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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Epe Special Opportunities Limited | ESO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.50 | 1.52% | 167.50 | 12:34:41 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 164.00 | 164.00 | 167.50 | 167.50 | 165.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 29/1/2019 21:17 by horndean eagle Apologies. Never saw your message. They give ranges on the valuations within their accounts somewhere or other. Pleased with LUCE results today. I was tempted to buy low 30s but decided not to as I was a bit worried about retail backdrop. In all honesty I was a bit of a wimp. They flagged up a whole host of easy wins for the second half and hence they were so confident. Now we can hopefully start to see ESO re-rate in tandem. |
Posted at 01/10/2018 08:11 by spectoacc +11p on NAV isn't bad but be lucky to get +5p on share price (or zero!). Of more interest I thought was:"ESO intends to use the capital returned for new deals." That implies to me that they may not be punting the cash on yet more LUCE, which would surely be a good thing. |
Posted at 14/8/2018 19:45 by horndean eagle Giles is hard work to track down. Doesn't take calls etc. Almost mythical like creature. Board and the company need a shake up. It was absolutely crazy for them not to have banked a fair chunk of their LUCE position in the high 200s given how outsized it became in portfolio. ESO shouldn't be investing in businesses on p/e multiples of 20+ |
Posted at 20/7/2018 07:55 by spectoacc Took both off watchlist but just glanced at LUCE's share price - down to 40p, not looking healthy.I still say EPE's overvalued, even with them nudging lows. I've also just spotted this from the end of March, seemingly showing I was wrong on P2U (I'm not, see more below, but they have found a greater fool): "EPE Special Opportunities plc ("ESO plc", or the "Company") announces that Pharmacy2U Limited ("P2U"), a company in which it has a minority investment via ESO Investments 1 LP ("ESO 1 LP"), has raised a further GBP40 million of new growth capital to support the rapid expansion of its online NHS repeat prescription service. P2U is England's leading online NHS pharmacy and is the fastest growing pharmacy group in the country, with 25,000 new patient registrations in the last month alone and year-on-year growth in patient numbers of 178%. As well as offering consumers increased choice and convenience, P2U's online prescription management service is highly beneficial for the healthcare economy, saving GPs an estimated six hours and 40 minutes a week on paperwork. It is estimated that managing repeat prescriptions online could save the NHS over GBP300 million per year on prescription costs. The growth capital raise was led by G Square Capital, a European private equity firm focussed on the healthcare sector. In conjunction with the new investment, G Square Capital also acquired a majority of the share capital of P2U from existing shareholders and as a result is now the majority shareholder. The new investment will allow P2U to invest further in technology infrastructure to support customer demand and remain at the forefront of innovation in digital pharmacy services. P2U's state-of-the-art, award winning dispensing facility in Leeds is already the largest and most technologically advanced in the United Kingdom, with the ability to dispense one million prescription items per month. ESO 1 LP has realised 50% of its existing investment in P2U in the transaction, implying a 2.0x Money Multiple realised return. The transaction was completed at a premium to the holding value of P2U. The remaining 50% of ESO 1 LP's investment has been retained to benefit from the growth potential in P2U offered by the GBP40 million investment. This retained investment offers further upside in terms of Money Multiple returns to ESO 1 LP " So - they managed to get out of half their stake in the dire P2U, at a premium to book, and have now valued the remaining half higher, to reflect the greater fool pumping in more money "..From the growth potential.." of the extra cash. Now read: Potential to deliver 700k prescriptions a month, pushed up to 1m a month, actually doing 200k a month. Still, if they keep finding greater fools... Amazon next perhaps? Hats off to EPE for getting an exit at all at P2U, and even if remaining stake went to zero, they'll have had their money back. But all is already reflected in the 208p NAV, battered by the performance of LUCE. They could do with a greater fool there too. |
