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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Asfare | ASF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 169.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 169.50 | 169.50 |
| Top Posts |
|---|
Posted at 06/3/2007 08:02 by geovest With Assetco CEO and FD taking over, this is clearly Assetco taking over ASF at a discount to current shareprice. The small investor is again sqeezed out. Institutions hold 59%, Management 30%... they get the £20m placing (more than 2x existing holding) at a discount to support the deal and small shareholders get 2 fingers!!!!!!!!!!!!! |
Posted at 13/8/2006 12:15 by egoi This share is no use to short term punters - or shorters (too nice results for them) - some days doesn't even trade, (and no use to long term players who lose patience easily either!) but hidden away amongst their product range of gantries, ladders, hose-reels and the like is a global product leader.Recently acquired Todd Research have available two new products that can detect explosives in hand luggage: Fropm the website: 'TR VETOCH, a handheld device which will alarm for flammable liquids TR DETECTOR 7 DETEX, an X-ray conveyor unit, which is the world's only hand baggage unit that can detect explosives to the approved EDS standard': EDS stands for Explosive Detection Systems is part of an internationally agreed set of security standards and is adopted by Chinese, US Homeland,and EU (including of course UK) authorities amongst many others. Given recent airport security upgrades this is potentially very significant indeed. As it is Asfare has a lot more going for it. Asfare has three divisions and a market cap at 82.5p of just over 4 million. Last eps came in at 7p and over the last tweve months two of the three divisions have been acquired.At this price there are also 670,000 warrants outstanding and a small number of options relating to the Todd acquisition. The organic company provides equipment such as gantries,ladders etc to such as the London fire brigade, recently acquired Collins Youldon manufactures hose reels, cable drums and related products supplying both the fire and the vehicle tanker industries. It provides the company access to European markets. To the chase then: Last results showed: Turnover has increased by 25% to £4.905 million (2005: £3.925 million) Profit Before Tax has risen to £358,000 (2005: £109,000) Basic Earnings Per Share of 7.0p (2005: 2.8p) Earnings Per Share adjusted for goodwill amortisation 10.6p (2005: 6.3p) Cash generated from operations £774,000 (2005: £487,000) Proposed dividend of 2 pence per share Net asset value increased to 80 pence per share (2005: 71 pence). Since then, the last acquisition - Collins Youldon, looks for all the world as though it was cheap: consideration is £912,000'. In the year ended 30th June 2005 Collins Youldon reported turnover of £2,752,000 with adjusted pre-tax profit of £320,000. In the Management Accounts for the 10 month period to the 30th April 2006 the turnover was £2,412,000 with an adjusted pre-tax profit of £285,000.' I'm afraid my suspicious mind wondered why it was so cheap. The current numbers above don't point to growth certainly, but neither a depressed order book. only time will tell but the company seem in upbeat mood. At the AGM last month the Chairman said: 'Tim Wightman, Chairman of Asfare, commented: 'I have been greatly encouraged by recent events at Asfare. Our results to the financial year ended 31 March 2006 provided evidence of a strong second half of trading and the momentum has continued into the current financial year with the announcement of two significant orders and the key acquisition of the Collins Youldon business. This increase in orders and expansion of the business provide the Board with growing confidence in the outlook of the business.' Since then another five year contract win has been announced. Of course as with any four million market cap business there must be question marks and risks. I have chosen to ignore the adjusted higher eps of 10.6p which discounts options etc which are exerciseable above the current shareprice and in my view make that figure too optimistic. Also thee are slightly more intangibles than I would like on the balance sheet, but the company has a property fully bought valued at over 1 million which helps underpin the market cap. Also a note in the accounts caught my eye, re the Todd acquisition, the amount of which is uncertain at this stage (performance dependent): There is a potential further £2,080,000 of contingent consideration. This has not been included in goodwill as the Board considers that the outcome of this can not be reliably measured at this time." I rather think that should be included in calculations. That said, the company does appear to have an interesting niche as well s potentially strong growth from the Todd division, and with historic eps of 7p the p/e is below 12. However Digital Look have forecasts of 17.6p and 22.6p for the next two years and an arguably very likeable peg of 0.11. Even if these targets are wildly missed, say 10p and 15p, the shares look very promising and I have been accumulating and humbly recommend them for your further research! The chart points only to a long term buy and hold strategy and does not excite, this company has not, and is unlikely to, spike quickly, but for the patient investor well worth a look imho and well deserving of a new thread. www.asfare.com www.toddresearch.co. www.collinsyouldon.c |
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