Emblaze LD (DI) Share Discussion Threads

[waterloo01] 18/3/2014 12:41

Thanks Colin. Sales $97m, GP$24m, $9m profit post tax. Cash $62m, and pays a dividend (shock horror):

From the above:

Sales increased 17.3% from fiscal 2012 to NIS 336.0 million (US$ 96.8 million)
Gross profit increased 21.2% from fiscal 2012 to NIS 83.7 million (US$ 24.1 million), or 24.9% of sales
Operating income increased 24.5% from fiscal 2012 to NIS 29.2 million (US$ 8.4 million), or 8.7% of sales
Income before taxes increased 30.1% from fiscal 2012 to NIS 41.3 million (US$ 11.9 million), or 12.3% of sales
Net income increased 32.5% from fiscal 2012 to NIS 31.8 million (US$ 9.2 million), or 9.5% of sales
Earnings per share of NIS 2.45(US$ 0.71) increased 32.5% compared to earnings per share of NIS 1.85(US$ 0.53) in fiscal 2012
Cash, securities balance and loan to C.D-B.A Holdings (Designated) (2013) Ltd. ("Newco") (net of short-term bank debt) of NIS 214.4 million (US$ 61.8 million) as of December 31, 2013

[colinhy] 18/3/2014 12:18

This should help push up BLZ share price when it relists after completing purchase of Willi Foods in Q2.

March 18, 2014 7:00 AM ET

G. Willi-Food Reports Fiscal 2013 Net Profit Up 33% From Fiscal 2012 Net Profit

Furthermore, Mr. Williger added, "About two weeks ago, my brother Joseph and I signed an agreement to sell to Emblaze, which is traded on the London Stock Exchange, our controlling stake in Willi-Food Investments Ltd., the controlling shareholder of the Company. We view this sale as an opportunity for the Company to continue its accelerated development in the food sector, both in Israel and outside Israel and possibly to expand into additional activities. Both my brother and I will continue to manage the Company, together with the Company's personnel and the management of Emblaze, in order to continue to develop the Company."

"We believe we are well positioned to continue our expansion and the recent financial results certainly confirm our belief in our strategy," concluded Mr. Williger. "We are constantly focusing on looking to meet the demands of consumers for new kosher products, and we have the infrastructure in place and development expertise to develop and deliver these products. At the same time, we remain focused on maximizing long-term profitability and creating additional value for our shareholders."

[checkers2] 15/3/2014 19:17

From bloomberg: Apple told the justices that it faces 228 unresolved patent claims and employs two attorneys just to respond to letters demanding royalties. It has been sued 92 times by patent assertion companies in the past three years, settling 51 cases, with most of the rest pending. "Apple has rarely lost on the merits," the company said in its court filings. "But victory figures as small consolation because in every one of these cases, Apple has been forced to bear its legal fees.

Looks like chance of success is in our favor with at least a settlement given also the heavyweight team being used by apple

[waterloo01] 10/3/2014 16:02

Actually makes a rather fun read and a slap on the wrist for both parties.

Next docket is a great example of lawyer speak

MOTION to Continue Motion for an Order Continuing Hearing on Motions for Summary Judgment filed by Apple Inc..

[waterloo01] 06/3/2014 10:07

When this re-lists, where do we expect the price to be, given the cash left and the value in willi? (discounting anything re patent case)

[cjohn] 06/3/2014 10:04

Hi Sladdjo, yes, you're right- again.

But in this case, with the securities on the balance sheet reducing enterprise value, it looks an attractive deal.

[colinhy] 06/3/2014 09:39

March 5 2014 Seekingalpha.com

G. Willi Food-International, Ltd. News Creates A Buying Opportunity

"Beneath the surface, investors will see that Emblaze Ltd. is controlled by Ukrainian businessman Alexander Granovsky, a reported billionaire with experience in food investments, who purchased a controlling stake in Emblaze last year. WILC and Emblaze were both involved late last year in efforts to reorganize IDB Holding Corporation, so presumably the two parties are very familiar with each other at this point. In a premium article on the Israeli news web site haaretz.com, a Granovsky spokesperson is quoted as saying "We think Willi-Food has the potential to expand in the United States." WILC management has talked about this same goal in the past. Perhaps Emblaze is in a better position to make it happen.

WILC is attractive, and I have added to my holdings with the recent price weakness. I look forward to hearing more from management in two weeks during the fourth quarter conference call. I also hope to learn about Emblaze's plans for their new investment after an expected closing later this quarter."
-------------------------------------------------
Register with Seekingalpha to read complete article

[waterloo01] 05/3/2014 18:12

M Walsh, no, it 'vanished' from the listings, however, MS asked for the details from the Apple case (re supreme court stuff). Maybe they have settled?

[m welsh] 05/3/2014 13:46

Has any body heard of an update on this court case !!

Monday, Mar 3 2014

02:00PM
3:12-cv-05422-JST - Emblaze Ltd. v. Microsoft Corporation Tutorial


Wednesday, Mar 5 2014

09:30AM
3:12-cv-05422-JST - Emblaze Ltd. v. Microsoft Corporation Claims Construction Hearing

[landsker] 05/3/2014 11:17

its a definate sign of insecurity on apples part

pity the shares are suspended, this news might have sent the share price up

[waterloo01] 05/3/2014 10:27

Is there an inverse proportion to the number of lawyers and the strength of the case? If so, it's looking good.

[sladdjo] 04/3/2014 18:07

Agreed fatoomch - trying to speculate at reasoning behind purchase (tho its likely my guess isn't right so I prob should just wait until the prospectus is out)

[fatoomch] 04/3/2014 15:51

Sladdjo - BLZ are paying out for 55% of a company.

[landsker] 04/3/2014 15:22

not quite, should be about 30 million quid left

[moneyman18] 04/3/2014 13:59

The Money has now ALL GONE

[sladdjo] 03/3/2014 22:37

Been thinking a bit more about this deal - effectively BLZ are paying out ~ NIS 270m for a company that has NIS 280m in cash and an operating business, so in terms of control we've gained an operating business "for free." Not sure, however, how the economics will work out when/if BGI (and hence BLZ along the way) will try to sell its subsidiaries and return cash to its shareholders

[jimboyce] 03/3/2014 16:56

But will it pay dividends ?

[sladdjo] 03/3/2014 16:04

Thanks for checking, CJohn.

The figures that I'm looking at with NAV of NIS 360m and 50m cash, 170m financial assets belong to WILC (hxxp://www.sec.gov/Archives/edgar/data/1030997/000117891313003036/zk1313815.htm), WLFD's operating subsidiary. WLFD owns ~ 58% of WILC, hence I think a 42% discount needs to be applied to those numbers and BLZ is purchasing 61% of 58% of NAV 360m, i.e. 127m + whatever cash and other assets WLFD owns. However, as you mention there is also the upside to an owning a profitable operating business.

I used to have a small holding in WILC (part of the proceeds went into BLZ!) and from memory the financial assets NIS 170m are in CD's, etc, and that is presumably what WILC would have contributed to the IDB deal.

[cjohn] 03/3/2014 13:55

hi sladdjo,

i had a quick read of wlfd's balance sheet.

The deal is better than your back-of-envelope calculation suggests.


WLFD has total net tangibles of 360 million NIS, of which 320m are net current assets, including 50m cash and 170m financial assets (the WILC stake?)

If you allow some upside, as you do, for the WILC stake then the deal looks a good one. They've not overpaid

[checkers2] 03/3/2014 13:54

Agree, boring is best we have enough excitement here don't we?

[waterloo01] 03/3/2014 11:47

I'll live with boring but profitable.

[cjohn] 03/3/2014 11:40

Ah, there I agree with you, Landsker. A splendidly bathetic deal.

Still most of the companies I own are dreadfully unglamorous. And there again transforming world communciations is so unlikely.

[cjohn] 03/3/2014 11:29

Thanks Sladdjo for the thinking. On the raw figures this looks an OK deal, but unexciting. It could have been a lot worse.

It still leaves cash on the BLZ balance sheet.