E2V Share Discussion Threads

[attrader] 26/7/2011 12:14

Opened a small position for short term trade .

[nermil] 26/7/2011 11:42

Thanks Simon. I'd been expecting an interim management statement as one was produced July 19th of last year.

[jodi17qad] 26/7/2011 11:31

I think the best one can say is that the price drop is on small volume, although I had anticipated a rise in advance of the AGM.

In fact the share price is quite volatile for such a small company, perhaps reflecting the narrow share base.

According to REFS, 73.8% of the shares are held by certain major holders, with 1.76% held by the directors, so that the volume of tradeable shares is quite small.

[simon gordon] 26/7/2011 11:29

Nermil,

The AGM is tomorrow:

[nermil] 26/7/2011 11:24

Yes Simon they are. I'd hoped maybe it was a wider market issue. But while the FTSE All share is down electronics and electrical equipment (E2Vs sector) are up marginally today and in terms of the sector constituents, while a few are done a bit, E2V is by far the worst performer. Are you sure its tomorrow? While the share price has drifted for a while, its hard to differentiate between all the goings on in Europe and what may be stock specific. I'd hoped once things quieted down in Europe, E2V would bounce back with the rest.

[simon gordon] 26/7/2011 11:09

In the Prelims E2V raised their growth objectives, it'd be bad form to now ratchet back expectations seven weeks later. Trading on c.10.5x to 03/12 it's at the low end of the peer group.

The market signals for tomorrow are ominous.....

[nermil] 26/7/2011 10:47

Judging by its performance so far this week, the market does not seem to be expecting good things from its interim statement. This sort of share price weakness is very worrying. Looks like another round of QE is on the cards and so too are exceptionally low interest rates. But I suppose weakness in the US and Europe is making investors worrying about export driven companies.

[simon gordon] 22/7/2011 19:17

Weekly one year:

[paleje] 20/7/2011 11:34

Nice spot, Simon.
I've been wondering about the euro problems though, the low pound has been helping our exports but if the eurozone implodes and devalues might it take the edge off. Seems to be a balancing act going on and no one telling the whole truth.
I hold a few manufacturers who've been doing well on exports but I'm concerned how long it will last.

[simon gordon] 19/7/2011 15:11

E2V fits this story perfectly:

Investment Week - 15/7/11

UK's 'Mittelstand' could drive recovery

Neil Veitch

As consumer confidence wilts in the face of government austerity measures, and GDP growth slows, the outlook for the UK economy appears challenged. By contrast, on the continent, Germany continues to prosper.

This growth has largely been powered by the 'Mittelstand', those thousands of small- and medium-sized enterprises that focus on exporting niche, high-value products across the globe. Many have chosen to lament the lack of such a force in the UK, yet there are a multitude of companies who could form the nucleus of the UK's very own 'middle-stand'.

Engineering group GKN, for example, is the world's leading supplier of driveline components into the automotive industry. As demand for premium automobiles in emerging markets continues to grow, GKN stands to benefit.

Developing future GKNs requires a hospitable operating environment for entrepreneurs and investment. The UK scores well, ranking fourth in the World Bank's 'Ease of Doing Business' index. It is worrying that the government has recently adopted populist measures such as raising the supplementary tax on oil and gas production (although there has been some back-tracking).

At a time when the outlook for the domestic economy is uncertain, it is vital that growth industries are not hindered by such short-sighted decisions. These companies can support the UK's recovery, it would be foolish to pull the plug before they have the chance.

Neil Veitch is fund manager of the SVM UK Opportunities fund

[nermil] 19/7/2011 08:50

The last time they hit below their 100 day moving average however was before some pretty exceptionaly results and before the div was reinstated. I do think the market is penalizing E2V for its industry. Spectris doesn't seem to have been hit however, but it seems to have a lot of exposure to heavy industry which again should be of concern these days. Surely a crisis sparked by sovereign debt which goes onto create another financial crisis would put the brakes on economic growth and hit some of their key sectors as well. The US will certainly cut back on its own defence spending. $4 trillion has got to come from somewhere and while the republicans may not like it, some of that will come out of the defence budget. E2V already pointed to weakness in its US defence sales even in its last good set of results.

The Europeans for their part seem as determined as ever to back the Eurofighter programme. And are trying to sweeten the deal to get India on board.



The problem in this sort of market, is that it takes something completely fantastic to see a share price rise and even then any rally seems to be quickly wiped away. While I am deeply concerned about Euro situation and doubt the Euro will still exist in its current form in 5 years. I think assuming, that this worst case scenario will be mismanaged, feed into a new global financial crisis and then go onto spark a new recession is getting ahead of one's self. I'm staying well away from financial stocks and get out of Aviva a few weeks back and seem to have been proved right at least for now. But corporate profits for now seem healthy and few stocks seem over priced. Inflation here and in the US seems under control and it all looks like we may see QE3. I'll be watching things very closely on Thursday however. That European Summit may be Europe's last chance to show to they have the political will to manage this situation. The market seems to losing faith that they can, but I still think its jumping well ahead of itself in assuming that its the beginning of another crisis on the scale of 2008/2009.

