Entu (UK) Share Discussion Threads

[firtashia] 19/7/2016 12:45

15 years ago, Stockport County FC kicked off their campaign in the Championship at home to Coventry City, in front of 9300 people. In 2 weeks time they will kick off against Alfreton Town at home in the Conference Northern division, their fantastic following will ensure a gate of over 3000.
Good luck all remaining holders.

[tsmith2] 19/7/2016 08:26

share prophets/rocket still have a buy?

[rollthedice] 19/7/2016 08:20

Not a penny in cash at period end?

[mctmct] 14/7/2016 13:59

Last year, the interims were on 20 July. There's been no pre-close trading update (at least, if there was then I missed it). No RNS about the date to releasing the half year figures. Maybe I'll ask.

[jbarcroftr] 06/6/2016 11:04

Well no profit warning so perhaps on track for their revised profit forecast?

[mctmct] 06/6/2016 09:59

It's very quiet here, and the company is quiet too. How are we feeling about the future?

[cwa1] 01/4/2016 09:07

Tiny, small, uptick just now. Wondered if we might have got a brief update with an AGM Statement but it seems not. Oh well, nice to see it doing the opposite of going down for a change......

[cwa1] 23/3/2016 13:01

Just had a bit of a mad moment and picked up a few at 60.5p. Not exactly a purchase made with confidence given recent events-but IF they can hit expectations and maintain dividends it should look cheap over time. I'm hoping they've learned to manage expectations down, under promise and over deliver. Also hoping they have "kitchen sinked" any current issues. No doubt a triumph of hope over reality though.

[tromso1] 03/2/2016 08:21

Tipped by Simon Thompson yesterday-

[copestake] 02/2/2016 18:02

Most likely because he wants his shares to increase in value

[tony773] 02/2/2016 14:04

BUY NOW !!!!

[copestake] 29/1/2016 11:21

So this morning I was sat thinkingAbout buying some but decided not too and now it's up 10%. Usually the way

[sphere25] 29/1/2016 10:53

Been buying this morning.

As much as there is to dislike here (management, management, management and ah yes....management), it looks to me like that there are enough positives in there for the bad news to be in the price and to merit a move higher.

Operating profit before exceptionals of £8m this year with a downgrade to numbers to be slightly below for the new financial year so say £7.5m. The market cap this morning was around £37m so an EV of about £35.5m so we're talking a multiple of about 4.7x.

If we have a look at the breakdown by business segment (from continuing operations and pre exceptionals):

Home Improvements
Revenue 82m
PBT 4m

Energy saving and insulation
Revenue 14.3m
PBT 1.9m

Repair and renewal
Revenue 2.7m
PBT 2.1m

Even if we factor in some further weakness in trading and margins, there still appears to be value here.

Looking at the commentary on the various business segments:

Home improvement:

"The order book continued to remain strong at approximately GBP9m throughout the year (2014 approximately GBP9m), and was GBP9m at the year-end. We continue to sense increasing consumer confidence as home owners decide to make improvements to their homes."

So even though there has been margin pressure, there is some confidence - not a complete disaster.

Energy Saving & Insulation:

"For the year ended 31 October 2015, divisional sales for the continuing businesses were GBP14.3m (2014: GBP9.3m), an increase of 54% due largely to the acquisition of Astley in March 2015.

Attributable profit for continuing operations was GBP1.9m (2014: GBP3.2m). The shortfall in profit in this division arose almost entirely in insulation products"

Looks like there could be some further weakness in insulation, but offset by Astley

Repairs and Renewals:

Appears to be chugging along.


Onto the very important dividend - a key supporting factor in a company's valuation.

"In the coming year the Board aims to maintain the current level of dividends, and would expect the payment profile to return to a more orthodox split paying one third as an interim dividend and two thirds as a final dividend."

With the current expected cash flow (and even with some further weakness and lets go as far as a dividend cut), the yield looks attractive.

Also noted that Kestrel are adding as much as they can to their holdings in the market. I know what these lot are like - once they start, they usually keep buying and buying..and buying so an added positive.

Clearly, there's more to consider, but as a high level overview, I think this stock has scope to rerate higher.

I'm not a long term holder or fan of this stock by any means, but where this is upside potential, I'll be looking in.

[paduardo] 29/1/2016 08:44

3.1m loss from closing solar was more than I expected. The Sept RNS states in excess of 2m. This is 55% in excess!

The directorate change rns which also highlighted trading in line with expectations should have flagged this or called out that this was from continuing operations only.

That said if management can deliver against their new forecasts this is very cheap. I have reduced my exposure but still hold.

[eastbourne1982] 29/1/2016 08:21

This is a strange one.

I'm a recent buyer as I thought it was decent risk / reward.

The company has no debt and is making circa 8 million a year, it is paying a good dividend as well, normally this would have a market cap at least double the current one, anything between 75 - 100 million imho.

The business just needs to settle down a little and get used to being a public company.

[jbarcroftr] 29/1/2016 08:03

Fair summary.If the price falls I will be tempted to buy more and average down.
They will need strong financial management going forward and it will take a year or two to get the business firing on all cylinders but the dividend should support the share price

[robsy2] 29/1/2016 07:43

A bit of a mess , as expected.In fact a completely shambolic first year as a company. It's hard to see why these companies go public except to clean themselves up and let the first wave of investors make their killing. If you subscribed to this at 100p , you made a mistake.
Positives? The rating is low, the dividend will be paid.
The future? It looks like a grind with a bunch of regional businesses all with lots to do to create real value, their margins will tighten because I would imagine there must be a competitor or two who are sharper than these guys.
They have a lot of work to do to stand still. It looks like a business run by a bunch of installation engineers that will struggle unless they can get some leadership in there and some financial control and deliver.
Cash reserves are now low as well.
Is it all reflected in the shareprice? Probably. I'll hold for the time being though my gut feeling is that this will never reach a 100p again.
R2

[paduardo] 28/1/2016 17:53

Well fingers crossed for tomorrow.

Hope the outlook statement is positive!

[mctmct] 19/1/2016 10:40

Kestrel keep upping their stake. It's a positive sign.