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Enterprise Share Discussion Threads
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|Or £6 really , without the dividend.I am happy.|
|605p it is|
|Take profit - who knows whether there is any truth in the Telegraph rumour. I think it is better safe than sorry. I do not hold these shares either way (long or short) but i think the after hours trading may tell you something|
|Telegraph reports that 3i about to pay 605p hence todays rise to 580.That 25p gap presumably indicates a certain amount of scepticism.
Take the profit or gamble on 605p?|
|Down 40 yesterday , then back up 20 today.What is going on?|
|As you say , it was 575 not 530-550.I would have been happy at 575 but will hold on , looking at the last weeks trend.|
|As the 5.75 has been rejected as undervaluing the Company I assume that there must be more upside either through an increased offer or the share price increasing to its full value.|
|We are up and over the rumoured 3i indicative price - limited upside now?|
£500m bid to buy Enterprise group
A private investment firm has launched a £500m bid to take over a major Lancashire employer.
International equity investor 3i has been revealed as the mystery bidder interested in making a formal bid for support services group Enterprise plc.
Enterprise, which employs more than 3,000 people at its headquarters on Centurion Way, Leyland, confirmed last week it had received an "unsolicited approach" from a private equity firm.
It added that chief executive Owen McLaughlin and finance director Neil Kirby were leading an investigation into the possibility of a management buy-out.
Share prices in the company rocketed following the announcement and stood at £5.24 a share at the close of trading on Friday.
3i chief executive Philip Yea revealed the company's desire to invest in the services sector and admitted that it would consider an investment when it "had enough assets."
He said: "We started investing in infrastructure in earnest two years ago and I think there is a big market in pension funds who want to invest in the sector, until now, we have been using our balance sheet to do this."
3i revealed pre-tax profits of £365m for the six months up to the end of September and said it had invested £589m in the first half of 2006.
In last week's statement to the stock exchange, Enterprise said "discussions are at an early stage".
It added that a committee of independent non-executive directors, including Nick Woollacott and Alistair Hetherington, would be considering the findings of the investigation.
13 November 2006|
|My own belief is that the take out price should be nearer £7.00.
Whilst £6.00 would seem a fair market share price valuation level for the private investor, it does not give much premium for the fact that whoever acqiures it is taking a large profitable and more importantly established company with longstanding profitable contracts and the personal contacts which go with them.
I'm probably completely wrong and it will go for £5.00. I usually am!|
|Altium reckon the MBO could start a bidding war - final take out price c.£6.00|
|From 'Investors' Chronical' 9 Nov 06
Bid approach beams up Enterprise
Outsourcing group Enterprise has revealed that management, backed by a private equity group, has approached it with buy-out plans. And management may not be the only potential bidder for long. "To think that private equity would have a clear run would be a little bit naïve." says Altium analyst Andrew Nussey, "Trade buyers will be interested, this is a consolidating industry. I think [Enterprise] could be taking quite a few calls from corporate finance departments today."
For a would-be bidder, the attractions of Enterprise chiefly relate to its strong positions in the Utilities market as well as the bundled services market. In the past, the shares have been held back by concerns about the rate of acquisitions, management changes, problem water contracts and poor cash generation. However, after the group took a £9.5m exceptional charge at the half-year stage, many of these issues are now in hand. So, shareholders are likely to require any bidder to pay up for the group's strong growth potential.
The shares have risen to 517p on the back of the bid news. This marks a 31 per cent rise on our January "Tip of the Year" recommendation at 394p and a 14 per cent increase following our reiteration of the buy advice at 455p on 15 September. However, based on Altium's EPS forecasts of 30.5p for 2006 (26.4p, 2005) rising to 33.5p, the shares are still only valued at 17 times this year's expected earnings dropping to 15 times 2007. Given the chance that management's approach will smoke out other bid interest, the shares remain a buy.|
|Market seems to think £5.20
Could be a counter offer as earlier in the year someone was looking at them. I think it was an Australian company.|
|Seems to be continuing up. Anyone able to place a takeout value on these.
Thanks in anticipation
|MBO statement had put price over £5 ; time to bail out ?|
|EtR says Get some SBT sub 77p|
|EtR says the US government's motive for covert gold sales is firstly to keep interest rates low by deceiving bond markets about actual inflation levels. This sets in track the effect of lower gold price = lower inflation = lower bond price = higher stock market. It is also a means of supporting the US dollar, such that lower gold price = higher US dollar.|
|EtR says long silver and take prophet over $19 by June 07|
|From the Times of London:
'NEWS in April that Jack McGrory was to step down as chief executive of Enterprise, the utility services company, was worrying. Mr McGrory, who formerly worked for Mowlem, held his post at Enterprise for only two years.
The disruption caused by such a shortlived appointment was a concern in itself, particularly since Mr McGrory had embarked on an acquisition spree during his time at the company. Would those acquisitions be unpicked now he had moved on? That would cause even more distruption, and also raised the possibility that the value of capital invested in the purchases would be destroyed.
Moreover, Mr McGrory was appointed with the aim of bringing big company management experience to Enterprise, a high-growth utility services company. When he was replaced by Owen McLaughlin, a founder of the business, it looked as if pride might have been preventing the old guard from accepting the new ideas. Corporate governance concerns may have grown when it transpired that Mr McLaughlin, who was chairman to Mr McGrory, was to replace him as chief executive at the same time as retaining the top job on the board.
Evidence supplied by interim results for the six months to June 30, posted yesterday, suggests that Enterprise is in decent shape. Mr McGrory's departure, meanwhile, appears to come down to disagreement over acquisitions strategy. Mr McLaughlin contends that Mr McGrory was going too fast.
Investors with concerns about the stability of Enterprise will be hearthened to hear that the company is intent on moving more cautiously on acquisitions. It is also comforting to hear Mr McLaughlin's commitment to ensuring that acquisitions are properly integrated. That reduces the risk of failure at the companies bought and maximises returns from holding the new business.
Enterprise shares, which have doubled over the past five years, should continue to benefit from the trend towards outsourcing. The dividend yield on the stock is only 2 per cent but the payment is rising at double-digit percerntage rates. Buy.'|
|CityWire - Talk of a 520p-a-share bid from EDI Downer of Australia has boosted the shares of Enterprise by 14p to 440p in hefty volume, according to dealers.|
|Bobbing up and down in classic sideways channel. I will sell if it drops to 429 selling price. Hopefully it will break out of the top.|
|Thanks for the useful comments. Regarding what might be wrong, could it be that most of shares are already owned by institutions? I am told that it is institutional accumulation that drives prices. Anybody know?|