Hopefully that trading update simon gordon will re-assure investors over E2V.

[simon gordon] 18/7/2011 20:54

Only the second close below the 100 day moving average in just over a year:




Should be a trading update next week.

VLX also looks a buy in this sell off.

[nermil] 18/7/2011 19:48

e2v seems to be taking brunt of these wobbly markets at leat as far as my portfolio is concerned. Market concerns over outlook for government spending on healthcare and defence? Anyone else have any ideas? I'm not aware of target price cuts.

[simon gordon] 11/7/2011 19:22

Billion-pixel sensor to map universe in 3D is built

11 Jul 2011

Technicians at Astrium France in Toulouse have finished assembling and aligning more than 100 CCDs that will form the eyes of "Gaia" - the largest digital space camera ever built, and due to start producing a 3D map of the universe after its launch in 2013.

The mosaic of detectors, arranged in seven rows of 16 CCDs in the main array, plus four more that will provide image quality control, were produced by the UK firm e2v Technologies. Each of the detectors measures 4.7 x 6 cm, and the total size of the array is a remarkable one meter long by 50 cm wide. Each of e2v's back-illuminated CCDs provides a 4500 by 1966 array of pixels, meaning that the entire assembly represents a 937 megapixel camera.

[cockneyrebel] 10/7/2011 21:08

Interim Management Statement on the 19th July last year.

CR

[simon gordon] 09/7/2011 18:05

Bearish engulfing candle on Friday could lead to some weakness early next week:

[gleach23] 06/7/2011 21:43

nice performance today in a down market and after going ex-div for 2.4p

[nermil] 04/7/2011 10:34

Simon in terms of shorting, I'm paying close attention to Asos right now. They're next trading update is due out on the 14th of July. A staggering and very unsustainable p/e rating and unless that statement comes out with some fantastic results, I'd expect a bit of fear to take over there. The share has been trying to hold over £24 for weeks now and not managing to sustain.

[nermil] 04/7/2011 10:31

Yes am a bit disappointed thus far. Not going anywhere however as sometimes the market is a bit thick with good stocks. It takes them a while to wake up. I feel my money is as safe as investing in equities allow with E2V with still good upside potential when the market gets off its tush and starts to re-rate these.

[simon gordon] 01/7/2011 16:53

Still can't manage a weekly close above 140p:




XD next Wednesday for 2.4p.

Should be an update this month. Trading update last year was on the 19th July. AGM is to be held on the 27th July, anyone going?

Annual General Meeting of e2v technologies plc to be held at 3 p.m. on Wednesday 27 July 2011 at Investec Investment Banking, 2 Gresham Street, London, EC2V 7QP

[simon gordon] 29/6/2011 15:47

AND

Forecast - 30/9/12

T/O - 60m
PBT - 10.6m
EPS - 25p
P/E @ 636p = 25.44x

Current market cap @ 636p = 193.7m

===

I think E2V supply AND with lenses for their cameras. E2V have very strong IP and they could be a threat to AND once they commence selling cameras direct. This should be a strong growth market for E2V. For 278m you get E2V and all its divisions.

If E2V come on strong and AND are de-rated to say 15x = 381p.

Potential 250 points on a short.

Might be worth digging to see what E2V and AND think of each other.

[simon gordon] 29/6/2011 13:44

Been pondering if AND is a short. It's on a high rating and the share has been going a bit parabolic recently. It now looks like E2V are directly entering their niche market:

Prelims - 6/6/11

Machine vision

Our camera platforms provide sensitive, high speed performance for high end inspection processes where quality and reliability are key customer requirements for applications such as semiconductor and electronics manufacturing inspection, food and beverage processing, ophthalmology and document imaging. Our products include line scan cameras for high end machine vision and optical coherence tomography ophthalmological applications based on CCD sensor technology. Each end user markets has specialised inspection equipment suppliers that are e2v's customers, including Carl Zeiss, Meditec, Canon Optopol and Orbotech, and there are a large number of integrators which we access via distributors and our agents.

Sales in machine vision have grown significantly with strong demand for cameras for process control applications in Asia. The increased sales resources in Asia provide a platform to support these important and growing markets. Growth is anticipated to be achieved by the expansion of our Asian markets and the widening machine vision product portfolio for which we intend to launch our own line of high end CMOS cameras in the coming year. The upside potential for accelerated customer demand would arise from earlier adoption of e2v's product range including the new CMOS high end cameras.

-----

Could be a lucrative pairs trade.

[simon gordon] 29/6/2011 12:33

I had a few more this morning.

[cockneyrebel] 29/6/2011 12:20

On a nice low here and a 2.4p divi for those holding next week.

CR

[simon gordon] 21/6/2011 22:03

Nice little order:

June 21, 2011

e2v and Thales Alenia Space sign two contracts totalling €4M for e2v to supply imaging sensors to equip Earth observation satellites including Göktürk and Seosat.