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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Enterprise Inns | ETI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 139.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 139.00 | 139.00 |
| Top Posts |
|---|
Posted at 13/10/2016 09:59 by leading So here is a suggestion.The company should announce a disposal programme of say £300m worth of pubs a year for three years. These could be floated off as REITs or sold as blocks on a regional or some other basis. There are plenty of investors out there looking for asset backed companies I think. Assume those pubs are sold at their carrying value in the balance sheet. Assume also that the proceeds are used to pay down debt. Assume that the company makes trading profits of £80m then 70m, then 60m over the three years, profits falling slightly allowing for the smaller estate. This includes a reasonable level of exceptionals each year. Ignore tax as it is not material for this exercise. Taking the 31/03/16 figures as the starting point, we get the following: 31/03/2016 Net assets £1,394m Debt £2,414m Gearing 173% Market cap about £440m 31/03/2019 Net assets £1,604m (1,394+80+70+60) Debt £1,304m (2,414-80-70-60-900) Gearing 81% (1,304/1,604) The business is no longer chronically over-geared. Assume the shares will then be valued at a 20% discount to net assets which is (haven't researched) roughly where a property investment trust typically trades. Market cap then would be £1,283m (1,604 x 80%)compared to today's £440m. A three bagger in three years. The remaining debt could then be refinanced at much lower interest rates and the savings could be used to reinstate a dividend. The above assumes that you can buy in the debt at par, but that seems to be the case at present for the 2031 tranche at least. |
Posted at 12/10/2016 10:51 by leading What a boring company this is. I wonder how the management get up in the morning. Then I observe that Mr Smith and Mr Townsend received aggregate remuneration of £3m in the 2015 financial year, in a business that made a pre-tax loss of £71m and has a market cap of something around £450m. So that must help.Add to that an utterly misconceived share buyback as comprehensively demolished by Jeffian above. I am with him. No-one is going to look at this company until the horrendous debt and interest charges have been worked through. Unfortunately, at the current rate of progress this will not be in my lifetime. Must admit, I thought that some activist investor would come along at some point and encourage the management to liquidate the company. Several years later and no luck so far. The institutions who are invested here such as Standard Life and the Pru seem happy to let things drag along. It all looks awfully cosy. The question is, what can the small shareholder do about it? |
Posted at 24/3/2016 07:10 by timbo003 I think this is one of the rare occasions that share buybacks are a more efficient way of returning money back to shareholders than dividends.Looks like they will continue buybacks unless share price exceeds 150p/share, see slide 104 from the Capital markets day presentation last week: Note to self: latest NAV/share (from the 2015 AR): Our balance sheet remains strong with a total net asset value of £1.35 billion (2014: £1.40 billion). Gross property assets are the most significant assets in the balance sheet and are recorded at £3.7 billion (2014: £3.9 billion) of which 92% (2014: 47%) is valued on an annual basis by external, independent valuers. Group net debt includes the most significant liabilities in the balance sheet and has reduced to £2.3 billion (2014: £2.4 billion) during the year. The share price at 30 September 2015 of £1.08 (2014: £1.24), which equates to an equity value of £541 million, compares to a net asset value per share of £2.70 (2014: £2.80). The differential between net asset value and market value reflects current market sentiment but does not, we believe, reflect the underlying value of the Group. |
Posted at 08/2/2016 14:02 by hybrasil Sorry Jeffian. I should have read the thread.Following your post I have read the detailed RNS's on holdings on the companies website. They are impossible to understand. Goldman Sachs has been playing with all sort of instruments ( and I dont mean the clarinet). I suspect (but will have to do a lot more reading to work it out) the major shareholders are bondholders and therefore are quite happy to continue the status quo. I see Glenview Capital Managment LLC (who I will now go and research but I think are ahedge fund own 12%. I certainly think there is fun to be had as an activist investor (but I hav'nt yet invested!) |
Posted at 18/11/2015 19:03 by cerrito At one level this is a screaming buy. PE based on adjusted earnings 5x and the share price at a 60%+ discount to a NAV which is now more robust as 90%+ of the estate valued by external surveyors.Leverage at 63% just about OK as is interest coverage at 1.9%. And yet having gone through the results and listened to the webcast of the Investors' meeting I cannot see a catalyst in the short term-ie until May when we get the interims- to drive the price much higher. I am comfortable the share price has reached its floor in the mid 90s.They are entering uncharted waters. There is still the fine detail of the SBEE act to be resolved and once that has been done to deal with the unintended consequences. Also the extent that they are changing their business can be seen by the Chairman telling us that ETI have recruited senior people in concept development-whatever that is-as well as management of chance programmes ie there is quote alot of execution risk.I do note several comments that had started well but still early days. I thought the CEO came across well. |
