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
  +0.00p +0.00% 19.25p 19.00p 19.75p 19.25p 18.50p 19.00p 248,030.00 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 287.9 9.4 3.8 5.1 38.60

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Date Time Title Posts
01/12/201613:43DX Group - Postal services1,313.00

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DX (DX.) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
02/12/2016 16:54:5918.5030,5225,646.57O
02/12/2016 16:35:1119.2555,00010,587.50UT
02/12/2016 16:03:2019.00832158.08AT
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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 18.13p and a 12 week average price of 18.68p.
The 1 year high share price is 27.50p 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 901,660 shares. The market capitalisation of DX is £38,601,158.75.
speedsgh: DX (Group) PLC Successful HMPO tender improves forecast certainty – Zeus Capital - HTTP:// DX (Group) PLC (LON:DX) has confirmed that it has won the retendering of the HMPO contract. We understand that it was a highly competitive process so retaining the contract is especially pleasing and provides greater confidence looking forward. We leave forecasts unchanged but with materially increased certainty on being achieved. The successful retender highlights that the quality of service DX has delivered over the previous contract periods has been respected. The only disappointment in today’s statement is the announcement that the decision on the resubmission of planning permission for the central hub has been delayed until mid-February. Today’s announcement de-risks FY17 and FY18 earnings and net debt forecasts and highlights the attractiveness of the prospective 2.5p dividend in each year. We leave forecasts unchanged meaning DX is trading on just 3.6x FY17 earnings and yielding c.14% on last night’s 17.75p closing price. A conservative 7x short term recovery multiple would equate to a 35p share price offering 97% upside, this would still only equate to 4.0x EV/EBITDA. * Passport contract importance greater than its size – In annual Group revenue terms the contract is worth a relatively small c. £20m – £25m but we believe the volume it provides for the important Secure division underpin the better economics of this area relative to other areas of the business. The Secure business grew at c.9.0% last year and should continue to grow strongly on the strength of its service offering and retaining HMPO volumes will underpin its economics. We understand it was a very competitive process and to win it shows the strength of DX’s Secure offering. The only material change would appear to be the movement in length from 3+1 year contract term to a 2+2 year. * Improved visibility in FY17 – Whilst we don’t ignore the intense competition in all areas of the deliveries market, the HMPO tender win materially increases the certainty of achieving FY17 PBT estimate of £12.2m. In turn, this would increase certainty on our assumptions of net debt falling to just c.0.3x EBITDA. With this low level of gearing it increases the attractiveness of the 2.5p dividend which equates to a 14% yield and is twice covered by earnings. Further confidence across the forecast period will be taken should Exchange experience a benign renewals season in January, albeit with the April renewal period still to come before the period end. * Valuation – Placing a recovery multiple of 7x on FY17 earnings would equate to a DX (Group) PLC share price of 35p, offering c.97% upside. Arguably, this multiple is supported by the greater certainty today’s announcement provides to earnings. The shares have recently gone ex-dividend 1.5p (10th Nov) leading to a 1.75p fall to 17.75p. At this level the prospective yield of c.14.0% is appealing on a balance sheet with little debt as net debt declines to just 0.3x EBITDA.
baticle: Its Great News that they've kept the contract if only a testament to the fact that they can and have the ability to win business, this hopefully should bode well for the future and subsequently the share price.
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?
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: 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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