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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Berendsen | BRSN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 1,268.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,268.00 | 1,268.00 |
| Top Posts |
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Posted at 28/5/2017 07:53 by grupo guitarlumber 18/05/2017 | 4:21 p.m.In a Paris market already struck by a severe wave of risk aversion, the values expose Investors therefore prefer to sell these securities while the probability that the Brazilian president "goes to the end of his mandate has significantly decreased," notes Nomura in a note on the subject published today. Michel Temer could indeed be a new victim of the corruption case that has shaken the Brazilian political system for two years. According to local media, Temer reportedly silenced the president of the Brazilian parliament, Eduardo Cunha, himself in prison in this case, and forced him to stop his cooperation with the investigators. The newspaper O Globo refers to a recording that corroborates these accusations. The real and the Stock market deviate in Brazil "Of course, there is a lot of uncertainty in this case and it is essential to remain cautious, but considering that this registration does exist, it could not only prevent government action but also provoke discussions about a resignation Or a dismissal of the president, "fears Nomura. The analyst adds that no alternative stands out for the time being regarding a possible replacement of President Temer before the end of his term in 2018. In particular, suspicion could distract the attention of the government and public opinion of the need to carry out pension and tax reforms in Brazil. The real estate is also likely to be unstable - it currently costs 3,396 reais for one dollar, while Nomura saw it at 3.40 reais by the end of the year - which, added to the uncertainty of taxation, risks Inflation expectations. In this context, the Central Bank of Brazil will probably have more difficulty maintaining its pace of monetary easing even as the country struggles to emerge from recession. On Thursday, the Brazilian stock index, the Bovespa, dropped 10.5%, to its lowest level of the year. Values quoted in the article: Edenred, CNP Assurances, Casino Guichard, Elis, Vallourec |
Posted at 27/5/2017 19:32 by ariane Major investor backs besieged Berendsen over £2bn bid0 Comments Berendsen France's Elis wants to buy Britain's Berendsen for £11.73 a share Ben Martin, banking correspondent 27 May 2017 • 7:20pm Bosses at under-siege laundry giant Berendsen have received a boost after a leading investor in the British company backed their decision to spurn a £2bn bid from French rival Elis. Berendsen’s board, led by chairman Iain Ferguson, has rejected an £11.73-a-share cash-and-paper offer from Paris-based Elis on the basis that it “very significantly undervalues” the business, a provider of laundry and cleaning services to customers including the NHS. The British company, which is trying to revive its fortunes after two profit warnings since October, last week sought to strengthen its defences against the French predator by hiking its forecast for adjusted operating profit next year to £170m, which is £20m more than it expects this year. Paid content The best way to learn a language online The best way to learn a language online Babbel Germany’s Pampered Car Industry Germany’s Pampered Car Industry Handelsblatt Global Recommended by In a fillip to Berendsen, a top 10 shareholder in the company has told the Sunday Telegraph that Elis’s bid did not take account of the progress that management has made in reviving the company’s fortunes. “There’s a definite sense in putting the two business together but I can understand why they haven’t chosen to engage at the moment because the level of the bid is not compelling,” he said. “I think there is some evidence that the company is turning itself around so that would have to be reflected in the valuation that you took the business out on.” Berendsen has already outlined a three-year, £450m investment plan to help drive a recovery. The fund manager added that the strong wording of Berendsen’s rejection suggested that Elis would have to improve its offer by at least 10pc for the British company to start negotiations. Elis made an initial approach last month, pitched at £11 a share. Berendsen stock closed at £10.92 on Friday. Under Takeover Panel rules, the French firm has until June 15 to make a firm offer or walk away. |
