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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Equals Group Plc | LSE:EQLS | London | Ordinary Share | GB00BLS0XX25 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.50 | 0.38% | 131.00 | 445,478 | 11:00:13 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 130.00 | 132.00 | 132.00 | 131.00 | 131.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 69.68M | 3.24M | 0.0174 | 75.29 | 243.31M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:07:37 | O | 25,000 | 131.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 30/4/2024 | 13:46 | UK RNS | Schroders PLC Form 8.3 - Equals Group PLC |
| 30/4/2024 | 10:11 | UKREG | Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc |
| 30/4/2024 | 07:31 | UK RNS | Canaccord Genuity Limited Form 8.5 (EPT/RI) |
| 29/4/2024 | 12:05 | UK RNS | JPMorgan Asset Management Form 8.3 - [Equals Group plc] |
| 29/4/2024 | 10:33 | UKREG | Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc |
| 29/4/2024 | 10:10 | UK RNS | Canaccord Genuity Limited Form 8.5 (EPT/RI) |
| 26/4/2024 | 16:27 | UK RNS | Equals Group PLC Notification of Major Holdings |
| 26/4/2024 | 13:27 | UK RNS | Canaccord Genuity Limited Form 8.5 (EPT/RI) |
| 26/4/2024 | 12:13 | UKREG | Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc |
| 25/4/2024 | 11:41 | UKREG | Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc |
Equals (EQLS) Share Charts1 Year Equals Chart |
|
1 Month Equals Chart |
Intraday Equals Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 30/4/2024 | 15:27 | Equals Group: e-banking and payments group | 3,284 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:07:37 | 131.00 | 25,000 | 32,750.00 | O |
| 15:38:57 | 131.00 | 7,267 | 9,519.77 | O |
| 15:38:42 | 131.00 | 363 | 475.53 | O |
| 15:25:46 | 131.00 | 7,630 | 9,995.30 | O |
| 15:20:52 | 131.24 | 7,616 | 9,995.24 | O |
| Top Posts |
|---|
Posted at 30/4/2024 07:07 by carcosa Rule 2.8 of the Takeover Code provides that a person who makes a statement that they do not intend to make a bid for a company will be bound by that statement and precluded from bidding for six months, (although there are certain provisions to allow them to do so).FleetCor, now renamed Corpay, announced their intention to not bid for Equals on 3 November 2023 which means they could re-enter with a bid in a few days on 3 May 2024, i.e. this Friday (or anytime thereafter). The aforementioned 'certain provisions' is a very low bar to overcome and in reality Corpay could have made an offer anytime over the last six months. The fact they have not done so suggests they really have no interest in Equals, unless of course the yet-to-be announced bids are low ball offers in which case they may take an interest. However... These following links come from Corpay's/FleetCor 'Newsroom' website 18 March 2024 'FLEETCOR Technologies [NYSE:FLT]...is targeting buys in the B2B cross-border payments space and finds especially attractive founder-controlled firms that have reached a certain level of maturity or sponsor-controlled assets that have been held for five to six years, said Mark Frey, group president of Corpay Cross-Border Solutions, a division of FLEETCOR.' 15 March 2024: 'Fleetcor Technologies Inc. will pursue large acquisitions to help build its three core payments businesses, which it decided to keep together after conducting an extensive strategic review, said Steve Greene, the company's executive vice president of corporate development and strategy. A priority in its M&A strategy is to accelerate the growth in corporate payments, Greene said. Fleetcor has solutions automating the workflow around how companies handle account payables (AP), including payment processing, so it is interested in high growth, profitable companies in AP automation. Payments companies that serve corporates' needs in cross-border payments are also of interest, he added. Fleetcor has over $1.3 billion in capital to deploy for accretive M&A Fleetcor would like to keep the cash flow leverage ratio below 3x, and could afford transactions in low single-digit billions without needing to issue new equity, Greene said.' 18 March 2024 hxxps://fleetcor.gcs 'The company will focus acquisitions across the board on existing geographies of the US, Brazil, the UK and mainland Europe, looking to penetrate “deeper, not wider,” Greene said.' So it appears Corpay has had a recent strategic review and are now looking seriously at M&A activity. It appears Equals Group is an ideal target company for Fleetcor except; 1) Equals is too small 2) European Penetration has yet to occur For Equals shareholders its interesting to note they are looking up to a Leverage Ratio (Total Liabilities / Total Equity) of less than 3x. Equals is at x1.52 (work that out and you get a Equals Group share price north of 200p). In reality since Corpay are looking at billion dollar acquisitions I would assume they would not want to allocate resources on taking over a small company like Equals Group, but may revisit Equals in 2-3 years? |
