Direct Line Insurance Share Discussion Threads

[robbiepaul] 26/10/2006 08:27

ARGY,

Not true.I remember buying Oilquest at 13p,it was suspended and came back as Encore at 30p+.That's just one.

This company looks cheap and is currently being covered on Trading Places which is on the web at 11:00AM every day.


RP.

[hedgehunter] 26/10/2006 02:58

Looking at that note again they have a 12 month target of 35p which is a 250% increase on todays price.

I cant ever remember this organisation being so bullish.

[hedgehunter] 25/10/2006 18:05

Chart looks poor at the moment but I dont think that will last for long.

This ones way too cheap.

[ph1ts] 25/10/2006 17:57

Thanks for that HH

[hedgehunter] 25/10/2006 16:10

UPGRADE UPGRADE UPGRADE Growth Equities And Company Research.

25/10/2006

Delling: Increased 2007 Forecast, 2008 Estimates Unveiled - Buy at 10p

Key Data
EPIC DLG
Share price 10p
Spread 9.5p-10.5p

NMS 15,000
Market cap. 1.51 million pounds
12 month range 8.75p-15p
Shares in Issue 151 million pounds
Net Debt 2 million pounds
Market AIM
Website www.dellinggroup.com
Sector Media
Contact Aksel Bratvedt
0207 484 5663

Over the past year AIM-listed Scandinavian based, marketing services group, Delling, has completed four acquisitions, a 5.3 million pounds placing and has taken steps to improve margins within the business. The company has also started to deliver clear organic growth that is sustainable. We believe that our forecasts for the group for 2007 are too low by a material order and feel confident of introducing new forecasts for 2008. It would appear the City has not totally forgiven Delling for a profits warning more than a year ago, and it has failed to take on board the progress made since that event and the profits potential of the group. Despite this, we believe the shares are materially undervalued and rate the shares as a buy at 10p with a new 12 month price target of 35p.

Delling is a market support services company. It provides out-sourced services to the marketing department 'back offices' of companies predominantly operating in Scandinavia. Established under the name Depicta in 1998, the company changed its name whilst embarking on its current strategy of aggressive bolt-on acquisitions to complement its own organic growth in March 2004. It listed on AIM in the autumn of that year, and now has an impressive client list of over 300 companies, including such giants as Statoil, Norsk HydroABB, Bristol-Myers Squibb and Ericsson. It is a pioneer in the application of the latest IT technology in the creation and efficient management of new and developing marketing channels.

In June of 2006, the company undertook a 5.3 million pounds fund-raising at 8p, and used this finance to handle its balance sheet problems, which had clearly been a concern of both investors and potential customers. The company now has net debt of 2 million pounds. However, if our forecasts are reached, it is possible that banks would lend it up to 20 million pounds to support further acquisitions. The purchases this year have been funded by a cash and shares mix, which typically involves Delling paying 5 times historic pre-tax profits. In a fragmented Scandinavian market, Delling feels it has a long list of profitable, privately owned target companies which can be bought on similar terms.

In the past three months Delling has made three acquisitions. On 22nd August, it paid 1.5 million pounds (5.6 times pre-tax profits) to buy Eckerud, which has annual sales of 4.4 million pounds. On 31st August, it bought Printcenter, which has annual sales of 1 million pounds for 5 times profits, or 370,000 pounds. And on 16th October, it paid 1.18 million pounds (5 times profits) for SEG, which has annual sales of 3.5 million pounds. These three deals alone add 9 million pounds to annualised sales, before cross-selling.

Our assumption is that the group will achieve a pre-tax margin of c10% in 2007, but once the synergy between the acquired companies is realised the margin will increase to 12% by 2008. We also assume (in our 2008 numbers) that another 5 million pounds of sales will be generated via acquisition. However, there is scope for Delling to significantly exceed our forecasts in that respect. The tax charge will – due to historic losses – remain at 0% in 2006 and 2007 but, as those losses are exhausted, it should increase to 10% in 2008 and will remain at 20% thereafter.

