Share Name Share Symbol Market Type Share ISIN Share Description
Eurodis Elect. LSE:ELH London Ordinary Share GB0003100772 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.95p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 225.2 -50.9 -12.5 - 8.99

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Date Time Title Posts
01/8/200817:322005 - The Year of The Electron9,585
13/3/200620:00Eurodis @1.07 oversold!!191
22/8/200519:32Eurodis....Cheap or Wot ?!?!?12,747
09/7/200503:52Eurodis Electron Merger talks - News14
03/10/200409:13ELH - Ridiculous undervaluation 1000% rerating required 24/11/03 onwards!!50

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Eurodis Elect. Daily Update: Eurodis Elect. is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker ELH. The last closing price for Eurodis Elect. was 0.95p.
Eurodis Elect. has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 946,690,262 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Eurodis Elect. is £8,993,557.49.
mike012321: From Eaglet... Fund Commentary 31st july 2005 During the past month the share price of Volex Group continued its rally following the successful fund raising and there was positive trading news from Systems Union, Glotel and Imprint Search & Selection. In what was a fairly quiet period for news, Deltron also announced two acquisitions. The positive news was regrettably outweighed by weakness in the share price of Abacus Group and the demise of Eurodis Electron . The Harvey Nash share price was also particularly weak but we are hopeful that the recent appointment of Numis, as company broker, will help rectify this situation. There were a number of partial disposals to reduce borrowings and these included Volex Group, Mears Group, Imprint Search & Selection and Robert Walters. As a result of these disposals borrowings have fallen from £21.7m to £14.4m. It is quite possible that the prospect of lower interest rates will provide a boost to smaller company share prices in the months ahead. However, recent news confirming the weakness of consumer spending within the economy means that the right sector calls will be very important if we are to make progress in the months ahead. Corporate activity remains a likely catalyst to unlock value amongst our companies although the exact timing of action remains unclear.
chiansaw: Thought Gromleys posts may be of interest to all concerned....hope you don't mind Gromley! Hi PlayerTwo, It's the number of parties bit here which confuses me somewhat. Are the administrators likely to be looking for a single complete sale or factoring the company? A good question, we won't really know until more news come out. But FWIW my reading of the statement was that they are in discussion with "a number" of parties who are interested in buying the business in it's entirity, but I would absolutely accept that the statement could be interpreted differently. As MonsterMonk says the administrators are oblidged to get the best deal they can and it seems to me that the individual parts are worth much less than the business as a whole. I attempted a potted view of the valuation a few days ago here : and I personally think that broadly that is still applicable. One of the key "assets" (not on the balance sheet) is the tax losses and I'm not sure that these could easily be preserved in a breakup. Also, before they leak away, the franchises, customers and market share have value beyond the break up value (it would be interestin in this respect to hear what Eurodis are saying to their customers - anyone know?) On paper it would still be possible to conclude that the business is worth more in a whole entity sale than its value at suspension. However as you rightly point out - if this is the path the administrators are taking then they are seeking to do what the management failed to do - only now from a weaker bargaining position. It's my personal suspicion that there is some information not in the public domain which proved a barrier to the original deal being done (seemingly at any price) and in the absence of information it's very much safest to conclude that this will be the case for the new interested parties. So whilst there remains a remote chance of some return for shareholders here it's my belief that it should be treated as a total write off, unless information arises to the contrary. Of course theres not much you can do as a shareholder at this stage in any case so it's a bit of an arbitrary "decision". Interesting still though to see how this progresses and whether any further information comes out about the failed talks. regards, gromley Previous post, as highlighted above: At the risk of offending some folk at "another place" it strikes me that there's some right old cr4p being written about the possible take out valuation for Eurodis. The thing that most seems to be throwing people is the idea that Eurodis' NAV is c. 2p share. – True but highly misleading imho when you consider that of the NAV of £18.6m (ie c. 2p / share) £15.2m belongs to the holders of preference shares, the amount actually 'belonging' to shareholders is actually only £3.4m and if you take off the intangibles (£2.3m) shareholders only actually "own" £1.1m and given that we are nearly 3 months into the "third half year" it's a fairly safe bet that this has been eroded and that the NTAV "belonging" to shareholders is less than zero (ah the joys of limited liability – it's okay we won't be asked to pay up.) Actually it was always