Posted at 26/4/2024 08:45 by carcosa Thanks Mr Stephens,Summarising the IC ( ): The article examines the puzzling situation surrounding Equals Group, a fast-growing payments company that has been exploring a potential sale since October 2023. Despite its excellent technology, strong customer relationships, multiple revenue streams, and a massive total addressable market, Equals' shares have traded at a lowly valuation. In October, news leaked that Equals had instructed its broker to gauge interest from potential buyers, prompting it to disclose that private equity firms Madison Dearborn and a consortium of Embedded Finance/TowerBrook Capital were considering bids. This kicked off a "put up or shut up" bid period under UK takeover rules. However, over six months later, neither party has tabled a firm cash offer. The bid deadlines have been repeatedly extended, with the companies citing a need for further due diligence time. Equals itself has acknowledged the protracted process needs to reach a conclusion soon. The article raises questions about why Equals is so intent on pursuing an outright sale. Its messaging has been muddled - suggesting a sale may maximize shareholder value, but also touting share buybacks to correct the undervaluation. The board has not clearly articulated what a fair takeover premium would be. There are doubts about whether a bidding war will even materialize after such a drawn-out process. The low absolute and relative valuations of UK equities currently provide little incentive for bidders to pay up. The article contrasts Equals' low valuation multiples to that of peer Alpha Group, despite their similar growth profiles. It argues that unless a formal bid tops 200p per share, representing a 50%+ premium, shareholders should demand answers from the board on why they are depriving investors of benefiting from Equals' strong growth prospects independently. With the AGM coming in May, the article posits the board must soon bring clarity - either a compelling takeover offer or an acknowledgment they are remaining independent and outlining a plan to capitalize on the company's growth momentum and boost the undervalued share price themselves. In summary, the piece critically analyses the opaque takeover process at Equals, questioning the board's intentions and arguing they must provide a clear path forward that maximizes value for shareholders, whether through a sale with a significant premium or articulating a plan to unlock value on a standalone basis. It also suggests the bid price has to be 200+p and its more than likely a takeover will actually occur. |
Posted at 25/4/2024 15:02 by mcl1 The flip side of the high rates benefitting EQLS is it's a negative where valuations are concerned for Private Equity. If rates stay higher for longer then their bar is raised as to expectations from any proposed takeover,or the takeover price lowered.The interest rate picture has changed drastically in the US since November when 6 cuts were forecast, to barely any now, so perhaps this is weighing on the share price as it doesn't seem to reflect two interested parties. |
Posted at 03/4/2024 15:35 by carcosa Given the length of negotiating time I would anticipate take out price would be north of 200p.Indeed to quote from the last Zeus Broker note.. "In November 2023, the Board initiated a strategic review. We see organic growth and bolt-on acquisitions justifying a value of 3x to 4x 2024E sales (i.e. £330m to £440m enterprise value; equity value of £293m to £403m, which is 157p to 216p a share). Private Equity, which could accelerate the M&A, should see value over 200p a share. If Equals maintains revenue growth of 20%+, which we expect, its share price should double over the next 3 years". |
Posted at 10/3/2024 06:32 by carcosa ashleyjv,Yes you are correct in terms of them having access to the financial data but it is not until they are signed and dated that they become a useful legal document for Madison Dearborn Capital. It is highly unlikely that Madison Dearborn Capital would ever want to trade the shares. It would not be in their interests to do so. Equals Group are likely to be taken over via a scheme of arrangement which is not considered trading. While there might be an exchange of shares or assets, it's a more structured process than typical stock exchange trading. A scheme of arrangement is like a pre-negotiated agreement with specific terms. pyemckay: I agree but nevertheless many retail holders would bail out at whatever the prevailing price is and market makers would also reduce the price, should the deal not go ahead; so a 10-15% fall in the share price is possible in my view, although some months later I would anticipate a healthy recovery. Whilst the last trading update was 'in-line' (a tad disappointing) I would hope some other aspect of the business results would be very positive and a lot may hang on the company's outlook. Not so long to wait now. |
