||EPS - Basic
||Market Cap (m)
Hurlingham Share Discussion Threads
Showing 26 to 49 of 50 messages
|Back from the grave.
Reversal of a company called Manroy.
Appears to make machine guns.|
|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.|
|time out surely delisting inevitable.|
|Surely the decks are finally finally cleared.|
|problem is today cash earns zilch.cost of winding up means returning less than cash balance today and may evn be less than current share price.so those who supported placing will suffer loss of around 30% for their pains.a tax advantageous deal is a better oulcome.the danger is any decent private business is better staying that way and the cost of a reverse with an unquoted business could be anywhere between 300 to 500k.|
|2 months to find a deal then delisted.|
|Got to be valuable in this market - CASH!! As the new directors say, valuations of potential targets have fallen.|
|That's better ...|
|Why with recent placing at 75p ie 25% above then price is this still trading in the 60s.
Totally clean cash shell with no debt and old directors booted out.
Should be trading in the high 70s low 80s IMHO.
Reversal deal soon?
Then back over £1.|
|trading 50% below net cash value .clean shell and with quote and no dead hand board with service contracts.|
|At last! The deal we've all been waiting for.|
|web site compliant with rule 26|
|Closing date set for sale of hotel of 15th May - just prior to agm on 17th|
|someones got the message - a third party is starting to pick up stock as it becomes available NAV looks about £1.38, and if the Hotel goes for eg £5m ( its on the market at this) that's another 22p making approx £1.50 per share|
|expect news at AGM 17th May|
|expect news at AGM 17th May|
|Clear out at last - going towards a cash shell - anyone a handy business??|
|big move coming|
|I wouldn't be at all surprised to see a complete change round here. Hotels like Perth are selling for premiums and the London property is still valauble|
|Hm - who is pushing the price down?|
|I know David Low - seriously pro-active investor. Should be good for a run.|
|Has anyone tried to get delivery of stock here? We are still waiting for shares from April - the MMs don't have them nor do they appear to be able to buy any in.|
||Take a nip over and look at Custom Flights (www.customflights.co.uk) and then click on the Custom tours icon. They have finally got it working and very impressive it is too.
Its what is called dynamic packaging, and they have a better system than eg Opodo or Lastminute|