on the cards that during the recovery phase shareholders funds would drop to zero, so this ought to be no surprise to anyone. It's also a mistake to reason that "the directors bought at price X, therefore they won't accept any less than that" – the board will seek the highest price that they can get – but this could be as low as ZERO (to the shareholders) – it matters less what the company is "worth" than what the relative bargaining positions are. Anyway this prompts me to have a look at the potential takeout price (hopefully not adding to the aforementioned cr4p) The lowest price a buyer could pay ("to the shareholders") for the business would be ZERO (NADA, NOTHING for the avoidance of doubt). On this basis they would still be making a fairly hefty financial commitment, they would be covering the net debt c. £37m and the liability to preference shareholders £15m. (That's not to say they would necessarily have to stump up this cash immediately, but generally speaking I think a buyer would consider this as part of the 'price'). So if the shareholders get nothing the buyer will in effect be paying c. £52m (it strikes me they could pay less if they negotiate with the preference shareholders to pay less than par). So at this less what would the buyer be getting? Well basically they would be buying a TNAV of c. £52m (zero shareholders funds + £15m prefs – paid for + £37m net debt - paid off). As noted elsewhere they would also be buying ELH's tax losses of c. £122m (£135m has been quoted elsewhere but I'll stick with £122 being the deficit on the P&L account) – assuming a 30% tax rate, these are worth £36m. Given one assumes the buyer to be profitable it's reasonable to include the value of these tax losses in the buyers TNAV. So at a share price of ZERO the buyer gets c. £88m of TNAV for c. £52m. I think that this is a reasonable starting point to consider. Effectively they also get the following "intangibles" : Ø £200m pa of turnover – representing perhaps 5% market share in Europe. (with associated gross margin of c. £35m) Ø A potential list of franchises (if they can retain them and don't already have them) Ø The future potential of the ATeG and WPG deals. Ø An under-utilised logistics centre and more importantly "processes" – the value of this to someone in the business is almost certainly greater than the book asset value of the bricks and mortar. Ø The liability for ELH's ongoing losses (probably c. £5m pa once the interest payments are taken out). So how much (above zero) would the buyer be prepared to for these intangibles and the excess book value noted above? AS LITTLE AS POSSIBLE I SHOULD THINK You can't completely rule out a take out price of zero. If no other buyer comes forward and if Eurodis are incapable of financing themselves long enough to return to profitability. It's not apparent that either of those two are definitely the case, but were I a buyer wanting to play hard ball, I'd be looking for Eurodis to PROVE IT. So, we have a minimum possible return to shareholders of zero (and I would imagine some of the sellers see this as a risk), on the other hand if Eurodis do have some bargaining power what's the upside? Well one, possible benchmark comes to mind NTAV (as above, including the deferred tax asset) = c. £88m, say a 20% (number plucked out of the air) discount to this = £70m. (This implies a 35% EV : Turnover ratio.) Taking away the amount that covers the debt and prefs leaves c. £18m for shareholders or c. 1.9p / share. Obviously the market seems to think that this is pretty optimistic, but it's not hard to think that a buyer might consider themselves to have got a relative bargain here. It is also quite possible to conceive of a much more bullish case if two (or more) buyers surface who : 1. Perceive Eurodis' reach to be an important piece of the jigsaw to becoming a truly global or regional player (which seems to be agreed as a perquisite for ongoing success) 2. See value in the intangibles noted above. 3. See synergies / economies of scale in a merger, sufficient to wipe out Eurodis' operating losses. 4. Are keen to buy Eurodis' market share and equally keen to ensure that the other guy doesn't get it. It's not inconceivable (imho) that in such a circumstance and EV:Sales ratio of 50% might still be consider cheap – That's c. £100 less £52 = £48m of c. 5p / share. Higher? – Well steady on it's all ENTIRELY speculation. Truth is that I don't think any of us have enough information yet to judge the outcome. The potential buyer will pay as little as possible, factors that can force this up are : > If the ELH board have the ability to say NO. (zero to the shareholders is still better than liquidation as the board also have responsibilities to the creditors) > If there is another bidder prepared to pay more, or if they wish to preclude any other bid by pitching sufficiently high first time aroumd. Financial interests aside, I'm fascinated as to how this may play out. Any thoughts? Regards, gromley
very quick: I agree with Galleon. I think it was a good move by the company to suspend trading in ELH, had they pushed out the news at midday. The share price would have gone down like a shot, due to the panic selling. And yes i find it odd that the share price rose 5% yesterday before the RNS. IMHO i think ELH does have a plan B and all is not as bad as it seems, and suspension is not always bad and in this case it was wise to protect the share price as further developments are been worked on.
