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EUSP Eu Supply Plc

18.05
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eu Supply Plc LSE:EUSP London Ordinary Share GB00BFG35570 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 18.05 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Eu Supply Share Discussion Threads

Showing 1 to 19 of 325 messages
Chat Pages: Latest  1
DateSubjectAuthorDiscuss
30/3/2008
11:21
This is too cheap, there must be a reason.
a.fewbob
30/3/2008
11:08
I was able to get 15k last year @24.

Phil, is it your understanding that Ural Steel use EUSP to trade at spot prices? Just thinking that with bull run in steel prices over the last couple of years, it probably couldn't get much better for EUSP but this might go into reverse if steel prices were to fall suddenly and get caught with stock they can't shift.

daz
30/3/2008
07:12
Spread is normally typical for a micro-cap; liquidity can vary. Try it - I reckon you should get 10k at 23p.
philjeans
29/3/2008
17:40
What kind of spread and liquidity do you get with these then Phil ?

I mean could i buy 10k at 23p ?

8trader
29/3/2008
13:22
Steady as a rock still at 22p; M/C £2.8M; cash £2.4M and rising daily; enterprise value thus £400k.

Retained profit after tax £688K y/e 31/12/07 (£684K 06) Current trading continues to be bouyant and another record year in prospect.

Bargain of the century.

philjeans
18/3/2008
17:39
LOVE IT; you will see from my final para of the thread intro that I haven't been able to copy across any stats, or charts - dunno why.

PLUS will show them - see my link above.

philjeans
18/3/2008
17:34
PJ,

Thanks for the thread looking into this one from the Gravy thread. Could you post a chart please.

The Dollar is taking a panning against all currencies at the moment. I am sure they will allow for this in world markets give the fact that oil is also traded in dollars and I don't see a poor oil Barron walking around. lol

love it
18/3/2008
14:47
No - may raise that at the AGM; maybe hoping for a dip in the share price before spending their hard earned cash.
philjeans
18/3/2008
14:20
Phil

Any views on why the company haven't used the buyback authority yet?

Seems strange that we are something like 6 months on and nothing's happened.

daz
18/3/2008
13:49
Nice buy for about £10k of stock - that you tanners?
philjeans
18/3/2008
13:02
Yes - quite true but currencies are volatile at the best of times and they probably hedge. Like many businesses, there are good times and bad when exchange rates vary.

Can't see it's a big issue here on a business valued at cash in the bank and an historic p/e of 4; 1 if you subtract the cash!

philjeans
18/3/2008
12:20
From an old report:

Whilst the outlook in the international steel sector has remained buoyant for
Europe Steel, the Company's principal trading currency is the US dollar and, as
the Company reports in Sterling, the Company's results are affected by changes
in the US Dollar/Sterling exchange rate.

crawford
18/3/2008
08:06
Tanners; thanks for your response - been in them for a while. Bought at 12p originally and they've been rock solid throughout the past nine months of muck and bulletts!

Offer an excellent bolt hole for the nervous and massive potential.

philjeans
17/3/2008
23:49
philjeans - certainly an interesting find, I seem to recall you mentioning it before (on the AMU thread possibly) and I had a quick look at that time.

The recent figures certainly suggest it's worth a more detailed look I reckon.....I'll post in a bit more detail my thoughts for what they're worth!

Nice one for setting the thread up.....always interesting to have a look at something a bit different!

tanners
16/3/2008
11:17
Lightly traded and all but forgotten over on PLUS; this little gem has no debt, credit crunch or sub prime worries - in fact quite the reverse!
philjeans
16/3/2008
11:07
Background;
Europe Steel is traded on PLUS.Currently 22.5p 16/3/08. The business is London based and essentially a steel wholesaler, buying exclusively from Ural Steel (Russia's 7th largest mill) and selling all over the world. Consistently successful, it has posted increasing profits for the last few years and has built up a rock solid cash base from retained earnings, which now equals its entire quoted market capital of £2.86M (16/3/08).

