Share Name Share Symbol Market Type Share ISIN Share Description
DX LSE:DX. London Ordinary Share GB00BJTCG679 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -2.60% 18.75p 18.75p 19.25p 19.00p 18.50p 18.50p 317,473 15:54:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 287.9 9.4 3.8 4.9 37.60

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Date Time Title Posts
24/10/201619:49DX Group - Postal services1,260

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DX (DX.) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
25/10/2016 17:07:4018.7525,0004,687.50O
25/10/2016 16:35:1818.7546,0308,630.63UT
25/10/2016 16:21:4919.0025,0004,750.00O
25/10/2016 15:54:4518.755,168969.00AT
25/10/2016 15:54:4518.753,239607.31AT
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DX Daily Update: DX is listed in the Industrial Transportation sector of the London Stock Exchange with ticker DX.. The last closing price for DX was 19.25p.
DX has a 4 week average price of 18.66p and a 12 week average price of 18.10p.
The 1 year high share price is 88.25p while the 1 year low share price is currently 13.50p.
There are currently 200,525,500 shares in issue and the average daily traded volume is 343,307 shares. The market capitalisation of DX is £37,598,531.25.
davebowler: Zeus; DX. LN Industrial Transportation Positive conclusion to the CMA investigation DX has confirmed that the UK Competition and Market Authority’s (CMA) review in to the acquisition of The Legal Post (Scotland) Limited and First Post Limited is now closed and no further action will be taken. This follows the announcement on the 16th September that the Initial Enforcement Order, put in place on the announcement of the investigation (5th July), had been revoked. The announcement had been perceived as a precursor to today’s positive conclusion and DX had already resumed integration of the acquired assets. Confirmation that no further action will be taken draws a line under the process. Forecasts remain unchanged as the positive impact to FY17 and FY18 numbers had been factored into estimates at the time of the initial acquisition announcement in May and were not changed on the announcement of the CMA investigation. DX potentially offers deep value trading on sub 4x PER, on current year earnings, and yielding 13% with just c. £6m net debt forecast for FY17. § Strategic rationale for the acquisitions remains – Legal Post was a direct competitor to DX’s Exchange business in Scotland. Incorporating it into DX’s operations, in combination with First Post’s DSA offering, will derive cost synergies as duplication of routes and exchanges are eliminated. Management has stated that this will lead to £0.6m of cost savings increasing EBITDA to c. £1.2m that equates to an acquisition multiple of less than three times. Forecasts assume just £0.9m increase in FY17. § Improving visibility in FY17 – Reassuringly, FY16 (21st September) results were in line with consensus expectations and today’s announcement marks the first positive step in what could prove to be a pivotal year for DX as it rebuilds investor confidence. An announcement regarding the outcome of the tender process on HMPO contract is expected in the coming weeks and a positive outcome for DX would help underpin estimates across the forecast period. In addition, a positive renewal season in the Exchange business in the first four months of 2017 and developments on the proposed new hub would give greater confidence in estimates and highlight the valuation discrepancy in the share price. § Valuation – DX offers a prospective yield of c.13% on the 2.5p FY dividend in FY17, c.2x covered by earnings on a balance sheet with just 0.3x net debt to EBITDA. Whilst there remains earnings risk, the current PER of sub 4x appears to be discounting further significant disappointments. A positive announcement on the HMPO contract in the coming weeks would materially improve confidence in the earnings outlook.
dangersimpson2: Given the economies of scale consolidation has to be the way this sector is going. DX. are acting as consolidator with smaller companies like Legal Post. Think it is only a matter of time before they become consolidatee though. With activist investors coming on board, long term investors annoyed at where the share price is, and management only owning <2% of the shareholding there is little to stop any offer being successful.
jbat: Thanks Aleman. 11.9% (where we are now) is a silly dividend yield for a company if the market believes that it is not going to go bust, so once a little more confidence returns, it's likely we'll see a re-rating. If the price was to rise to push the yield to a more sensible 6%, then we'd be looking at a share price of circa 42p. This is still a long way down from the pre-collapse highs, but well off the ridiculous lows of 14p we've seen. Thoughts?
tuftymatt: In the short term everything still hinges on the HMPO tender process. If that stays with DX then all the other efficiencies will really help boost this share price but if it doesn't then.........
imgoingallin: can someone help thick me? Why and how are there over 900,000 share sold vs 90k bought and yet the share price is up? how does that work? if the shares are selling so much and so overwhelmingly against sells how is it up? I'm happy its up btw
wskill: A bit more about the fund buying. Citywire A-rated deep value specialist Alex Wright has upped his stake in courier and delivery business DX Group (DXDX) as it continues to limp lower after a profit warning cratered its share price. Wright increased his stake to 10% of the company worth £2.9 million at a share price of 14.5p, down more than 82% over the last 12 months. The shares are primarily held by his £494 million Fidelity Special Values investment trust with a smaller stake held in his £347 million UK Smaller Companies fund, co-managed with A-rated Jonathan Winton. DX plunged 70% in a single day last November after it warned that profits would be ‘significantly’ lower than forecast due to ‘intense’; price pressure in its parcel delivery market. It also cut its full-year dividend – previously one of the most compelling reasons to hold the stock - 58% to 2.5p. Analysts rate the company a ‘hold’ by a ratio of two-to-one, on a median price target of 20.9p.
imgoingallin: 3rd eye what makes you think this company is on it's last legs. it's ok coming out with such a post but please if you're going to do so back up your post with your reasons, insight, knowledge otherwise you come across as someone just wanting to pull down the share price. P/E RATIO of this company is ridiculously high. Yes the share price has taken a knock given that planning permission has been refused but i expect that to be rectified. Both the CFO and CEO have ploughed significant money of their own into this purchasing a high number of shares. Huge holders who held shares totalling over 75% of the firm still have their holding.
tuftymatt: I agree with the above in regards to consolidating within the sector but would not expect RMG to step in for DX. due to ParcelForce. If DX. are to be picked up by someone then I too think it would come from a non traditional carrier such as Amazon. DX. do not have a firm foothold in the mass parcel sector, rather they currently focus on the secure side of things and the ugly freight, so need to up their game in the key area in order to maximise their chances of long term success. This will cost money in terms of their fleet etc but they have spend in this area in order to see the share price climb. Otherwise the risk of lost contracts within the secure area / Tuffnells in the ugly freight area will always weigh heavily on them IMHO.
jbat: Nice one Aleman. Of course you're right about the 2.5p dividend - I'm neglecting the 1.5p already paid this year. Just trying to get an idea of what a sustainable dividend is at this level. If the share price stays around 25p and the dividend is 2.5p full-year, then that's a 10% yield, which is ridiculous. The shares should at least double in price therefore, if they were going to return to something approaching market normality, unless profits come in lower than expected in future. Not many good companies yielding 10%+ hang around at these sort of share price levels for long!
jbat: Fantastic. A penny a share dividend promised is a nice 4.5% or so on the current price, and who knows what more when it recovers further. The analysts think it'll be 5p per share earnings next year. If they were to distribute only 2p of that, and assuming the share price managed to climb to 40p a share, you're still talking a juicy 5%. If the business prospers but the share price continues to stagnate it's even better - 2p a share at 25p share price is an 8% yield. If they were a bit more adventurous and paid out 3p per share from those 5p earnings, it's 12%, and if the earnings are better than expected, well - who knows? I'm well in on this one. As ever, DYOR, etc.
DX share price data is direct from the London Stock Exchange
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