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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Airsprung Group | APG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 30.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 30.50 |
| Top Posts |
|---|
Posted at 28/9/2011 17:27 by eipgam The above article was dated yesterday... this one is from a few months ago....Airsprung Group * BY: Andrew Hore | * POSTED: 09/05/2011 | * COMMENTS: Add yours Property investor Andrew Perloff has taken a 4.81% stake in beds and furniture manufacturer Airsprung Group and he could be interested in its property assets. There are freehold land and buildings valued at £6.57m after depreciation in the accounts for the year to March 2010. That includes land and buildings that were valued at £4.95m (before depreciation) at an open market value on 1 April 1997. The rest of the property assets are valued at cost. That suggests that the current value of these assets could be much higher even on the basis of their existing use. Airsprung is trading below asset value any way. At 23p a share, Airsprung is valued at £5.5m. The company's net asset value, excluding intangibles, was £9.5m at the end of September 2010, including net cash of nearly £2m. That was before Airsprung acquired the Collins and Hayes upholstered furniture business for £2.3m at the end of 2010. Collins and Hayes used to be quoted on Aim but it went bust in April 2007 and the assets were bought from the liquidator. It is profitable and has an annual turnover of £9.8m. Net assets were £400,000 at the end of April 2010. Airsprung does have a pension deficit of £4m, although that is taken into account in the NAV. House broker FinnCap said that the deal was earnings enhancing and increased its 2011-12 earnings per share by 19% to 4.3p a share. The shares are trading on just over five times prospective 2011-12 earnings, although the final outcome will depend on the level of consumer confidence and spending. Perloff has built up stakes in a number of quoted companies including department stores operator Beale and fully listed shell Highway Capital. Redbird Holdings is Airsprung's main shareholder with 29.9%. Chief executive Tony Lisanti owns 14.7%. |
Posted at 28/9/2011 17:20 by eipgam newbe... got any more ideas. You seem to know this co better than me!!So Perlofff had 12.7 and has just added Redbirds 29.9 by the looks of things and must have his eye on the property assets that have been flaaged here a year or so ago. I wonder what he will pay? Surely he must launch a full t/o now? Property investor Andrew Perloff has taken his stake in beds and furniture manufacturer Airsprung Group to 12.7% following the purchase of Schroders' 7.9% stake. Redbird Holdings is Airsprung's largest shareholder with 29.9%, while chief executive Tony Lisanti owns 14.7%. At 25.5p a share, Airsprung is valued at £6.09m. The share price has edged up on the back of Perloff's buying. The shares are still trading at a discount to net tangible assets of more than one-third. That asset value includes land and buildings that were valued at £4.95m (before depreciation) at an open market value on 1 April 1997. |
Posted at 21/8/2010 18:15 by ls lowry backwoodsman,EKT resutls out on the 16th September. Expect bumper interims and a first interim dividend. With the tie up with Hartest profits will roar ahead next year. EKT is a fantastic growth story still unfolding. Most investors see stock doubling the next 12 months. |
Posted at 09/5/2010 17:28 by cockneyrebel Take a look at that beautiful up-curve forming ahead of the results.All those assets and those earnings must get more and more enticing to investors as the results rapidly approach imo. CR |
Posted at 09/2/2010 08:54 by cockneyrebel The price got slaughtered by Elmfield trying to sell his 120k at the start of the year Andy.These are illiquid, when you have a seller and buyers just sit there watching then the price slides. To the same token when these start rising the mm's mark up on buys of 2K at times. I'd say if investors can't live with then tick with Tesco. But APG has something like £13-14m in property and cash for it's mkt cap of £2.5m and if that isn't safe enough on a fwd PE of 5.5 and falling then they must have some stonking safe holdings. CR |
Posted at 09/2/2010 08:28 by lord c. Redbird are astute long term South African investors.APG stand them in at the 60 - 70p range. They don't get many wrong. |
Posted at 10/12/2009 08:47 by greek islander Yes and guess the recovery in the property market will increase the value of land assets. One can see that this company is well placed. However at the moment we are merely talking to ourselves and unless we attract in new investors then it may be months before the share price starts to improve though as I have said in the past on this BB and as you have pointed out, lots of potential for a doubling of the share price and though it may take a general upturn in the economy to really push it, it seems a matter of time. Really good investment and more than happy that I doubled my stake over the last few months. |
