Share Name Share Symbol Market Type Share ISIN Share Description
Interserve LSE:IRV London Ordinary Share GB0001528156 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.25p -0.58% 215.25p 214.25p 215.25p 219.50p 213.00p 219.50p 445,998.00 16:29:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 3,685.2 -94.1 -71.2 - 310.87

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Date Time Title Posts
21/3/201718:33Interserve - Awaiting A Recovery4,040.00
04/8/201609:30Interserve with Charts & News287.00
01/6/200915:12Interserve - Moves up on further consideration of good trading statement129.00
28/7/200812:06IPSL just another contractor?6.00

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Interserve Daily Update: Interserve is listed in the Support Services sector of the London Stock Exchange with ticker IRV. The last closing price for Interserve was 216.50p.
Interserve 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 144,424,260 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Interserve is £310,873,219.65.
luisfrg: Director buys 25,800 at 2.33
garycook: Outsourcing woes I’ve been following outsourcing firm Interserve (LSE: IRV) for a while, not especially concerned about the firm’s debt and not overly worried about its dividend being cut as some had been fearing. But then the blow was struck, and on 20 February Interserve raised the estimated costs of exiting its Energy for Waste business from £70m to £160m, and the share price crashed by 30%. Full-year results for 2016 did not make for joyous reading. With average net debt of £391m and now expected to rise to around £450m in 2017, the firm suspended its final dividend — shareholders are only going to get the 8.1p paid at the interim stage instead of the 24.3p paid last year. But it seems the bad news was already in the share price, and results day saw another drop at the start to 221p,but then recover to end up with a 1% gain on the day.At 239.25p, I cant help thinking the sell-off has been overdone. Although Interserve recorded a pre-tax loss, we saw a headline pre-tax profit figure down by a fairly modest 17% with headline EPS down 16%, and with revenue constant and an encouraging gross operating cash flow of £239m. In the words of chief executive Adrian Ringrose, it was a “mixed” year, and as long as it really is a one-off then this could be one of those ‘buy them when they’re down’ opportunities that we all hope for. Forecasts will presumably be downgraded now, but we’re likely to be seeing forward P/E ratios of around five to six. I’ll cautiously look out for further news, but Interserve could be an oversold recovery bargain.
edmundshaw: Added a few for the recovery. It may take a year or two, and there are certainly risks, but I see the weighted risk as to the upside. If there is no further shock or balance sheet deterioration, I would expect good EPS recovery and some return of dividend in 2018 (possibly even a small one in 2017 as a 3% yield would not be expensive at the current price, but I am not counting on that), and, caeteris paribus, a strongly growing EPS and dividend from 2019. Whether the share price would anticipate or lag a return in positive EPS I couldn't guess.
luisfrg: So what's the result on the share price ?
ganthorpe: I got out of IRV and CLLN some years ago when the good news and the share price told different stories. I hold Pennon (PNN) which owns Viridor who contracted IRV to commission Glasgow recycling plant( energy recapture to give it's Sunday name) for Glasgow Corporation. So here is what PNN say about the contract. Looking at PNN announcements , all seemed well with Glasgow project till on September 1st 2016 the CEO of Viridor suddenly left with immediate effect (no reason given) . Later in September a PNN trading update referred to delays in commissioning and stated that PNN had remedies and would receive compensation for the delays. On 2 February they announced that they had terminated the contract and another contractor would be completing the job and again referred to compensation . It doesn't spell out the full horror but it makes the departure of the CEO look ominous as he probably hired IRV. I am wondering if PNN will be fully comensated. Just a bit of background
ridicule: edmundshaw Agree, and the rise today was likely given the TU, particularly the improved cashflow statement which should underpin the dividend. My point is that, because the Local Authority terminated the waste contract, it would have been nice to see a statement saying there was no further legal action expected. If this had been said(maybe not possible because there is a threat of further action) the share price would have soared.
finkie: golden rule here surely as with other similar companies you wait until the new CEO is in who clears the decks of legacy issues puts all the bad news out there share price tanks he is on some juicy options and then makes a load of cash in 36 months as the options are priced low....
jeffian: Richard, I always think that Director shareholdings are meaningless in a company of this size. Any Director purchases are just window-dressing and when I see a lot of Directors buying together, it tends to have a negative impact on me as I assume they are trying to puff the share price or indicate confidence when trading is difficult! Anyway, most large companies have Incentive Plans that give Directors shedloads of shares for free so there is little incentive to go out and buy any in the market. IRV is no exception. On top of 'basic salary', Directors get a variable cash bonus, half of which must be spent on shares in the company and those shares held for a minimum of 3 years. On top of that, they have an Incentive Plan which gives them nil-cost options over loads more. I think most Directors treat it as general 'remuneration' rather than investment; you get given some shares, you sell them when you can, you get given some more!
jeffian: The metric for deciding the appropriate level of dividend should be dividend cover, not 'appropriate yield on share price'. On historic 2015 year figures, the divi was covered nearly 3x so, even taking account of the recent contract hit, it seems unlikely that the divi is unaffordable. The trouble with the other argument is that it is the market that decides the yield, not the Board. Famously, some years ago when Aviva was called Norwich Union, it did just what you said and "rebased" (i.e. cut) its dividend to "bring the yield in line with its peer group". So they halved the divi........and the market promptly halved its share price! Lower divi, lower share price, same yield.
edmundshaw: Hard to know when it starts and stops as (a) different funds will time their exit differently to avoid killing the share price or getting a killed share price - exit timing also will depend on the rules of the fund; and (b) ther will be those trying to take advantage of the forced selling - you don't need to be a hedgie to see the possibilities there... I tried timing my buys on shares (in companies I knew) exiting or entering higher indices around 10 years ago. The simple way was to sell well in advance of a drop and buy back when you like the price, or vice versa, rather than trying to time the thing too closely. Of course fund managers may be more clever now (though I doubt it), or e-trading might have an impact, I am likely out of date. It's a bit late for safely selling with a view to buying back cheaper, though maybe still possible. Timing for buying is more of an open question...
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