Northern Recruitment Share Discussion Threads

[momentos] 10/9/2008 13:23

Key holdings here are

Moran 8.9m (56%)
Jupiter 2.95m (19%)

So only 25% other (4m shares, 1.6m)

On demand, this could move fast (if it ever wakes up....!)

[momentos] 10/9/2008 13:19

Yes, I see that from Digital Look

BTW Brewin Dolphin have:
YE - T/O- PBT - EPS - PER - PEG - EPS+ - DIV - YLD
30-Jun-08 20.00 1.20 4.70p 8.6 n/a -42% 4.80p 12.0%
30-Jun-09 21.60 1.50 6.30p 6.4 0.2 +34% 5.00p 12.5%

So they think 4.7p this year, 6.3p next and a final divi this year of 2.3p.

They are local (to Newcastle) and should have good guidance to set expectations.

[jhan66] 10/9/2008 12:45

sharecast say results are tomorrow

[momentos] 10/9/2008 12:22

I agree.

The most likely place to find anything is the local rags - the Chronicle or the Journal.

BTW I found this while digging:



NRG is synonymous with quality recruitment services throughout the North East and beyond.

We are delighted to be associated with the Influential 500 – the only profile of influential people in the North East.

Regionally and nationally NRG's brand continues to grow, moving into new sectors and emerging industries with innovative recruitment solutions.

We continue to develop our expertise in project management launching our Recruitment Process Outsourcing business last year.

We are already winning significant national business.

As a group we now employ 140 staff with a further 1,000-plus temporary workers on client sites, working across the private, public and third sectors.

We successfully balance our focus on this region with the wider business challenges of a national recruitment and consultancy practice.

Chief executive and founder Lorna Moran says: "It's just great to be associated with a publication that includes so many clients, friends and appointees amongst its pages"

New appointment for NRG in the Tees Valley


IN the face of global challenges, there is a growing energy in the Tees Valley that is apparent to all.

Indeed on a recent visit Richard Lambert, director general of the CBI, noted that ''the mood in the Tees Valley is decidedly upbeat".

NRG plc are delighted to be a part of this growing positivity, and with their recent move to new spacious Middlesbrough town centre offices, are well positioned to respond to the growing needs of the sub-region, in the same unique way they have operated for over 30 years in the north of the region.

With key investment in the process and energy sectors and the confirmation of approval for the Northern Gateway, in addition to many other regeneration projects, exciting times lay ahead for the sub-region.

The recent appointment of Kiersten Wasson to the NRG team as business manager for the Tees Valley, and a continued expansion of the specialised finance, scientific and engineering teams, in addition to the long-standing connections of the NRG City and NRG

Works teams with the area, ensures that this expansion is aligned to support future growth.

NRG's performance in both the temporary and permanent markets continues to grow as the experienced teams push forward cementing relationships with local business as well as with national and multi-national organisations.

Kiersten says: "I am delighted to have joined NRG at this time, the positive future of the sub-region is in our hands, and those of us living and working in the Tees Valley are able to plan ahead with a level of confidence and self-belief that is truly justified."

[harrogate] 10/9/2008 12:13

Bit shoddy to me that they don't put out a date - not sure they really feel like they area public company

[momentos] 10/9/2008 11:16

Indeed, I wish they would hurry up with results though.

I want my 5p divi!

[rainmaker] 10/9/2008 00:53

momentos-That's more like it, using average earnings to gain a sense of the long term value of this business

regards

[momentos] 08/9/2008 13:43

Turnover hasn't really changed since 2000, so it is difficult to pickout growth or failure thereof.

I assume commissions have decreased somewhat, so number of contract overall have increased. The issue then is sustaining margin, which they seem to be good at doing.

Recessions don't last forever and the intrinsic value of their franchise (the omitted goodwill from the balance sheet) must be substantial.

It is no more right to value them at the 2005 peak than the 2002 trough. The business, established over 30 years, should be considered over the full cycle. And on that basis it is worth way above its current rating.

The average EPS over the last ten years is 8.7p, higher if adjusted for reduced share numbers.

[harrogate] 08/9/2008 12:51

I was only joking - I appreciate any information

The key issue is the belief that they have stopped growing -

[momentos] 08/9/2008 12:45

Sorry, was digging data for my purposes so I thought I would post it anyway....

Too much data for one post, hence the five-piece part work.

Results imminent no doubt, have been up to Mid September, or as early as 2nd week in August previously.

Your guess as good as mine on exact date, but we are now year end + 70 days so soon no doubt!

[harrogate] 08/9/2008 12:29

OK we get you !!

Where are the results?

