Share Name Share Symbol Market Type Share ISIN Share Description
Ensor Holdings LSE:ESR London Ordinary Share GB0003186409 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 63.50p 60.00p 67.00p 63.50p 63.50p 63.50p 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 19.2 2.8 10.8 5.9 19.05

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Date Time Title Posts
11/6/201008:23ENSOR - PE of 8 and Growing Profits. Strong Balance Sheet73
22/12/200318:32Change of direction could mean it's time to buy this unknown12
09/1/200212:17It's outrageous !!10

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Ensor Daily Update: Ensor Holdings is listed in the Support Services sector of the London Stock Exchange with ticker ESR. The last closing price for Ensor was 63.50p.
Ensor Holdings has a 4 week average price of 68.58p and a 12 week average price of 67.81p.
The 1 year high share price is 113p while the 1 year low share price is currently 61p.
There are currently 29,995,976 shares in issue and the average daily traded volume is 11,256 shares. The market capitalisation of Ensor Holdings is £19,047,444.76.
tiswas: Gengulphus Thanks for the comprehensive response. I accept everything that you write but sadly it just goes to emphasise what a pig's ear the directors have made of this entire process. A sales process that has lasted more than 15 months with two core businesses still not sold. A share price below where it was when they started to out shareholder value. No apparent plan as to how they are going to distribute the cash received to date to shareholders in a tax efficient manner. (Not a problem to those of us with smaller shareholdings within an ISA) So, anyone care to guess how long N months is?
jaf111: You are not alone tiswas.....and as we can see from the trend in share price, the longer it drags the worse it gets....
carcosa: "It's fair to say that we have reaped hefty gains from takeover situations in the past 18 months ('On the acquisition trail', 4 Jul 2016). Indeed, no fewer than 12 of the companies on my watchlist have exited the stock market since the start of last year and at a 50 per cent-plus average premium to my advised buy-in prices. However, it's not a one-way bet as the case of Ensor (ESR:73p), a Manchester-based company focused on the manufacturing and supply of physical security products and packaging, highlights." Am not a subscriber but from the gist of the initial paragraph and todays share price action I assume he has changed his mind regarding the valuation?
carcosa: Shanklin: Just short of 25k Averaged a sale price of 67.5p and an overall loss Sorry once again for the share price action but at least you guys can largely attribute to me; and I made a mistake. I had a negative expectation because of the planned delay in releasing the prelims and rapidly scanned reading the prelims I homed in on a phrase that confirmed my self-bias. Personally management could have been considerably more transparent on total valuation at the end of the process but trawling through these prelims I'm of the opinion that the ultimate base valuation is around 75p acknowledging that is quite some way off the 100-115p/share that has been mentioned on these boards. I hope I am wrong (again!). I do, however, think that the final realisation could be quite a few months aways. FWIW my valuation is largely based on a multiple of the profits of the remaining businesses as detailed at Companies House; albeit this year's accounts are not available as yet. Was pleasing to see they got the pension issue resolved at the lower end of their initial estimate. Should the share price fall back a tad then I'll be tempted to buy back in, if there is a subsequent tip in the press regarding the company that sends the share price above 75-80p then I'll probably sell at that level.
carcosa: Oh, If I did wrong... sorry I made the share price tank. Sure it will be better Monday
carcosa: I suppose until ESR issue an RNS then there is an opportunity to buy or sell your current shares depending on whether you believe this is positive/negative/neutral for the share price. Sorta insider trading lol!
jaf111: Well the original breakup announcement was May 2015.....this process is certainly taking longer than I expected...... Share price has risen today but is pretty minor when say looking at the one year chart......and go back a few months when people were talking about 115 to 125p return. The crux (and I am not sure of the answer) is whether they are getting good prices.....with the share price still well below the 115p it seems that either they are not, or the market has got it very wrong. With a small stake in ESR I hope it is the latter!
carcosa: 'Finally'...'Muted'? Not how I would describe the situation. Today's announcement is on top of a couple of freehold sales and now we have the second subsidiary sold. Currently a 7-8% increase in the share price. All in all ESR appear to be getting good prices for all of their sales to date.