We regard the risks to our forecasts as being on the upside since Delling has the appetite, balance sheet strength and opportunities to accelerate its acquisition programme. Our 12 month target prices would put the stock on a prospective price earnings ratio of 12, which for a company growing its earnings and sales at this rate is not demanding. At 10p we rate the shares as a buy with a one-year target of 35p.

[ph1ts] 18/10/2006 14:02

This share certainly moves in mysterious ways!

[james t kirk] 16/10/2006 07:18

Another aquisition and looking good for significant revenue next year.

[james t kirk] 06/10/2006 15:58

Yes I'd guess there's been a tip today, Delling always used to do well on Fridays when certain tip sheets are published.

[charles7] 06/10/2006 15:06

James

Looking better already :-)

[james t kirk] 04/10/2006 08:58

147m shares in issue now so company valued at @ £13.5m, this would appear to be very low for a company that culd make between £1m and £2m profit this year.

The next results could really liven this under-performing share, but the mm's need to sort that spread out, its not attractive buying and losing 20% straight away.

[charles7] 04/10/2006 08:47

RNS Number:9139J
Delling Group PLC
04 October 2006


For Release 7:00 am 4 October 2006


DELLING GROUP PLC (DLG.L)
The AIM-listed marketing support services group

Re: Contract Win


'Substantially better than expected
roll out / development of Expert retail contract in Scandinavia '


Delling Group PLC, the only listed marketing support services group on AIM whose
principal assets are in Scandinavia, announces that the roll out and development
of the previously announced two year contract with Expert Invest AB ( 26 July
2006), for the implementation of graphic and motion media, in addition to screen
installations, in Expert's recently acquired 'Power' shopping chain, has had a
substantially greater impact on revenues than previously anticipated.


At present, the current revenue rate on a monthly basis is more than twice the
level at which the anticipated original £1.0 million per annum estimate was
based. The new estimate is for an expected volume of £2.0 million per annum.


Delling Group is also pleased to confirm that its other contracts announced in
2006 are developing according to expectations.


Commenting, on the positive development, Geir Lolleng, Chief Executive of
Delling Group, said:


'I am delighted that this, our first significant screen contract, is developing
at a higher and faster rate than we had anticipated and it strongly underpins
our increasingly good organic growth. We are also benefitting and being
supported by the strong economic growth evident across the Scandinavian region.'


ENDS


For further information please contact:


Contact:

Delling Group Plc
Geir Lolleng Tel: + 46 765276024

www.dellinggroup.com
----------------------

[james t kirk] 04/10/2006 08:04

I may need to buy back into these at some stage, as they appear to be moving along nicely. Just a shame they've diluted the shares so much in last yeara.

[ph1ts] 18/9/2006 19:17

I'm still comfortable holding.

[papalpower] 18/9/2006 07:39

Making losses then.

[charles7] 18/9/2006 07:29

Delling Group PLC - Delling Group PLC - Interim Results

RNS Number:0600J
Delling Group PLC
18 September 2006

Press Release 7.00am 18 September 2006


DELLING GROUP PLC (DLG.L)

The AIM-listed marketing services group


INTERIM RESULTS


Delling Group PLC ('Delling' or the 'Company'), the only listed marketing
support services group on AIM whose principal assets are in Scandinavia
announces
interim results for the six months ended 30 June 2006


Highlights

*Interim results show 110 per cent. increase in turnover to £5.0 m when
compared to the same six month period in 2005 (£2.4 m).


*£1.5m annualised income won from new contracts during the period.


*Fundraising and financing completed totalling £7.5m, including the
conversion of shareholder loans and the issuing of loan notes.


*The fundraising has strengthened the balance sheet, which the Board
believe will allow the Group access to bank financing to allow inter alia
financing of acquisitions.


