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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Wsp Grp. | WSH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 434.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 434.00 | 434.00 |
| Top Posts |
|---|
Posted at 26/7/2010 15:37 by wcjan26 WSP Group [WSH LN], a UK-listed engineering consultancy, today played down the prospect of a "Scott Wilson-type" takeover of the company, but acknowledged that the sector had become attractive to overseas buyers."We're not worried about a bid, but we're not excluding the possibility either," WSP's chief executive Christopher Cole told this news service in an interview. The recent two-way bid battle between URS and CH2M Hill, two US construction companies, for UK-listed consultancy Scott Wilson [SWG LN] has highlighted the attractions of this support services sub-sector and some analysts have tipped WSP as the next possible target because of its high level of overseas earnings. URS eventually sealed the Scott Wilson deal with a bid of 290p per share a massive 230% premium to where the shares were trading before the bid and nearly 16.0x last year's earnings. This is thought to be one of the highest takeover premiums paid for a UK company over the past ten years. The bid values Scott Wilson at GBP 223m. The voting record time for the Scott Wilson deal is 6:00 pm on 28 July ahead of the 30 July court meeting. "At these sort of premiums, our shareholders might like us to be vulnerable to a takeover," said WSP's Cole. "But, unlike Scott Wilson, we don't have a 'for sale' sign over the company and being twice the size of Scott Wilson any potential bidder would have to have deeper pockets." With its shares trading at 324.5 pence on Monday in London, WSP is currently capitalised at about GBP 207m. Following the approaches for Scott Wilson, its shares have outperformed the market and it currently trades on a current year price/earnings ratio of about 10.0x. "Multiples have been moving up across the whole industry, including the private sector. This makes it much harder for us to pursue our own acquisitions strategy, especially with some cash-rich overseas buyers still actively looking around," Cole continued. While CH2M Hill was forced to walk away from the Scott Wilson deal, analysts believe it still remains a potential buyer of UK assets. Other US names linked to the sector include Aecom and Jacobs, while European firms Poyry, the Finnish-based company, and Dutch groups Arcardis and Grontmij, are all highly acquisitive in this space. "Overseas players are keen to diversify and looking for 'cheap' acquisition opportunities that will expand their international operations with little downside risk. The more favourable exchange rate especially on the dollar/sterling rate - is also making UK companies more attractive to overseas buyers," one analyst said. WSP derives around two-thirds of its earnings overseas. On the subject of acquisitions, Cole said WSP was still keen to make complementary bolt-on deals between GBP 10m to GBP 20m in size. "We would like to increase our exposure to the Benelux countries, while infrastructure assets in the US and Australia are two other areas we are looking at. The renewable energy sector is another area where we could leverage our existing expertise." Net debt at end-June 2010 stood at about GBP 70m, while the group has a GBP 150m banking facility in place until 2013. "We have plenty of headroom on the balance sheet for small, infill deals. A more sizeable transaction may require a capital raise and this is a possible option for us," said Cole. He pointed out that a beneficial by-product of the Scott Wilson takeover had been to improve the company's share price and put a peg under WSP's stock market valuation. "This would make it easier for us to raise fresh capital if needed," Cole continued. The group is planning to hold an Investor Day in early November when the board is expected to update shareholders on its future strategy. Meanwhile, half-time profits from WSP illustrated the resilience of the group's overseas earnings with a strong performance from the North European operations helping to mitigate tougher conditions in the UK and US. Overall, group revenues were down by 9% in constant currency terms to GBP 354m, while operating profits were steady at GBP 18.3m. |
Posted at 25/8/2009 17:49 by chrisjg WHY taken a bad hit today very disappointing. Does not look good for the private investor. Hoping for better days from WSH.all the best Chrisjg |
