Share Name Share Symbol Market Type Share ISIN Share Description
Avingtrans Plc LSE:AVG London Ordinary Share GB0009188797 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 236.00p 232.00p 240.00p 236.00p 229.00p 236.00p 30,507 15:21:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 21.2 0.2 112.3 2.1 45.24

Avingtrans Share Discussion Threads

Showing 2726 to 2748 of 2750 messages
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DateSubjectAuthorDiscuss
17/8/2017
11:08
Apparently scientific magnets has "exciting expansion plans" ! , this from a recent job advert: Scientific Magnetics is a leading manufacturer of superconducting magnets and helium-free cryogenic systems, based in Abingdon, Oxfordshire. In line with our exciting expansion plans, we are hiring across a number of business-critical functions
rogerrail
16/8/2017
14:18
Given that AVG sales in the half year to November last were £9.6m today’s order at approx. £1.2mpa is useful but given that the main driver for the share price must be the upcoming HAYT transaction can understand why it has had no effect on share price
cerrito
15/8/2017
18:03
It's the goldfish investor attention span deficit that occurs when Simon T from the IC tips a stock, you get buyers who then lose patience when they don't get rich as quickly as they thought would🙄
rhomboid
15/8/2017
17:58
As the General Meeting to approve the takeover draws near it makes me wonder if the share price is getting cold feet.
dgwinterbottom
30/7/2017
14:43
I have traded these successfully a couple of times and most recently bought in at £2.04 as I feel that the HAYT acquisition is a good one and that AVG will be able to sort out their debt problem and return the company to sustained profitability. I'm holding at these levels. Arthur
arthur_lame_stocks
25/7/2017
20:25
Tuesday - July 25th thanks to ST @ IC - Engineering a cheap entry point As expected, Avingtrans (AVG:223p), a maker of critical components and services to energy, medical and industrial sectors, has launched a recommended takeover bid for specialist engineer Hayward Tyler (HAYT:44p). I highlighted this possibility a month ago when I rated shares in Avingtrans a buy at 218p (‘A trio of small-cap buys’, 27 June 2017). At the time, I believed there was scope for Avingtrans' shrewd management team to replicate their success on previous turnaround situations and create significant value for shareholders by exploiting the recovery potential of the indebted bid target. Under the terms of the All-Share acquisition, Hayward Tyler’s shareholders receive one new Avingtrans share for every 4.755 shares held, which means that Avingtrans will issue 11.53m new shares to give Hayward Tyler’s shareholders 37.6 per cent of the enlarged share capital. On completion of the takeover, the company will have a market value of £68.5m. The terms being offered seem sensible to me and to the 45 per cent of Hayward Tyler’s shareholders who have already decided to back it. That’s understandable as there are justifiable reasons why this deal should be value-accretive to shareholders of both the companies. Firstly, Hayward Tyler is heavily indebted with net borrowings of £22.1m, implying balance sheet gearing of 100 per cent of shareholders funds at the end of March 2017, a level of indebtedness that is also significant in relation to the £25.8m equity value of the All-Share bid. In stark contrast, Avingtrans’ finances are in a rude state of health as the company has net funds of £26.2m on its balance sheet. Therefore, the combined entity will have modest levels of gross borrowings in relation to pro forma combined net assets of £67.2m, and retain cash in the bank and ample headroom on existing banking facilities to pursue growth opportunities, both organically and through further acquisitions. Removing duplicated costs will result in a slimmer cost base, too. Secondly, both businesses enjoy strong positions in their respective energy market niches, in particular the nuclear sector, so there is a healthy crossover of business activities. Moreover, in the power sector, Hayward Tyler’s core business should see the benefits from the increased scale resulting from being part of an enlarged entity, not to mention funding is on a better footing to enable its management to target investment. In addition, the enhanced scale of the business and greater access to the Chinese energy market should enable the enlarged group to make inroads into the Chinese nuclear energy market and achieve critical mass. I also feel there is a great opportunity for Avingtrans’ management to work their magic and build up margins on Hayward Tyler’s record order book of just shy of £50m, and return that business to sustained profitability following mixed trading last financial year when it reported cash break-even on revenues of £62.7m following a difficult first half. It’s the type of deal I was hoping Avingtrans’ shrewd directors would pull off when I recommended buying the shares at 200p in my 2017 Bargain share portfolio, and still believe that the share price should be trading at a decent premium to the combined group’s pro forma book value of 219p. In fact, I have a conservative-looking target price of 275p. Interestingly, it’s possible to buy Avingtrans shares on the cheap by purchasing Hayward Tyler’s around 44p in the market, and then accept the All-Share offer, to give an entry point of 209p, or 14p lower than Avingtrans current offer price. I would recommend doing just that given that earnings upgrades look firmly on the cards after the deal completes at the end of next month, after which the embargo on analysts publishing forecasts will be lifted. Buy.
