Waterman Share Discussion Threads

[sspurt] 06/10/2016 16:49

Rogash - forget i asked that. Co announced it on 01/09

[sspurt] 06/10/2016 16:46

rogash - just as a matter of interest how did you find out about prelim date?

[rogash] 05/10/2016 11:17

Prelims Monday.

[norbert colon] 04/10/2016 08:26

More M&A with Arcadis buying Australian environmental consultant http://www.investegate.co.uk/arcadis-n-v---0n6b-/gnw/arcadis-acquires-australian-consultancy-busines---/20161004060112H6428/No financial details provided unfortunately.

[rhomboid] 22/9/2016 09:45

I'm pleased to see a contract RNS for such a major project but I can't be the only one totally clueless as to the level of materiality it has to WTM, anyone got an educated guess?

[riddlerone] 22/9/2016 07:20

Nice contract win,


A few familiar old faces on this BB good luck guys

[deadly] 16/9/2016 17:57

Strong 7% rise at the close today.

[pj 1] 31/8/2016 18:42

We seem to be at a crucial level following the Brexit farce. A break here looks extremely bullish to me as higher highs and lower lows would be in place. But a retrace from here bearish. All imo. (im no charting expert)

[muckshifter] 11/8/2016 10:23

Derwent are clearly nervous about demand for offices in London, as they have warned that they may hold construction at ground level on a multi storey project currently being built in London.
Regards.

[norbert colon] 11/8/2016 10:06

I stand corrected on the details Brummy - my summary more related to their overall H1 figures but the details are valid and relevant - thanks

[brummy_git] 11/8/2016 09:48

Derwent sees Brexit hurting near-term demand
Real estate investment trust Derwent London Plc said it expected a fall in demand in the near term sparked by Britain's vote to leave the European Union, and cut its rental growth expectations for the full-year.

Concerns have risen that prices for commercial properties may fall after the vote, with some investors worried that international retailers and banks may move some operations to other EU locations, hurting demand for property.
Derwent's warning follows similar statements by larger players in the field such as Countrywide Plc, British Land Company Plc and Hammerson Plc.

[norbert colon] 11/8/2016 08:14

London commercial property developer Derwent London H1 "Momentum maintained" since June 23rd Brexit vote.

[norbert colon] 10/8/2016 16:18

DESCO acquired by mid-tier consultancy Pell Frischmann as part of larger German group RAG Stiftung.

No financial details provided.


Pell Frischmann has acquired M&E specialist Desco as part of plans to create a group of market-leading engineering consultancy firms.

M&E consultant Desco is the first firm to be bought by Pell Frischmann, which has around 800 staff and will add another 120 with the acquisition.

Desco – which has offices in London, Croydon, Leeds and Sunderland as well as in Qatar and the Philippines – will keep its existing management board and structure in place.

It will become a wholly-owned subsidiary of Pell Frischmann, itself owned by German investor RAG Stiftung.

Explaining the acquisition, Pell Frischmann chief executive Tushar Prabhu said the firm has a “long-term strategy for dynamic growth through the acquisition of related and complementary consultancy engineering companies.”

He added: “Desco is a fast growing and innovative specialist in MEP engineering that fits Pell Frischmann well in terms of culture and ambition, and we are pleased welcome it into our team.”

Desco managing director Paul Marshall said: “This marks a new and exciting phase for Desco as we accelerate our growth strategy with the backing of a major international investor and with Pell Frischmann’s expertise across the infrastructure and property sectors.”

The acquisition model will be repeated as Pell Frischmann adds to its group of businesses in the UK and overseas, the firm added.

[norbert colon] 04/8/2016 22:42

PJ - I like to use the thread as a diary of events for future reference so readers can ignore if necessary!

