Dawson Share Discussion Threads

[davydoo] 26/5/2011 14:04

CR, thanks for clarifying that EPS is based on both share classes. My point to sportbilly was regarding mkt cap calculations, as they are only being based on the ordinary shares, but when doing enterprise value calcs, and discounting cash, it's important to remember the other 25,623,586 b shares.

For anyone new to the share, or who hasnt been around since the bid situation; The Form 8.3 declarations may be slightly misleading, Techinvest hold 1.6% of the ordinary shares but this isnt 1.6% of the company.

[edmundshaw] 26/5/2011 13:56

Hi royaloak. Nice to see you here. Long time... what are you into these days?

E

[cockneyrebel] 26/5/2011 13:30

When I spoke to the co today they said the eps quoted takes into account the b shares when calculating the eps.

CR

[davydoo] 26/5/2011 13:13

sportbilly, dont forget the other shares held by the pension protection fund, without checking, it adds about another third to the mkt cap.

[sportbilly1976] 26/5/2011 13:08

A few selling now to take some profit it would seem.

Mkt cap at the moment of £6.5mln underpinned by £4.2mln of cash (and rising..)

So an EV of £2.3mln for a company which made £0.9mln profit in the first 6 months of the year & an optimistic outlook for the remainder of the year....

[davydoo] 26/5/2011 12:27

Techinvest didnt waste any time getting their holding announcement out.

Marlborough Fund Managers, i think thats run by Giles Hargreave, a very successful small cap investor, but im not sure of their fund structures

[cockneyrebel] 26/5/2011 11:55

Agree ABC - this says the most today tho:

""Each of our profitable and cash generative businesses is now operating from a stronger platform and the momentum evident in the first six months of the year has continued for the first six weeks of the second half and produced satisfactory sales, margins and cash generation. Consequently, despite the continuing economic uncertainty, the Board is encouraged by recent trading and, should the company continue to trade at current levels, expects a strong performance in the second half of the year."

If doing more eps in H1 than the whole of last year isn't strong then H2 sounds like it could be a screamer of a half ! :-)

CR

[abc125] 26/5/2011 11:51

In export, we saw a continuation of the growth pattern of the past twelve months, as our export sales increased by 15 per cent over last year and in eBooks, strong growth continued at about 56 per cent over the prior period. The turnaround of the Books business's fortunes is well underway in a great many respects and we still have a number of opportunities ahead of us.

56% y on y growth from ebooks, not far off my 50% estimate. This is what the bidder is after imo.

[royaloak] 26/5/2011 11:15

I got some as well, (it was 9.9p) first time I have looked at this for years, good information guys, thanks.

[cockneyrebel] 26/5/2011 11:13

wasn't delayed, they were traded in the auction @ 11 O'Clock.

I just got 50K of that lot @ 9.9p I think :-)

CR

[sportbilly1976] 26/5/2011 11:05

Delayed 200k sell just through on plus - Schroders?

[gdasinv2] 26/5/2011 11:00

PIM will go up to 45p, even to 60p... NO RISK



Plant Impact attracts investment
Created: 25 May 2011 Written by: Graeme Davies

Shares in crop enhancement specialist Plant Impact rose to 33p on news of a £2m investment at 45p a share by Japanese life sciences company Arysta, coupled with two commercial agreements and an extended evaluation agreement between the two companies.

What we said: Buy
Price: 33p

[sportbilly1976] 26/5/2011 10:56

9.924 / 10.4 real spread on 25k

[cockneyrebel] 26/5/2011 10:29

The cash has risen massively from year end - they only had £1.7m cash then (only lol!)

Stunning results imo.

CR

[sportbilly1976] 26/5/2011 10:19

spread widened to try and deter buyers

[sportbilly1976] 26/5/2011 09:33

Looking at the numbers, especially the cash generation, and these still appear to be on the cheap side...

£4.2mln in cash at 31.03.11 - so thats 5.8p in cash

EPS for the first 6 months at 0.8p, if they can replicate that (and the statements all seem to indicate that they can, indeed if not improve on these numbers) then 1.6p for the year in earnings.

Also, they have generated a net £2.5mln in cash in 6 months, but I will take a conservative view here - they trimmed costs significantly and so there will be less wastage to remove now, and they also had tax income of £600k - so I assume a net cash increase of just £1.5mln. This would bring the cash at 30.09.11 to £5.7mln (7.9p equivalent)

apply a reasonable p/e of 8 say and you have a share price of around 18-20p or so...

and of course there is still the bid story in the background.

[sportbilly1976] 26/5/2011 09:14

Morning all,

looks like I picked the wrong morning to get in late!!

on first glance the results look nothing short of excellent...will have a detailed read in a minute.

good question though re Schroders..will they continue to sell & so mute the response?

[cockneyrebel] 26/5/2011 08:54

EPS higher in the first half of this year than the whole of last year.

CR

[davydoo] 26/5/2011 08:45

wheres sportbilly? he'll be very pleased to see the news.

[davydoo] 26/5/2011 08:44

buying at 9.90, 9.95 on LSE, 9.99 on PLUS and now the first deal at 10.00p first time in a long time we've seen that price. clear skies above.

[cockneyrebel] 26/5/2011 08:28

Breaking out through the 2 year high - no charrt resistance after 12.5p till 27p then 50p :-)

[tomboyb] 26/5/2011 08:18

From the offset they do look like a real decent set of results. gl.

[cockneyrebel] 26/5/2011 08:16

0.8p eps ! in H1 - on course to do nearly 2p eps this year I bet - ISA-able - they also have nearly £5m in cash!

Mkt cap under £7m

And still in bid talks as a bonus and very upbeat going fwd!

Breaking out - what's the PE here? 5?

CR

[davydoo] 26/5/2011 08:14

it will be interesting to see if Schroders keep selling into this rise.