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EIIB Euro. Islamic

117.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Euro. Islamic LSE:EIIB London Ordinary Share GB00BNG83T81 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 117.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 117.50 GBX

European Islamic Investment Bank (EIIB) Latest News

Real-Time news about Euro. Islamic (London Stock Exchange): 0 recent articles

European Islamic Investment Bank (EIIB) Discussions and Chat

European Islamic Investment Bank Forums and Chat

Date Time Title Posts
03/6/201419:24islamic bank - european (17/05/2006)390

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European Islamic Investment Bank (EIIB) Most Recent Trades

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European Islamic Investment Bank (EIIB) Top Chat Posts

Top Posts
Posted at 03/6/2014 19:24 by shaunstar
Wexboy explained current share price reflects weighted average of expected 5p tender and share price expectation after tender. Hence 4.2p.

The potential share buy back and fact that this has finished above its 5 yr high mean i'm have doubled my stake here.
Posted at 11/6/2013 12:36 by sitiain
share buy back denied as it didnt get the 75 percent
what a bunch of jubs there are runing this company.
Posted at 12/5/2013 11:15 by safetymargin
Latest Wexboy:
Posted at 29/4/2013 11:41 by safetymargin
This is a transformational set of results demonstrating substantial progress in the implementation of the new management's strategy at the one year mark.

Highlights for me:
- "Assets under management increased 53%, with strong support from new and existing clients"
- "Staff costs at EIIB (excluding Rasmala) reduced from GBP5.0m to GBP2.5m and Other operating expenses reduced from GBP4.0m to GBP2.1m"
- "Ongoing fee income now some 69% of total operating income"
- "We have also attracted a number of significant new client mandates, including our first from the Government Pension Fund of Norway, representing the world's largest sovereign wealth fund."
- Share buybacks in the pipeline [Shame it's not a tender offer though]
Posted at 18/4/2013 12:47 by safetymargin
Just bought in.

Good write-up from Wexboy today:

The following is worth highlighting from the interims:

"Capital distribution

Until recently EIIB was constrained in its ability to return capital to shareholders by the lack of distributable reserves. In July we addressed this issue through a reduction in the Share Premium account, transferring GBP20m to Distributable Reserves. We are now reviewing options for possible future capital returns to shareholders and expect to reach a conclusion early next year after having finalised our long term capital requirements in consultation with the regulator."
Posted at 03/7/2012 15:32 by wexboy
EIIB, my largest portfolio holding at 8.3%:
Posted at 03/5/2012 16:47 by vision88
Well Wexboy i dont know why your pluging an upside here, In 3 years the price has been 90% of that time 2.75p to 3.75p hardly an impresive record over 3 years , the maxium upside from its bottom is 1p minus your spread and fees hardly worth a punt at all. better off getting interest from a bank at least its a profit however small.with no fees no spread and no stamp duty .



5
Posted at 07/3/2012 07:23 by wexboy
Hey folks,

Just posted a fresh commentary on EIIB, and increased my portfolio stake:



Cheers,

Wexboy
Posted at 17/2/2012 01:39 by wexboy
Hi folks,

I've included EIIB in my latest Catalyst article, where I look at 4 interesting companies/situations with activist investor(s) on board:



Cheers,

Wexboy
Posted at 02/9/2011 19:44 by wexboy
not sure if i've posted on the EIIB thread b4, but after adding to my stake (this has become a top 3 portfolio stock for me now) as price drifted back to GBP 3p level, i thought i'd post my updated fair value analysis:

i) starting pt is latest GBP 143.076 mio Equity value, ii) for all negative cashflow cos (and investment cos with an expense ratio > 2.5% of NAV) i deduct 1 yr of (7.309) m estimated underlying cash burn, iii) fair value adjustment for diamondcorp, which i estimate at 1.772 m, and iv) fv adj for completed tritech sale, estimated at 7.194 m - equating to:

143.076 - 7.309 + 1.772 + 7.194 = GBP 144.733 m / 1765.659 m shares = GBP 8.2 p per share, a potential 179% upside from current share price

one cd argue that cash burn and specific investments on the b/s argue for a haircut to Book for fair valuation purposes, but i'd point to the margin of safety (Price/Book @ 0.36, and Gross LTV of 19% which cd easily be eliminated with available B/S cash/deposits) & the banking licence (people are significantly underestimating its value in terms of potential future growth and/or takeover value) as reasons to set a basic 1.0 P/B target price

i can't assess other potential fair val adjustments on the B/S, so i'll assume they average to zero - otherwise, one cn but hope that EIIB manage to reduce or eliminate cash burn with better returns/lower costs in 2011/future yrs...

finally, i'm a little bemused by the ceo/board crowing about their investing success recently...in essence, all they've managed to do is hold equity steady for past 2 years! - i guess it cd be worse!? - however, tritech sale raises an interesting prospect, perhaps one that is going unnoticed currently: the board flagged a potential dividend for 2011...

it wd have to be a final div, as tritech sale was nt completed for half-year end - this is quite an about-turn, as yr-end 2010 Retained Earnings were @ GBP 0.629 mio, leaving no real room for a dividend - obviously for year-end 2011 i'm projecting an unchanged Equity balance, but if you drill down to Retained Earnings, it shd reflect annual operating losses (which wd have precluded a dividend) plus full realized gain on tritech (remember that will be the 2010 AND 2011 tritech uplift) - overall, i reckon Retained Earnings will stand at a level that permits a maximum GBP 0.5-0.6p div

who knows if they'll actually declare a max div, but why not? - in terms of the current share discount & B/S cash capacity, it's about time the shareholders got some value enhancement, and a div's cheaper to accomplish than another tender - so a potential 18.7% dividend yield is certainly possible!

i'd make 2 pts abt this: i) nt clear if there will be any 2012 div capacity, so board may well characterize 2011 as a special dividend, and ii) obviously this div wd be a return of capital/reduction in NAV, so share price may adjust down to compensate - both fair pts, but don't underestimate (less value focused) investors' ability to salivate/obsess over current div yield and it may well draw in (more value focused) fresh investors alerted to the upside potential

so, to recap, EIIB has a strong margin of safety, a potential 179% upside to fair value, and a (potential) significant current div yield as a catalyst (edit: plus, of course, the recently built 15.6% stake by private equity house HBG, with their 2 reps recently appointed to the board)! - good luck!
European Islamic Investment Bank share price data is direct from the London Stock Exchange

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