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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| De La Rue Plc | DLAR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.50 | 2.43% | 105.50 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 101.00 | 101.00 | 106.00 | 105.50 | 103.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 21/11/2024 11:27 by argylerich Wbodger yup, everything Richard Bernstein tweets about DLAR reiterates CAs £1.50 stance. Cheers for the clarity re Sabas short, makes a little more sense now.Fingers crossed with the management, so far they're showing no similarity to the last few lots who would of made a fine job of destroying any positives. |
Posted at 12/11/2024 10:19 by jensen10 If I was DLAR management I would seriously consider using some of the net cash of 140mm to launch a tender offer/buyback for up to 25% of the company shares at 1.50. would cost approx 75mm. Allows CRS to exit and clears the overhang. Left with a company with net cash of 65mm. No debt. No pension liability. Largest order book in 10 years. Could be a nice dividend paying stock to hold and worth more than 150mm |
Posted at 15/10/2024 14:47 by horndean eagle DLAR has entered into a definitive agreement for the sale of the Authentication Division (representing 70% of FY24A Group adj EBIT and 52% of FY25E adj EBIT) to Crane NXT for £300m. This compares to our SOTP valuation of £255m and represents an additional 23p to the target valuation, assuming all else being equal. The implied multiple is 16.5x CY25E adj EBIT (vs. our prior target of 14x) and 20.5x FY24A adj EBIT. The remaining Currency business will be debt free with an expected net cash position of c £60m, removing a long standing constraint for this business. Further detail: this news follows an extensive and wide-reaching process conducted by the Board. Crane NXT is a strong buyer for Authentication, following its recent acquisition of OpSec. 5% of proceeds is to be held in escrow for up to 18 months following Completion. Proceeds will create a more resilient and flexible Group, by repaying the Group’s existing revolving credit facility in full and reducing leverage to a net cash position; and significantly reducing the deficit on the Group’s legacy defined benefit pension scheme by paying £30m as an accelerated contribution on Completion. The Group has also agreed to pay an additional £12.5m in deficit repair contributions to the Pension Scheme over the period to April 2027, which will further reduce the Pension Scheme deficit. This should further assist the Company in exploring a long-term solution for the Pension Scheme. Completion is subject to a number of conditions, including reorganisation to effect a divisional separation and obtaining customary antitrust approvals. It is currently expected that Completion will occur during the first half of 2025 |
Posted at 15/10/2024 12:28 by wbodger #2998: the market will be looking ahead, at DLAR without Authentication, the only division that was making money. There is much more work to be done assuming the changed Balance Sheet looks attractive. I will reserve judgment until we can calculate an Enterprise Value without this division. |
Posted at 15/10/2024 08:41 by mickyl Great news! I’m holdingBernsteins tweet: 18 months ago, DLAR was 3 months from administration. Had we not changed the Chairman, shareholders would have received zero. £300m was our TP for Authentication. We retain our 150p TP, as a bidder for Currency or the whole (ex Auth), appears inevitable |
Posted at 15/10/2024 07:17 by rimau1 Good point, DLaR is certainly worth today 140 with the standalone currency business. As part of the strategic review and sales process bidders would have looked at the currency division so highly likely that DLaR is now a sitting duck. |
Posted at 16/7/2024 13:25 by rimau1 I've now taken the time to value DLAR. I think the authentication business is worth between gbp250m-275m and given the EV of Dlar is 280m this gives us a zero value to the currency business. I'm buying at 94p ahead of results and hopefully a break-up or strategic sale. Sale timing is also good given the recovery in the currency market so Dlar should be negotiating from a position of relative strength compared to 12 months ago. Lets see, all IMO. |
Posted at 31/5/2024 11:17 by mickyl It’s interesting that future revenue contracts are at £650m and there will be others in the pipeline.The business isn’t such a dead duck after all. Potential is bigger than I thought. Dlar undervalued for sure. |
Posted at 08/5/2024 07:20 by jensen10 Crane currency announced last night acquisition of Opsec security for $270mm cash. They are brand authentication and security business. Last numbers I can find for them they had annual revenue of $218mm for year end 2023. So Crane has paid multiple of approx 1.5x of sales. DLAR has just announced annual revenue of £100mm for their authentication division. Similar multiple gives £150mm market value just for that division! The currency part with 250-300mm revenue is worth next to nothing! |
Posted at 23/4/2024 21:00 by wbodger CA position probably depends on another investment they have, an unlisted company that is waiting for approval of a medical procedure to treat diabetic obesity. With approval they can get a market valuation of that investment which seems to represent a bigger chunk of their valuation than their 17% of DLAR. The DLAR holding is at least quoted, so they can assign a credible value to it.CA's Interim Results (28/3/24) did not give any hint of when an exit from DLAR might be possible (eg, a bid) and regulatory approval of their obesity remedy was "expected in the coming months". If the obesity remedy is approved and CA can monetise that investment, they might look for a trade buyer for the DLAR holding without waiting for a bid. IMO, DYOR. |
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