Waterman Share Discussion Threads

[mickharkins1] 23/3/2016 12:55

Hi Norbert, I saw a couple of brief comments on another site, with both posters saying they were impressed with the presentation.

[norbert colon] 23/3/2016 11:29

Any feedback from the ShareSoc event yesterday that WTM attended? I was unable to attend in the end.

[cfro] 21/3/2016 15:56

Excellent news, thnks GHF.

[glasshalfull] 21/3/2016 15:24

Further positive news just out with another contract win announced.



We are delighted to announce that our Infrastructure & Environment team have been awarded the design contract for the £30m Kergord Substation on Shetland.

The appointment is part of a Scottish and Southern Energy (SSE) project to bring high-voltage direct current (HVDC) along a 320km submarine power cable to connect the Shetland Islands to the Scottish mainland. It will bring power from the Upper Kergord Valley on Shetland to the Moray mainland coast at Blackhillock Substation. The Shetland HVDC Connection is being developed as part of the Viking Wind Farm scheme, one of the largest planned onshore windfarms in Europe.

Our Perth office has been asked by Balfour Beatty to be their consultant on this prestigious design and build scheme. Our scope of our work includes civils design, transportation, environmental, geotechnical, landscaping and fire risk advice. Waterman teams from offices throughout the north of the UK will be supporting the Perth team on the project.

Daryl Fossett, Regional Director in the Perth office commented; “We are delighted to have been appointed on this high profile project which builds on our established track record of successfully delivering Substation projects for SSE. The project will see the Waterman team supplying a wide range of consultancy services to the project, from design through to construction, reinforcing the benefits of strength in depth nurtured within a one team culture.”

Regards
GHF

[mattboxy] 17/3/2016 23:01

Are we ex div now?

[norbert colon] 16/3/2016 21:06

On my favourite M&A theme, I see that WSP have highlighted in a recent magazine article that they are 34,000 strong globally now (after the PB merger) and plan to get to 45,000 staff (largely by acquisition) by 2018. That's 11,000 additional staff in 2 years - quite a lick.

[cfro] 08/3/2016 15:32

Nice dip......took a few more today..

[norbert colon] 03/3/2016 21:32

News of interest re: further sector M&A

Well known Architect and Engineer BDP bought by Nippon Koei (who previously tried to buy Hyder) for very healthy 1.26 x sales.

hxxp://www.globalconstructionreview.com/companies/japanese-engineer-nippon-koei-b7uys-u7k-archit7ect/

Howard Humphries (200 strong Africa based consultancy business) bought for what appears to be 1 x sales.

hxxp://www.cnbcafrica.com/news/east-africa/2016/03/03/atkins-foothold-in-africa-with-acquisition-in-east-africa/

Without wanting to repeat myself WTM is valued at circa 0.35 x sales

[battlebus2] 02/3/2016 17:53

Thanks for those forecasts GHF...

[davidosh] 02/3/2016 17:34

cfro....very sharp and witty

For those interested in the Small Caps

[pj 1] 02/3/2016 15:20

lol very good cfro!

[cfro] 02/3/2016 15:09

PJ1,

After a couple of pints tho....


You had better stick to Water man! :0)

[glasshalfull] 02/3/2016 13:15

Bullish Forecasts:-

2016 (year end June)

Rev £89.9m
PBT £3.6m (+22%)
EPS 7.8p (+44%)
Div 3.0p (+50%)

2017

Rev £96.3m
PBT £4.6m (+28%)
EPS 10p (+28%)
Div 4.0p (+33%)

2018

Rev £103m
PBT £5.5m (+20%)
EPS 12.1p (+21%)
Div 4.8p (+20%)

Regards,
GHF

[glasshalfull] 02/3/2016 12:32

Agree with sentiment above relating to impressive interim results.

Hadn't posted until today as was hoping that the shares would come back slightly & allow a top-up...and thankfully an opportunity presented itself this morning ;-)

Some snippets from Singers commentary following results,

"A positive set of interims confirms another period of good progress in terms of revenue growth (+10%) and margin progression (4.1% operating margin, up from 3.3% in H1’15).

The outlook is positive and Waterman is well on track to achieve FY16 forecasts (50:50 H1:H2 split of PBT assumed) and 2019 margin aspirations of 6%. In our view, Waterman serves an attractive mix of core markets (well balanced between UK Highways, Retail, Commercial and Residential) and management has established a strong track record of delivery. We see intrinsic value at c.115p, implying further upside from here.

...Waterman has reported another period of strong growth, continuing the recent impressive trend. Revenue increased by 10% to £45.4m. EBITDA increased by 29% to £2.2m and PBT by 64% to £1.8m. Adjusted EPS increased by 54% to 4.0p. The interim dividend is up 50% at 1.2p.

Net assets per share increased to 90p and net cash was a very healthy £6.6m, as highlighted at the pre close. We maintain our FY’16 forecasts at this stage but see scope for outperformance as the year progresses.

We expect Waterman to continue to deliver strong growth over the medium term. Our FY18 forecast is double the FY15 result. In our view the current rating does not capture this growth trajectory. The shares are trading on a P/E rating of 9.0x FY17 and yielding 4.4%. The share price is also well underpinned by a net asset value of 90p per share.

We see intrinsic value of c.115p per share."


Regards,
GHF

[shanklin] 02/3/2016 07:06

Opportunity to see a presentation by WTM

[cfro] 01/3/2016 18:13

Joined you all today with an initial opening position. Really loved those results yesterday with PBT up by 64% and a doubling of eps.

These look set to beat the full-year estimates imo. The focus on the UK is certainly paying off and a very clever move imo to move away from areas such as the Middle East etc.

[mattboxy] 29/2/2016 19:59

Well we flirted with £1-00 lets hope we can get it into bed and move on to its more attractive sister £1-10 !!

[saucepan] 29/2/2016 17:41

Great results and an equally pleasing market reaction. The chart now looks beautifully set for breakout, too.

[rik shaw] 29/2/2016 17:07

Hopefully make 9p EPS for full year which ought to translate to 120p+ by finals.
Rik

[eclair] 29/2/2016 08:15

And there we have it - £1. Thanks Norbert for keeping us all informed over the years.

[impvesta] 29/2/2016 08:02

EPS is 4.0p for the half year Napoleon.