[momentos] 08/9/2008 12:26

Est share price ex Cash pre results:

1998 - 80p
1999 - 60p
2000 - 40p
2001 - 37p
2002 - 25p
2003 - 60p
2004 - 115p
2005 - 145p
2006 - 90p
2007 - 60p
2008 - 17p (old 15p, based on est 3.6m cash / 15.8m shares at year end)

Cheap at twice the price!

[momentos] 08/9/2008 11:59

Divis:

08 Feb 2008 Interim 2.50
05 Sep 2007 Final 5.00
16 Feb 2007 Interim 2.50
18 Aug 2006 Final 5.00
17 Feb 2006 Interim 2.50
10 Aug 2005 Final 6.50
10 Aug 2005 Special 11.50
31 Jan 2005 Interim 1.00

[momentos] 08/9/2008 11:53

Cash at Year end / Equity Holders Funds

1998 - 2.0m - 1.5m
1999 - 2.0m - 3.0m
2000 - 0.8m - 3.5m
2001 - 2.1m - 4.1m
2002 - 2.7m - 4.3m
2003 - 3.8m - 4.5m
2004 - 5.9m - 6.2m
2005 - 7.7m - 8.7m
2006 - 4.9m - 6.8m (large special divi)
2007 - 5.3m - 6.9m
2008 - 4.7m - 6.4m (at end H1)

Very aggressive divi policy since 2005. (11p special I think and 7.5p per year on top...

Note:

1. The difference in Cash Now vs last at these levels 2001/2.
2. The difference in shareholders equity.
3. The 12.3% drop in shares in issue (ie 46p now = 40p then, 40p now = 35p then).

[momentos] 08/9/2008 11:27

And Share price movement over the period....

[momentos] 08/9/2008 11:26

Historic EPS and shares outstanding:

Year - H1 - FY - T/O(FY) - Shares
1998 - 4.5 - 10.3 - 14.0m - 15.8m
1999 - 5.4 - 10.2 - 25.3m - 18m
2000 - 5.4 - 5.1 - 27.1m - 18m (Warning Apr00, 0.75m Prov, FD change)
2001 - 2.2 - 5.0 - 20.0m - 18m
2002 - 0.8 - 3.5 - 19.4m - 18m
2003 - 2.2 - 5.1 - 20.7m - 17.7m
2004 - 4.1 - 12.8 - 22.4m - 17.2m (Positive TS April 04)
2005 - 6.5 - 14.6 - 21.7m - 17.3m
2006 - 4.4 - 7.6 - 18.3m - 17.4m (Mild warning April 06)
2007 - 4.0 - 8.1 - 22.3m - 17.5m
2008 - 2.1 - TBA - H1=9.9m - 15.8m (warning April 08 "somewhat" below exp)

[deswalker] 05/9/2008 17:47

Tentative guess on certain websites was based on nothing more than this date last year when they were released. But we got nothing.

Fair bet we'll get something next week I'd have thought.

[stemis] 05/9/2008 17:39

I thought it was results today.

[momentos] 05/9/2008 09:54

In the current market, I think sideways is the new up!

From front page:

Advancing 619 24%

Declining 1546 60%

Unchanged 392 16%

[momentos] 05/9/2008 07:23

Yes, I believe it probably is NRG.

That being said it is this year's and next year's potential performance that are directly affecting the current price. I believe its way overdone. The long term value of this business is far higher.

I think 40p in divis has more or less been paid out in the lst 3-4 years, a special of 11p in 2005. Yet stil that cashpile grows!

They have operated in the difficult North East since 1976 and been successful, despite recessions and despite the historic employment issues in the area.

I think they know perfectly well how to weather any storm.

[deswalker] 05/9/2008 07:17

Rainmaker, Apologies if it isn't you but somebody on your thread is/was valuing HYNS by totally ignoring the other class of shares. This exclusion is absolute gargabe as has been explained to that person several times before.

Anyway o/t for here. Once again, apologies if you're using the management shares in your HYNS calcs. Are you ?

[rainmaker] 05/9/2008 01:34

Momentos-re your post about NRG current p/e. In these uncertain times I feel it is too simplistic and dangerous to look at one year's earnings in isolation. Famous Value Investor and Author,Ben Graham used a simple yet powerful technique to try to gain a sense of typical or normal earnings of a listed business. He would worka share's multiple of five year average earnings and would consider a multiple of seven to 10 times as good value. I believe one of the three(HYNS,NRG and ACL)I'm pretty sure it was NRG that was trading at 3/4 times 5 year average earnings.

regards

[rainmaker] 05/9/2008 01:26

Des, I haven't given any valuations for Haynes. I've merely looked at some ratios to demonstrate NRG's seemingly excellent value characteristics.

regards