Posted at 24/5/2017 20:20 by the grumpy old men BERESDEN Holder Shares % HeldM&G Investment Management Ltd.as of 17 May 2017 13.58m 7.87% Fidelity Management & Research Co.as of 18 May 2017 12.66m 7.33% Silchester International Investors LLPas of 18 May 2017 10.17m 5.89% Threadneedle Asset Management Ltd.as of 18 May 2017 7.77m 4.50% Royal London Asset Management Ltd.as of 18 May 2017 7.71m 4.47% Wellington Management Co. LLPas of 18 May 2017 7.15m 4.14% Norges Bank Investment Managementas of 18 May 2017 5.46m 3.17% Marathon Asset Management LLPas of 18 May 2017 4.92m 2.85% Newton Investment Management Ltd.as of 01 Apr 2017 4.77m 2.76% Legal & General Investment Management Ltd.as of 18 May 2017 4.75m 2.75% |
Posted at 24/5/2017 10:14 by grupo guitarlumber 24 May 2017NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO UNDERTAKE ANY TRANSACTION WHETHER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") OR OTHERWISE AND THERE CAN BE NO CERTAINTY THAT ANY TRANSACTION WILL PROCEED NOR AS TO THE TERMS ON WHICH ANYOFFER MIGHT BE MADE. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE 24 May 2017 Berendsen plc Statement regarding Elis' Possible Offer -- Board reconfirms 2017 forecast for adjusted operating profit(1) of approximately GBP150 million -- Board announces 2018 forecast for adjusted operating profit(1) of approximately GBP170 million -- Board continues to believe Elis' proposal very significantly undervalues Berendsen and its prospects -- Board believes the risks for Berendsen's shareholders arising from a combination with Elis are significantly higher than those for Berendsen as an independent company On 3 March 2017, the Board of Berendsen plc ("Berendsen" or the "Company") announced a profit forecast for the financial year ended 31 December 2017 stating that adjusted operating profit(1) for 2017 was expected to be approximately GBP150 million (the "2017 Profit Forecast"). The Board of Berendsen today reconfirms the 2017 Profit Forecast and expresses its confidence in its delivery. Furthermore, the Board of Berendsen today announces a forecast for adjusted operating profit(1) for the financial year ending 31 December 2018 of approximately GBP170 million (the "2018 Profit Forecast"). In relation to the announcement made by Elis SA ("Elis") on 18 May 2017 (the "Possible Offer"), the Board of Berendsen continues to believe that Elis' proposal very significantly undervalues Berendsen and its prospects. Berendsen continues to see no basis for discussions with Elis for the following reasons: 1. Elis' proposal fundamentally fails to reflect Berendsen's inherent value 2. Elis' approach is highly opportunistic 3. The combined business would have significantly higher leverage than Berendsen which would put at risk the delivery of Berendsen's strategy 4. A combination of Berendsen and Elis would significantly increase risks for Berendsen's shareholders Berendsen confirms that it will upload an investor presentation to its website at www.Berendsen.com. Please refer to the Appendix to this announcement for the Directors' confirmation with regard to, and further information on, the 2017 Profit Forecast and the 2018 Profit Forecast, including details of the assumptions on which they were made. As required by the Code, Berendsen confirms that this announcement has not been made with the agreement of Elis. Reasons for rejection of the Elis proposal 1. Elis' proposal fundamentally fails to reflect Berendsen's inherent value As previously stated, Berendsen is currently investing in its commercial and customer service capabilities and accelerating its capital investment in plant and machinery, improving the efficiency of existing plants and investing in plant conversions and new builds, with an expected investment of GBP450 million over three years, of which GBP300 million is growth capital investment. The GBP300 million of growth capital investment is expected to generate a pre-tax return on capital employed of at least 15%, equivalent to an adjusted operating profit(1) of GBP45 million. In addition, Berendsen sees further upside from stronger organic revenue growth. Implementation of the strategy is progressing in line with plan. This strategy has provided the Board with greater visibility and confidence in Berendsen's medium-term growth opportunities and represents a competitive and sustainable platform for future value creation. Berendsen has good momentum in the delivery of its clearly defined strategy, underpinning the Board's confidence in its medium-term targets. This is reflected in the Board today reconfirming the 2017 Profit Forecast of approximately GBP150 million and announcing the 2018 Profit Forecast of approximately GBP170 million. 