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ANX Anexo Group Plc

0.00 (0.0%)
07 Dec 2023 - Closed
Delayed by 15 minutes
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% 57.00 61,235 08:00:13
Bid Price Offer Price High Price Low Price Open Price
56.00 58.00 57.20 57.00 57.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 138.33M 19.48M 0.1651 3.45 67.26M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:49:00 O 5,000 56.971 GBX

Anexo (ANX) Latest News

Anexo (ANX) Discussions and Chat

Anexo Forums and Chat

Date Time Title Posts
25/7/200707:27Anaconda Mining: Gold in Newfld., Chilean IOCG expl.-

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Anexo (ANX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-07 16:49:1456.975,0002,848.55O
2023-12-07 16:42:1956.975,0002,848.57O
2023-12-07 16:35:0957.0017,70010,089.00UT
2023-12-07 15:48:0656.253,0001,687.50O
2023-12-07 15:24:2157.004,3852,499.45O

Anexo (ANX) Top Chat Posts

Top Posts
Posted at 07/12/2023 08:20 by Anexo Daily Update
Anexo Group Plc is listed in the Business Services, Nec sector of the London Stock Exchange with ticker ANX. The last closing price for Anexo was 57p.
Anexo currently has 118,000,000 shares in issue. The market capitalisation of Anexo is £67,260,000.
Anexo has a price to earnings ratio (PE ratio) of 3.45.
This morning ANX shares opened at 57p
Posted at 06/9/2023 07:55 by p1nkfish
There might be more hope here if they investigate new tool sets to increase productivity. Still like the look of SAPIENS and earnings due 1st Nov. Looks a better bet imho. could be waiting a while for ANX to turn the corner and attract more money flow. Who knows? Does look a bit too flat post those results.
Posted at 04/9/2023 12:25 by trendz1
Astonished that ANX is valued on a current and forward p/e of 4 and less than half NAV. A mere 50% rerate (to a P/e of 6 and 75% of NAV would leave a share price of 95p. I struggle to see any justification for such a low valuation, with the debt under control. The market is essentially writing off half of the company’s receivables, which is not warranted. Must stay patient I suppose but it is frustrating…
Posted at 23/8/2023 06:26 by rivaldo
Zeus have released a new 23 page note this morning. They don't have a price target, but summarise with share upside of >100%:


Anexo trades on an FY23E EV/Sales of 1.0x, an EV/EBITDA (inc. lease liabilities) of 3.4x and a P/E of 4.2x with a prospective dividend yield of 2.4% based on a conservative c.10% payout ratio of adj. EPS. Relative peer multiples imply share price upside of >100%. Our forecasts do not assume any benefit from the Mercedes Benz Emissions Claim, despite the manufacturer having already paid-out in the United States. An agreement in the Group Litigation Action currently in process would result in additional material cash inflows in 2024."

They also state:

"On an EV/EBITDA basis, comparable peers suggest Anexo should trade at least double its current 3.4x multiple. Assuming Anexo traded in line with the average of the UK legal services sector FY23 P/E of 9.5x would imply a share price of 149.4p, upside of 125% versus the current price. Removing Keystone Law, which trades at a premium to the wider sector, would still imply a PE of 7.3x, or 175% upside to current levels. Our forecasts do not include any benefit from a potential agreement in the ongoing Mercedes Benz Emissions Claim, despite the manufacturer having already paid -out to consumers in the United States. Anexo is representing 12,000 claimants in the Group action,. The Group also sees scope for further action against at least six other major manufacturers over time."
Posted at 22/8/2023 17:12 by p1nkfish
STB will have received some cash and helped de-risk exposure to ANX. I hold STB too and was a lovely partial bounce back but should have further to go all being well.
Posted at 22/8/2023 07:42 by rivaldo
Looks like one of my bottom of the table stocks is making a strong push up the table....

Excellent interims today, with a huge reduction in debt even excluding the VW case winnings. Housing cases are growing fast (48% year on year) and should therefore continue to improve cash flows. There's a definitive statement that further growth won't be needed to be funded from debt.

And with 8.6p EPS in H1 alone there's great confidence that forecasts for the year will be met.

At these depressed levels ANX would seem to offer minimal downside and potentially large - and quick - upside.

With DBAY in the background holding 28.51%, perhaps this is the time for them to raise to 29.99% and/or come back in with another bid.
Posted at 14/8/2023 20:08 by trendz1
Hi all,

Looking at the accounts, my best estimate for the interims is:

1. H1 profit after tax - £14.2m (circa £7m from core business and £7.2m from the VW settlement (as announced)
2. Full year profit after tax guidance - £24 (ANX is usually H2 weighted)
3. Debt reduction of circa £10m to £63m
4. Low single digit revenue growth
5. FY 24 profit maybe £18-25m? plus likely emissions settlement?

Wit the continued strategy of cash generation from the huge receivables and debt repayment, I would hope that the market will at least provide a 2023 p/e of at least 5-6. This would mean a roughly £120 to £145m.

Current market cap of £73m.

Could potentially be looking at 100% gain in short order.

Of course, all my own thoughts.

Bon chance
Posted at 01/6/2023 11:22 by moathunter
BTW I bought ANX at £96m/ 81p.
There appears too many positive uncertainty outcomes:
- halt growing--> cash flow generative, court backlogs improving gradually, proven barriered competitive advantage over many years, taken private at a premium (tight float = nice share price falls), op margin reverts up from 23% to 30% pre-Covid (fewer rivals too), expansion in UK (credit hire in only 30% of UK), VW claim, slum housing growth and motrocycles too.

Whilst the risk probability x payoff outcome looks low:
non-cyclical and largely recession immune, interest-bearing covenant debt is low, risk of on-fault claims law being altered to their detriment/ ANX highly focussed in one product line, self-driving cars from 2035 reducing claims and cash flows, % of claims not settled in time and lapsing risk, nil cash flow however high director and PE ownership mitigating this and halting growth.
Posted at 01/6/2023 11:09 by moathunter
Carcosa- I feel for you, as I lost a lot recently on Purplebricks (24p-> 3p).

For those sitting on a big loss with ANX, I found the following to be most productive:
# re-read your original investment rationale
# "rub your nose in your error (instead of sweeping it away)" as Charlie Munger would say
# Examine how your investment process led to the purchase and answer this:
- do you have a fundamentally sound process and ANX's loss outcome was merely the low probability of some capital loss that we all risk with investing. If so, do not change the process (or adjust the process to protect you from your own psychology e.g. "sp falls make me want to sell").
- OR do you have a process with a flaw in it, that leads it to recommending purchases of such shares. In which case change the process.

For me, Purplebricks had a great network effect and I was blinded and overlooked the fact that network effects can quickly go into reverse (e.g. MySpace).
Also it was a tech stock and so in a changeable sector and hadn;t made a profit- so the investment process was changed to exclude such companies!

We all make losses; it's how we handle them that counts.
I'm sure you know much of this but bears repeating.
Posted at 13/5/2023 09:19 by carcosa
I too sold out this week crystallising a 29% loss having first bought in August 2021.

That's my third largest loss since 2010.

Every company has a value and given it's history in the type of work it does and lack of FCF I really thought it was going to improve following the opening up of the courts and new business divisions providing a path way for growth. The VW case I expected to improve the balance sheet considerably failed to materialise (which will come eventually); and always the possibility of a MBO/Takeover.

I still think this unloved company can turn things around over the medium term but this constant drip feed decline in the share price for over a year finally got the better of me. I feel my money can be more useful elsewhere.
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."
Anexo share price data is direct from the London Stock Exchange

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