Share Name Share Symbol Market Type Share ISIN Share Description
Anexo Group Plc LSE:ANX London Ordinary Share GB00BF2G3L29 ORD 0.05P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 114.00 22,465 08:00:00
Bid Price Offer Price High Price Low Price Open Price
112.00 116.00 114.00 114.00 114.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 118.24 23.75 16.50 6.9 135
Last Trade Time Trade Type Trade Size Trade Price Currency
09:22:35 O 4,621 116.00 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-02 16:10:52116.004046.40O
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Posted at 03/2/2023 08:20 by Anexo Daily Update
Anexo Group Plc is listed in the Support Services sector of the London Stock Exchange with ticker ANX. The last closing price for Anexo was 114p.
Anexo Group Plc has a 4 week average price of 106p and a 12 week average price of 100.50p.
The 1 year high share price is 149p while the 1 year low share price is currently 100.50p.
There are currently 117,990,294 shares in issue and the average daily traded volume is 34,644 shares. The market capitalisation of Anexo Group Plc is £134,508,935.16.
Posted at 10/1/2023 21:05 by rimau1
Anexo highlighted by Simon Thompson as one of four takeover targets in 2023. “Anexo, a provider of a litigation claims process focused on the recovery of credit hire and repair costs for the impecunious non-fault motorist involved in a road traffic accident. The £121mn market capitalisation company is rated on less than four times Panmure Gordon’s 2023 cash profit estimate to enterprise valuation even though it could earn a bumper pre-tax profit of £20mn-£25mn (after litigation funding and marketing costs) on its emissions scandal action against VW (on behalf of 13,000 claimants). A few months ago, chairman and 17 per cent shareholder Alan Sellers was a buyer at 127p a share”
Posted at 29/12/2022 09:46 by rivaldo
The year end update is due around the third week of January going by recent history, so not long to wait. It should be good judging by the outlook in the interims.

Interesting to see ANX's bosses investing substantially earlier this month in INCE on their own behalf:


INCE only has an £11m m/cap now. Don't know much about it, but it looks like it's been a complete disaster and their shares are soon to be suspended! Can't see it being an acquisition target for ANX, but perhaps there's room for co-operation/partnership.

Posted at 14/12/2022 06:46 by rimau1
Carcosa, its clear that debt and doubts around FCF are weighing on the share price. Its also clear that only a settlement from VW will help to deleverage in the short term. Your attempts to project a significant ramp up in debt with rising base rates needs to be taken with a large pinch of salt however. Firstly “commentators” are no longer expecting base rates to rise anywhere near 5.4%, 4% is the base case now. You only need to look at 10 year gilt yields to see this. Secondly its too simplistic to try to back calculate a weighted average rate, Anexo actually give you the details of the different debt facilities and their respective rates. For example the trade finance with Secure Trust Bank is base rate+ whilst the litigation funding is 10% but repayable upon a successful conclusion.
Clearly we are priced for the above and delays in the litigation so hopefully £1 provides support and the risk is to the upside.

Posted at 10/12/2022 12:17 by carcosa
At this rate DBAY might come back to the table.

Some possibility the VW case will go to court next month but I understand the legal situation has changed since the previous award to other claimants earlier in the year (related to EU/UK law effectiveness) so would not be surprised if VW will request a delay in the January 2023 proceedings for several months. I was expecting some settlement by now...

Given the high debt servicing levels (base rate increases) debt cost may triple by the end of the cycle and any glimmer of some FCF from this year has been shot to pieces IMO.

Having said all that, everything has a price and the current share price seems to somewhat attractive.

Posted at 20/9/2022 11:16 by rivaldo
It's worth noting that Arden have maintained their 300p price target.

They forecast 18.3p EPS this year, rising to 19.6p EPS, with 1.5p dividends.

The concern over the credit hire business is overdone imho. As stated above by hpcg, this can be a very good steady state money-earner, especially with cash flows due to improve this H2 given the specific strategies being adopted by ANX.

Then when combined with the fast-growing (and much quicker-paying) Housing Disrepair and Motorcycle revenues - plus the transformational potential from Emissions - one can see that the analysts' target prices are not so ambitious.

I note also that Arden believe ANX can mitigate higher interest costs by charging higher rates to customers.

Posted at 20/9/2022 09:52 by rivaldo
WH Ireland retain their 263p per share price target.

They've adjusted their forecast for this year slightly to 18.4p EPS to account for a higher interest charge, rising to 18.9p EPS next year and then 21.9p EPS.

With a 1.7p dividend, rising to 1.8p then 2p.

They forecast this H2 to actually be cash-generative, due to the transition to much faster cash-generating activities like Housing Disrepair and Motorcycles.

Plus of course there's the likelihood of an immediate £20m-£25m cash inflow from the VW case in the next few months.

WH Ireland describe the potential from the additional emissions cases as a "multi-billion opportunity".

Posted at 20/9/2022 07:00 by rivaldo
The H1 results look very good at first glance, with 9.3p basic EPS and confirmation that expectations of 19.3p EPS will be met.

Housing disrepair growth in particular is terrific, and extremely profitable with £2.4m profit already.

