ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

PGX Punch Graphix

122.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Punch Graphix LSE:PGX London Ordinary Share GB00B07LVS05 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 122.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 122.00 GBX

Punch Graphix (PGX) Latest News

Real-Time news about Punch Graphix (London Stock Exchange): 0 recent articles

Punch Graphix (PGX) Discussions and Chat

Punch Graphix Forums and Chat

Date Time Title Posts
26/1/200708:53PUNCH GRAPHIX (PGX) - DIGITAL PRINTING GROUP61

Add a New Thread

Punch Graphix (PGX) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Punch Graphix (PGX) Top Chat Posts

Top Posts
Posted at 22/1/2007 16:22 by shuisky
"the fact that Shareholders could end up as minority shareholders in a
company controlled by Punch International which could have a negative effect
on the share price;"

That's true but if the shares remain listed than why would PI actively destroy the value of their stock? Furthermore, if the offer goes unconditional you will get the 128p in any case.

There is always the scenario that they actively welcome a declining shareprice so they can take it private at a cheaper price later on, but would they really be this devious?

I think a lot of bad will has been created out of the way they have handled this. They could have just come to the shareholders with a premium bid, and got what they wanted. The sneaky way they launched this 'no premium' bid to get a ompany on 12x current earnings, has created a lot of bad blood.

I also imagine that a lot of PG staff got stock in the IPO, and this attitude is hardly morale boosting for the workforce.

PG are clear....

'It is very clear that the Offer is no more than an attempt to regain control of
Punch Graphix on the cheap and with complete disregard for other Shareholders.'
Posted at 22/1/2007 13:13 by dave_a
I won't be accepting and good to see PG have come out fighting today.

However, I am slightly concerned about what will happen to the share price if they are/are not successful. Something which was highlighted in their response today:

"the fact that Shareholders could end up as minority shareholders in a
company controlled by Punch International which could have a negative effect
on the share price;"
Posted at 09/1/2007 11:32 by sivadnoj
Punch Graphix repeats view that Punch Intl's 128p/shr offer undervalues co
121 words
9 January 2007
11:23
AFX UK Focus
English
Copyright AFX News, 2007 All reproduction and presentation rights reserved.

LONDON (AFX) - Punch Graphix PLC reiterated its view that Punch International NV's 128 pence a share mandatory offer for the company would allow Punch International to acquire control of the group 'without paying appropriate value'.

Punch Graphix said it 'strongly' advises shareholders to take no action regarding their shares in the company.

This is all fine but at some stage they are going to have to start explaining why they consider that the offer undervalues the company and respond to the suggestion that the business has not been managed effectively or efficiently. Although the share price continues to trade around the offer price, a question mark remains over management's credibility in light of the comments made by PI. Presumably PGX will need to respond to this.
Posted at 28/12/2006 16:57 by sivadnoj
I must say this seems a rather rum state of affairs. Takeover offer at zero premium to the market price. The Board say it undervalues the company yet the share price remains static, implying no expectation of an increase in the value of the offer. What, therefore, is the incentive for the holders of the 20.3% listed above to accept the offer, other than the potential control problems associated with having a single shareholder with 50% of the shares? Is this simply a tidying up exercise?
Posted at 27/12/2006 16:46 by shuisky
Yep.

IMHO, the timing is a clear indication that this bid is hostile, and there is no love lost between certain parties. PI is clearly trying to catch PG off guard, and trying to get PG on the cheap. I'm glad PG has come out and said the bid undervalues the company.

I'm happy to see that the share price is now above the 128p bid level. This indicates that the market believes that (contrary to their intention) PI will have to pay a premium.

PI holds 49% and the following together hold 20.3%.....

Capital International Invest 4,666,701 4.54%
M & G Group Ltd 4,591,000 4.46%
Morley Fund Management & Aviva Plc 4,039,555 3.93%
Framlington Investment Management Ltd 3,980,000 3.87%
Invesco Perpetual 3,571,000 3.47%

It's up to these guys how this is going to go.
Posted at 13/10/2006 10:35 by tole
Nice article..