cockerhoop: It's Simon Thompson in the IC re-iterating that he believes the company will be sold for 125p. hTTp:// A snippet: 'I recommended buying the shares shortly after that announcement was made when the share price was 97p, targeting a minimum share price of 125p to reflect the value of the assets that could be sold ('Building up for a takeover', 22 Jun 2015). Investors cottoned on and Ensor's share price subsequently rallied to 123p in July before succumbing to profit taking. However, at the current offer price of 99p I firmly believe this is another great opportunity to buy into this M&A situation and one that is likely to reach a conclusion in the coming months.'
davidosh: As this is the article which seems to have stirred things up yesterday I am copying it over to our dedicated shareholders here but will not be posting it on a general forum as the writer deserves copy protection. I suggest others do not further copy it onward but whilst we are in a bid situation I do think all shareholders bound by the takeover rules deserve to know what causes spikes upward or downwards in price. For the record I have no plans to sell any of my shares until a firm offer is made but will reserve the right to add to my holding if the price falls materially under £1 again as I totally agree with Simon Thompson or more appropriately as I have been a holder for eight years I should probably say Simon appears to have read my notes and agrees with me ! Text from IC Online... For good measure, I have found another sitting duck which is likely to reward shareholders with a tasty bid premium, Ensor (ESR:97p), a Manchester-based products and services company focused on the manufacturing and supply of physical security products and packaging. Ensor has a market capitalisation of £29m, having listed its shares on the London Stock Exchange in 1989, and was founded in 1880. But its days as a listed entity now look numbered after the board in effect put the company up for sale at the end of May. It's an opportune time for shareholders to sell because Ensor has just reported a surge in revenues and profits in its latest financial year to end March 2015. In fact, operating profit soared by 84 per cent to £3.4m on revenues up 18 per cent to £36.1m to drive up EPS by more than 110 per cent to 9.2p. On this basis, the shares are rated on 10 times historic earnings, hardly a punchy valuation for a company in play. Moreover, the board of Ensor have been clearing the decks for a clean sale of the company, having sold off property in Normanton in September, and freehold land and buildings in Woodville, Derbyshire and Stockport post the financial year-end. Those latest two disposals, one of which was made to a residential property developer, generated cash proceeds of £3.13m, a hefty £843,000 premium to book value. As a result I reckon that the company now has pro-forma net funds of almost £1.6m, so is in a very strong financial position to extract the best possible price for its businesses. BDO LLP have been appointed advisors to conduct the sale process. Moreover, there is scope for further chunky cash receipts from property disposals as Ensor has a residential planning application for its site at Brackley, Northamptonshire in the planning stage with South Northampton Council. The company has applied for permission to demolish the buildings on the site and build seven dwellings with landscaping and parking. The land is in a great location close to the Great River Ouse at the former Hawkins Salmon site, Mill Lane, Brackley. It's prime property as a six bedroom house with a floor space of around 3,000 sq ft on the same street has recently gone on the market for £575,000. Ensor intends to market the land to residential property developers as soon as it gets planning consent. Bearing this in mind, the land is in Ensor's accounts at only £550,000, but clearly is worth significantly more with residential planning consent. Indeed, a figure well north of £1m would be well in order and I don't see the company having any problems offloading the site. It's worth pointing out too that Ensor's board are in talks with the management of its building products business to sell that unit to them. This operation distributes specialist roofing and drainage products, supplying the merchant trade and contractors, and has seen growth in its market as the construction industry improves. Operating profit more than doubled last year, so it's a rather good time to sell to maximise returns for shareholders. Bearing this mind, the Harrison family have four members on the board, led by 85-year old chairman Kenneth Harrison, and 60-year old chief executive Roger Harrison, and control 54 per cent of Ensor's issued share capital. They have a combined age of 283 years, so it's not difficult to understand why they have decided to cash in their chips at this stage in their lives. Importantly, with such substantial shareholders, they have a vested interest in achieving the best prices possible for the assets of the company they control. Sound business prospects The other major positive for me is that irrespective of whether the board can sell the company as a stand-alone entity, it's still worth