Posted at 09/3/2024 06:40 by carcosa Extracts from some prior posts of mine:9 Dec 23: "Share price action is (in my opinion) likely to drift down in the new year offering investors the ability to acquire shares at a cheaper price for a bigger reward over and above the suggested implied target of 175p. Patience is required." (Share price has declined some 11% YTD) 26 Dec 23: "Getting the Legal situation between USA, UK and Europe to a satisfactory place to commit to a bid for Equals would be time-consuming and potentially complex involving a number of outside agencies" 24 Jan 24: "...I suggested it would be around March time before we get an offer announced, but I would not be surprised if it takes even longer" Now that we have the FY 23 results, due on 15 April 2024, I suspect that is a potentially likely co-incidental date for the take-over to be announced. The reason for this could be legally based as once those results are officially released it offers the acquirer legal protection. For example, the financial statements made by the Equals regarding the financial health, legal compliance, licenses and intellectual property ownership would allow Madison Dearborn Capital Partners to seek compensation and hold the officers to potential criminal proceedings should they find misrepresentations or undisclosed liabilities upon taking over the company. Meanwhile the share price is likely to continue leaking away but given its near the pre-approach price the downside appears limited but inevitably shareholders get bored and leave to seek perceived better opportunities. For those (like me) who believe a positive outcome is more likely than not then end March, early April seems a likely golden opportunity to add to their shareholdings. |
Posted at 27/2/2024 10:56 by daveme If MDB pull out of a deal then I can see the shares spiking down to 101/102 but recovering quickly to 105/106. I can then see the shares going up over the following weeks as the market realises the opportunity the company has ahead of it with its expansion into Europe.MDB will only pull out of a deal if Equals management set their price too high for MDB to accept. If Equals management believe the company is worth X then I'm quite happy to go along with their valuation. Remember the share price was around 100p when the 'strategic review' was announced, having previously spiked to 120p on its previous trading update/results, hence the current share price doesn't factored anything in for a potential bid! |
Posted at 04/11/2023 10:11 by daveme I'd rather the company is not bought out, unless an exceptionally generous bid is received of course. This company is going places with its expansion into Europe and I can easily see it at 300p in a couple of years.Admittedly if no acceptable bid is received the share price will drop but unlikely to be by much since the share price hasn't risen much since the 'strategic review' announcement. In fact the share price had already fallen from its boost after the last trading statement. Any drop to 100p or less will be a great opportunity to buy hence I can't see it being at that level for long. If Brummy is right and small caps are at their low point then the only way is up! |
Posted at 16/7/2023 21:44 by clive7878 Equals recommended as a buy in the IC again this week.Their EQLS share price forecasts range from GBX 150 to GBX 164. On average, they expect the company's share price to reach GBX 157 in the next twelve months. Hargreaves Lansdown says pe is 28, but £180m capitalisation and £3.24m profit = 28 ? SP seems very highly rated to go up another 50%, although growth rating is said on Simplywall to be .35%. Is the IC telling the whole story, or missing points out. |
Posted at 30/5/2023 05:46 by carcosa Technically you may be correct about IC not highlighting Pros and Cons in the last article but if you follow the links then you will find Equals was first mentioned by IC in 8 April 2022 when the share price was 77p, including the following one and a half pages of investment risks, the headlines of which are:Data integrity and security Fraud Banking arrangements and relationships Significant competition Operational liquidity Liquidity Failure of key suppliers risks impacting performance Earn Outs Further they highlighted three bear points: 1. Global payments markets highly competitive 2. Execution risk on expansion 3. Ongoing investment in technology Since then there have been eight follow up articles, the lastest being May 22, 2023 (the article I assume you are referring to) with progressively higher share price targets. Simply Wall Street is predominantly an automated output website. Their platform uses algorithms and data automation to generate reports, analysis, and visualisations of stock market data with limited human input and oversight. In practice, and especially outside the US, it is next to useless for investors as context is everything which is severely lacking SWS. As such I recommend webpage extensions such as 'uBlacklist' to block Simply Wall Street in Google search results. "Seems a lot of hot air in the share price at present." I would agree with that sentiment but perhaps phrase it differently. On a side by side basis something like AGFX looks better but EQLS can be viewed as having a better opportunity for medium term revenue and profit growth and the share price reflects that. |
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