Computacenter Share Discussion Threads

[imastu pidgitaswell] 16/3/2021 07:46

1033 - no you have to look at profit after tax for considering earnings multiples

The134p eps is correct

[hatfullofsky] 16/3/2021 07:45

Cracking results and outlook ...

We have come into 2021 with solid momentum and have experienced a very positive start to the year. As always, we will give an update to shareholders in our April statement once we have completed our first quarter at the end of March.

We are growing in more geographies and across more technology platforms than we have ever done before.

[olivert] 16/3/2021 07:45

FarnesBarnes, what a good estimate, now at £200.5m!

Does that mean eps £200.5m / 114m = 1.76 x 20 = New share price around £35.20?

Here we go!

[aquaesulis01] 16/3/2021 07:34

Happy days I would say "After multiple upgrades during the year and today's excellent results it is clear that the 2020 performance has exceeded all expectations and 2020 has seen the fastest profit growth Computacenter has achieved in its 22 years as a public company. Clearly, the challenge it gives us is to grow again in 2021.



While Computacenter will always focus on the long term and resist the temptation of short-term actions to maintain growth, we feel the opportunity for progression this year, while not certain, is real. We have come into 2021 with solid momentum and have experienced a very positive start to the year. As always, we will give an update to shareholders in our April statement once we have completed our first quarter at the end of March.



Growth rates are obviously difficult to predict as our geographies will come out of lockdown at different times, but our experiences of the last 12 months has convinced us more than ever that our customers will continue to invest in Information Technology and will require the services of Computacenter to enable them to do so. This, combined with the fact that we are growing in more geographies and across more technology platforms than we have ever done before, makes us even more excited about our long-term growth potential.'

[togglebrush] 16/3/2021 07:20

Synopsis ______Financial Highlights_____2020____2019 Percentage
‘
Financial Performance (GBP million)

Technology Sourcing revenue___________4,180.1____3,822.2_____9.4

Services revenue______________________1,261.2____1,230.6_____2.5

Revenue ______________________________5,441.3____5,052.8_____7.7


Dividend per share (pence)________________50.7_______10.1___402.0

Profit before tax________________________206.6______141.0____46.5

Diluted earnings per share_______________133.8_______89.0____50.3

we propose to pay a final dividend of 38.4 pence per share, bringing our full year dividend to 50.7 pence per share. ex-dividend on Thursday 3 June 2021. Paid Friday 2nd July

[dual313] 16/3/2021 07:19

How do you think the market will react

[farnesbarnes] 16/3/2021 07:14

134p EPS, up 48%. That'll do in a tough year.

[farnesbarnes] 15/3/2021 08:11

195m PBT = 137p EPS. PE of 21 says 28.77 share price

Hoping for an under promise over deliver tomorrow. 200m+ would be great.

[togglebrush] 15/3/2021 08:03

FWIW
Tuesday_____Final Results_______16-Mar-2021

[peterlowen] 11/3/2021 11:09

And the gov contacts keep rolling in 11/03/2021 £32,000,000

Don't know why were not above £25.00 a share with these million pound contracts every month........

[its the oxman] 11/3/2021 08:40

Getting set for results next week and a climb to 3000p. Keeping the faith has been hard the past few weeks.

[farnesbarnes] 05/3/2021 17:42

DoE 351k on 4g routers? Don't the kids deserve 5g?

[peterlowen] 05/3/2021 08:32

More great contracts with the Gov through March for computacenter.....

[farnesbarnes] 04/3/2021 15:43

I love tales of retrospective trading.

[boadicea] 04/3/2021 14:33

Looks like yesterday was a good day to add 60% to my holding - so far anyway. Wish I could get it right more often!

[hatfullofsky] 04/3/2021 12:36

That's better !

[wynmck] 04/3/2021 10:35

Berenberg raises tgt price to £30 from £26.BUY.

[srichardson8] 02/3/2021 12:47

or even simpler market cap divided by net profit attributable to equity holders if you want a quick estimate. eps is properly calculated by weighted average shares over the period and must be fully diluted. but very definitely after tax.

[imastu pidgitaswell] 01/3/2021 22:04

1014 - no it isn’t.

Earnings per share (EPS) is profit after tax (and minority interest etc if applicable) divided by the number of shares.

P/E ratio is share price divided by EPS.

[hatfullofsky] 01/3/2021 18:56

Today we sit at 2100 the same level we were at on 03/09/20 in that time(6 months)we have :

09/09/20 Upgraded expected FY PBT to >£180m
10/12/20 Upgraded expected FY PBT to >£190m
22/01/21 Upgraded expected FY PBT to >£195m

We have also agreed to by Pivot (09/09) and released these statements :

30/10/20 "These acquisitions will have a marginal positive effect on our 2020 results but should, together in aggregate, add significantly to 2021.

22/01/21 The positive momentum we have seen in trading since the start of the pandemic shows no sign of abating, and our pipelines for both Technology Sourcing and Services are as strong as at any time we have seen in the last year.


The only negative I can find is the organic growth numbers :

Total revenue for the Group grew by eight per cent. Excluding the effect of the recent acquisitions made in November, Pivot Technology Solutions in North America and BT Services France, total revenue grew by three per cent overall.

In conclusion we are being priced as an ex-growth company. I feel this is a mis-pricing as we can clearly acquire good companies at reasonable prices.

[hatfullofsky] 01/3/2021 18:20

PE normally calculated on PBT

[farnesbarnes] 01/3/2021 15:49

I always forget tax. Thanks.

[imastu pidgitaswell] 01/3/2021 15:19

Remember that's profit before tax of c£200m, Profit after tax will therefore be more like £150-160m, depending on the tax rate.

Still not massively expensive, but not as cheap as a PE of 12.

[farnesbarnes] 01/3/2021 15:14

It just doesn't make sense.

"In excess of 195m" is EPS of 1.73.

2100p is a PE ratio of 12. 3000p is a PE of 17. Not exactly demanding is it?