gersemi
25/7/2017
18:26
..but he also pointed out that HAYT was a cheap way in, mysterious then that HAYT was up 8% before the IC mail arrived🙄
rhomboid
25/7/2017
17:15
ST in the Investors Chronicle tipped.
cockerhoop
25/7/2017
17:10
Any particular reason for the 7p uplift today?
dgwinterbottom
25/7/2017
09:19
Interesting snippet from the HAYT annual report, mainly because in their proposal to the UK gov competition, R/Royce said there were no UK based suppliers of STG's. Clearly the RR proposal involves larger STG units than PB can supply. Odd though that the turbines referenced in this para were supplied to RR, and RR are also involved in the NuScale project in the US. "Building off the expertise of manufacturing steam turbines for the nuclear submarine fleet Peter Brotherhood is well placed to support a sub-set of the SMR market, such as the NuScale technology which could see twelve modular 50MW reactors being built on one site. NuScale are in the process of applying for a Design Certificate from the US NRC and are one of the companies in discussion with the UK Government for the £250 million of funding to support SMR localisation and deployment in the UK".
rogerrail
24/7/2017
09:07
Thanks for that Wilmdav. I have been in and out of AVG over many years, I recently sold out everything (my biggest holding) for the open offer at 200, bought most back averaging 190, sold almost all again at an average of 240 and bought back at 205. It is (again) my biggest holding but I am less sure what AVG is now than before. Much depends on the Hayt acquisition which is a bit of a black box to us outsiders but AVG management make their money essentially from turning businesses around, their track record is excellent so I think your optimistic view is more than justified. They have timed the purchase well and avoided overpaying. But it is a big beast that changes the nature of the company. Fingers crossed.
puffintickler
24/7/2017
08:46
Below is a link to an exercise I do on any company before deciding whether to invest. In this case the company is HAYT. It is easy to see why the bank took fright. Http://www.david-wilmshurst.co.uk/hayt/hayt_data.htm HAYT’s year ends on 31 March. There was a significant difference between its performance in H1-17 and H2-17. In H2-17 revenue was £40m compared to 23.1m in H1. Adjusted EBITDA in H2 was £4.6m compared to -4.6m in H1. The CEO reflected this in the full year report saying, “We increased the run rate on an annualised basis to £80m of revenue and over £8m of EBITDA.” Paying the equivalent of £50m for an implied forecast of £8m EBITDA in HAYT’s current year does not seem a lot. It is worth remembering, however, that HAYT forecast £80m revenue for the 16/17 full year in their half-year report. Only £63m was actually achieved. There also seems to be an element of seasonality in HAYT’s previous results. AVG’s year to 31 May 2019 will be the first full year of contribution from HAYT. I am going to assume HAYT does contribute £80m revenue in that year and have a stab at making an earnings forecast. For HAYT’s year 2016/17, D & A was £2.5m and interest £1.2m. Using £8m as the EBITDA figure, and deducting D&A and interest gives an adjusted pre-tax profit (PTP) of 4.3m. Add £1.2m PTP forecast for AVG in their 2018/19 year. This gives a total of £5.5m as an estimate for AVG’s PTP for their year to 31 May 2019. It is made on the conservative assumption that HAYT makes no improvement on its adjusted pre-tax profit ‘run rate’ of H2 16/17. Deduct £1.0m as a ‘normalised’ tax rate of 23%, giving a post-tax profit of £4.5m. AVG currently have 19,171,123 shares, which will increase to approximately 30.7m when the acquisition is completed. Divide £4.5m profit by 30.7m shares to arrive at an adjusted eps of 14.7p and a prospective P/E of 15.1 at the current share price of 211.5p. Long-term holders, of which I am one, might justifiably expect that AVG directors are capable of knocking spots off this, with a possible question mark over what could happen during Brexit negotiations.
wilmdav
20/7/2017
16:20
Good spot Roger, agree with you that it probably was valued at zero, but know, like you, I think there is definitely value there. Still think we're undervalued at current levels, happy to sit in and wait for the re-rate to happen!
