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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eirx Therap. | ERX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.015 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.015 | 0.015 |
| Top Posts |
|---|
Posted at 22/9/2015 17:03 by officerdigby Probably ERS6103 is being tested on ERX sh's |
Posted at 28/4/2015 09:24 by alby220 The liquidators are beginning to send out reports, re ERX. And on an initial read, sadly don't be hopeful of seeing anything out of it, back Imo. |
Posted at 23/2/2015 16:42 by ant15 Tiltonboy you and I have not always shared the same views however In time I will share my thoughts but for now let the liquidators do their job. Its not over yet by a long way for ERX. However wish as I might to do something with the shell and Auvation I will not whilst John Pool is in charge that is for certain. Angus Forrest formerly of Billam now Tern Plc and Michaela Hall are aware of my feelings and intent rest assured. The Dark Star episode will surface again and then shareholders will be able to judge for themselves the rights and the very wrongs of that little episode. |
Posted at 16/2/2015 11:28 by officerdigby OK ta for new info.So if you voted for a liquidator somehow monies was recovered to ERX, as a result of the process, the Company would still be liquidated, right? There is no way back from the process, surely? |
Posted at 23/10/2014 14:43 by alby220 Regardless of ERX, I sincerely hope Mike is well and still is OK |
Posted at 23/10/2014 09:47 by smcl the_alchemistWould you be kind enough to give your views on ERX and its comeback? Have/Had a lot tied up here so any return would be welcome. Thanks sm |
Posted at 25/8/2014 09:58 by alby220 Has anything constructive come up, in respect of re animating ERX as Yet ??? |
Posted at 19/1/2014 09:29 by share_shark It was nothing of the sort and lets not be silly about this small piece of good news.I did not make any comments other than to say thank you to the _alchemist. Whether you like it or not ERX, was mentioned and may have been of interest to some shareholders here. |
Posted at 20/12/2013 20:42 by alby220 Same goes for me, Mike, and the exclusive ERX club members. Let us hope we have better luck next year.Top marks for endurance go to all the members of the ERX club. |
Posted at 04/10/2011 15:16 by share_shark Eurozone crisis presents excellent buying opportunitiesThis article was produced by our sister publication Money Observer. By Stephanie Butcher | Tue, 04/10/2011 - 12:16 Over the summer the mood of investors changed, driven by economic data coming from the United States; in particular a very weak Philadelphia Fed index followed by soft US ISM manufacturing numbers. This, in turn, led to a sharp sell-off in European stockmarkets, particularly in the financial and cyclical sectors. The data was unhelpful for a eurozone area desperately in need of growth, and prompted some commentators to speculate we may be heading for a double-dip recession and a return to the financially-induced crisis of 2008-2009. Slow growth but no 'double dip' While our outlook is for slow growth, there are several reasons why we do not believe we will return to a recession as severe as 2008-9. Back then, the biggest negative for GDP growth was the running down of surplus inventory levels which reached their peak in 2009. This time, the current level of company inventories is much lower and firms don't have to cut back excess stock levels in the face of weakening demand. The other clear difference is the huge inroads made by the banking sector in dramatically reducing debt; since in the first quarter of 2008 banks raised the best part of $385 billion (£250 billion) of capital in the euro area. Apart from fears of a 'double dip' recession, markets are concerned about the state of public sector finances. The levels of government debt in Spain, Italy and France have come under the spotlight recently, while the UK and Germany seem to have come under less scrutiny. This to us is an anomaly, especially if debt as a percentage of GDP in the UK and US is compared with that of Spain. As a result, we feel the valuation discrepancy between eurozone markets and some of the other Western developed markets is overdone. In terms of lending growth, this is already at very low levels so given the slow growth environment we would not expect to see a repeat of what happened in 2008. What are equity markets discounting? While free cashflow remains strong and returns on equity (RoE) are looking healthy, amongst the key valuation measures we use - price earnings (p/e) and price to book (p/b) ratios - these are returning to 2008/2009 levels. The key question is: are these valuations low enough? Clearly, there is a risk of more earnings downgrades to come. Looking at consensus numbers, while analysts have cut their current year estimates, some are still resolutely holding earnings growth forecasts at around 12% for 2012, which assumes quite a 'normal' environment. That being said, recent work by Morgan Stanley states that if the right p/e for a market is around 10 times, that would imply negative earnings growth of around 6% which may be realistic but, we believe, is already discounted in valuations. Our view is the stockmarket does not need to take another lurch downwards to take account of the lower earnings growth. At a stock level, we have studied the enterprise value to sales ratio which is a good way of ironing out market volatility and compared this measure with 2008 levels. LVMH, Atlas Copco and SKF - consumer or industrial cyclicals - are well above their 2008 levels which, to us, feels risky. Even with a company like Nestlé in the food and beverage sector, investors are paying 40% more on an EV/sales basis than in 2008. On the other hand UPM-Kymmene, Ahold, Ericsson, Vivendi and Novartis are those companies where, if anything, fundamentals have improved over the last few years, and yet are trading at, or below, 2008 levels in terms of enterprise value versus sales. As a result, we feel very comfortable owning these types of companies. The other measure we pay close attention to is the difference between dividend yields and corporate bond yields which, if anything has become more extreme. Like us, our bond team believes the current gap looks like an anomaly and is really suggesting dividends are stressed. When we meet companies, however, particularly in some of the sectors where we are very overweight, such as healthcare, it feels as though the dividend stories are getting stronger. In terms of both cashflow and payout ratios, free cashflow remains very strong and payout ratios are generally low compared with historical levels. The discussions we are currently having with companies are more about whether it is time to be upping those payout ratios - certainly amongst the big-dividend stocks. How is the fund positioned? Our likes and dislikes To us, healthcare is still the standout value sector. Recent results from Novartis and Roche came in above forecasts and, in our view, free cashflow, dividend yields and payout ratios are moving higher. We remain very comfortable with both companies which are by far our largest individual stock holdings and sector weights. This is still a sector where we are paying ten times in terms of p/e for dividend yields that are in excess of five% and, in the case of Roche and Novartis, these companies are funding themselves much more cheaply than most governments. We also hold Sanofi and recently added Bayer in the same sector. At the moment, it looks controversial to be overweight in financials and it is important to make a distinction between the banking sector where we are still underweight and the insurance sector where we feel much more comfortable, particularly in those companies involved in home and motor insurance. Companies which we hold and which have done well on an absolute not just a relative basis include Trygg-Hansa and FBD Group. We have also been adding to insurers hit hard by banking sentiment such as Zurich Insurance, which is currently yielding 8-9% in Swiss francs. This looks anomalous to us. Just to reiterate, we are avoiding food and beverage producers, which look expensive in our opinion, and companies which have missed their profit forecasts recently such as Carlsberg and Heineken and where there have been quite sharp sell-offs, reinforce our view. Another area we are avoiding is the utility sector. We keep an eye on utilities because, historically, they have always been a good source of dividend income. This has not been the case this time round however. Free cash flow barely covers dividend yield, which to us is always something of a warning. E.ON and RWE have clearly not been helped by the nuclear tragedy in Japan and the decision of the German government to close its nuclear capability. Having said that, share prices have fallen a long way and are worth keeping an eye on in our view. If we see any evidence where dividend yields might be better covered, we might reconsider our position but the time is not yet right. Conclusion In conclusion, we feel that European equities as an asset class are offering historically low valuations which are rarely seen. The evidence that we have is that corporate Europe is in very good shape. The quality of management is extremely high, and many companies have good exposure to global growth, for example Asia and Latin America. If we can steer ourselves away from media hype, the valuations being offered today are a 'one-off', in our view. To that end, we remain very supportive of equities and of European equities in particular. Stephanie Butcher is European equity income fund manager at Invesco Perpetual. |
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