with a new Market Rate Loan provided by the Commonwealth Bank of Australia _


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## debtfree (3 January 2023)

TNT - One of my tips for the 2023 CY Comp.

TNT had a good month in December with increasing Volume, I know it needs to climb above it's MA and towards the top of the BB but it has all year to do that. Time will tell.


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## Sdajii (3 January 2023)

debtfree said:


> TNT - One of my tips for the 2023 CY Comp.
> 
> TNT had a good month in December with increasing Volume, I know it needs to climb above it's MA and towards the top of the BB but it has all year to do that. Time will tell.
> 
> View attachment 151171




I've been watching TNT fairly closely for the last 2.5 years, originally bought in at about 8c in mid 2020 and sold out in the mid 20s. Didn't get out at the highs but still made a multibagger and ran away when the writing was on the wall for a long nasty period which ended up being longer and nastier than I realised when I was exiting. Also traded it effectively along the way.

It does look like it might have just turned the corner, although it also looked like that around March/April 2022 until a disappointed quarterly at the end of April resumed the downward journey (I bought a parcel in April but within minutes of the quarterly was out, made a small profit before the market woke up). TNT has been good at getting the market optimistic then disappointing with the actual figures, so as always this month's quarterly will be critical.


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