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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hurlingham | HRL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 40.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 40.00 |
| Top Posts |
|---|
Posted at 25/10/2010 15:09 by jambo172 Raised from the dead The admission of the enlarged share capital of Manroy Plc to AIM will facilitate the raising of capital to finance the acquisition of Manroy by Hurlingham Plc, pay down debt and provide working capital. It will also assist the development of the business by providing a source of capital and acquisition currency. This would allow management to capitalise on Manroy Plc's position as the only UK-based manufacturer of machine guns, leverage its long-standing relationship with the UK MoD, and explore strategic opportunities at the partner, product and geographic level. Year to Sales PBT EPS EPS DPS Dividend P/E EV/EBITDA FCF Sep £m £m p % p yield % x x yield % 2009A 11.7 2.1 na na na na na na na 2010E* 12.0 2.6 14.3 na 0.0 0.0 5.3 4.9 4.5 2011E* 13.2 2.9 15.7 10.3 2.0 2.7 4.8 3.3 23.1 2012E* 14.5 3.2 17.6 12.0 2.5 3.3 4.3 1.5 26.0 Source: Arbuthnot estimates, company data. Valuation ratios based on Placing price of 75p. *Throughout this document, any reference to figures for FY2010E onwards assume the combination of Hurlingham Plc, Manroy Systems Limited and Manroy Engineering Limited for the entire period and are therefore stated as being pro forma Established market position and depth of relationship with UK Ministry of Defence: Manroy is a well-established name in the UK weapons fraternity, reflected in the key supplier relationship it has with the UK Ministry of Defence (MoD). The depth of this relationship delivers multiple benefits in terms of industry reputation and customer referencing, as well as offering scope to feed additional product and services into the relationship. However, the extent of the current level of revenue contribution generated from this relationship may be perceived by some parties as a risk. Significant scope to mine partner relationships, expand offering and increase geographical footprint: historically, Manroy has had a relatively narrow product range and market focus. We believe there is a significant opportunity to increasingly monetise partner relationships, generate new revenue streams through broadening of the product offering, and expand into new territories. The development of a revenue stream based on long-term spares replacement contracts should also enhance revenue visibility and help mitigate any risk attached to customer concentration, potential order slippage or revenue lumpiness. Strong cash generation and attractive dividend potential: the business generates significant cash flow (we estimate £2.2m for FY2011), creating opportunities for industry consolidation as well as a future incentive for investors of a significant and progressive dividend stream. Valuation: we assume a market capitalisation on flotation of £9.7m, reflecting the agreed terms of the acquisition of Manroy Systems Limited and its subsidiary Manroy Engineering Limited by Hurlingham Plc. This puts the shares of the enlarged group on FY2010E and FY2011E PE multiples of 5.3x and 4.8x, and FY2010E and FY 2011E EV/EBITDA multiples of 4.9x and 3.3x. These metrics represent a material discount to other UK-quoted defence industry participants. Management's intention to institute a dividend policy (we assume a 2.0p payment in FY2011, increasing to 2.5p in FY2012) also offers a potential income incentive. |
Posted at 15/12/2005 16:21 by temelco I know David Low - seriously pro-active investor. Should be good for a run. |
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