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COLT Colt Grp S.A.

189.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Colt Grp S.A. LSE:COLT London Ordinary Share LU0253815640 EUR0.50
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 189.75 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Colt Telecom Share Discussion Threads

Showing 7426 to 7445 of 7500 messages
Chat Pages: 300  299  298  297  296  295  294  293  292  291  290  289  Older
DateSubjectAuthorDiscuss
31/7/2015
10:45
To my surprise we have enough information, pre and post reorganisation, to see that the second qtr EBITDA was Euro80.0 mil v Euro71.3 mil a year ago. i.e growth of 12.2%, slightly better even than my guesstimate. This was despite KVH's decline in its EBITDA Margin from 13.0% to 11.9%. On this trend alone, we could anticipate EBITDA this year of Euro325-330 mil. However, the underlying (i.e. ex reorganisation costs) Free Cash Flow suggests underlying EBITDA this year of a minimum Euro355-360 mil. That drops the 2015 EV/EBITDA down to 6.6 times at 190p and Euro=£0.70.

No one can doubt that Fidelity's timing is due to the improvement (at last) in Colt's profitability, and at a ridiculously low valuation.

dickbush
31/7/2015
09:28
Anglo American (AAL), Glencore, Tullow, Alcoa. All trashed.

Lonmin if you like risk taking (fallen from 150p to 50p in just a few weeks just because of weakness in the platinum price). Very horrible in that sector right now.

dealy
31/7/2015
08:02
Dealy...resources...which one or two looks best?
robwt
31/7/2015
06:20
Results look good. I don't think we'll see more than 190p and i have been reducing to free up cash for the battered resource stocks. Compared to what is going on in that sector this deal from Fidelity is manor from heaven. The resource stocks are lower as a group than they were in the middle of the financial crisis in 2008/9.
dealy
30/7/2015
10:54
When Fidelity announced the offer for Colt at 190p, there was a lot of action for about a week after with the share price reaching 193p. I got out of a few at over 190p. Since then, the share price has hovered around 187p with all those shares being bought up.

Could there be a buyer out there who has been hoovering up all available with a 187p tag for the last month...the trend has included some large quantities. If so, we might see a hike in the share price above 190p if Colt come out with a bullish report tomorrow. Buying at 187p could be a nice earner whatever happens.

I wonder how many shares Fidelity have had an acceptance for. I was surprised that Standard and Ruffer indicated acceptance at a time when Colt seem to have turned the corner. Although they should be looking out for their investors and trying to get the best deal, it seems like they just accept what is a lowball offer. But they are part of that big club of fatcat fund managers who rarely achieve any decent returns.

I don't buy any of it. Colt management think Fidelity are undervaluing the company and they are talking about their real boss. Also, some prominent financial writers on the other side of the pond have given it the thumbs down.

robwt
28/7/2015
08:30
What the Chinese are doing to prop up their stockmarket looks to me a lot like what the UK government tried to do to prop up Sterling against the Dm in 1992. All they are doing is giving investors/speculators a chance to get out of their positions. The mistake was letting the market double in six months on ever-increasing borrowing to speculate. I don't think the Chinese government will have any more success than ours did.

If I'm wrong and they do succeed all they will have done is give the speculators, the brokers and banks that lent them the money the idea that they can't lose: the Chinese version of the Greenspan put. We all know how that ended.

dickbush
26/7/2015
11:17
Thanks for that, robwt. I didn't know about the writer's credentials.

I imagine the "old guard" such as Ed Johnson III will be less than happy to see Fidelity's name being trashed for a few hundred million Dollars. If this acquisition goes sour for some reason a few of the new management are going to find their careers abbreviated, which would be some small consolation to long term investors in Colt like us.

dickbush
26/7/2015
10:53
Thanks Mirko, a great find that endorses the horrible feeling of being shafted is being felt by more than us long term, long suffering Colt UK investors. The article is spot on!

It was great to read the NY Times Pulitzer prize winning financial journalist Gretchen Morgensen is writing about how Fidelity are trying to get Colt on the cheap. I said in a post the other day that we needed someone from the UK financial press reporting on this.

Who would have thought one of the best financial journalists in the world has spotted this Fidelity/Colt debacle. Gretchen has a reputation that far exceeds anyone this side of the pond.

I think we should all be very happy at getting our beef written about by a lady who has been described by her peers as "The Most Important Financial Journalist of Her Generation".

A very pleasant surprise and great read on this wet and grey Sunday morning.

robwt
25/7/2015
18:26
A great find, mirko. It's good to see that Fidelity are getting the bad press in their own back yard that they so richly deserve. No doubt their PR department will have their spin already prepared for when they sell in 2017 at a much, much higher price.