2. Elis' approach is highly opportunistic The timing of Elis' approach is highly opportunistic in three ways, all to the detriment of Berendsen's shareholders. Firstly, Elis' approach has been timed to take advantage of Berendsen's recently depressed share price and valuation. As of the close on 17 May 2017, being the last business day prior to the announcement of the Possible Offer, Berendsen's share price of GBP8.64 was 63% of its highest share price during the preceding twelve months. Secondly, a significant portion of the consideration payable to Berendsen's shareholders under Elis' proposal is in Elis shares; its approach has also been timed to take advantage of Elis' own share price. As of 17 May 2017, being the last business day prior to the announcement of the Possible Offer, Elis' share price of EUR19.99 was 98% of its all-time high share price. As a result of the above two factors, as of 17 May 2017, being the last business day prior to the announcement of the Possible Offer, Berendsen's proportion of the combined market capitalisations of both Berendsen and Elis was 38.5%. This compares to the average proportion since Elis' IPO in February 2015 of 54.7%. Thirdly, the Board believes that Berendsen is at a point of inflection and that selling Berendsen on the terms offered by Elis would deprive Berendsen's shareholders of the full benefit that will accrue from the delivery of its strategy. 3. The combined business would have significantly higher leverage than Berendsen which would put at risk the delivery of Berendsen's strategy Elis' reported net debt / EBITDA as at 31 December 2016 was 3.4x(2) , significantly higher than Berendsen's reported net debt / EBITDA as at the same date of 1.2x(3) . The combined entity would have a pro forma net debt / EBITDA as at 31 December 2016 of 3.4x(4) . This leverage is significantly above Berendsen's and also above that of the average of relevant European Business Services peers(5) . Berendsen's strategy entails a capital investment programme of approximately GBP450 million over the course of this year and the next two years, of which approximately GBP300 million is growth investment capital with an anticipated pre-tax return of at least 15%. The Board of Berendsen believes that the ability to deliver this investment programme would be put at risk by a combination with Elis given Elis' materially higher leverage. Consequently, the expected benefit of this capital investment programme to Berendsen's shareholders would also be put at risk. 4. A combination of Berendsen and Elis would significantly increase risks for Berendsen's shareholders The Board of Berendsen firmly believes that the Possible Offer raises other significant risks for Berendsen shareholders as follows. Firstly, Elis has not previously acquired a business of the scale and complexity of Berendsen. Berendsen had GBP1.1 billion of revenues in 2016 in comparison to Lavebras, Elis' previous largest acquisition, which had 2016 revenues of GBP84 million(6) . Secondly, an integration of Berendsen and Elis would be highly complex given the two businesses operate across 28 geographies and have approximately 38,000 employees in total. This would be further complicated by the integration processes Elis needs to complete for its recently announced acquisitions in Spain and Brazil. Thirdly, integration risk would be heightened by the fundamentally different business models of the two companies, with Berendsen's operations segmented primarily by business line, and Elis' split primarily by geography. This is likely to cause complications and entail additional costs in the event of a combination of the two businesses where alignment of the distinct operating models would be required. Summary For the reasons set out above, the Berendsen Board continues to believe that the Possible Offer neither reflects the inherent value of Berendsen as an independent company, nor provides sufficient value to compensate Berendsen's shareholders for the risks inherent in the combination. Iain Ferguson, Chairman of Berendsen, said: "We are pleased to underline the Board's confidence in the strategy of Berendsen by reconfirming our 2017 Profit Forecast and announcing a 2018 Profit Forecast of approximately GBP170 million. The Board firmly believes that Berendsen has the right strategy, management team and capital structure to deliver significant value for Berendsen's shareholders over the medium-term as an independent company." |
Posted at 18/5/2017 23:20 by kazoom IMHO - that is an awful powerpoint to post on a website; it might be something that you could talk to in a room, but really to just post that on-line. Very poor.As I mentioned earlier I took the "snap" decision to sell out my small position today. At the time I was really only thinking about the dynamics of the bid, but when I think back to my decision to invest a couple of months ago I was really thinking in terms of exiting sometime in the next couple of years at maybe £12ish including dividends, so against this backdrop I don't find the £11.73 offered to be to bad at all. (I took 10.72 from the market). I don't have the "history" with this stock nor with the directors, so I will no doubt offend some people, but I always find these bid situations interesting. Some observations : > The