||EPS - Basic
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|Someone just bought 200,000- at 163p!|
arc en ciel
|With the number of Revolution machines in service increasing by approx 100/month, and with Sterling having weakened even further over the last month or so, and the period pre-Brexit vote (i.e. May 1st - June 22nd) Sterling having been that much stronger, after the comments in the update last week and the FinnCap note it seems highly likely to me that profits will be up by ~20%, ie eps to around 6p for the first 6 month period|
|as pnetol pointed out above, following investor feedback, they decided to commit to a higher ordinary dividend which will inevitably be at the expense of some of the special dividend (assuming the £50m cash balance criteria is still met and a special dividend is paid)|
|Thanks for that carcosa.
Thats even better than my 10% uplift.|
|From this years finals:
"Our cash generation remained strong and we improved our net cash balance... We are recommending a final dividend of 3.285 pence per share to give a total dividend for the year of 5.86 pence, an increase of 20% and in addition, a special dividend of 2.815 pence per share.. Moreover, the Group is committing to increase the ordinary dividend by 20% for the next two financial years."|
|In the AGM statement they said that cash generation is trending ahead of last year.
So i would expect them to be able to continue with the specials.
They said this in last years finals.
"The business is well positioned for growth and our net cash position remains healthy. Having raised dividends substantially in recent years - and with the desire to retain a progressive dividend policy - we have now decided to adopt an enhanced dividend policy for the next three years. We therefore intend to increase the ordinary dividend by 10% p.a. and any net cash on the balance sheet at 30 April 2016 (and the following two years) in excess of GBP50m will be available to shareholders as a special dividend in line with the new policy'
So an ordinary dividend for the 2 years 2017/18 of 6.5 & 7.10p then specials of a minimum 2 x 2p if they follow previous years.
A real cash cow.|
|It has just been paid. Any further special dividends will be based on the amount of cash held at year end. From memory I believe they said that it would be based on cash above £50m. Although they did say in the finals that a number of institutions had approached the company to request higher dividends and a lower special. It's great that this company is generating so much cash as it means that the dividends can be pretty close to earnings.Good luck all and it was good to see a MM get hit earlier, that implies to me that the selling we have seen at lower levels is done as the Direct Market orders often come in just below where the markets makers sit. The next two are at 159.|
|No mention of special divi in the agm statements. I assume it's still going ahead|
|If we close above 158p then do we have what chartists call a triple cross, which should bode well for further gains? Anyway the moving averages have been busted!|
|There are not that many companies out there that are this cash generative, growing so quickly and pay out such a big dividend. 75% of revenue is overseas which is great considering the way the pound has went. Looks an obvious take over target because of this.Bigger FX swings have taken place more recently so should be an even better update in December.|
|The ?? Are thumbs up my phone Keep up the good work|
|Great post alphabeta ???|
|Comparing the currency markets for the first 4 months of each year (1 May to 31st August) the pound looks to be down c12% between the two periods. If 75% of revenue is non-UK then c9% of the 18% t/o increase is due to currency effects implying organic revenue growth of c9%.
IMO the great news is the pound has fallen another 5% since the end of this period which is roughly the same as what it did for months 5-12 of the last financial year. So we should be looking at EPS growth of c15% at this rate less I suspect a small loss from the ASDA deal whilst they turn that around (it was losing c£3m a year so as a worst case 6m would be c£1.5m). Post tax profit was £29.9m for 2016, add £4.5m less the £1.5m gives £33m. So at £1.50 I've got a the worst case EPS of 8.8p for a PE of 17.0 or a cash adjusted of just 15.23 assuming £60m cash.
8.8p would be 53% above the EPS this was running at for the year ending Apr 2014 when it first hit £1.50. This would give a price target of £2.30 which would equate to a cash adjusted PE of c22 which IMO feels fair for the cash generation and organic growth profile (and is still ignoring the ramp up in revenue from Japan and the Asda acquisition hopefully moving to profitability during next year).|
|Market has finally woken up. Quite baffling how these results were not expected. I wonder if shroders has finished their dumping?|
|From Finncap's note:
"While current trading is a beneficiary of Sterling weakness, near-term FX
volatility prevents us from upgrading our FY forecasts at this stage. In the event, however, that Euro and Yen exchange rates remain at current levels
or lower, existing forecasts have considerable upside risk.
Strong trading reported for the first four months of FY17E (May-August 2016 with turnover +18% YoY and pre-tax profit +14% YoY, reflecting the benefits of investment and currency tailwinds. Approximately half of H1 profits are traditionally achieved in September and October."
I love that final comment. So traditionally half of the H1 profits come from the couple of months when sterling has been even weaker. Marvellous.|
|So we should expect the additional income to generate around £6m extra profit- btw that's for 6 months.|
|Wow 70% margin?|
|If you're a fund manager holding large stock here and you see numbers like that, your eyes should light up thinking about the future potential and the gain you're going to make for your fund (as well as the recurring dividends), so at worst continue to hold.
But it doesn't matter if a few fund manglers want to give their stock away cheap now, because as the fundamentals continue to impress, smarter money will come in, buy up the available stock, and reap the reward. It's just a matter of time.|
|From SCSW Feb 2016:
... US$15,000 a unit.
In terms of the model, a wash costs Eu4 or Eu8 and Photo-Me pays 15% of sales to the site owner to use a corner of their car park.
The typical annual sales per machine are Eu16,000 for an established machine; the best ones can take over Eu30,000 but because Photo-Me can leverage the same photobooth field personnel to collect the cash and fill machines with soap, there isn’t really much incremental cost attached. This, plus the relatively low sales commission, gives it eyewatering 70% ebitda margins and a payback of less than one year. If any machine doesn’t hit the ground running they just pick it up and relocate it.|
|From last yr's half yr: "In the six-month period ended 31 October 2015, the turnover of the laundry business increased by 90% to GBP5.5m (2014: GBP2.9m)." So, assume a 180% increase over 6 months would be around £15m. I can;t find the margin on this part of the business but I recall the machines quickly become profitable.|
|Looks really good here. That washing machine business is pure genius.|
|At least the AGM statement should generate some additional turnover which will help to clear our persistent seller.|