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DRV Driver Group Plc

0.00 (0.0%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Driver Group Plc LSE:DRV London Ordinary Share GB00B0L9C092 ORD 0.4P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 25.50 2,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
24.00 27.00 25.50 25.50 25.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Heavy Construction, Nec 46.9M -2.89M -0.0535 -4.77 13.76M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:42:59 O 2,000 25.151 GBX

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Date Time Title Posts
06/12/202313:35Driver Group - Global Construction Consultancy450
06/3/201816:32DRIVER GROUP884
25/4/201116:56Duran Ventures1
19/3/201119:52Durant going to $101

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Driver (DRV) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Driver (DRV) Top Chat Posts

Top Posts
Posted at 07/12/2023 08:20 by Driver Daily Update
Driver Group Plc is listed in the Heavy Construction, Nec sector of the London Stock Exchange with ticker DRV. The last closing price for Driver was 25.50p.
Driver currently has 53,962,868 shares in issue. The market capitalisation of Driver is £13,760,531.
Driver has a price to earnings ratio (PE ratio) of -4.77.
This morning DRV shares opened at 25.50p
Posted at 08/11/2023 11:49 by moathunter
I think cyclicality is behind the fall in share price and evidence is mounting that we’re heading for a trough.
UK and EU are where DRV receives half of its revenue- the profitable half! – and the infrastructure and commercial construction sectors (i.e. non-residential housing) are heading for a contraction in 2024 and some of 2025:
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DRV struggled in 2010/11 as construction shrank, then expanded but had loose financial control in 2015/16 for more losses, then their growth overshot the contraction post-Covid 2021/22 for further losses.
Given this backdrop, the next 2 yrs are at the very best to be flat with nil/negl. profit, and most likely to have minor losses.
Posted at 08/11/2023 10:23 by norbert colon
Valuation and recent price action is very much at odds with the most recent trading update. Some further kitchen sinking has recently been undertaken. Not expecting any surprises but the market seems to think so.
Posted at 08/11/2023 10:19 by terry236
Struggle is this business is a very illiquid micro cap whose recent performance hasn’t exactly been inspiring. Barely any volume traded on DRV most days. Price just continues to drift lower as few want to buy in. If you have a portfolio of decent size you need to be incredibly confident as once you’ve bought in size you’ll be locked in…

The business needs to move on from its recent rocky path and forge back to back less problematic sets of results for the market to take real notice - the share price will double overnight if they can. Until then the only hope for the share price to perform is someone bidding for the business.
Posted at 26/9/2023 18:31 by arthur_lame_stocks
Maybe those Swedes are holding out for too high a price?
Posted at 26/9/2023 11:19 by arthur_lame_stocks
I don't know why ED expect NAV to decline in the second half given that the company is forecast to be profitable and also I don't know why they have downgraded their fair value price so much given that this promises to be the best year for some time, with a better year forecast next year.

Personally I think these are easily worth 70p+ in a trade sale which is why I continue to hold and am happy to pick up the 5% dividend whilst I wait.
Posted at 26/9/2023 06:28 by edmonda
Driver (LON:DRV) - Strategy on track, despite timing issues (new research report available here:

Driver Group has issued a trading update earlier than normal, citing a weak Q3 (reflecting a combination of timing issues and the later Easter) as reasons. Nevertheless, Q4 has witnessed a return to more normal patterns of trading and coupled with the rationalisation programme yet to impact results and the pipeline of orders looking more encouraging, we think the medium-term outlook appears favourable. The further improvement in net cash levels provides the Board with opportunities, not least in its capital allocation policy, including the further return of cash to shareholders. The NAV remains above the current share price.

We expect the NAV to decline modestly during H2, reflecting the slight reduction in profitability. However, at c.£15.8m / 29p per share, which is 8% above the current share price, this provides healthy support for the shares. With the current share price now below levels of previous buybacks and net cash higher during H2, we remain positive over the medium-term.

Reflecting the timing issues witnessed during H2, we reduce our fair value / share from 49p to 40p.
Posted at 13/6/2023 06:46 by edmonda
"Fires extinguished, recovery builds" (detailed new note from Equity Development)

The interim results from Driver Group were ahead of the profits guidance provided during the pre-close update in late April. Progress on costs has been made as the rationalisation programme has kicked in.

The EuAm (Europe & the Americas) region has generated a strong performance, with revenues and profitability at record levels and there is further scope on margins and utilisation levels. The smaller regions produced an improved performance, with expectations of delivering profits for the full year. Cash generation remained positive, with net cash amounting to over 30% of the market cap and NAV.

Despite the ongoing suspended estimates, the Group is on the path to recovery from FY22. We think the discount to the forward price/book ratio of its peers is too high, particularly in view of the cash.
Posted at 13/5/2023 12:13 by arthur_lame_stocks
That's the reason I hold the shares spooky. AB traction built a stake in both Sweett and Waterman before both businesses were sold. I reckon the same thing will happen to DRV and have a price in mind of at least 70p a share. And it pays a reasonable dividend whilst I wait.
Posted at 27/4/2023 06:46 by edmonda
"Welcome news of progress"

Full new research note with audio summary available here:

The pre-close trading update from Driver Group was encouraging, with static revenues (signifying rising productivity), improving profitability and margins, and the move into the black for the first time in two years within the Middle East region. Cash levels continued to improve, highlighting the collection of doubtful debts and higher profitability. We expect the solid foundations put in place by the management team over the last 12-18 months will provide a strong base from which to grow meaningfully over the medium term.

Although our estimates remain suspended pending further visibility, we note the NAV (FY22 end: £16.4m or 30.3p / share) and net cash account for 35.1% of the market cap. DRV’s wider consultancy peer group, trades on an average prospective P/B ratio of 4.4x, suggesting that a re-rating of DRV shares looks overdue now that an inflection point has been passed. Our fair value/share remains 49p.
Posted at 23/2/2023 07:46 by edmonda
"A profitable start to the new year" - new research note with audio summary here:

The new financial year has started strongly with a strong pipeline of opportunities and a lower cost base following an expanded rationalisation programme that resulted in most regions delivering a profit YTD in FY23. The results for FY22 were broadly in line with revised expectations, although the lack of forward visibility results in a continued suspension of estimates. That said, we expect FY23 to prove to be a turning point in the Group’s fortunes as utilisation levels improve now that projects are serviced globally.

We are still suspending estimates reflecting a lack of visibility and ongoing uncertainty. While this makes the construction of forward-looking valuation models difficult, we highlight the NAV and within this the level of net cash at the FY22 year end. A historic FY22 price/book ratio amounts to 1.0x, on a book value of £16.4m, which equates to 29.8p/share. Furthermore, £4.9m or 9.1p/share of this is in cash, representing 30.7% of the Group’s NAV.

Comparing DRV to a wider consultancy peer group that trades on an average historic P/B ratio of 4.7x, suggests that DRV (on 1x NAV) remains significantly undervalued. We retain our fair value/share of 49p.
Driver share price data is direct from the London Stock Exchange

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