|Actually looking further back - I notice the Aimnesletter which originally pointed me this way posted a sell rec back in their May edition after originally tipping these at 122p.
"Analysts are looking for earnings per share of 16c (11p) this year and 18c (13p) in 2007. We thought the shares were cheap at 122p this was in September and are naturally gratified to see that they have doubled. But the prospect of 22 times 2006 earnings pitches the company almost right up there with the UK businesses which have toiled hard to earn that rating. Is this justified? No. Let's take the profits and SELL."|
Been away for a few weeks..
Latest I could find from Goodbody research...
Irish Estates (Add, Closing Price EUR3.00)
On the move.
Analyst: Philip O'Sullivan
Irish Estates this morning announced the acquisition of Beverly Smyth, Nat Ross, Oman Transport, McConnells and Hire-A-Crate Limited for an initial consideration of EUR12m. The combined businesses had a turnover of c.EUR15.6m and EBITDA of c.EUR1.6m in 2005, and operate in the removals, storage and crate hire markets. This deal appears to be a good strategic fit for Irish Estates, given that their services complement its existing property management and facilities management divisions, while the acquisition is in line with the company's stated objective of being an integrated property services group. Furthermore, many of the acquired firms have long established brand names and leading market positions. In terms of the cost of the deal, in addition to the initial consideration (which is payable 77% in cash and 23% in shares), Irish Estates may pay up to a further EUR2m subject to the achievement of certain financial targets. As a result of this deal, the company is to establish a Removals and Storage division, led by Niall Doris, who is the principal vendor of the acquired firms, together with the existing management of the businesses.|
Irish Estates plc
12 July 2006
Irish Estates plc ("Irish Estates" or the "Company")
Acquisition of Beverly Smyth, Nat Ross, Oman Transport, McConnells and
The Board of Irish Estates announces the acquisition of Beverly Smyth, Nat Ross,
Oman Transport, McConnells and Hire-A-Crate Limited ("Hire A Crate"). Together,
these businesses are amongst Ireland's leading removals, storage and crate hire
businesses, with brands established as far back as 1846. The acquisition of
these businesses is the first step in the Board's stated strategy of developing
an integrated property service group, building on its significant property
management and facilities management divisions.
Description of the Businesses
The acquisition of Beverly Smyth, Nat Ross, Oman Transport and McConnells
represents an excellent combination of national and regional brands with strong
international affiliations. The businesses provide a wide range of services
including domestic, commercial and international moves together with storage
services related to property moves and have branches in Dublin, Belfast,
Kildare, Cork and Limerick.
Hire A Crate is Ireland's leading crate hire business. Hire A Crate provides
crates to customers, usually to facilitate an office move. It fulfils all the
crate hire demand from the removals business and from third party customers.
The combined businesses had turnover in 2005 of approximately Euro15.6m and
normalised EBITDA of approximately Euro1.6m.
Irish Estates believe that there is a strong strategic rationale for the
* The acquisition fits well within Irish Estates' stated objective of being
an integrated property services group which provides a wide range of support
services to property owners and occupiers;
* The businesses have leading market positions, long established reputations
for service, loyal customer bases and well known brand names;
* The businesses are expected to grow organically in line with the existing
Irish Estates group; and
* Opportunity to enhance revenues through cross selling as many of Irish
Estates' existing customers have frequent removal, storage and crate hire
The acquisitions, due to their nature and size, facilitate the creation of a
removals and storage division within the Irish Estates group. The management
structure will follow the existing model with the Removals and Storage division
having a separate management and finance function reporting to Ross Ivers, Group
The executive team will be led by Niall Doris, the principal vendor of the
businesses, as executive chairman of the Removals and Storage Division, together
with the existing management team of the businesses. Mr Doris will oversee the
businesses' integration within Irish Estates. It is anticipated that he will
join the Board of Irish Estates in due course.
The acquisition is for an initial consideration of Euro12m, payable 77% in cash and
23% in shares (at the average closing price of an Irish Estates share over the
30 day period prior to completion), with additional consideration of Euro2m, which
becomes payable, in cash, upon the achievement of certain financial targets. The
shares to be issued as part consideration for the acquisition are the subject of
a lock in agreement which expires on 31 March 2008. Additional consideration
linked to financial performance of the acquired businesses in 2006 and 2007 may
become payable in 2008 - such consideration would be payable 80% in cash and 20%
in shares. The transaction is being made on a debt free and cash free basis and
assumes a normal level of working capital remaining in the business at
completion. The consideration for the surplus cash in the acquired businesses
will be paid in cash. The cash element of the consideration will be partly
financed by way of bank debt.
The businesses have been acquired at an effective date of 1 January 2006 and as
such, their results of operations from that time will be consolidated within
Irish Estates' results
Application for Consideration Shares to be Admitted to Trading
Application will shortly be made for the 925,106 new ordinary shares to be
admitted to trading on the IEX market of the Irish Stock Exchange and the AIM
market of the London Stock Exchange.
Commenting on the acquisition, Ross Ivers, CEO of Irish Estates said
"These acquisitions are a key part of our strategy to become an integrated
property services group. Irish Estates and Vector are leading players in their
respective fields of property and facilities management and we are now
complementing this with the acquisition of another business that is amongst the
leaders in its field. We believe our clients will benefit from our increased
range of expertise and service, and we will be able to drive growth from the
enhanced group service offering."