Posted at 30/6/2009 21:39 by cockneyrebel Been a steady co that hasn't had any real share issues to my knowledge - and yes, I know what you're thinking and yes, I think they can get back to where they were over a 4-5 year period if we get a decent recovery - £3 a share nearly once.Lisanti bought 10% of the company when he took over - the former management were pretty useless. His interests (and that of Lyons the Chairman who also bought a 6% stake) are very much aligned to shareholders imo. One thing most won't notice are the product lines on the Website now. 18 months ago they never had half these beds. They now do the wooden and metal beds and bedroom furniture. I think they have other areas they could get into and they hinted at this in the results. The brand is also licensed into the US and Canada to High Street Investors (Kenneth Karmin) who took a 4% stake in APG. The licensing revenue goes straight to the bottom line and has helped APG this year - that's going to increase too. Hardly any of this is factored in imo. Had the recession not turned up when it did these would have been a quid by now imo - they'll get there still imo. Lot's of competition has gone to the wayside in this recession and APG will benefit. CR |
Posted at 30/6/2009 09:32 by liarspoker For you value orientated investors have a look at AVR. Trading at less then half of inventory plus 3/4 of receivables plus cash less all liabilities. Way too cheap imo. |
Posted at 27/3/2009 17:49 by cockneyrebel Do you know in 2003 when the market bottomed the pension deficits on loads of co's were huge - it never stopped the going up 10 fold.In 2001-2002 APG was in an almighty mess, go back and have a look, pension deficit, debt, falling sales etc - the new management has turned this co around unvelievably. As for the property valuation PUGUGLY, worth going and reading the annual report. the B/S at the last year end results valued the property and plant at £8,754. The vast majority of that is property and if you read the a/r it tells you that they haven't been revalued since 1996. Added to that, since the last valuation, APG got planning for a (7 acre site that they own where their factory is) for a business park. I don't know what that is worth but it most definitely boosted the asset value tho nothing has been added to the b/s. 7 acres of land valued at what? £3K an acre when last valued, now with planning for a commercial business park. I reckon that's probably added £1m to the assets without doing anything. So what's the true value of the property assets? £7m of property say at 1996 values + £1m for the business park land. I bet they have to be over £10m now even with their commercial land falling 40% recently if it has, which I doubt. They could sale and leaseback a load of that and pay the pension deficit off in one hit. Personally I'd get a 50/50 going with a developer, develop the business park and let the income pay the pension down. That way they would still own all the assets. They were growing profits rapidly, the made 1.5m pretax in 07 after losing 1.5m in 06. At the interims they said this: "The outlook for the rest of the year is unpredictable. The steps taken by management to reduce costs and increase gross margins have begun to produce benefits, and commodity prices have begun to show signs of greater stability. Current trading is at about break even, which is broadly cash generative. Progress in the first calendar quarter of 2009 will be influenced by the strategies agreed by the major economic powers and the impact on consumer spending of the measures announced in the November pre-Budget Statement. Airsprung is in a position of some competitive advantage as our major retail customers are among the strongest in the sector." They have also done a licensing agrement with one of the biggest bed co's in America to use the Airsprung brand since. To be honest, notwithstanding the pension deficit, if investors can't see the value in here when the market cap is £1.9m (the business park land is worth nearly that alone!) then sorry but they don't deserve to be called investors imo. I've pensioned the shares I bought today - I can take a 2-3 year view and wacth the rise from here and am pretty sure I'll 5 times my money over that period. That price of 7p that I bought those for today will be the lowest anybody buys these at imo. It's about risk and reward and with all those assets on offer at £1.9m if people can't see the upside they should be able to see the very limited downside if there is any imo. But that's what makes investing great - buying shares when everyone is an irrational coward and selling them back to them when they are all over-exuberant bulls :-) CR |
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