Looks as if those large trades yesterday have moved another line of stock. Seems to be having a very positive effect on the share price today.

Still reckon this should easily be trading on a PER of more like 15 - giving a share price of more like 150-160p - bang in line with Altiums target price.
Posted at 06/10/2006 07:42 by tole
Good Value Recommendation in the IC today.

Mentions the new CEO Ben Van Assche - and that since his review of the business - he wants to focus on printers that allow marketing companies to produce more personalised pamphlets - with the latest machine rolling out over 5m different pages per month. Also plans to increase direct sales and cut back on resellers.

Points out also that Teathers forecast pre-tax of E22m and EPS of 14.5c - and were set to upgrade estimates.

I take it this means the new figures posted above since it looks like they've upgraded 2006/2007 (post 30)

From
T & G: - PTP £15.00m.....EPS 9.80p.....D/V 3.00p
To
T& G: - PTP £15.92m.....EPS 10.16p.....D/V 2.71p

And 2007

From
T & G: - PTP £17.00m....EPS 11.30p....D/V 3.40p
To
T & G: - PTP £17.95m....EPS 11.52p....D/V 3.39


The IC article summarises that PGX's share price slipped due to the recent management uncertainty where they had no CEO for a number of months from April 06, however, with a new focused boss in place, and trading on a forward PER of only 11, they are good value.
Posted at 28/9/2006 17:39 by tole
Punch Graphix - STRONG BUY
Companies: PGX
28/09/2006

Punch says its full year results will be ahead of forecasts, after a strong half-year turn in tricky markets. Spun out of Euronext-listed Punch International last year, Punch Graphix designs digital colour printers under the Xeikon brand (selling related consumables and accessories that offer a good source of recurring sales). It also develops imaging systems for off-set pre-press commercial markets.

The results to June demonstrated a 14% up tick in pre-tax profits to €13.3m (£9m), though top line growth was a more modest 7% to €84m (£56.8m). However the revenue result was good going against a record first half of '05, and operating profits were maintained after hefty spending on sales, management and R&D. 'We've shown we can make good margins, and live with the pressure in our markets', explained new chief executive Ben van Assche, who pointed to good performances from the digital printing and pre-press businesses. He also flagged up an encouraging increase in the proportion of consumables sales, from 40% in 2005 to 44%.

Analysts at house Altium Securities view Punch as 'significantly undervalued' and rate the shares a strong buy on the basis of underlying market growth, top-line growth from Punch and the benefits to come from new product launches.

For the year, expect pre-tax profits to move north from £12.8m to £15.7m, delivering earnings of 10.2p and placing the shares on a budget forward p/e of 10.3. Prospective yields of 3% this year and next also underpin the investment case, as does burgeoning global use of digital printing. Erstwhile parent Punch International still controls 49%, but if you can get your hands on the shares, do so.

James Crux
Market cap: £108.23m
PE Forecast: 10.3
Share price: 105.25p
Posted at 26/9/2006 15:59 by tole
Something I didnt notice - PGX was previously covered by iii as a BUY - maybe since it was originally covered at the time of the float Bill Johnston at Watchot might well again be covering this one...just a thought, especially as they they do usually back cover their old recommednations?

Anyway - thought i'd re-post it, as it has some usefull information for anyone casting an eye over this one.


Buy Punch Graphix at 119.5p

Suggests Bill Johnston of Watshot.com

One glimpses from time to time the travails which are the outcome of technical change, and of overcapacity in the printing industry, and the imaginative methods which are used to try to deal with - or feed off - this situation. But it is rare for one of the agents of such change to make an appearance in the small-cap market - and Punch Graphix (PGX) is one of them.

The real world is complex, and the digital printing systems which are core to the group are not only more efficient than the old ways of doing, but allow shorter run lengths, increased personalisation and the use of colour - at prices which don't scare the customers away. Technically-minded people will be interested I feel in the three principal segments of group activity - Xeikon, specialists in high-end web-fed systems; Strobbe, laser-based computer-to-plate systems used in offset printing systems (newspapers for example); and basysPrint, computer-to-conventional-plate technology.