mike012321: Ed,perhaps I can be forgiven for posting the following...just spent 10mins typing it out!....copied verbatim from the Daily Telegraph article... Doug Rogers' plc track record 1978-90 chief executive of Newman Tonks (engineer). 1990-95 chairman Newman Tonks Group (sold for £230m in 1997). 1990-93 Chairman of Savage (home improvements and DIY):share price improved from 15p to 80p.Sold to McKechnie. 1991-94 Deputy chairman of Linread (maker of fasteners for aero and auto industries).Share price:60p to 228p.Sold to McKechnie. 1993-1994 Chairman of James Wilkes (Presto Drills and high-speed wire manufacturer).Share price 44p to 183p.Bought by Suter,a 20pc shareholder. 1994-1996 Chairman GBE International. (Tobacco).Share price 15p to 60p. 1994-1998 Chairman of Barcom (plant hire).Share price 15p to 72p.Sold to GE Capital (USA) 1997-98 Chairman of Crabtree (maker of metal decorating presses).Bought by Germany's LTG Technologies for 50p a share. 1995-99 Chairman of United Carriers,executive chairman 1998-1999 (transport/distribution).Share price low 7p to 25p.Sold to France's Geodis. 1990-2000 Non-executive director of Epwin (PVC doors and windows).Sold shares to management for 202p a share. 1999-2001 Chairman of Oliver Group (300 shoe shops).Sold at 12p a share to private group,Benson Shoes. 2002-present Non-executive chairman Dowding & Mills (electrical and mechanical repairs). 2003-present Non-executive chairman of Eurodis Electron (semiconductors). So there you have it nonlottie
pippin: Well, haystack is at least putting some cohesive points together which is much better than hitherto. Long may it last! Chiansaw makes the point about ELH being attractive to some for reasons of it adding geographical diversity. I am not sure whether it has much appeal for those who are already significant distributors - although Eurodis' new distribution centre would presumably be a useful way of making efficiency gains by allowing the closure of existing non-centralised distribution networks. It could also boost market share to provide economies of scale. The ELH share price for some time has only made sense if the company is teetering on the brink of bankruptcy. It is certainly possible that the company will go to the administrators but it seems more likely (at least to me) that it will pull through. If so the share price should be able to reach double figures and then some. It all depends on how one assesses the risk/reward balance. Haystack thinks it is more likely to fail so it makes sense for him to short the stock or at least avoid it. We see a greater chance of at least 5p (maybe in a rescue takeover) than 0 and so are prepared to invest despite the risks which I for one acknowledge. Time will tell.
quraishim: another repetitious deramper but then we need them to make the thread a bit more lively, but I can assure u that no ramper of deramper can change the trend of ELH share price as the sheer volume will speak for itself.
crossfirecssf: That's interesting Hambi. Fundamental stuff...surely must have been put right. While we take a breather before the next inevitable upsurge it would be interesting to gather views on the hopes and dreams of those on board regarding the share price come Xmas 05 working on a couple of assumptions. I've not much experience when it comes to share dilutions and the effect on share price potential, and therefore the potential for ELH share price wise is really a complete mystery to me. Surely the market cap of a company provides a ceiling for the price, earnings dependent, or is it simply the perception that a company is cheap if the share price is a few pence. The term "Penny share" has wide ranging definitions surely. ELH at 3p is no more a penny share than it was at 25p before all of the placings one would think. The market cap is the same as it was back then, so surely they're no more "priced to go bust" at 3p than they were at 25p two years ago. The company is valued the same. Is this a mistake that investors are making here in forgetting that ELH is already valued at over £30 million, even down at 3p? ELH share price high a few years ago when everything was coming easy was around £1.50. Would that not mean that allowing for the share dilution since then, a return to the performance of those days could only bring us a potential price of approx one seventh of that (the approximate share dilution) or 20p. Many questions, and many answers to come I guess over the next year or rewinding a little. What does everyone think the potential share price for ELH is by Xmas 05, working on the bullish assumptions that: 1. They state in November that they are cash flow positive. 2. They announce that 06 will see them return to full year profitability. My guess, allowing for a slightly larger market cap due to the massive amount of shares in issue and the presumed increase in institutional investors would be; ...15p Too low, too hi....a penny for your thoughts all. Thanks in advance.
spurious: Hi all. What a great couple of days for elh and it looks like the park bench and meths will not be a feature. Congrats to all on this thread for making it a pleasure to be part of. Havent sold any of my shares and wouldnt consider below 10p however when it reaches 10p will reconsider... lol. Sentiment will definitely be the driver of the share price which has now turned decisively in our favour. Just as the current price only reflected fear and a continued overhang from the fidelity dump and in no way represented real value so the more positive change in sentiment will quickly drive the share price back towards the placing price of 5p and beyond. Remember the directors have bought significantly from 7.5p to 1.5p and Artemis have topped up twice since the placing so to me the value floor is somewhere around the 7p.At the time of the placing the majority view was that 5p represented a bargain and this was proven by the high take up of the rights and a share price around the 8p. Fear over short term inventory levels, and perhaps a rather clumsy, although honest expression re guidance, or rather lack of it from Doug, along with Fidelty dump, conspired to take us to the current level of share price. Undoubtedly sentiment has changed and there is absolutely nothing stopping the share price quickly attaining its pre rights price of 8p The hard work has been done and the developing franchises and partnerships giving leadership within the fast growing east european market in particular and a dominant position within the european wireless/bluetooth sector backed by the efficiency of its acclaimed distribution centre and leading technology centres will prove that eurodis has turned the corner and allow it to expand revenue and reach profitability.Many industry watchers expect double digit growth(see many great posts by Mike Ed Cross momentos chiansaw and others} and the gloom re inventories and hence potential restriction on growth and profits for eurodis is at worst seen as a short term first quarter problem. Good Luck to all new and old best wishes sp
mike012321: Good work,Momentos. Further info on Doug R from Daily Telegraph article dated 5/03/04 (originally posted by moneypm as a graphic link on BB some time ago) Above,Ed provides a link to the article: However,for some very odd reason the article there does not contain the following info,which appeared in the original article and so in money's graphic: Doug Rogers' plc track record 1978-90 chief executive of Newman Tonks (engineer) 1990-95 chairman Newman Tonks Group (sold for £230m in 1997) 1990-93 Chairman of Savage (home improvements and DIY):share price improved from 15p to 80p.Sold to McKechnie. 1991-94 Deputy chairman of Linread (maker of fasteners for aero and auto industries).Share price 60p to 228p.Sold to McKechnie. (Both of above 2 sold to McKechnie?) 1993-94 Chairman of James Wilkes (Presto Drills and high-spec wire manufacturer).Share price 44p to 183p.Bought by Suter,a 20pc shareholder. 1994-96: Chairman GBE International (Tobacco),Share price 15p to 60p. 1994-1998: Chairman of Barcom (plant hire).Share price 15p to 72p.Sold to GE capital (USA) 1997-1998: Chairman of Crabtree (maker of metal decorating presses).Bought by Germany's LTH Technologies for 50p a share 1995-99: Chairmain of United Carriers,executive chairman 1998-1999 (transport/distribution).Share price low 7p to 25p.Sold to France's Geodis 1990-2000: (should it be 1999-2001 perhaps? Don't know) Non-executive director of Epwin (PVC doors and windows).Sold shares to management for 202p a share. 1999-2001: Chairman of Oliver Group (300 shoe shops).Sold at 12p a share to private group,Benson Shoes. 2002-present: Non-executive chairman Dowding & Mills (electrical and mechanical repairs ) 2003-present: Non-executive chairman of Eurodis Electron (semiconductors).
crossfirecssf: Results "in-line with market expectations" would suggest at this stage that they're on course for losses this year of around £10m as per broker forecasts, albeit things will be a little more complex with the change in year end. This would be a positive swing of some £43m. Now unless ELH are telling porkies, then the company is in the midst of recovery, it's as simple as that. Okay, we don't know the strength of the recovery and we should know more on the 27th but the suggestion that they are about to go bust is well past it's sell by date and starting to sound very tired. A lot of people are looking at the share price and then evaluating the company, which is obviously the wrong way around. If the share price had stayed at 7p after the refinancing, would we (those of us who were involved in the open offer) be sitting here saying "how on earth has this thing stayed up, they're clearly going bust? They should be down at 1.7p". No, of course we wouldn't. We'd probably be voicing much the same sentiments as we have been. Disappointment with a tinge of optimism in view of the continuing positive newsflow, and patiently awaiting positive share price movement. But now that the share price has dropped dramatically due to market impatience and a few large sellers, we've taken the opportunity to completely re-evaluate and re-value the company and are now talking in terms of a return to profitability producing an share price around the giddy heights of 7-10p. Well if that's the case what the hell was it doing at 7.75p after producing a £50m loss? It's difficult to maintain a sense of focus and not become a slave to the share price in the face of such a crippling market devaluation but I'll be looking for something between 20 and 40p when profitability returns. Market sentiment will play a big part, just as it has done over the last year, but these levels are easily achievable. After all, who'll put their hand up and honestly say that they would have believed we'd have a current share price of 1.67p. Not I.
Eurodis Elect. share price data is direct from the London Stock Exchange
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