Added to YB: 2026-02-13
Pitch date: 2026-02-12
SPSY.L [bullish]
Spectra Systems Corporation
+21.05%
current return
Author Info
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Company Info
Spectra Systems Corporation invents, develops, and sells integrated optical systems in the United States and internationally.
Market Cap
GBP 112.1M
Pitch Price
GBP 1.43
Price Target
N/A
Dividend
5.87%
EV/EBITDA
3.77
P/E
5.65
EV/Sales
1.66
Sector
Electronic Equipment, Instruments and Components
Category
special_situation
Cash is King
SPSY.L: Niche monopoly in Level 3 authentication for polymer banknotes, only provider with low-haze M-Feature tech. 25% op margin, 25% ROIC. Trades 9x run-rate FCF ($7.1M NOPAT). Polish & Philippine central bank contracts secured; Egypt tender ($8.25M potential). $31.6M windfall cash (39% of mkt cap) due 2026 as special div. Key risks: IP competition from CCL/De La Rue, vertical integration execution, Fed concentration. Fair value now, 50% upside post-div at $61.1M EV.
Read full article (13 min)