Posted at 01/4/2009 13:03 by cockneyrebel Agree Ratel, 'investor' money coming in from here out rather than trader money.Loads more to come here, fund managers only just getting those broker notes too. CR |
Posted at 01/4/2009 11:46 by ratel It's understandable that many investors will want to see the xd price settle down before committing. I do believe however that most of any money coming in over the next few weeks is unlikely to be of the "frothy" variety. As ever, much will depend on general market conditions and the appetite for risk. |
Posted at 30/3/2009 18:01 by cockneyrebel Exactly - these are an absolute investors darling when the market is calmer - go back and look at the chart - there will be a point soon when the funds are suddenly all keen again - the chart's already saying so imo.CR |
Posted at 29/7/2008 08:08 by cerrito Looking at buying these but interested to see the following in Tempus of the Times this morning..would welcome comments from those who know the company wellWSP Group WSP Group, the consulting engineer, is more diverse now than at any time in its 21 years on the London stock market: its projects range from inspecting New York's Verrazano-Narrows Bridge and boring a rail tunnel beneath central Stockholm to planning the first carbon-neutral city in Abu Dhabi. Yet it is WSP's exposure to the property sector which accounts for about half of its sales that concerns investors and explains why its shares have fallen 40 per cent since last autumn. As conceded in yesterday's first-half results, commercial real estate activity in Britain and America has slackened. Not enough, however, to prevent a 19 per cent rise in like-for-like revenues and a 30 per cent increase in operating profits. Further, booming infrastructure spending in the Middle East and contract wins in the UK WSP has picked up sizeable road projects from the Highways Agency and Northamptonshire County Council have swollen its order book to a record £1.2 billion. That means that 60 per cent of next year's sales are already secured. At 503p, WSP trades at nine times 2008 earnings, a discount to its peers. Given forecast growth this year of 19 per cent and modest net debt, that seems too low for a sector susceptible to consolidation. Yet with other property-related stocks cheaper still, WSP is no more than a hold. |
Posted at 20/11/2006 14:57 by saucepan Hi to regulars.WSH was the front page "buy" write up in 'The Momentum Investor', issued over the weekend. I have gone long, partly on the strength of the write up, and also on the basis of the technical breakout to new highs, which looks good. |
Posted at 11/3/2006 18:16 by caseyfred45 Interesting I thought!(jk()JI > |
Posted at 05/1/2004 13:18 by chrisjg Churchtower,Broker information for 2004 from the WSP website (investor relations section) with the date they made their valuation. Hope it helps - clearly shows a tendency towards the buy side. All the best Chrisjg Pre Tax EPS DPS Evolution Beeson Gregory 31-Mar-03 BUY 14.8 19.0 5.00 Baird 22-Sep-03 OUTP 14.3 16.5 + 6.00 Arbuthnot Securities 24-Oct-03 BUY + 14.1 - 15.4 + 5.80 + Seymour Pierce Ltd 27-Oct-03 LTB 14.0 15.6 5.00 KBC Peel Hunt 3-Nov-03 HOLD 14.0 - 13.8 - 5.20 Williams de Broe (Birm) 27-Nov-03 MPER 13.5 14.2 5.50 ABN AMRO 1-Dec-03 BUY 13.5 15.0 5.30 Brewin Dolphin Securities 1-Dec-03 BUY 14.0 15.0 - 5.50 |
Posted at 30/11/2003 15:22 by doubleorquits Telegraph Say Sell:www.telegraph.co.uk Take profits at WSP Readers who followed our advice to buy shares in WSP Group (177.5p), the consultant engineer, at 67.5p in March have been rewarded with an impressive 163 per cent profit. At that time we argued the shares had been overly depressed by fears of falling profitablity, high debt and potentially dilutive share issues. Two weeks ago the shares rose to 181.5p after the company won a contract to advise on the design of what will be the UK's tallest residential building. WSP has also seen growth in its revenues from public sector contracts. But the news has been mixed - interim results in September showed a dip in pre-tax profits and the group cautioned that the second half would be steady before performance picks up in 2004. Next year could also see WSP return to its strategy of making aggressive acquisitions. WSP shares have been helped in part by better sentiment towards the engineering and services sector. The business may be improving, but given the recent returns investors should lock in the gains and sell. |
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