Net debt is obviously up due to the strong growth, as are cash collections, and it's good to hear about the increased focus on cash collections in H2.

The share price has dropped to deep value levels here for no reason and should rebound nicely.

Posted at 30/8/2022 03:40 by carcosa
The only valid reason I can see for not owning this company is the lack of free cash flow. However, analyst are forecasting that to be positive over the coming couple of years.

Outside of that I would have thought they are to some extent (not entirely) immune from inflation and demand across all areas of their business would likely increase during economic hard times.

As a back stop there is always the possibility of a takeover (Dbay for example).

The dieselgate is all but won but the income from that is to pay off debt so is likely to be a short term spike in the shareprice only. Am more interested in the Bod views going into 2023.

Some shares remain cheap for a good reason and whilst I would not expect Anexo to ever command a big premium, the share price seems to be absurdly low.

Posted at 21/6/2022 10:51 by rivaldo
WH Ireland issued an update note yesterday commenting on how the upcoming Housing Disrepair Bill is a "major opportunity" for ANX.

They have a 263p target price, and forecast 19.3p EPS this year - a P/E of just 6.6:


"Housing Disrepair – White Paper highlights major opportunity for ANX

We view last week’s White Paper as underlining again the significant opportunity for ANX’s Housing Disrepair business, which started operations last year and has already enjoyed notable success, as reflected in last Thursday’s AGM update. The White Paper is a harbinger of the much-touted Housing Reform Bill, announced in the May 2022 Queen’s Speech, having been delayed by the pandemic. Given its well-established pedigree in litigating on behalf of the impecunious, ANX is extremely well positioned to support tenants in recovering their rights when faced with disrepair issues such as damp, electrical hazards, roof leaks, and unstable structures. While accepting that the course of legislation is always uncertain as an act progresses through Parliament, we view this bill as starkly highlighting the problems facing hundreds of thousands of tenants – problems for which ANX can already provide redress as tenants become more aware of their rights."

"More than this, we believe the Bill will serve a fundamental purpose in alerting tenants to their existing as well as proposed new rights, and on both of these scores, this is supportive of ANX’s model, since it is likely to bring more claimants to them, given the base ANX has already established in the claims litigation market."

"Strong FY21 results and FY22E off to a good start Strong results on May 11th saw FY21A sales up 36% YoY, at £118.2m, and adj. operating profit of £27.7m, 48.1% ahead YoY. The company also saw its best ever level of vehicles on the road in Q4 2021 – and last week’s update shows that FY2022E got off to a good start with numbers strong in the first four months. With good momentum on both sides of the business in the current year, we are encouraged by recent progress. With a 263p target price, we believe the shares have a lot further to run and see current levels as a buying opportunity. We also note the recent VW / Therium settlement – LFL, we believe this implies a potential cash injection of as much as £20-25m for ANX, with further significant potential in Mercedes and other emissions scandal opportunities."

Posted at 03/3/2022 15:40 by rivaldo
ANX were recently tipped in the IC as follows FYI:

"Anexo (ANX)

Aim: Share price: 149p

Market value: £174mn


Liverpool-based Anexo (ANX) is a provider of a complete litigation claims process focused on the recovery of credit hire and repair costs for the impecunious non-fault motorist involved in a road traffic accident. By offering both credit hire and legal services, Anexo has a competitive advantage over pure credit hire companies (who lack the in-house capacity to litigate a customer’s claim), and solicitors (who lack a vehicle fleet to offer to motorists).

The business has recovered strongly after taking a hit in 2020 when normal working practices for lawyers and law courts were impacted by the Covid-19 pandemic, and the spike in home working subdued road usage. Inevitably, this had effect on the ability of Anexo’s staff to agree settlements with counterparties which subdued cash collection rates.

However, the company is now motoring. A pre-close trading update revealed that both divisions are trading well ahead of previous expectations, buoyed by a sustained recovery in Anexo’s core credit hire division (driven by growth in motorcycle courier market and the withdrawal of rivals from the market), and the reopening of courts, which has enabled faster settlement of claims. In fact, analysts at Panmure Gordon pushed through low double-digit EPS upgrades of 16.7p, 19.9p and 20.6p for the 2021 to 2023 financial years.

Furthermore, those earnings upgrades exclude any contribution from Anexo’s investment in a claim on behalf of 15,000 claimants against German carmaker Volkswagen (VW) in relation to the emissions scandal. It could generate £16mn of operating profit for Anexo, and perhaps sooner than many realise. That's because The High Court in London ruled that VW's attempt to strike out the deceit element of the claims against it to be without merit. VW has already agreed a settlement with those affected by its actions in many other jurisdictions. It’s worth pointing out that Anexo is “investigating the pursuit of similar claims against other manufacturers which have potential to be of significant value to claimants and to the company".

Admittedly, Anexo’s share price has only made modest progress since I highlighted the investment potential despite the hefty earnings upgrades. However, on a 2022 forward PE ratio of 7.4 and underpinned by a near 2 per cent dividend yield, the earnings upgrade cycle is being woefully underrated. Buy."

Anexo share price data is direct from the London Stock Exchange
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