Share Name Share Symbol Market Type Share ISIN Share Description
Avingtrans Plc LSE:AVG London Ordinary Share GB0009188797 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.50p +0.65% 233.00p 231.00p 235.00p 233.00p 231.50p 231.50p 19,862 09:53:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 21.2 0.2 112.3 2.1 71.54

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Date Time Title Posts
06/9/201715:30The Crown and Glory is AVG2,579
06/6/201612:06AVINGTRANS.......Buy 68.5p cash for 50p9
07/1/200521:31Avingtrans - an easy 25% ?149
16/12/200408:21Avingtrans Profiting From Speed Cameras13
30/6/200310:41Paving the way to pay dividends3

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Avingtrans (AVG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-09-22 14:01:53234.102,2535,274.27O
2017-09-22 13:27:36231.008211,896.51O
2017-09-22 11:53:26235.0013,69032,171.50OK
2017-09-22 11:43:33234.108481,985.17O
2017-09-22 11:29:06231.00103237.93O
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Avingtrans (AVG) Top Chat Posts

DateSubject
22/9/2017
09:20
Avingtrans Daily Update: Avingtrans Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker AVG. The last closing price for Avingtrans was 231.50p.
Avingtrans Plc has a 4 week average price of 223.50p and a 12 week average price of 217.50p.
The 1 year high share price is 258.50p while the 1 year low share price is currently 181.50p.
There are currently 30,704,636 shares in issue and the average daily traded volume is 20,572 shares. The market capitalisation of Avingtrans Plc is £71,541,801.88.
25/7/2017
20:25
gersemi: Tuesday - July 25th thanks to ST @ IC - Engineering a cheap entry point As expected, Avingtrans (AVG:223p), a maker of critical components and services to energy, medical and industrial sectors, has launched a recommended takeover bid for specialist engineer Hayward Tyler (HAYT:44p). I highlighted this possibility a month ago when I rated shares in Avingtrans a buy at 218p (‘A trio of small-cap buys’, 27 June 2017). At the time, I believed there was scope for Avingtrans' shrewd management team to replicate their success on previous turnaround situations and create significant value for shareholders by exploiting the recovery potential of the indebted bid target. Under the terms of the All-Share acquisition, Hayward Tyler’s shareholders receive one new Avingtrans share for every 4.755 shares held, which means that Avingtrans will issue 11.53m new shares to give Hayward Tyler’s shareholders 37.6 per cent of the enlarged share capital. On completion of the takeover, the company will have a market value of £68.5m. The terms being offered seem sensible to me and to the 45 per cent of Hayward Tyler’s shareholders who have already decided to back it. That’s understandable as there are justifiable reasons why this deal should be value-accretive to shareholders of both the companies. Firstly, Hayward Tyler is heavily indebted with net borrowings of £22.1m, implying balance sheet gearing of 100 per cent of shareholders funds at the end of March 2017, a level of indebtedness that is also significant in relation to the £25.8m equity value of the All-Share bid. In stark contrast, Avingtrans’ finances are in a rude state of health as the company has net funds of £26.2m on its balance sheet. Therefore, the combined entity will have modest levels of gross borrowings in relation to pro forma combined net assets of £67.2m, and retain cash in the bank and ample headroom on existing banking facilities to pursue growth opportunities, both organically and through further acquisitions. Removing duplicated costs will result in a slimmer cost base, too. Secondly, both businesses enjoy strong positions in their respective energy market niches, in particular the nuclear sector, so there is a healthy crossover of business activities. Moreover, in the power sector, Hayward Tyler’s core business should see the benefits from the increased scale resulting from being part of an enlarged entity, not to mention funding is on a better footing to enable its management to target investment. In addition, the enhanced scale of the business and greater access to the Chinese energy market should enable the enlarged group to make inroads into the Chinese nuclear energy market and achieve critical mass. I also feel there is a great opportunity for Avingtrans’ management to work their magic and build up margins on Hayward Tyler’s record order book of just shy of £50m, and return that business to sustained profitability following mixed trading last financial year when it reported cash break-even on revenues of £62.7m following a difficult first half. It’s the type of deal I was hoping Avingtrans’ shrewd directors would pull off when I recommended buying the shares at 200p in my 2017 Bargain share portfolio, and still believe that the share price should be trading at a decent premium to the combined group’s pro forma book value of 219p. In fact, I have a conservative-looking target price of 275p. Interestingly, it’s possible to buy Avingtrans shares on the cheap by purchasing Hayward Tyler’s around 44p in the market, and then accept the All-Share offer, to give an entry point of 209p, or 14p lower than Avingtrans current offer price. I would recommend doing just that given that earnings upgrades look firmly on the cards after the deal completes at the end of next month, after which the embargo on analysts publishing forecasts will be lifted. Buy.
