Dodged a bullet here. Erroneous tip from SCSW unfortunately |
Thanks tomps2 for the link to the presentation .. looks promising |
EMR is featured in this week's SCSW.
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Empresaria (LON:EMR) reported H1 19 results last week. Here's a presentation given to investors, last week, by the new CEO & the CFO. (40 mins).
This gives a sense of the new CEO, and her strategy, with a focus on sales and costs. The CFO gives a comprehensive picture on the financials. |
Beginning to look like a cheap buy, I reckon.
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EMR H1 overview, introducing the new CEO, Rhona Driggs & financials by Tim Anderson, CFO.
Introduction – 00:18
Financial highlights – 01:29
Driving growth and profitability – 02:17
Outlook – 03:39 |
Is that a profit warning ? They are saying numbers are in line with expectations and they are positive about the second half |
Profit warning
As expected, adjusted profit before tax for the first half is anticipated to be approximately £3.7m (2018: £4.7m) excluding the costs associated with the previous CEO stepping down in June 2019 which have been treated as exceptional. This reflects the lower starting position of businesses in Germany and Japan along with the impact of Brexit uncertainty in the UK and a higher central cost base following the investments made in the second half of 2018. The Board is positive about the prospects for the second half of the year and the Group remains on course to deliver adjusted profit before tax in line with market expectations. |
Agreed. They should be buying back their own stock instead at this price if they genuinely believe in their own prospects |
The RNS says it contributed £2.3m, so it is in that ballpark.
They originally paid £9.4m for 65% and stated pretax had been £1.2m in 2015.
If profit has been lifted to that degree, then possibly it is worth £20m.
However, with EMR itself valued at only £34m, perhaps they should just sell it !!! ( only joking.....a bit). With c£6m of group profits ConSol is delivering about a third of profit |
Is Consol worth £20M ? |
I think the business was OK but with a very elderly chairman and a naive CFO and COO (now CEO) who've only been in post a few months then I can think of less risky investments. |
I could be wrong but the business seems ok just going nowhere in share value now. I will hold for longer. |
Spencer has 790,000 vested options and another 600,000 outstanding, so actually, massive exposure |
Holy sh*t. The only person who knows what's going on post Joost's retirement has left. I'm out !! |
Hopefully things will pick up. Management seemed 'too functional'; passion seemed to be missing. It seems a good business but was treading water for an easy route. And 15k shares: no skin in the game. |
Wrexford had 15,000 shares, that tells me everything i need to know about whether his loss is a problem. |
Yes tricky but think it needs a new view and Spencer had long enough in previous roles to sort out the UK. Maybe he was too unwilling to change what he had built up |
Quite difficult to run the business out of America ( it was never disclosed, but Rhona is based in the US) when the rest of the Board is in the U.K., and hardly hands on.
How on earth will they keep her in check ?
Cannot see this being taken well. Not sure UK investors have been introduced to her yet, so not really able to make a judgement. As one third of net fee income is in the U.K. with the legacy businesses, can she turn them around as they have consistently underperformed. |
Yes only been in the job for 12 months and Rhona was hired in November. Whats the story here? |
Yes a bit of a shock and I suspect it means a battle over strategy with the new big hire they brought in and maybe she won ? But something needed to happen and maybe this is the start of something. Worry is that new CEO will want a clean start and some kitchen sink activity could be coming. |
Did not see that coming.....Spencer has resigned with immediate effect...... |
I would have really liked to have attended...but I fly back to The Antipodes tomorrow night...hopefully there will be a YouTube link...it has been done in the past for other investor events where EMR has been presenting. I continue to hold but somehow it seems that the investors really aren't getting a lot out of it at the moment. |
A quick reminder that Empresaria present at our next London growth company seminar on Wednesday, which may be of interest to current shareholders and potential investors. More details can be found here: |
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