Posted at 06/3/2018 10:46 by manfrommoyse dont forget that they have >8M of unsecured loan notes, plus the 3+M of bank debt the underlying partnerships hold.Buy back also not poss because closed period. And if share price drops further they get better value. Suspect new man at LUCE is kitchen sinking so p/w may not come in threes unless market remains weak or weakens. Discount not big enough on ESO once net cash is taken into account, but it might get there Nibbled at LUCE in hope that makes the share price drop (application of sod's law hopefully in my favour!) |
Posted at 06/3/2018 09:06 by spectoacc Jeez what an RNS."About that buy-back..." "LUCE, it's great really" "Our NAV's still quite high - if you value LUCE at 77p" Not sure why I'd buy ESO over LUCE if I believed that RNS. If I didn't believe it I wouldn't buy either. |
Posted at 04/1/2018 20:39 by horndean eagle Discount is still very large. Fall is a huge over reaction. Whittards has been a bit of a dog for years but they seem pretty excited about it recently. You seem to be writing off LUCE. It has a very good track record. If this accounting issue proves to be a one off the re-rating will be pretty sharp. Also ESO valuation multiples are listed in its valuation methodology and seem pretty conservative. Just as they were when they have been writing up LUCE over the years |
Posted at 29/12/2017 14:03 by horndean eagle I wouldn't massively focus too much on financials re p2u. Once these private equity guys are involved the accounting usually turns a bit dodgy. Not always easy to work out whats going on. That 3rd party funding round was external so it wasn't ESO putting in the cash. That 3rd party funding was put in mid way through last reportable accounts so those investing must have been reasonably aware of what was going on balance sheet wise. Will probably see a pretty different set of results next time around. Id argue there is some pretty strategic value within p2u even in its current form. It has a lot of data and conducts issues prescriptions online. Any large player looking to get into the space would pay for its customer base.Not sure you could ask for the same discount post LUCE fall. Cash is a huge slug of nav. |
Posted at 29/12/2017 12:27 by spectoacc Thanks @HE. LUCE p/w rather spoiled the "massive discount" argument for ESO - wonder what NAV is with LUCE at 112p? I've not tried to work it out, but guessing that to restore the previous discount, ESO need to be way lower than here.Re P2U - they had a great business initially, made a lot of money, but now loss-making. They may get there with sufficient scale but to say I wouldn't touch it with a sh*tty stick is an understatement. Having Andy Hornby involved only adds to that feeling. NHS work used to be a gold mine, now it's more like a salt mine. The negative press of their business practices (previously censured for selling patient data etc) can't help. Not sure why someone like ESO saw it as a good place for their money. Fair to say I know more about P2U than I do about ESO. What worries me is that I know more about P2U than ESO do :) Agree re LUCE - time will tell whether it's "profit warnings come in 3's" or a short-term blip. |
Posted at 28/12/2017 07:26 by spectoacc Luceco profit-warned the day before the MoneyWeek article on ESO. Also a mention of the stake in Pharmacy2U, whose accounts are well worth a look - they seem to only keep going IMO by endless cash injections, £10m last one I saw, & merging with others.I'm usually a big fan of heavy discounts, particularly on p/e ITs. Have never, even once, been tempted by ESO - they seem to be mugs, something I concluded when looking into who on earth was pumping more money into Pharmacy2U (who have had a lot of negative comment over their habit of mailshotting the elderly with letters using the NHS logo - nothing illegal, but plenty of comment online about it). Still - everything has its price I guess, & I know little about the other holdings other than knowing that the NAV discount has come in considerably thanks to LUCE! From 15th Dec (LUCE closed at 112p yesterday): "EPE Special Opportunities plc Net Asset Value The Directors of EPE Special Opportunities plc ("ESO plc", or the "Company") note the fall in the Luceco plc share price following a trading announcement this morning. As previously disclosed (including in the full year ESO plc Report and Accounts released 3 April 2017), any change in the Luceco plc share price will impact the ESO plc Net Asset Value. Should the Luceco plc share price close today at 145.0 pence per ordinary share, the estimated ESO plc fully diluted Net Asset Value will be 315.57 pence per ordinary share. The end of December 2017 ESO plc fully diluted Net Asset Value will be confirmed in due course. " Not sure where that leaves the ESO NAV now, but with certain things in it I'd discount completely, and LUCE having gone lower, I can't see ESO as a bargain. |
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