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PUG Public Rec.

34.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Public Rec. LSE:PUG London Ordinary Share GB00B00LM737 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 34.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Public Recruitment Share Discussion Threads

Showing 626 to 647 of 675 messages
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older
DateSubjectAuthorDiscuss
26/4/2007
10:54
100,000 buy ! - is a break above 50p on the cards?
its the oxman
26/4/2007
10:20
LJ in at a premium.....similar instance with Nigel Wray and Myhome, in at 40p, now sitting at 80p.....lets see...
qs9
26/4/2007
10:01
I wasn't meaning to come across as particularly negative. I think the stock looks cheap, even allowing for the debt. The appearance of LJ will no doubt bring the stock to a wider audience and maybe that will give it some momentum towards re-rating.

If I'd have known this was going to happen I wouldn't (obviously) have sold at 35p. I didn't lose money so I don't feel too bad and there are always going to be loads of opportunities I miss out on so that's not an issue.

However trading is poorer than I hoped and underlying debt higher. At 35p it would be worth a punt. At 45p I don't think it is. Just my opinion. I'll keep watching.

stemis
26/4/2007
07:47
Stemis/Kimboy - I think your being a little too pessimistic on PRG. LJ isn't known for his genorosity and the very fact he didn't go in with a low ball offer over the placing price suggests he obviously thinks there is some major upside in PUG. He isn't in this for 20-30%. He is probably looking for a multi bagging opportunity here which is why its good value around current levels imho.
nickcduk
26/4/2007
07:37
hi again , also out of bnh now but may yet return - consider my pug punting money - also alas not a huge stake for me (although comfortably in profit)- anyway hopefully further gains for all of us from here.
its the oxman
26/4/2007
07:21
just picked up a 10a before open... the right people are in these ;-)

Hello to the oxman, you probably remember me from the BNH days... fully out of them now.

on selftrade you can sell 75k at 43.25 and buy 25k at 45.25..

gl all.

supreme mo
26/4/2007
06:52
Indeed Kimboy,

Its good to see that they have addressed some of my concerns. The management changes are welcome. They have more shares and hopefully less salary!

The fund raising should cut debt to a degree, although the pay offs to the incumbent management could be up to £750k.

It will be interesting to see the reaction over the next 6 months. The debt reduction may not be enough to see this de-risked and the dead weight of earn out still exists. On the other hand LJ's presence may bring in a following of PIs and the odd institution.

Current market cap is £19.4M [43p x 45.1M]. Add in debt of £11.5M [£24.2M - £12.7M] gives an enterprise value of £30.9M. That's about 8.0 x taxed EBIT [of £6.0M, less say £0.5M for health, less 30% tax].

My concerns still exist over earn out and underlying trading so unless it drops back to 35p I think I'll sit it out.

stemis
26/4/2007
05:35
you can be sure..
that LJ would not be in this
if there was not serious reasonably certain upside.

amberspyglass
25/4/2007
23:34
Sleepy
On an on going basis with debt around £13m and interest of £1m would result in a PBT of £5m and a PAT of £3.6m.

There are now 45.1m shares so an EPS of 7.9p.

It should be remembered that Health contributed £1m EBITA last year. The forecast is also for £4.3m pbt this year and they say they are in line with this.

In this year there will be weighting etc and a part year from Health. There may also be severance terms.

It is good to see a shake up and particularly 'adjusting the cost base in line with the Group's more focused business in the education and social work markets' in the light of Stemis's comments. Baird had clearly had enough.

One concern would be that debt appears to have increased by £1.5 since the year end which may have catalysed all the action.

This may be the result of the increased turnover from a very disappointing H2/06.

The way I would value this company is to say that in 4 years (hopefully) they may have paid the debt off and may be earning £5m pat.

In an unglamorous non growth sector it may only have a p/e of 8 and be valued at £40m, or twice the market cap.

Then they are of course at the whim of a flick of a pen in Whitehall in terms of legislation etc.

Perhaps the latest set of whizz kids can do better than the last lot, but not for me anymore I am afraid.

kimboy2
25/4/2007
22:44
If they make EBITA of £6 million p.a. what EPS should that result in?
sleepy
25/4/2007
18:27
I'm pleased to stil be holding whilst awaiting developments.

I wonder what attracted LJ to the company?

Use it a consolidator in the sector?....
...growth potential?(I recall they opened an office in S.Africa H2 last year)
...a good value investment?