Niall Doris, principal vendor and newly appointed executive chairman of Irish
Estates' Removals and Storage Division, said
"We are delighted to have concluded this deal with Irish Estates. Our business
now enters a new phase within the Irish Estates group, with potential growth
opportunities accruing to both elements of the business through an enhanced
offering to customers."|
|Tole - have you any updates ?
Price seems to be easing a bit here.|
|Well I totally missed the boat on this one but I REALLY can't see where the value lies ?!?! I mean republic property prices are mad !!|
|Irish Estates (Add; Closing Price EUR2.58)
Announces new contract win.
Analyst: Gavin Kelleher
Irish Estates announced yesterday that its subsidiary Vector Workplace & Facility Management has won a three-year contract with BT Ireland to deliver services to 245 locations both in the Republic and Northern Ireland. The company estimates that the contract will generate revenue of EUR13.9m over its lifetime. This deal reflects the growing potential of the outsourced services sector in Ireland, which Irish Estates is well positioned to capitalise on, given its market leading position in this area. Vector was established following an MBO of Hewlett Packard's facilities management business, and was acquired by Irish Estates in 2004. While this deal is positive for Irish Estates, we will await their full year results, which are expected in April, before making any changes to our forecasts.|
|Yep always love looking back over the years or even months, on those stocks which you toy with buying or have sold way to early...plenty come to my mind...
Anyway Liars, anything off the recently new issues/listings floating about which might be worth a look - or anything else come to mind - always notice you in some quality stocks from board to board etc
Always like something new to have a look at.|
|Lol - better to be safe then sorry.
Betcha that within a year the share price will be around the 300 mark.|
|Up again :) Oh well missed out on an easy 20%+ since we started discussing it on here lol :)|
|Lol - no, just watching this one......|
|Yep noticed that too - thought you may have talked yourself into having a nibble, lol :)|
|Still heading up and someone just bought 1K.|
|Yes noticed that - Think you are maybe right though about fair value - and held off having a play. Though sometimes you never know in this game. Still will watch it on the old monitor for the time being...|
|I see, Gartmore added last night;
Holding(s) in Company
Irish Estates plc
09 January 2006
Irish Estates plc ('Irish Estates' or the 'Company')
Holding in Company
The Company has received a notification from Gartmore Investment Management plc
stating that following a purchase of 285,000 shares, Gartmore Investment Limited
holds, in aggregate, 1,412,000 ordinary shares of Euro0.002 each in the Company,
representing approximately 5.96 per cent. of the Company's issued ordinary share
This information is provided by RNS
The company news service from the London Stock Exchange
|Same - I still have the feeling that it's decently valued though. I can't see too much upside from here.
Am I wrong ?|
|still going strong and still not in :(|
|Yep not one to race away I supspect, but looked an interesting new company albeit maybe not significantly cheap,- though will admit that I havent researched it all that much as just too busy with xmas and other stuff - not sure on figures - like to have a base of a recent brokers/analyst forecasts first - and nothing available here.
Though was interested to see what effect on figures will have the tenders it had won in the first half which will kick in later in the year...
But not expecting fireworks here - so not one to invest the bankroll and like I said will prob wait on results myself which I believe are due in Dec, another reason like you mentioned for the probable share price move...But a little company to watch or add to a balanced portfolio, as I admit I dont always go for firework stuff ;)
Will post if I find anything more on it..|
|Yes also tempted but when I first looked at it I thought that it was fairly valued. Don't think that my opinion of that has changed. Does it seem cheap to you Tole ?
I don't have the figures anynore but from what I worked out from the property portfolios it was closed to fair value. The 25% annual returns that were mentioned I didn't see returns anywhere near that ( ie fiscal returns ) I'm thinking that it was increases in value of the property portfolio but not actual cashflows.
Sure the merging of the two firms provides a better base to work from but where will the necessary cash inflows come from ?
I like the fact that Niall McFadden is Chairman - a tax accountant friend has heard good things about him the friend used to be friendly with Jim Barry and so heard things about McFadden.|
|Tempted to have a little nibble - but like things to trade for 3-6 months first, as well as having a glance at results.
But has been on my monitor from day one - and alerted me the other day on its leg through 130 - so no point in watching and doing nothing - more interesting to watch when holding :)
(Though wish spread was narrower)|
|Thanks Tole, nice research, 107 page report would make nice reading.
Are you thinking of taking a small bite in IERG ?|
|Cant seem to gain access to the 107 page report, am sure there might be some interesting things in there worth reading, but from the morning notes highlights they have some research out on IERG
Irish Microcap Sector "Under the Radar"
Analyst: Gavin Kelleher
Analyst: Neil Clifford
Yesterday we released a 107 page report, "Under the Radar", on 23 companies with a market capitalisation of less than EUR100m, which we define as microcapitalisation stocks. While these stocks often fall under the radar screens of institutional investors, ignoring them has resulted in a number of missed opportunities. For example, Unidare and CPL Resources have both risen by more than 400% in the last three years. The purpose of the report was to identify what we believe will be the star microcap performers for 2006. As the near term trading performance of many of these companies tends to be highly volatile, we placed a greater emphasis on assessing the longer term drivers of value for the companies included. In terms of our key picks, we chose CPL Resources, Horizon Technology and Newcourt Group. In addition to these, we also included three longer-term speculative picks that offer potential for upside, but at the same time sit in a higher risk category at present. These are Irish Estates, Smart Telecom and Trinity Biotech.|