Financials;
PROFIT AND LOSS ACCOUNT
Year ended 31 December 2007

Unaudited Audited
2007 2006

GBP GBP

TURNOVER 71,236,569 51,702,713

Cost of sales (69,261,916) (49,653,521)

GROSS PROFIT 1,974,653 2,049,192

Operating expenses (1,059,213) (1,102,943)

OPERATING PROFIT
ON ORDINARY ACTIVITIES
BEFORE INTEREST 915,440 946,249

Interest paid and similar charges (9,715) (39,543)

Interest received and similar income 61,462 51,351

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 967,187 958,057

Tax on profit on ordinary activities (278,646) (273,207)

RETAINED PROFIT
FOR THE FINANCIAL YEAR 688,541 684,850

Earnings per ordinary share
-basic and diluted 5.41p 5.38p


BALANCE SHEET

31 December 2007

Unaudited Audited
2007 2006

GBP GBP

FIXED ASSETS

Tangible assets 5,323 13,690

Investment 2 2

5,325 13,692

CURRENT ASSETS

Debtors: amounts falling due within one year 4,718,039 328,453

Debtors: amounts falling due after more than one 452,397 452,397
year

Cash at bank and in hand 2,433,582 1,797,459

7,604,018 2,578,309

CREDITORS: amounts falling due within one year (4,863,733) (534,932)

NET CURRENT ASSETS 2,740,285 2,043,377

NET ASSETS 2,745,610 2,057,069

CAPITAL AND RESERVES

Called up share capital 127,297 127,297

Share premium account 1,168,080 1,168,080

Profit and loss account 1,450,233 761,692

TOTAL SHAREHOLDERS' FUNDS 2,745,610 2,057,069

So; apologies for the format - I copied and pasted direct from the PLUS pages - see the real deal over there; rising T/O and profits although margin slipped; but still a very creditable story for a mini cap of £2.8M. They do not pay a dividend. Historic P/E fully taxed 4.1 (remarkably cheap for a growing and profitable business,) but subtract all that cash in the till and the P/E drops to less than 1; effectively you are buying shares in an enterprise with a £70M T/0 and making just shy of £1M before tax for nothing - your shares are covered by cash on deposit.

Forecast;
I can't find a broker's note yet but the directors said in their report earlier this month; "The trading performance achieved in 2007 has been maintained into the 2008 financial year to date; conditions during the second quarter are expected to
remain steady."

Critical reason to buy now;
Apart from the very healthy finances and strong trading, there are one or two factors not yet picked up by the market;

1) Last year the board passed a special resolution to buy back up to 1.5M shares (up to 12% of the cap) - this has not yet come to pass. When it does the share price will rocket and would be an excellent use of the surplus cash in the business.

2) Although the directors own very few shares (the majority are believed to be owned by wealthy Russian investors - Usmanov has a very big holding and is one of the richest people on Earth), the Russian directors have been leaving the board in recent months - the last one Moshiri who has been CEO since the listing in 2000 has just stood down. The British F/D has now been promoted to run the business and a new deputy Chairman (Irish lawyer) has been appointed this month. I sense things are changing and a new broom will want to take the business forward in a more dynamic way - possibly joining AIM and buying shares themselves - we shall see.

Apologies for the lack of charts or fundies - apparently ADVFN have a technical problem with PLUS stats regrettably, but if anyone can help me put them up here just let me know.





I hold - DYOR etc.

philjeans
08/1/2007
09:17
er......no..I don't think so, on a P/E of 3 this year and 2 next; down to 1.5 and 1 respectively if you discount the cash in the balance sheet!

I hold and buy.

philjeans
02/1/2007
17:52
Sorry - couldn't find a thread for EUSP, so thought I'd have a go.
The picture is of a steelworker slagging off steel, hence the pun.
Wasn't inviting a slagging off, but if you must, go ahead ;-)

cher price
02/1/2007
17:45
free stock charts from www.advfn.com
cher price
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