[pj 1] 04/8/2016 22:25

Thanks for all the feedback Norbert. Im stating the obvious but the jury is still clearly out on Brexit and construction projects

[norbert colon] 04/8/2016 20:09

From WSP PB Q2 results this week:Our UK operations delivered solid organic growth in net revenues of 2.6%. Bidding activity remained robust, particularly in the public sector, where government officials have indicated that infrastructure investment remains a top priority. The result of the Brexit referendum has created some uncertainty, mainly in the private sector where the market reacted negatively to the vote. Management believes it is too early at this point to assess any potential negative repercussions the Brexit vote may have on our UK operations.

[norbert colon] 04/8/2016 08:51

From RPS results today:

"It is too soon to be able to anticipate the impact of the UK referendum vote on the Group. Our Europe business is diverse and strong and has an experienced management team. I am confident that they will respond effectively to the consequences of Brexit, whatever they may be"

[norbert colon] 02/8/2016 07:08

From Atkins £ATK T/S today:"While the result of the EU referendum has obviously created some uncertainty in the market, to date we have not experienced any immediate impact. Benefiting from a very diversified business in the region, we continue to monitor activity levels closely across our various markets."

[wipo1] 01/8/2016 13:42

Yes but it a pity about the crazy spread of 5p, hardly worth buying

[mfhmfh] 01/8/2016 09:49

great update today

[deadly] 01/8/2016 09:45

Looking good:

Waterman has experienced a successful trading period. The Board expects to report results which exceed its previously declared financial objective of tripling adjusted annual profit before tax to £3.3m over the three year period to 30th June 2016.

Our continuing emphasis on working capital management has resulted in a further significant improvement in the Group's net cash position. Notwithstanding the increased levels of activity, the Group expects to report net funds at 30th June 2016 of £5.4m, up from £3.8m at 30th June 2015 (£6.6m at 31st December 2015).

[pj 1] 28/7/2016 21:33

Never say Never however, After meeting and speaking with Nick Taylor CEO and Alex Steele CFO at Sharesoc I got the impression selling the Business was the last thing on their minds.....! Ive been known to get it wrong though! :-//

[norbert colon] 28/7/2016 21:24

GHF Good write up and yes your sums are correct! The current P/S ratio remains an (attractive) anomaly.There is the real chance that one of the big US players (AECOM, CH2M, Jacobs, Bechtel) might take an interest given the favourable post-Brexit exchange rate although and such bid would probably not be in the best interest of investors long term.I am anticipating the Board may wish to issue a trading statement / IMS given the current recent decline in valuation.

[glasshalfull] 28/7/2016 20:07

WTM

Concur with your thoughts geraldus.

Absence of any comment on trading was also a positive in my book. This further contract win follows on from the contracts announced of 27th June and strong IMS statement from May. I'd also have expected any negatives on post-Brexit vote conditions to be contained alongside such an announcement.

The share price fell 45% following the referendum and is still almost 30% below the highs achieved at the end of May.

Broker Singers reiterated the undernoted forecasts today, which place WTM on a PER of 9 for the year just ended and falling to PER of 7 for the current year with the prospective dividend yield rising to 5.5%.

WTM is only valued at 0.2x sales based on its £20.8m market cap and excluding their net cash balance. Believe that CSG was taken out for 0.5x sales and I recall Norbert posting a few months back that BDP was purchased by Nippon Koei for 1.25x sales. Please correct if my sums are wrong Norbert :-)

Singers also indicate,

"Waterman has announced the commencement on site of the Capital Dock Development by Kennedy Wilson in Dublin. Waterman has been appointed to provide civil and structural engineering services. This is a prestigious project and one of the largest undeveloped sites in Dublin’s central business district, incorporating the tallest tower in Dublin. We make no changes to forecasts, but this is another high profile development and the Board looks forward to developing the Group’s relationship with Kennedy Wilson on future projects. We next hear from Waterman in October for the full year results (June year end)."

2016 (year end June)

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

Net Cash £3.7m

2017

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

Net Cash £3.6m

2018

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

Net Cash £3.9m


Kind regards,
GHF