Amiad Water Systems Share Discussion Threads

[cnx] 08/1/2013 01:08

last year there was a trading statement on 23 january

[cerrito] 09/9/2012 16:17

staverly did not make it to the AGM; have been to 2 or 3 in the past and management have been friendly enough and willing to have a chat but the reality is that given their shareholder structure people like you and me are of no real importance to them.
Indeed sold out as did not anticipate the significant increase-nor indeed the weakness of the last couple of days-the first half results were not that bad.
The other reality is that there are very few water stocks around-especially those that pay a dividend however symbolic-and plenty of funds etcet very keen to get exposure to this sector.
The reality is that shares will not go down to £2 for the reason above and also because I think they are competent operators..will keep on my radar but cannot see myself buying at £3+.

[staverly] 07/9/2012 21:08

Cerrito: Hope for your sake you didn't make the journey to the AGM.
It was a sham. Just 2 members of board present: CEO, who wasn't comfortable speaking English and officious NED. Proceedings very formal so no chat over coffee before or after permitted. They couldn't finish it up quick enough and no financial questions pertaining to annual report were addressed as no competent person present. I bought some shares last November and reluctantly sold them as soon as prelims were released in March, as IMHO,they did not pass muster. Having seen H1 it would appear that share price grossly overpriced , so should travel south on long steady journey and deservedly so;
TP: < £2

[ianms2012] 06/9/2012 17:27

Revenue increased 13% during the period as a result of solid revenue growth in the traditional Irrigation and Industrial segments, and significant revenue growth in the new segments of Ballast Water and Oil & Gas. The company noted that there was a decline in the Municipal segment revenues due to the constraints on public funding and projects, particularly in the US and Europe, as a result of the politico-economic environments of those geographies. Due to signed contracts and backlog to date, the company expects the revenues in the Municipal segment to recover in the second half of 2012 and that the percentage contribution to 2012 revenues will be similar to that for 2011.

[cerrito] 17/6/2012 22:06

Gone through the annual report and footnotes to see if anything noteworthy.
Short answer not too much; could not find normally available information on where in terms of product lines they get their profits from.
Note 11 shows they have a good maturity profile of their bank borrowings.
Page 76 shows they have a good geographic diversification of their sales.
One thing I have mentioned to them at AGM's over the years is that difficult to get a handle on if they are a servicing company, a manufacturing company or an engineering company. Before they did not provide a good breakdown of inventories; now they do in Note 7 where the highish amount of work in progress and raw materials suggest they do a fair amount of manufacturing.
Page 16 reminds us that 58% of the shares are held by various Israei agricultural coops, 19% by Israel based Viola Private Equity and a combined 9%odd held by Impax and Framlington; ie a concentrated shareholder base and apart from Impax's selling of in Feb no real change in the shareholder base.
Will try and get to the AGM

[cerrito] 29/3/2012 14:40

Frankly the second half was not good, surprising as they say that they had taken care of the margin pressures they had in the first half.
Cash flow not good; net cash flow from operating activities was $1.2m(compared to $3m in first half) and with investing activities high and dividend payments of $2.4m, cash was down $3.1m even though borrowings went up by $4.5m.
Revenue was down marginally in the second half compared to the first half and profit after tax in the second half was half of H1's.-$4.1m and $2.2m respectively.

[cnx] 05/3/2012 02:52

i have today reread the RNS reports for last 6 months and am convinced AFS is sound and on the right track. so have added to my holding by 33% in anticipation of record results and increased dividends ahead of april announcement.

[cerrito] 20/2/2012 08:52

Note this morning's increase and one can understand the reason given that they have scored goals in 2 different areas and certainly the desalination market could be very important for them going forward.
Too bad I lightened up a bit in the last fortnight.

[yandc1] 02/2/2012 21:00

Thank you for your answer Cerrito.
I found that share last week, was wondering if it might go back to 200 but it looks like it is going to go only higher, next stop 300?
I may buy some tomorrow.

[cerrito] 01/2/2012 20:22

yandc1
Yes they do have debt
They must be a banker's dream with at June 20 2011 $15m of cash and $19m of short term borrowings and in addition they had $10m of Long Term debt .
Their annual report gives no insight into the maturity structure of their debt.
On the basis that in H1 11, net finance expense was $0.6m compared to $5.5m of operating profit and for 2010 12 months the comparative figures were $0.8m and $4.3m I am pretty comfortable with their debt situation.
Note that they basically borrowed to make the Arkal acquisition and I am not sure they can make another acquisition by borrowing and indeed one should not anticipate any significant increase in dividends they pay.
Have to say I was not expecting the increase we have had over the last fortnight so the small weakness of the last couple of days not unexpected.

[yandc1] 25/1/2012 15:27

does it have any net deb?
to me looks like it has 15m of cash, am i right?

thanks

[cerrito] 23/1/2012 09:48

Good stuff
I see that revenue in H2 declined marginally to US$57m from H1'S $59m and if we say that eps in H2 will be broadly the same as H1 that will give us full year eps of 23podd ie trading at a pe of just over 10 which given growth potential and pretty good financial flexibility is reasonable.

[jbtrend2] 08/1/2012 10:39

Sunday 8 January 2012

[cerrito] 16/9/2011 23:02

agree with you cnx...as can be expected build up of working capital so that there was a drop in net cash generated from operating activities.
Feel comfortable with these people having been to 3 AGM's though this year I repeated to them and the broker that they need to make the underlying dynamics of their business clearer ie we have no idea which business lines/geographies produce the profits.
Potential for more share price increase though that does depend on work that N Code does.

[cnx] 16/9/2011 05:43

good results and very positive outlook

[ibrahim1962] 28/3/2011 15:46

Comment on Amiad from Ben Jaglom in his monthly column

[cnx] 09/2/2011 18:28

nice rise today
is this soley due to the acquistion or others as well?

[ted32] 09/2/2011 12:44

I would like to think that we are on the way to an all time high.

[insails] 28/12/2010 06:57

Good prospects for mining related growth.

[cnx] 11/9/2010 13:25

i'm looking for good news this week

[ted32] 17/6/2010 09:55

I'm gutted by this profit warning. However, still regard AFS a good long term play.

[sir brainy] 17/6/2010 07:03

That's another warning but maybe there's light at the end of the tunnel.