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 Shares Traded Last Trade
  -6.50 -2.41% 263.50 27,722 15:51:03
Bid Price Offer Price High Price Low Price Open Price
260.00 267.00 270.00 263.50 270.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 105.52 3.14 8.00 32.9 83
Last Trade Time Trade Type Trade Size Trade Price Currency
16:25:51 O 4,000 261.51 GBX

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Date Time Title Posts
10/11/201920:46The Crown and Glory is AVG2,738
06/6/201611:06AVINGTRANS.......Buy 68.5p cash for 50p9
07/1/200521:31Avingtrans - an easy 25% ?149
16/12/200408:21Avingtrans Profiting From Speed Cameras13
30/6/200309:41Paving the way to pay dividends3

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Avingtrans Daily Update: Avingtrans Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker AVG. The last closing price for Avingtrans was 270p.
Avingtrans Plc has a 4 week average price of 240p and a 12 week average price of 237p.
The 1 year high share price is 283.50p while the 1 year low share price is currently 170p.
There are currently 31,362,053 shares in issue and the average daily traded volume is 14,136 shares. The market capitalisation of Avingtrans Plc is £82,639,009.66.
cerrito: Had a quick read of what is a very clear and well explained half year report. I agree with the Chairman that the results are solid and do not see the share price moving out of its trading range as a result of them. Interested in their comments on continued weakness in oil and gas and need to understand better what sectors they are in Also see what is going on on Medical.This time last year they had a profit of £75k which had swung to a £184k loss in H2 of the last FY and the loss had increased to £207k in the past half year.
hyperboreus: I could not agree with you more here steve3sandal, excellent leaders that have hardly put a foot wrong since coming on board, I have always maintained a decent stake here since first investing a number of years ago but I have also taken the opportunity to trade and make a few bob from time to time as and when the opportunity arises, as the share price always seems to drift as most illiquid shares do in their quiet period. For those unaware Simon Thompson revisited AVG yesterday, hence the recent spike in the share price.
hyperboreus: Spike in share price due to Simon Thompson's ongoing positive coverage, concluding as follows: "After factoring in cost savings, and a restructuring of Hayward Tyler, analyst Jo Reedman at N+1 Singer anticipates Avingtrans’ cash profit rising eightfold to £5.6m on revenue of £79.9m in the 12 months to the end of May 2018, increasing to cash profits of £7.6m on revenue of £95m the year after. On that basis, the company is rated on an enterprise value to cash profit multiple of 9.7 times, a deep discount to the sector average. So, having last advised buying the shares at 210p (‘Engineering gains’, 2 Oct 2017), I maintain my 275p target price. Buy."
pavey ark: After that nonsense post I can only assume that you are firmly in the "Stepford" group of AVG shareholders but I am most certainly not. As a shareholder in TPG group and AVG the recent (2017) share options schemes of both companies seem to have come into a "compare and contrast" situation which is unfortunate as it rather clouds the issue of the AVG awards which are certainly from the distant past. The TPG awards were for 42m shares and the number of shares in issue is 760m or 5.5% of the company. To achieve the right to buy these shares at 7p the directors must achieve a share price of 9.1p then 10.5p then 12.1p with the condition that these prices are maintained for 20 consecutive trading days so effectively increasing the price by at least 2p on each tranche ie 11p,12.5p and finally 14p. The current price of a TPG share is 6p so as a TPG shareholder I see this as a very real incentive scheme and if these price targets are achieved then I doubt if any current shareholder will be anything other than delighted. On ADVFN the TPG scheme was met by howls of outrage, mainly by previous investors and trolls but it was debated/aired. On here, after a decidedly dodgy grant of 330000 shares with no strings, nothing.
pavey ark: You are obviously happy with the gift of 330000 shares under these terms which would have cost the directors £600000 to buy. The TPG directors have recently spent £160000 buying shares and the CEO has bought £300000 worth of share while in office. The TPG share price will have to practically double in order to maintain a price of over 9.1p for twenty consecutive trading days and that is only to trigger the first tranche. AVG directors may stand to gain a smaller amount in total but there are next to no hurdles in place and the timing of the award of these options looks rather opportunistic. As I said before I don't consider either set of directors to be saint like but the complete lack of reaction/criticism on this board was rather disturbing. Edit: If the share price of both companies rise by 50% over the next three years then the AVG directors share £300000 the TPG directors get nothing. Regardless of any other company's options the AVG shareholders should have kicked up about these awards.
cockerhoop: Cerrito, The fact heavy lifting is required at HAYT was re-iterated by the board (including ELB) at the Agm but they said they had anticipated it would be the case. HAYT was a big acquisition for them which only became affordable due to a poorly executed expansion strategy, it's going to take time to improve things (especially at PB) and we've yet to see any results that have included a contribution from HAYT. The share price has drifted, could easily be HAYT shareholders (the non comatose ones :-)) selling down.
pavey ark: Cerrito, if you think you haven't read this well I can assure you that you've read it better than I have. Last April I bought into HAYT at a very good price and had to sit through all the guff about how wonderful the AVG management was and eventually I took their shares. At this point I seem to have gone into a comma as my entry point here is c.180p and I watched the price go to a fanciful 250p and didn't sell. I pointed out at the time that the management were certainly not shy about getting the cash from the business and after a four month long steady decline in the share price and silence from the company it was rather unsavoury to see the management nip in with another very nice (very nice !) and undemanding share option scheme. When we buy these shares we are buying into the capitalist system, warts and all, but you would have thought that some of their supporters on here might have had something to say. Given the quality of the HAYT business and the removal of the debt problem I expect things to improve but I must try to stay awake.
wilmdav: HAYT made £5.15m pre-tax profit in 2016 and £4.55m after tax. AVG'S current number of shares is 30.7m Assume HAYT recovers sufficiently under AVG's management to produce the same amount of profit in their year to 31/03/19 without issuing any more shares. This would result in an eps of 14.8p Add Cannacord's forecast for the existing business in that year of 5p, which gives a total eps of 19.8p. At todays share price of 216.5p, the P/E for 2018-19 would be 10.9. In view of the tone of today's results and the necessary 'heavy lifting' this might well be over-optimistic but presumably we will soon receive an update from the broker.
gersemi: 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.
wilmdav: 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:// 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.
Avingtrans share price data is direct from the London Stock Exchange
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