Post period end


*Further acquisitions of Swedish companies, Eckerud Scandinavian Group and
Printcenter were completed in August 2006. The addition of Eckerud, a
specialist in design and production of exhibition material, and Printcenter,
a specialist print company, offers both cost savings and strengthens further
our leading positions in these specialties across the Nordic area. These
companies had a combined turnover in the first half of 2006 of c. £3.0
million


*Delling won a £2m two year contract for the supply of screens and graphic
material to Expert Invest AB, the Group's largest contract to date for
screen advertising services.


*Promising start to Q3 2006 with record business volumes in July and
August


Commenting, Aksel Bratvedt, Executive Chairman, said:


'The Group has had a very promising start to the 3rd quarter with record
business volumes in July and August, which continues to reflect the increasing
pace of growth in our business as more outsourcing contracts come on-stream'.


'With the present take-up of both acquisitions and business volume the Board is
looking forward to the future with considerable confidence'.


Contact:

Delling Group Plc
Aksel Bratvedt, Chairman Tel: [phone]
James Robinson, Finance Director Tel: [phone]
www.dellinggroup.com
----------------------

Adventis Financial PR
Tarquin Edwards/Peter Binns Tel: [phone] 7034 4760

Kreab AS
Brynjulf Freberg Tel: [phone]

[wellsa2] 31/8/2006 11:56

Just got on board. Any predictions on when confirmation of the pre-tax profit might be made?

[frankl 123] 31/8/2006 08:55

Delling buys print company in Sweden
LONDON (AFX) - Delling Group PLC, the only listed marketing support services
group on AIM whose principal assets are in Scandinavia, said it has exchanged
contracts to acquire Printcenter i Linköping AB, a privately owned Swedish large
format print company, with completion scheduled for Sept 30.
Delling is paying 0.37 mln stg in cash for the print company, equivalent to
around five times Printcenter's expected pretax profit for the year ended Aug 31
2006. Annual turnover was approximately 1 mln stg.

Delling said it will fund the acquisition through its recently announced
financing package.
Printcenter is a highly specialised producer of large format printed
products with customers such as Securitas, Saab and Swedish retailer JC
Brothers.
Delling said it expects the acquisition of Printcenter to be earnings
enhancing with sales anticipated to increase following cross selling of
Delling's broader offering to Printcenter's customers.
Delling also announced today that it is in the process of establishing an
office in Stavanger, Norway. An experienced manager with strong customer
relationships has been hired to develop the business. The office is expected to
be profitable from its first month of operation.

[silverfern] 22/8/2006 07:40

So today brings it up to over 80million shares chucked into the void since JUne. If you need to understand how your own holding is being diluted just divide any profit figure by 80 million. Now factor in another 100million from the original tranche . This would not matter if they turned failing companies round but this looks to me like they are merely liquidising the assets of private companies, deliverng cash to people they may already know through the issue of shares and cash.

[jimcar] 14/8/2006 13:46

I expect that they got all or most of the 7.5m shares that were placed recently.

They will certainly add volatility to the share price. Probably help it in the short plan but it will go to pot when they bail out as happened last time.

[james t kirk] 14/8/2006 13:12

RAB Capital seem to have bought a chunk recently, must be a good sign..

[spaceparallax] 11/8/2006 15:07

SP looking up, albeit surprisingly in light of the recent share issue at 8p. Hopefully, those taking the shares will not all be in it for the short sharp profit - otherwise we could be in for a very eratic share price chart over the next few months as the overhang is worked over.

That said, I intend sitting tight and will probably top-up if the share price approaches the 8p level again. I see the medium to long term prospects as very bright so long as one can exercise sufficient patience.

[papalpower] 03/8/2006 17:24

Good question !!

I remember lots of posts on here 6 months ago that got removed by ADVFN.....posting some very juicy but anti DLG comments about it all being a con and they will fail to meet targets and they lost loads of money on deals etc...... (thats why it was all removed at the request of Delling themselves) however it was very explicit and detailed, to the point of naming companies and transactions and hidden debts I think..........

Maybe there was some truth in it all ???? The share price movement seems to be pointing to it.

[stevie0505] 03/8/2006 17:06

Is this share ever gonna stop falling ??

[stevie0505] 26/7/2006 22:03

New contract...decent news