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
  -1.50p -0.65% 231.00p 232.00p 232.50p 238.25p 230.00p 238.25p 358,842 16:35:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 3,685.2 -94.1 -71.2 - 333.62

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Date Time Title Posts
24/4/201712:49Interserve - Awaiting A Recovery4,076.00
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 232.50p.
Interserve has a 4 week average price of 215.75p and a 12 week average price of 205.25p.
The 1 year high share price is 449p while the 1 year low share price is currently 205.25p.
There are currently 144,424,260 shares in issue and the average daily traded volume is 521,811 shares. The market capitalisation of Interserve is £333,620,040.60.
kazoom: "one thing for sure, this will need a substantial capital raise, hence the lagging share price!" I kindof hope that is what is causing the "lagging share price" as it is far from clear that they would want/need to raise capital. Debt looks set to be up (of course) but comfortably within their revised facilities (on which they are paying around 5%) and at somewhat less that 3x EBITDA. Never say never, but I cannot see from here why any fundraising would be required.
bookbroker: These companies tend to be a rotten investment, Connaught springs to mind, could this be another one, one thing for sure, this will need a substantial capital raise, hence the lagging share price!
luisfrg: Foundations of stability finally in place for the share price onwards and upwards from here ...
kazoom: Just some very superficial numbers that come to mind here. In May-2016 when they first announced the £70m provision the share price fell around 140p ("interestingly" some of this fall happened in the few days before they made the announcement). That's around £200m. By the 17th Feb this year the share-price had 'recovered' by about 45p (c. £65m), you could well argue that reflects that the rest of the business is doing ok, but I'll be cautious and say that everything is about the WfE contract. Post the annoucement of the extra £90m provision the share-price fell another 108p (£155m) and is pretty much at the level still. So in total we have a recognised provision from the company of £160m; but a net change in the market cap of £290m. (-200+65-155) There have obviously been questions raised as to whether the provision is sufficient (and we'll probably know by late summer when the incoming CEO has the opportunity to kitchensink it), but you can from the above make a case to say that "the market" has already factored in a significantly larger provision. Gives a bit of a margin for safety IMHO! The increase in debt is a bit of a concern obviously, but also a bit of a two-edged sword : the fact that they were able to increase their debt facilities so easily and on essentially the same terms is a mark of some confidence and the focus on cash that will ensue as a result is exactly what I think will be needed in the next couple of years. Just a one-dimensional view of everything of course; and there's lots more to consider; but for me this looks in the round to be a good recovery prospect over the next couple of years. Ironic though that the thread title said the same about 6 years ago! {To be fair a near doubling of price over those 2 years and a quadrupling to the peak in 2014 was not to be sniffed at. Would be nice to see that again ;-) }
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
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.
Interserve share price data is direct from the London Stock Exchange
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