cisk
03/7/2017
09:20
The good new is that 70% of sales last year where aftermarket - the key is to manage the peaks in OE build without carrying excessive overheads. This was achieved at Maloney by closing the factory, not that I am suggesting they close Peterborough.
rogerrail
03/7/2017
07:41
Roger - I fully agree that once control of HAYT passes to AVG the BOD will hit the ground running in terms of reorganisation as I have no doubt that plans have been under way for some time already as to how things will be programmed. Historically AVG has generally produce items for which there is constant on going demand ie: pipes and tubes for RR and in the near future 3m3 boxes for Sellafield, thereby avoiding the nightmare of holes in the order book. My concern is that taking on PB that manufactures such large capital equipment this is one problem they could start to experience, as you highlight in your above comment.
dgwinterbottom
30/6/2017
12:35
DG Bearing in mind I have not had a chance to fully digest today's results, IMO I think HAYWARD has a strong well invested business with a good order pipeline and concerns on oil are overdone - just needs a strong balance sheet to underpin confidence with suppliers , preferably with ELB in place as MD of the business if he accepts which seems unlikely as he is due to take a non-exec position. I think Austen Adams will take charge of PB. Though not so dependent on oil it has won work with Oil refineries and has some synergies with Maloney. Historically it has a very lumpy OE order book though aftermarket is good and has been building up well. Factory overheads need to be trimmed to avoid the big losses sustained last year, and this may be possible by outsourcing some work to Chatteris which is located close by, until more consistent workload work is achieved - I am not sure if they are in the running for the 4 boat Trident submarine contract for STG's but this may be a crucial and lucrative opportunity, they should have a good chance of winning this as they have previously supplied the Astute programme.
rogerrail
30/6/2017
11:35
Roger - given your accurate insight in the past with AVG what are your thoughts re the way AVG Board will set about reorganisation of HAYT?
dgwinterbottom
30/6/2017
10:19
Outcome as I predicted 45p-50p on my post 2523 on 23rd/june though I did expect some cash as a sweetener. I have always maintained that preserving cash is essential for supporting growth of the individual businesses and hence an all share merger is the best outcome for long term shareholders of both companies. The directors of both groups clearly understand this. Some HAYT shareholders more interested in a quick buck may quibble , but the market reaction has confirmed the deal is in the right ballpark.
rogerrail
30/6/2017
10:12
"Avingtrans intends to perform a full review of the executive management function of the Enlarged Group. Although, where feasible, Avingtrans may seek to redeploy the members of HTG's executive management team within the business, it makes no guarantees in this regard. This review process may result in expanded roles for certain members of the Avingtrans existing executive management team." It would appear that AVG will take over at operational management level.
dgwinterbottom
30/6/2017
09:56
I am not sure about the "strange comments" Pavey but what it boils down to is how distressed HAYT really was. I reckon AVG are paying about £27m for the equity and taking on £22m of debt so a valuation of circa £50m? An all share deal means AVG can presumably either use their cash to pay off the debt or refinance on better terms and keep the cash for further deals. I do not think it is a steal but think it is a good long term deal which is why I will probably wait until buying back in. It will be interesting to see what Maurice Critchley, who has a decent holding and does not appear to have recommended the deal, does next although presumably he has had a while to find an alternative deal.
tiswas
30/6/2017
09:22
Strange comments here but then as we have seen (above) there is usually an other motive/agenda in play. This looks a done deal and it looks a great deal for AVG. It is not often that I make 27%-35% in a couple of months and find myself disappointed but I certainly felt that HAYT would go for more or stay independent and prosper. (different percentage as price changes but that will settle down and due mainly the fact that those quick of the mark could sell their AVG shares and buy them back through HAYT for less) Anyway, we are where we are and my AVG shares cost me 183p so we will see where we go from here. I suspect that this is such a good deal for AVG that the price will rise to give me the silly profit I was expecting but it will take a bit longer. EDIT: I see that the market has sorted itself out. Not a lot to do with this being anything but a good deal for AVG it is just that if you sell AVG now you can't profit from immediately buying them back via HAYT. Until the deal is done these shares are liked in this way.
pavey ark
30/6/2017
08:53
Well, in at 200 out this morning at 240 so nice short term trade.
toffeeman
30/6/2017
08:51
The AVG Board have an experienced oil man no doubt he will have the deep inside industry knowledge and what the future is in this respect. I think the real benefit is on the Nuclear business
dgwinterbottom
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