24/7/2017
08:46
wilmdav: Below is a link to an exercise I do on any company before deciding whether to invest. In this case the company is HAYT. It is easy to see why the bank took fright. Http://www.david-wilmshurst.co.uk/hayt/hayt_data.htm HAYT’s year ends on 31 March. There was a significant difference between its performance in H1-17 and H2-17. In H2-17 revenue was £40m compared to 23.1m in H1. Adjusted EBITDA in H2 was £4.6m compared to -4.6m in H1. The CEO reflected this in the full year report saying, “We increased the run rate on an annualised basis to £80m of revenue and over £8m of EBITDA.” Paying the equivalent of £50m for an implied forecast of £8m EBITDA in HAYT’s current year does not seem a lot. It is worth remembering, however, that HAYT forecast £80m revenue for the 16/17 full year in their half-year report. Only £63m was actually achieved. There also seems to be an element of seasonality in HAYT’s previous results. AVG’s year to 31 May 2019 will be the first full year of contribution from HAYT. I am going to assume HAYT does contribute £80m revenue in that year and have a stab at making an earnings forecast. For HAYT’s year 2016/17, D & A was £2.5m and interest £1.2m. Using £8m as the EBITDA figure, and deducting D&A and interest gives an adjusted pre-tax profit (PTP) of 4.3m. Add £1.2m PTP forecast for AVG in their 2018/19 year. This gives a total of £5.5m as an estimate for AVG’s PTP for their year to 31 May 2019. It is made on the conservative assumption that HAYT makes no improvement on its adjusted pre-tax profit ‘run rate’ of H2 16/17. Deduct £1.0m as a ‘normalised’ tax rate of 23%, giving a post-tax profit of £4.5m. AVG currently have 19,171,123 shares, which will increase to approximately 30.7m when the acquisition is completed. Divide £4.5m profit by 30.7m shares to arrive at an adjusted eps of 14.7p and a prospective P/E of 15.1 at the current share price of 211.5p. Long-term holders, of which I am one, might justifiably expect that AVG directors are capable of knocking spots off this, with a possible question mark over what could happen during Brexit negotiations.
26/6/2017
08:48
rhomboid: It's almost like AVG are fluffing the share price for some reason..I'm sure that Contact news timeline was purely coincidental 🙂
24/5/2017
15:51
rhomboid: I think HAYT are doing all they can to support their share price by RNS in the vain hope that'll influence the takeout price from AVG, most of the orders are long lead time & if RBS had been minded to support mgt I think a funding package would have been done long ago. Experience suggests HAYT have burned bridges with the bank by repeatedly missing cashflow forecasts that they themselves had provided. Banks tend to hold a grudge/run scared in those circumstances
08/5/2017
12:27
cockerhoop: The only guidance on price i'm aware of is this from HAYT on 31st March: It should be noted however that discussions are at a very early stage. This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code (as defined above) and there can be no certainty that an offer will be made, nor as to the terms of any offer, including whether any offer would be at a significant premium to the current share price . This was drafted when the share price of HAYT was probably in the range of 41-45p so I wouldn't expect a massive premium to that.
07/4/2017
15:22
dgwinterbottom: Anyone know the reason behind the 9p share price jump today?
18/2/2017
23:56
wilmdav: "It’s not difficult to see why, given that the company’s share price is trading 30 per cent below pro-forma book value of 270p a share, even though I estimate that Avingtrans retains net cash of £26.1m, a sum worth 143p a share, after accounting for transactions costs on the disposal and working capital movements. This means that we are effectively getting £10.1m, or 55p a share, of fixed assets in the price for free, in addition to £4.6m of current assets. That’s anomalous....." I don't yet see where Simon T gets his 'pro-forma' book value of 270p from. NAV at 31/05/16 was £64.8m. Subtract £19.4m for cancelled shares, leaving £43.4m or 236p (18.318m shares).