significantly more than its current market value. That's because Ensor's building & security products division not only enjoyed a strong year operationally, posting turnover almost 20 per cent higher at £32.6m and a near doubling of operating profit to £2.78m in the 12 months to end March 2015, but prospects are robust for the year ahead across the board. Firstly, Technocover, the company's subsidiary which manufactures physical high security products for the utilities sector started the new fiscal year with a good forward order book. Although Ofwat's AMP5 asset management programme has concluded, a carry-over of orders has resulted in an unusually strong order backlog to support results into the current year as the new AMP6 programme gets underway. Secondly, Ellard, a supplier of electric motors, automation and accessories for doors and gates, has significantly improved its position within this niche sector and boosted share of an expanding market too. Investment into a graduate recruitment programme, new products and planned expansion of the premises, have been initiated "in anticipation of continuing buoyant markets", according to chairman Kenneth Harrison. Thirdly, Ensor's subsidiary OSA has had a similarly progressive year. This unit supplies ready-to-install industrial sectional overhead doors, residential garage doors, steel hinged doors and repair materials to the same market as Ellard. Prospects look good, underpinned by continued growth in market share and a key supply agreement securing exclusive rights to supply certain products within the UK. Finally, the company's packaging subsidiary, Wood's Packaging, is enjoying buoyant demand from the retail sector and is also benefiting from competitive sourcing of products though Ensor's offices in China. The unit continues to complement Ensor's security orientated businesses. In the last financial year, both revenues and operating profit from this business increased by around a fifth to £3.3m and £530,000, respectively. Robust cash position Although there is no analyst coverage on the company, and Ensor's management are bound by Takeover rules from issuing guidance, I think it's only realistic to expect further revenue and profit growth this year. Indeed, irrespective of progress on the trading front, the company will make a saving on interest costs given that it's now in a robust cash position and one that is large enough to wipe out a £2.1m pension deficit too. Ensor's working capital position is worth quantifying too. That's because after a strong end to the financial year, trade receivables ended the 12-month period up almost £2.9m to £8.4m; there was a heavy investment in stocks to service higher sales levels which skewed the working capital flows; as did accelerated payment for foreign supplies to secure better prices. As a result current assets rose by £6m to £16.2m in the 12 month period to end March 2015, or twice the £3m increase in current liabilities which ended the financial year at £9.4m. Most of these working capital changes will unwind in the first half to end September 2015 with the net result that the cash inflow should exceed operating profit in the six-month period. To put this into perspective, in the first half of fiscal 2015, Ensor generated operating profit of £1.5m on revenues of £17m, and a positive operating cashflow of £1.7m. In other words, I would not be surprised at all to see Ensor ending the first half with net funds close to £4m, and that's after factoring in the cash payment of £390,000 for the final dividend of 1.3p a share, up 30 per cent year-on-year to take the total payout to 1.9p a share. Add to that a potential windfall of £1m from the Brackley site, and Ensor could potentially have £5m of cash on its balance sheet within the next six months. That's a chunky sum for a company with a market capitalisation of £29m. The net funds position could even be higher if a disposal of Ensor's building products division to its management takes place. Fair valuation The bottom line is that, based on 29.9m shares in issue, excluding 922,000 shares held in Treasury, I can easily see a value of at least 125p a share for Ensor's equity, valuing the company at £37.5m. This is based on the company having a net cash position of £5m, including proceeds from a sale of the Brackley site using a £1m valuation, or £140,000 per plot, and valuing all its businesses on a multiple of eight times their cash profits of £3.93m. Note that Ensor has a £530,000 non-cash depreciation charge which explains the difference between its reported operating profit of £3.36m and cash profits. Needless to say, with Ensor's Aim-traded shares trading on a bid-offer spread of 93p to 97p, offering almost 30 per cent share price upside to my target price, I rate them a decent buy with very limited downside risk in the unlikely event that a sale of the company fails to materialise. In that scenario, and given that the company is now in a strong cash position, I would not be surprised at all for the board to sanction a special dividend to return excess capital to shareholders. Buy.
Ensor share price data is direct from the London Stock Exchange
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