bid is at a 36% premium to the market price. > The directors consider that it "very seriously undervalues" the company. So in context. Ellis are prepared to pay £11.73 / share for the company. Everyone else (ie the market) values the co at £8.63 (Weds close) - ie 27% lower. If the Ellis offer is too low to even make it worth talking about then presumably the directors must consider value to be at least 10% greater (probably much more). c. £13 So questions for the Directors. > How have you been so poor at communicating the obvious value in the co. that we have seen it valued at around 55% of the "true" value over the last few weeks? > Given that the company has been trading at near to 1/2 it's true value, why have you not been on a buying frenzy? (I know that if I were in a position of power and genuine knowledge over such an undervalued enterprise I would be mortgaging my mistress in order to buy as many shares as possible. I don't know how investors feel about this deal. If you think it is too low, it is always a paradox. > The shareprice has gone up 20%(25% earlier today) on the suggestion of the bid. > If you take the additional 10% or so on offer for the bid - you will be disappointed to lose out on however much more you think it is worth. > But if the bid fails the price will no doubt lose all of the gains it made today and you'll have to put your faith in the directors that they can deliver on all of their promises - and convince the market sufficiently to cause the price raise. You might guess that I'm tending to think the bid is a good thing (but the points above stand whatever I think). The two stand outs for me are : 1 - The synergies predicted by Ellis (& not address at all by the directors I thib) make a lot of sense, given the complementary geographies. 2- The response from the Directors seems to me more about job preservation than it does about delivering the best outcome for the owners (AKA shareholders). From my point of view it looks as though the shareholders would be best placed to accept the offer. From a purely personal point of view a rejection would be great as it will create the opportunity to buy back in at a lower price. All IMHO etc. etc. Glad to be out, watching with interest. |
Posted at 18/5/2017 20:32 by blueliner Investor presentation here: |
Posted at 18/5/2017 12:40 by the grumpy old men 18 May 2017Berendsen plc Investor presentation regarding possible offer Further to the announcement on 18 May 2017 by Elis SA ("Elis") and the earlier announcement made by the Board of Berendsen plc ("Berendsen" or the "Company"), Berendsen confirms that it has uploaded an investor presentation to its website at www.berendsen.com. The Board of Berendsen unanimously concluded that the Revised Proposal received from Elis very significantly undervalues Berendsen and its prospects. Berendsen does not see the basis for any further discussions with Elis. The investor presentation explains the benefits expected from the execution of Berendsen's strategy that was announced in March 2017 and why the Board is highly confident that the delivery of this strategy will generate significant future shareholder value. |
Posted at 03/4/2017 10:00 by essentialinvestor baron, conference call worth a listen, on the investors site.Looks like it may lower for now imv, added a small amount at 7.26. Intend to stick to my plan of adding in just small amount at certain levels, if available. |
Posted at 31/3/2017 12:14 by pm032017 Silchester investors - RNSJust upped their stake here to 5.3% Prudential now owns more than 7% BRSN stock....... Check latest RNS Dated 27 March 2017. Also, RSI of 20 = massively oversold. Plus Low beta 0.63 - This was also important when buying in here although the manipulative broker downgrades in recent days resulted in panic selling and senseless/unusual volatility. I would still class this as a defensive share though - the demand for laundry services in hospitals etc. will remain come what may and regardless of Brexit! Good buying opportunity right now in my opinion. 22.5p divi next week, that 5% yield |
Posted at 25/3/2017 18:29 by cjones123 Well each to their own I suppose. I am a long term investor and actually picked up a few more BRSN shares at a bargain price on Friday and will add a few more next week when some of my divi payments come through. As far as drop after ex divi is concerned, it always bounce back up to the levels before ex divi in couple of weeks time, so no issues there at all. I personally love shares that pay good divi and BRSN is definitely one of them. Given the chairman's hefty purchase of 25000 shares on Friday. This will open UP on Monday and head north switfy. Sure share price will be volatile for a few days but watch the space, BRSN will be trading over 900 in few weeks time :). |
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