Note the following comment from a Fidelity spokesman.

"...the best comparable transaction was the 30 percent purchase of Interoute, a European network operator that’s 70 percent privately held. That deal went for seven times earnings before interest, taxes, depreciation and amortization."

i.e Fidelity is treating its minority shareholders just like any other majority shareholder would: we can screw you and so we will. Trebles all round!

FWIW I reckon that ex IT Services and including an increasingly profitable KVH, Fidelity will be looking for at least another £1 a share by 2017.

dickbush
25/7/2015
17:42
Let us see what the numbers are at the end of the month

Expectations have run ahead somewhat methinks

buywell3
23/7/2015
16:15
DB...something may well happen! there has to be some smart money that can see the potential. Fidelity are in a fantastic position..they know they are on to an easy profit whatever happens. Where are the big players who can sieze this as a cheap as chips deal. Surely it will happen at 10% or 15%% more than Fidelity's offer.
robwt
23/7/2015
15:53
I'm a little surprised that someone hasn't bid higher than 190p, someone who wants to own Colt outright, effectively getting the non-Fidelity holding at a big discount to the price to be paid to Fidelity in 2017.

If Fidelity gets to 80% plus but less than 95% I will probably let Fidelity have some of my holding and let the rest ride as part of the unquoted minority, looking to get paid in 2017. I have too much invested to let the whole lot ride.

dickbush
23/7/2015
08:09
The lack of a another offer (yet) does make me think that going private might be the best way. I just wish the actual offer was higher, then again if other companies thought that Fidelity were getting colt on the cheap, why aren't they counter bidding?
palace andy
23/7/2015
08:07
Dealy,

Fidelity reserve the right to extend the offer. So I guess if they fail and don't announce an extension immediately then we are going to see a price drop. But if they do announce an extension then surely the price would remain hovering around 190p?

palace andy
22/7/2015
20:11
I actually think the stock will drop back down to 160p if the bid fails. At least in the short term. The market is so fickle and nervous right now.

For this reason I off-loaded half of my stake at 191p when the bid was higher. Colt is not the only undervalued stock out there. The resource sector is trading at 1932 style levels. If the bid fails we are back to waiting for a predator to pounce. Meanwhile the over-valued pound will eat into earnings. And the economies where Colt operates are still lack luster. It took Colt years to do the bleeding obvious: get rid of wholesale voice, get rid of IT services and focus on data and data center services. Going private is another piece of the puzzle (get away from the useless analyst community in the UK).

I am going to settle for 190p and re-invest in the resources sector.

dealy
22/7/2015
13:01
DB,

Agree with your first paragraph.

Not sure about 2nd para.

palace andy
22/7/2015
12:30
palace andy, if Fidelity get less than the 80% on this offer the quote will remain. Doesn't that suggest that the market will price the shares above 190p? If the shares were quoted below 190p, anyone could buy them and submit them to Fidelity for a profit or Fidelity themselves could buy them.

On second thoughts, can Fidelity buy in the market if they have more than 75%? I thought there was a Stock Exchange rule against that. Anyone familiar with the SE rule book?

dickbush
21/7/2015
18:54
"If the Offer becomes or is declared wholly unconditional BidCo intends to procure that Colt will make an application for the cancellation of the listing on the Official List of the Colt Shares and for the cancellation of the admission to trading on the London Stock Exchange`s market for listed securities of the Colt Shares. It is anticipated that the cancellation of the listing on the Official List and the cancellation of the admission to trading on the London Stock Exchange`s market for listed securities will take effect no earlier than 20 Business Days after the date on which BidCo has, by virtue of its shareholdings and acceptances of the Offer, acquired or agreed to acquire issued share capital carrying more than 80 per cent. of the voting rights of Colt."
dickbush
21/7/2015
09:35
DB, you are correct they need to acquire 80% of the shares for the offer to be conditional. Fidelity reserves the right to extend the offer until such time they have 80%.
palace andy
21/7/2015
09:13
Someone correct me if I'm wrong but my understanding is that Fidelity can delist Colt if they receive enough shares to own 80%. Then, as palace andy writes, if they get enough shares to own 95% they can compulsorily acquire the rest. Between 80% and 95% ownership you would be locked into a non-quoted minority waiting for a bid for Colt at a much higher price than 190p. Also, in this situation, Colt would be under no obligation to provide you with quarterly, semi-annual or annual results nor any other corporate information (e.g. reorganisations).
dickbush
Chat Pages: 300  299  298  297  296  295  294  293  292  291  290  289  Older

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