We shall see.

Nice to see the 6% continuing profit growth and cost reductions.

jeff h
25/4/2007
14:32
This is looking very good indeed.
qs9
25/4/2007
13:59
if we can break through mid 40's then 60p beckons, though don't want to get too carried away
its the oxman
25/4/2007
13:54
The headlines havent even started appearing about Luke Johnson coming onboard. Once we do we are going to get a second wind and move towards the high 40's. Should get some decent press coverage overnight to help it on its way.
nickcduk
25/4/2007
13:41
Trust me to exit before the much needed changes. Looks much more promising now.
njp
25/4/2007
13:38
good news - when it went 34-35p it was strange - glad i hung on to get into profit - the future is looking a lot more promising now.
its the oxman
25/4/2007
13:35
Its definately all changed now for the better. Very firm bid at the moment and any potential overhang will either have gone back in its box following Luke Johnson taking stock at a premium, or else be cleared by those wanting to piggy back Luke. I missed out on stock at 37.25 but got in at 39p instead.
nickcduk
25/4/2007
13:31
Now that's more like it. A new board, and putting substantial new money in...and at a premium, to boot.

Well done Blackperl, I'm afraid I missed the cheap one's.

tiltonboy

tiltonboy
23/4/2007
15:09
I don't think the disposal makes much difference. PUG were already pretty cheap, but its the debt which is keeping it so. For what its worth my reasons for selling were:-

1. Trading – if you read the 2006 accounts you'd think they were growing pretty well; turnover up, operating profit up and margins up.

However, turnover is only up because of the full year impact of acquisitions (which to be fair they do say). What they don't say is that operating profit is only up because of the accounting treatment of share options. The 2006 year benefits from £528,000 of 'profit' from share based payments and 2005 suffered from £521,000 of cost. The swing in effect is therefore £1,049,000. Adjust for that and operating profit is up only marginally and PBT is well down. Not good when 2006 benefited from the full year impact of acquisitions. Underlying performance is therefore deteriorating. The 2007 year will suffer from the loss of one off profit relating to share based payments.

Worse is that this fact is hidden away in the accounts (you can spot it in note 27 – reconciliation of operating profit to cashflow, in which the profit is deducted from profit as not being cashflow). I don't like this sort of misrepresentation,

2. Debt – disappointed with debt numbers. The problem is contingent consideration. Any improvement in trading is going to lead to more deferred consideration payable. See note 26 – maximum amount of contingent consideration is £17.2M. This is not included in analysis of net debt (see note 29).

I just don't see them working the overall debt level down in any realistic timeframe. The market is just not going to re-rate them unless they do.

3. Directors remuneration – the highest paid director, presumably the Chief Executive, got £411,000 in 2006 (up from £366,000 in 2005). Four directors (2 of which are non exec) received £759,000. I presume salaries for the 2 appointed on 11th December were included only for the 3 weeks they were directors.

I'm sorry I think that's outrageous for a company PUG's size. The FD owns no shares in the company and the CEO's shares are worth less than 6 months remuneration. If they are so cheap why aren't they buying? All they are doing is awarding themselves big deferred shares at nil cost to themselves.

The directors seem fat and happy presiding over a very poor share price and have little financial motivation to do much in the short term.

stemis
23/4/2007
15:00
I don't think there will be an MBO unless Baird want to crystallize their loss.

If EBITA was £1m and interest on £8m would be about £600k plus capital repayments. Perhaps they felt it wasn't worth the effort.

It may free them up for an acquisition elsewhere if they so wish.

kimboy2
23/4/2007
14:48
its probably an prelude to an MBO. ... they have sold the least attractive part of the business... the other stuff stacks up on multiples...
amberspyglass
23/4/2007
10:16
Its always interesting to see the acquisition from the side of the company making the acquisition. Healthcare Locums version is:-

JCJ specialises in the recruitment of locum junior and middle grade doctors in
the UK and in the year to 31 December 2006 generated revenues of £26m and
pre-exceptional EBITA of £1m*.

The footnote says:-

* before exceptional items and management charges.

Its an earnings diluting disposal but reducing debt is more important I would guess at this juncture. Once the earn outs have been settled and debt shown to be falling markedly, I woud guess we get a re-rating. In the meantime I think it will just wallow around current levels.

nickcduk
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older

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