03/2/2017
19:58
steve3sandal: Clearly the IC tip today has driven the price up. This is all out there, nothing Simon T hasn't written up before. Potted as I don't want to breach any copyright. Avingtrans (AVG), a maker of critical components and services to energy, medical and industrial sectors, is a classic Benjamin Graham value play, and one where the investment risk looks weighted firmly to the upside. The board’s investment strategy is to acquire assets, restructure them to improve efficiency, and then sell them on to release the hidden value in the balance sheet. Importantly, the directors have been rather successful.... Under the leadership of chief executive Steve McQuillan, finance director Stephen King and chairman Roger McDowell, who between them own almost 10 per cent of the shares... It’s not difficult to see why, given that the company’s share price is trading 30 per cent below pro-forma book value of 270p a share, even though I estimate that Avingtrans retains net cash of £26.1m, a sum worth 143p a share, after accounting for transactions costs on the disposal and working capital movements. This means that we are effectively getting £10.1m, or 55p a share, of fixed assets in the price for free, in addition to £4.6m of current assets. That’s anomalous..... For example, Avingtrans’ energy and medical division diversified into the materials technology market last year, winning a three-year contract worth £3.5m to provide composite components for airport scanners with Rapiscan, a leading security screening provider based in California. Avingtrans is providing key components for Rapiscan’s new and groundbreaking airport scanner, the RTT110 (real time tomography), the first scanner to successfully pass the European Civil Aviation Conference’s (ECAC) Standard 3 threat detection test for baggage-borne explosive risks – a standard that will become compulsory.... In addition, Avingtrans’ Stainless Metalcraft subsidiary signed a framework agreement worth £1m a year with Bruker BioSpin AG, a Switzerland-based market leader in analytical magnetic resonance instruments, to produce high integrity cryostat components for Bruker’s nuclear magnetic resonance systems (NMR). NMR spectroscopy complements other structural and analytical techniques, such as X-ray, crystallography and mass spectrometry, and can be used alongside MRI-related technology to provide multidimensional images and spatially resolved information. The division also signed a 10-year agreement worth £9m to produce high integrity cryostat components for NMR.... I would also flag up that Metalcraft has a lucrative 10-year contract with Sellafield, worth £47m, to provide waste storage containers for the Cumbrian nuclear power station. Phase one of the project is worth between £5m and £8m over a two- to three-year period and covers the set-up and development of a production facility for nuclear waste storage containers. During the second phase,..... It was a landmark contract for Metalcraft and Avingtrans’ directors rightly describe the potential in nuclear decommissioning as “a cracking opportunity”. I wholeheartedly agree because the first tranche of the contract represents just 10 per cent of the potential business at Sellafield and the nuclear power station will need more than 40,000 of these waste containers over the next 20 to 30 years, according to chairman Roger McDowell. Furthermore... True, with the company’s highly profitable aerospace division sold, Avingtrans’ profits will be modest in the current financial year to the end of May 2017 before the full benefits of the aforementioned contract wins kick in. This explains why analyst David Buxton at FinnCap believes that pre-tax profit can rise more than sixfold to £1.3m on revenue of £31m in the 12 months to the end of May 2018. But the real opportunity here is to scale up the retained businesses through earnings-accretive acquisitions and repeat the success enjoyed in scaling up the aerospace division. And that’s simply not being priced in. Strip out net funds of 143p a share and the shares are effectively being valued on six times forward earnings.....
14/10/2016
11:15
cowlid: I'm a little confused by the tender document in that I can't understand why anyone would opt in....If I understand correctly, we have the option to sell half our shares for roughly the current share price. Am I correct in thinking that The net result if his happens is that the number of shares in circulation will drop by 50% and therefore the share price should increase??If so, why on earth would one choose to take up the offer? If the majority reach the same verdict then there won't be enough interest for the tender to take effect and the company don't pay out the money....... If I'm missing something obvious, please enlighten me!!D
03/10/2016
08:15
cisk: Hi DGW, Unfortunately I won't be able to attend as will be out of the country - typically the one that's geographically easier is when I'm not here! But the news was good this morning with the tender at 200p, however I've no plans to tender any. Indeed with the market cap getting smaller post-tender, any good contract news etc is bound to have more of an impact on the share price. All bodes well for the future and I'll be adding on any weakness. If you don't know them, check out Melrose. I really think this is what the guys are modelling themselves on, and a great strategy in their business area I think. Just curious: what happens if not enough people tender their shares to achieve the buyback target?
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