Jaywing Share Discussion Threads

[first_things] 22/11/2013 08:43

If you use an average valuation multiple and add back the cash the shares should be trading around 35p.

Be interesting to see what they now do with the cash at the bank.

[first_things] 22/11/2013 08:03

Cash balance of £3.6 million is higher than expected.

Full year EBITDA should be around £3.5 million.

Shares look very undervalued compared to its listed peers.

[battlebus2] 22/11/2013 07:42

Results out and whilst not startling they do show improvement imv..

Jaywing plc (AIM: JWNG) today announced its interim results for the six months ended 30 September 2013.

Performance Highlights

-- Gross profit GBP16.3m; (2012: GBP14.7m)
-- EBITDA* before other income GBP1.66m; (2012: GBP1.31m)
-- Net debt GBP1.8m; (2012: GBP1.4m); undrawn banking facilities of GBP2.1million
-- Adjusted basic earnings per share 1.05 pence; (2012: 0.88 pence)
-- Adjusted diluted earnings per share 1.01 pence (2012: 0.83 pence)

[first_things] 21/11/2013 10:11

The current valuation looks way to low given they are now debt free (a few million in the bank) and generated £3 million EBITDA last year.

[battlebus2] 20/11/2013 17:56

Yep , there's been a bit of buying lately :))

[first_things] 20/11/2013 15:39

results should be out soon.......

[battlebus2] 17/10/2013 15:45

Large trade of 1,785,000 gone through at 23p.

[battlebus2] 16/10/2013 14:28

Another tick up on a couple of buys.

[battlebus2] 14/10/2013 16:46

Good to see a tick up and a couple of buys today.

[battlebus2] 07/10/2013 19:11

Thanks Britishb, regretting that i didn't sell at 25p.

[britishb] 07/10/2013 08:59

FYI I downloaded the Tryzens accounts from companies house.

As at 31 March JWNG owed Tryzens just over £2m, so the sale presumably net of that ie £4m.

JWNG had about £2.3m of debt at year end, so in total should be about £1.7 net cash +/- any trading cash flow since yr end, perhaps £2.5m now.

So enterprise value currently at about £15m.

Tryzens did 382k pbt last year so remaining biz did about £1.9m pre-tax excl amortization and "other income"). Tax that at 25% and you get c £1.42m post tax.

So currently I reckon EV/EBITDA a tad over 10, PE a tad higher.

Not bad value but think I'd want to see a positive update on current trading before re-entering.

[knigel] 07/10/2013 08:15

So why no decent move up?

[battlebus2] 07/10/2013 07:38

Seems a good deal at 6 million which is above book value and leaves us debt free and able to look for acquisitions.

[battlebus2] 04/10/2013 08:55

Thanks Ali, anyway these are ticking along again this morning. As of the last results goodwill attributed to Tryzens was 5.2 million with Jaywing current market cap of 17.88 million.

[investali] 03/10/2013 20:50

Sorry BB2 I sold out of Waterman recently. I couldn't resist the profit but good luck for Monday.

Ali.

[battlebus2] 03/10/2013 17:29

Well done GHF another winner, i can't keep up with you lol.

[daneswooddynamo] 03/10/2013 13:43

bought 60k at 17.5 in a few tranches recently and happy to hold

[battlebus2] 03/10/2013 12:25

O/T cheshire Man and Investali are you both still in Waterman? results on Monday to look forward to.

[battlebus2] 03/10/2013 12:15

Has everyone jumped ship?? Goodwill in the last results showed just over 5 million so quite a decent value.

Cheers Ali but thanks goes to GHF for giving me the nod.

[cheshire man] 03/10/2013 12:11

Been a very pleasent ride indeed :-)

[investali] 03/10/2013 12:04

That is my policy too, sold the lot for a 35% profit. Thanks once again to Battlebus for sharing.

Good fortune to the remaining holders.

Ali.

[cheshire man] 03/10/2013 11:10

I agree battlebus and indeed I took some off on that spike up,,,,,,,,as nothing goes up in a straight line,,,,,,,,,

[battlebus2] 03/10/2013 10:56

Yep never cry over a profit British B. Cheshire man probably best not holding too many of these with the liquidity i only managed 47k myself.

[cheshire man] 03/10/2013 10:43

You came out with a very decent return on your money britishb so no need to beat yourself up :-)

I'm just vexed I could not get hold of more at the time of buying !