Empire Metals Share Discussion Threads

[tole] 31/8/2006 08:44

Noticed a couple of nice 100k buys from yesterday including an interesting Broker trade - seemed to have caused the late tick up yesterday.

[tole] 29/8/2006 11:07

News out.

ENGEL EAST EUROPE N.V.

New project of 100 luxurious residential units in Prague, Czech Republic

Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listed
Central and Eastern European ("CEE") residential property developer (EEE:L), is
pleased to announce that it has signed an agreement for the purchase of
additional land in Prague, in the Czech Republic, for the development of
approximately 100 luxurious residential units. The Company's management
estimates that the projected sales of the project will total approximately Euro22
million. The agreement is subject to receipt of a planning permit.

The Company intends to develop a residential project with a total area of
approximately 9,000sqm on the acquired land. The project is in a very
distinguished quarter of Prague - close to the Valtava River on one side and the
prestigious palace gardens on the other, and is located in close proximity to
Prague's city center.

The total purchase price of the land will be approximately Euro4.6 million, of
which approximately Euro700,000 will be paid into an escrow account. The balance of
the consideration will be paid upon receipt of the planning permit and until
such time will be guaranteed partly by a bank guarantee and partly by a
corporate guaranty provided by the Company.

Engel East Europe is in continuing negotiations for the purchase of additional
parcels of land throughout the CEE Region, both in countries where the Company
is already active, as well as in new countries, for the development of
additional projects.

Jacob Engel, founder and Executive Chairman, said:

"We are especially pleased to obtain the rights to this project, due to its
attractive and high-quality location within the beautiful city of Prague. Our
success in obtaining the rights to this project is as a result of our wide
network of sources and our involvement in Prague's residential property market.
This complements our strategy of further expanding our activities in Prague,
relying on the steady growth of the Czech market, and taking full advantage of
the considerable growth opportunities for residential property development in
other markets in the CEE region."

[tole] 27/8/2006 15:04

Engel East reports strong interims
21.08.2006

AIM listed Engel East Europe built gains today as the Central and Eastern European residential property developer published "strong" maiden interim results "well ahead of expectations."

Net profit before tax for the six months ended 30 June was €12.1m, up from €1.8m, on revenues 147% higher at €23.2m. Net assets were up to €54.5m from €43.7m on 31 December last year.

The company said it had a current pipeline of approximately 12,000 residential units, with projected sales of more than €1.2bn.

Founder and executive chairman Jacob Engel said, "Engel has signed some excellent and exciting deals...and there are other projects in the pipeline which we expect to sign during the second half of the year."

"In the second half of 2006, we will continue to focus on growing our business, both in countries where we currently operate as well as in new emerging markets.'"

The group is to pay an interim dividend of €0.021 per share.

[tole] 27/8/2006 15:02

THIS IS MONEY'S WEEKLY SMALL CAPS

All action on Engel's eastern fronts
Oliver Haill, analyst, Growth Company Investor
24 August 2006

A STRONG set of interim figures from central and eastern European property developer Engel East Europe proves its capabilities and a whopping €1.2bn (£817m) sales pipeline provides an indication of its voracious ambition.

The company is focused on residential properties and was established in 2000 as a subsidiary of Israeli property developer Engel Group, whose founder Joseph Engel is chairman and major shareholder of this venture. The company focuses on the Czech Republic, Hungary, Poland, Bulgaria, Serbia and Romania. Since floating on Aim last December with 10,000 units, the group has secured nine new sites and is well diversified across the region. Finance director Nir Netzer points out that Engel has 'at least 1,000' residential units in each of its territories, apart from pricey Serbia.

Of recent deals signed, Netzer is excited about one in particular, saying it's 'a lot better than the rest of the market is getting'. Heitman – one of the biggest real estate fund manager in the US, if not the world, with $14bn (£7.7bn) assets under management – is pouring €22.4m into a second joint venture with Engel.

House broker KBC Peel Hunt says such joint ventures, which provide up-front cash, helps Engel expand 'on a hugely cash efficient basis'. Management claim sales prices in much of Central and Eastern European have increased recently and are confident that their 'scope of activity will increase substantially in the near future'.

Interim results to June showed net assets increasing 25% to €54.5m and net cash of €36m. Profit before tax of €12.1 was up from €1.8m on revenues up 147% to €23.2m. The company will pay a €0.021 interim dividend too. KBC has upgraded pre-tax profit numbers 21% to €19m for the full year and earnings forecasts put the shares on a forward p/e of under 11 for the full year. Engel's markets are buzzing and its shares merit buying.

• Recommendation - buy

[tole] 25/8/2006 10:30

Think you'll find Peel Hunt upgraded on results - PBT to Euro 19m from 15.6m

Nice summary on GCI if you havent got access to the Peel Hunt note.

Puts them on a prospective PE under 10.

[wilco99] 24/8/2006 19:51

trying to work out the catch with this company. massive development pipeline (1.2bn euros at last count), cash of 30m euros at half year results and highly cash generative. all this for a company valued at jsut £107m, (forward pe of just 11.1 predicted and that seems very conservative. looks like a hidden gem to me!!

[cezary] 30/1/2006 09:47

Engel East Europe N.V. (or "the Company"), the AIM-listed Central and Eastern
European residential property developer (EEE:L), is pleased to announce that it
has signed an agreement for the purchase of additional land in Warsaw, Poland,
with a total area of approximately 54,000 Sqm. for total a purchase price of
approximately Euro6 million.