Xeikon presses utilise electrophotographic imaging technology - since the launch of its current 5000 range just one year ago, 82 have been sold or leased - and the total installed base is over 1,110. The products are aimed at customers requiring high-quality printing, but flexibility in operations, and Xeikon claims that its productivity and cost-effectiveness, when allied to the foregoing gives it a general edge in operations, especially in, packaging, labels and other speciality applications. The other two subsidiaries are engaged in the pre-press market, allowing printers to transfer images directly from digital files to printing plate. Strobbe's range (there are three main lines) is targeted mostly at newspapers with some commercial printing and its installed base is 900 strong. The boot is on the other foot with basysPrint with 85% of its 500 machines employed in commercial print shops, and only 15% by newspaper publishers. The company as at present constituted previously represented the graphics division of Punch International; it has been assembled by recent acquisition, and right now looks to be a masterpiece of timing and judgement. Despite the statistics Punch Graphics reckons that all it has really achieved to date are niche positions within two of its chosen sub-sectors in the vast markets addressed and intends to muscle into form and packaging printing markets too.

The figures are pretty punchy too as sales of ?65 million in 2002 which became ?87 million in 2003 and ?107 million in 2004 boiled down to net profits of ?750,000, ?5.5 million and ?8 million in the same periods. Current trading is going well - basysPrint did not really figure in the foregoing but has been profitable since its December 2004 acquisition. The strengthened balance sheet is meant to support the international sales and marketing effort of the discrete entity, and to allow the continuance of the core R&D activities. The company is a manufacturer, and points out that there is plenty of mileage left yet in terms of exerting price pressure on suppliers, and of designing and sourcing common parts on a more economic basis.

Risks? Generally a global reach is a two edged sword, and any cooling of world trade levels, along with changing currency values adds an unwanted dimension of volatility. Strobbe has a key trading relationship with Agfa. No machines are built for stock, but we all know what happens to manufacturing plants when the phones stop ringing. And the group per se has little history, and has not faced a hostile environment. There is competition in abundance.

Risk is unavoidable anyway; to have an international business is better than not having an international business and I would be ten-times more likely to back this management team than the those of the AIM vessels launched with this object in mind, stocked to the gunwales with investors money which you know you will never see again. The risks of having manufacturing capacity are unavoidable but if your installed base is big enough you have a stream of locked-in high-margin business from the supply of consumables (toner in this case) spare parts and service agreements. (A minor but quite significant theme of the flotation exercise was the mopping up of minority interests so that it is the company controls, where economic, its own operations in toto). Some will think too that the former parent's pocketing of 30 million pounds is a danger signal, but I find the arguments for independence quite cogent; besides which Punch International still holds 49%.

Punch Graphix is capitalised at 123 million pounds, which means an historic price earnings ratio at present sterling euro exchange rates of over 20. But I expect that the current-year contribution from a growing existing business, supplemented by basysPrint and garnished by the material absence of financing costs, to bite deeply into that multiple. The company stands out a class act, head and shoulders above the vast mass of the strongly-flowing new-issues hordes - and, at 119.5p, the shares should be bought forthwith.

Key Data

EPIC: PGX
Price: 117 - 122p
Market : AIM
Posted at 05/9/2006 08:50 by tole
Just to let you know I received the Altium write up today - just a brief summary reiterating the 160p price target.

They expect the interims scheduled for 28th Sept to both reassure and impress investors - believing that following on from the positive AGM statement and trading update earlier this year PGX is making progress in all areas of its business and on target for expectations for the full year.

Also expecting the new CEO to give more detail on his view of the potential for Punch - and is anticipated that as his first opportunity the outcome will be positive.

The note also reiterates that the shares continue to be SIGNIFICANTLY UNDERRATED - and that the results and presentations from the CEO on strategies and objectives should be the catalyst to a strong share price performance for PGX.

Share Price 106p.
2006E
T/0 120.3
Adj PBT 14.7
Adj EPS 10.3
PER 10.2
DIV 3.0

2007E
T/O 131.2
Adj PBT 16.3
Adj EPS 11.0
PER 9.6
DIV 3.2
Punch Graphix share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock