||EPS - Basic
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Real-Time news about Widney (London Stock Exchange): 0 recent articles
|koolio: Sad fact that demand for a product or service has no bearing on a share price...Profits don't speak as loudly as spin... Demand (or lack of) for the shares are the main driver of the share price. The management have made some mistakes in the past but I feel that holders of this stock will be rewarded. 25% spread that must be near the top of the list.. MMs are Not greedy they just like a lot..|
|jonwig: Well, I'm still confused by the numbers, compared with the pro-forma at H1.
The only clear thing to see is the rising share price - nice!!|
|hvs: A 1p divi on this share price is a bargain not be missed.
Think these will do very well over the next 12 months.
NO COMPARISON WITH EKT the pile POOH.|
|hugepants: I dont think we'll have long to wait to see if present share price justified. The final results always appear to be released in December.|
|hugepants: Unless theres something we dont know then this is way way oversold. Its miles below NAV. I remember just after the interims this was double the current share price and there was good reason to expect further rise. Since then the only thing that has happened is Widney Pressings sale has fallen through. But Widney Pressings contributed 0.3M of operating profit to H1 so nothing to justify 50% fall. Ive just taken out a modest spread-bet (£200 a point on March contract. Im still nervous given WDNY's recent history.|
|gearstick5: Sir Willows post on the TMF is grossly misleading!
Its right.... the expected profits as indicated by Sir Willow have been grossly overstated. By a lot at that!
WDNYs earnings in the first half on continuing operations are £220,000 according to the accounts. Lets face it thats a drop on the year before so hardly a recovery play on continuing operations!
This is what they say on Belcot..
"In the most difficult conditions Belcot operated profitably. Management
continues to cut costs in line with expected business demand. We do not expect
to see any improvement in this area over the next year, but will look to use our
financial strength to increase our share of a declining market."
So they are left with 2 operations one of which is still finding things difficult! Nothing to get excited there !
Its possible the co could make double the £220,000 in the second half plus interest on the £3 million on deposit but after tax the pe ratio would be in double digits or put it this way more than twice what Sir Willow indicated.
The only thing sustaining the share price is the discount on net assets however if things dont recover enough net assets could slip again in future.
Conclusion being WDNY is still very risky indeed at the moment.|
Number: of 94834
Subject: Re: WDNY - sound recovery play
"Which suggests profit of £534k for the remaining business doesn't it ?"
I have noted that £534k is for 6 months. If we extrapolate that for 12 months, it gives just over £1m, which at current share price is a forward p/e of 6 (or 3 if we strip out the cash)|
Number: of 94824
Subject: WDNY - sound recovery play
WIDNEY announced interims today. They have gone through some hefty restructuring, asset disposals which has left it in a strong position.
Debt free with a considerable cash pile (compared to market cap).
Interims here :
http://an ADVFN competitor.uk-wire.com/cgi-bin/articles/200705240728411540X.html
Widney UK designs and manufactures window systems for specialist vehicles and telescopic slides. Belcot Tool and Die Limited manufactures metal press tools for the automotive industry.
Shares in issue : 25,827,000
Market cap at 23.5p : £6m
They have even announced a 0.5p interim dividend which if extrapolated for the full year would give an attractive yield of : 4.25%
They got rid of Widney Cabs (the main headache in the company.. it was actually put into administration).. they also sold off Widney Pressings for £1,400,000 and surplas plant and equipment was sold for £750k.
Furthermore they sold two freehold properties for £7,000,000. Surplus plant and equipment was sold for £191,500.
(the RNS explains in more detail why they had to take these actions)
This has meant the remaining business "is profitable and debt free". They now have cash of £3m with net assets of nearly £8m.
Chairman had this to say :
"With our strengthened balance sheet and profitable core I am confident that our group has a secure and profitable future."
So in conclusion :
- Market cap of £6m
- Net assets of £8m
- Negligible intangibles (so assets are 'real')
- Debt free
- Even paying a div (shows confidence in the future)
- Business is profitable and potentially very cash generative
- Share price is underpinned by cash pile of £3m
Very hard to extrapolate what the profit the current business is going to make, but if we take they will maintain the same div for the full year, that would give 1p for the full year. So I expect an EPS somewhat higher than that. Any improvements in the business from now drops to the bottom line as they do not have any debt to service so the business could produce a lot of free cash flow.
Any views welcome.|
|the skies the limit: www.armshare.com has updatred its review today the guy seems perplexed now and awaits a broker note...
The final results to September 2006 showed sales of £64.1 million (2005: £66.2 million), pre-tax loss of £149,000 (2005: £3.5 million profit), adjusted EPS of 1.9p (2005: 9.9p) and DPS of 0.5p (2005: 4.0p) - the results include an exceptional charge of £610,000 (2005: £nil). The company reported that Widney UK performed strongly, with sales growth of 5% despite downward selling price pressures - due to the Caterpillar withdrawal, Widney Cabs sales fell by £16.0 million to £32.6 million - Widney Pressings (10 months of ownership - see November 2005, when the fixed assets were acquired for £500,000) achieved sales of £13.6 million and operating profit (before group management charge of £300,000) of £602,000; the surplus land in Northampton (see October 2006) has been sold for £1.2 million; Widney Cabs has been successful in winning new customers against the objective of becoming a multi product/multi customer organisation; there is now much greater emphasis on the various businesses collaborating (eg Belcot making tools for Widney Pressings, Widney UK providing windows for Widney Cabs etc) with the objective of providing customers with better total service and lower operational costs; year end net debt was £10.0 million.
A January 2007 update reported that the board of Widney Cabs has appointed an administrator following a recent deterioration in trading. The remainder of the group continues to be profitable. Withdrawing support to Widney Cabs will lead to a reduction in working capital requirements - proposed asset sales, including the 9 acre site at Widney Cabs in Northampton, are expected to leave the group debt free, with sales of c.£35 million.
Despite the demise of Widney Cabs (see January 2007), the share price at January 2007 is c 3x what it was in 2003 before the purchase of Airflow (renamed Widney Cabs) for £5 million in May 2004 - it was known at the time that there was the risk associated with a single customer but this was factored into the price paid for the asset purchase. Over this period, the sales run rate excluding Widney Cabs has more than doubled. The key now is to await the broker note due out following the Widney Cabs announcement to see how the profitability of the rest of the group supports the present share price. "|
|woodie3: this is the full text from today.booming commodities markets are helping keep wdny in work via its contracts with excavator manufacturer caterpillar.cat,which is also sailing high on chinas buoyant construction market,is the engineers most important customer,accounting for the majority of sales at the dominant widney cabs division.
wdny makes the cab units for cat diggers. paul bethell, from house broker insinger de beaufort.says it is branching out into other areas supplying trimmings such as putting in electrical kits into the cabs or providing the blinds-this in one of the big growth areas.
desipite the impressive growth of wdny-twice as fast as some engineers -its shares are still more lowly rated then its peers.investors have traditionally favoured stocks such as wagn for their better yields.but with wdny share price underperforming the sector this disparity has disappeard.the current 4.5% yield neans there is no reason why it should remain unloved.|
Widney share price data is direct from the London Stock Exchange