Posted at 14/5/2013 11:22 by the troll P/E = < 6 & discount to NAV = 65% with stock @ 1.00 ps to buy. becoming rarer in this 'cash is Trash' environment. 'value' investors should take a hard look ( NAI ). |
Posted at 06/12/2012 09:17 by mechanical trader ETI ENTERPRISE INNS.....Elsewhere Enterprise Inns rose 4p to 90p after Deutsche Bank moved from hold to buy and raised its price target from 105p to 135p. The bank said: During 2012, the group's corporate and securitised bond holders saw the market value of their investment rise by around £340m while the equity investors have managed less than half of that. Even after this year's run, the share price remains 35% below the levels of April 2010, when the group was in poorer shape. We see 2013 as the year when the equity holders reap most of the upside in the market value. Since the pub group's results on 20 November, its shares have risen around 35%. |
Posted at 03/12/2012 15:23 by shrewd_n_sharp mt - yes 2016 was a typo. I meant 2018. As for the 2021, 2025 and 2031 I am not excited about them either but they do have implications for the covenant headroom on the bonds. Something that I cannot gauge from the annual report nor the accounts is how close these covenants are and how much spare headroom there is on the estate for additional security. All they are saying is that they are "sufficient". But they have said that for three years now without further detail being disclosed. With the persistent selloff of the estate pubs the income and asset values are slowly being eroded and so even if the covenants are in place, how much headroom is there left for error in say three years? The more you sell the less the headroom gets if you need to add more should the covenants be breached. We cannot possibly tell as it stands. That is what I would like to find out. Now initially all these bonds had "x" amount of pubs secured against them. The figures in the 2018 prospectus gave these figures on the other bonds: Original No. of pubs secured by 2018 bonds 503 Original No. of pubs secured by 2014 debentures 306 Original No. of pubs secured by 2021 corporate bonds 384 Original No. of pubs secured by 2025 corporate bonds 574 Original No. of pubs secured by 2031 corporate bonds 838 TOTAL 2,605 ACROSS ALL BONDS In the 2010 annual report it says that the "amount of pubs secured pubs by bonds & debentures" were 2076. But in 2011 this fell to 2049. My interpretation here is that the 2,605 pubs that were reported as secured when the 2018 bond was issued have now been eaten into and sold off. On the face of it this is fine for two reasons: 1. Property values have escalated since the bonds were issued 2. The prospectus (at least the 2018 bond) permits this in Section 9. which allows the deeds / first fixed charge to be released providing income and asset value covenants are not breached But how close are they? My current numbers tell me that about 19% of trading pubs are unsecured, meaning they can add from this pool if the covenants are broken. In three years time @5% estate sell off a year the pool comes down to about 4% spare headroom. Now they are suddenly close and without knowing the revenue cover and asset cover values of the other bonds it is difficult to tell where we are. In addition consider that if all bonds & debentures have the same covenants of asset cover and income cover then theoretically it is possible to aggregate these and see how much headroom there is left from total revenues and total asset value of the estate. Maybe all is well and maybe I am overcautious but that is what bond investors do! I am just trying to bottom out the facts. Has anyone else looked into this? |
Posted at 20/11/2012 16:04 by mechanical trader Numis Securities Ltd Gives Buy Rating to Enterprise Inns (ETI) November 20th, 2012 - - by Tyrone Williams Enterprise Inns (LON: ETI)'s stock had its "buy" rating reaffirmed by research analysts at Numis Securities Ltd in a report released on Tuesday. They currently have a $1.75 (110 GBX) target price on the stock. Shares of Enterprise Inns opened at 66.75 on Tuesday. Enterprise Inns has a one year low of GBX 26.25 and a one year high of GBX 76.50. The company's market cap is £333.4 million. Separately, analysts at Barclays Capital reiterated an "equalweight" rating on shares of Enterprise Inns in a research note to investors on Monday, October 1st. They now have a $1.45 price target on the stock. Enterprise Inns plc is a United Kingdom-based company. The Company operates on one segment is that of leased and tenanted pub operator in the United Kingdom. |
Posted at 17/8/2012 16:26 by jeffian scburbs,Have a look at Note 23 on Pages 82-88 of the AR which gives you quite a lot of information. I can't remember which presentation showed it but the answer to your question is that ETI have absolute flexibility to remove or inject assets into both the bonds and the securitisation and use that to ensure that they stay within covenant but with no need to offer more than they have to. There is a Quarterly Investors' report on the Unique estate (the securitisation) in which income and cashflows are shown in detail and tested against covenant, but I think you have to be an ETI shareholder with a password to access it. |
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