Driver Group Plc

0.00 (0.0%)
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% 32.50 18,073 07:44:42
Bid Price Offer Price High Price Low Price Open Price
31.00 34.00 32.50 32.50 32.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Heavy Construction, Nec 46.90 -2.89 -5.30 - 17.54
Last Trade Time Trade Type Trade Size Trade Price Currency
10:10:47 O 18,073 33.80 GBX

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Date Time Title Posts
01/6/202310:20Driver Group - Global Construction Consultancy418
06/3/201816:32DRIVER GROUP884
25/4/201117:56Duran 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

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Posted at 13/5/2023 13:13 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 08:25 by chrisdgb
Simply the wrong price.........
Posted at 27/4/2023 07:46 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 03/3/2023 11:39 by arthur_lame_stocks
I don't expect AB Traction to bid. I think it is more likely they will force a sale of the company as at Sweet and Waterman.

If that happens I expect to get at least 60p a share.

Posted at 03/3/2023 10:04 by cjohn
AB Traction surely would have used the recent price weakness to buy shares (like myself and others), if they really did want to take overall control.

My guess is that Ruffer wanted out and approached AB Traction, rather than vice versa. The quantity offered was perfect for Traction as it keeps them below the 30% threshold.

Chance of a Traction takeover 35%?

PS Results as expected: promising.

Posted at 23/2/2023 08:24 by boystown
Not bad at all. It looks like they should be able to return to pre-tax of over £1.5m going forward, which implies a fairly unambitious valuation of more like £25m or 48p per share - which is exactly where it was just over a year ago before the Middle East problems - a boil which has now been lanced.
Posted at 23/2/2023 07:46 by edmonda
"A profitable start to the new year" - new research note with audio summary here: https://www.equitydevelopment.co.uk/research/a-profitable-start-to-the-new-year

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.

Posted at 21/2/2023 18:06 by arthur_lame_stocks
Interesting that the price has been rising coming up to the results. Is there a belief that they'll be better than expected? Personally I can't imagine them being all that good but hopefully the outlook for the current year is much better.

I'll continue to hold if only for the dividend which I expect to be maintained.

Posted at 12/11/2022 21:27 by rossco
I wish I could share your confidence. I note that Equity Development place a fair value of 49p. It seems to me that such a value could only be achieved if a global consulting peer group decided to take over Driver. At the moment Driver is a loss making business, with the impact of moving out of the Middle East on their total world-wide business not yet known. Also a provision of £1m is now needed for an onerous lease provision - where did that suddenly come from?
Posted at 12/11/2022 08:35 by arthur_lame_stocks
I think this is worth significantly more than 49p a share.
Driver share price data is direct from the London Stock Exchange
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