Empresaria Share Discussion Threads

[daneswooddynamo] 17/1/2013 08:26

this is surely looking very cheap

[stemis] 23/8/2012 13:03

Note from Edison



Having come through a period of uncertainty, Empresaria is now again in a position to focus on its strategy and objectives. Under its new leadership, the group will drive growth in its existing brands and industrial verticals in key locations worldwide, retaining its devolved business culture, but leveraging on its sector expertise. We would expect the discount to close as the market sees evidence building that the group can deliver both on its strategy and on its financial targets.

Looks cheap if you believe the forecasts.

[paleje] 22/5/2012 10:36

And again, another 55k. With AGM a week away they usually issue a trading statement to coincide.

[johnwise] 21/5/2012 15:01

Reassuring to see Expresaria Group Chairman Anthony Martin buying again:

RNS Number : 7749D
Empresaria Group PLC (EMR)

21 May 2012
Empresaria Group plc

Director dealing
The Board of Empresaria has been notified today that Anthony Martin (Chairman) acquired the following ordinary shares in the Company:
21 May 2012 20,000 shares at 32 pence

[jeff h] 08/5/2012 19:26

I see someone paid 2p above the 33p Offer (ie 35p) for 28,395 shares today.

[johnwise] 26/4/2012 08:14

(EMR)
Yesterday Expresaria Group Chairman Anthony Martin spends serious money buying 342,500 shares @ 28p = £96,192

Forecasts:
Year end-31-Dec-12 Revenue(£m) 214.00 - Pretax(£m) 5.70 - EPS 5.50p - P/E 5.1 - Growth +34% ..
Year end-31-Dec-13 Revenue(£m) 220.9 - Pretax(£m) 6.20 - P/E 4.4 - Growth+14%

[jeff h] 22/3/2012 14:37

Edison research update:-

[jeff h] 18/1/2012 19:52

Yep a lot going on in Germany with minimum wage and temps.

Also Lufthansa getting criticism for employing 200 temp flight attendants.

Whatever the problems in Germany the company seemingly still doing well in Asia:-

LMA Recruitment, the specialist financial services recruiter, continues its international expansion program with the opening of its second international office in Hong Kong. The Singapore office, which was established in January 2011, is going from strength to strength and the opening of Hong Kong perfectly fits with LMA Recruitment's plan to further establish a strong presence in the South East Asian markets. Peter Ritchie, who has a wealth of experience in the Hong Kong markets, will lead the business. Russell Thompson, Managing Director, comments "This expansion further realises our ambition to become a leading organisation within the global financial services recruitment markets. Our business has grown very successfully this year and the opening of our second international office in Hong Kong is tremendously exciting after the success of our Singapore office".

[glasshalfull] 18/1/2012 18:59

Thanks Jeff.

Noticed the stock stir into life as well. I'm content to watch from the sidelines meantime.

Kind regards
GHF

[cfro] 09/12/2011 09:48

Im in agreement with IC2 as above.

I've had my reservations on this industry for a while now. TBH i think the market is saturated with recruiters.

Nevertheless EMR remains on my watchlist as i still think that one day there may be money to be made here. HYDG also remains strongly on the watchlist.

[interceptor2] 09/12/2011 07:24

GHF, as usual you have expressed my current view of this sector, much better than could have done. I still follow EMR and no doubt will be back once I feel more confident about EMR and this sector.

I was bullish about the recruitment sector at the start of 2011, but sold my last holding HYDG in this sector in September. Unfortunately the statement from MPI confirmed how tough international operations are now, even though I think the UK might be fairing better.

But best to be careful in this sector for the time being imo.

Good luck to holders here.

ic2...

[glasshalfull] 08/12/2011 21:50

Lastly, today's Shares Magazine is also bearish on the sector (P7)and echoes my rationale for selling, even at the current distressed level.

It reiterates MPI's profit warning and explains that it thinks that there is a read-across from MPI's woes in Asia, Latin America and Australia.

Shares expects there to be a string of bad news from the recruitment sector over the coming months. Stockbroker Seymour Pierce reckon Germany and Scadanavia could be the next troubled regions. This would be bad news for Empresaria (EMR)....

I'm just too nervous to hold at the present time but will keep a close watching brief.

Best of luck.

Regards,
GHF

[glasshalfull] 08/12/2011 21:43

Confession time....I've sold my entire holding over the last few sessions and responsible for the dip in the shareprice. Luckily away at breakeven but still one of the shortest holdings I've had in a long time which lasted a whole 5-weeks. I'll be day trading next ;-)

I should hasten to add that I haven't heard any negative news re. EMR but MPI's announcement on Monday spooked me. I watched as STAF, STHR, etc, all fell in sympathy and then saw the latest Edison note concerning EMR which indicated a negative stance for the sector and downgrade of 4% across the board.

The note can be accessed via the link below and clicking on pdf dated 5th Dec.



PBT is now forecast at £4.7m and EPS 4.5p which is only marginally below the range of 4.8p-5.0p previously. So certainly not a significant change.

I still think EMR looks good value and noted yesterday's RNS on 6/12 where they mopped up a further 35% of PT Monroe Consulting (Indonesia) for £400k. Looks like a decent price if 2010 profit is reproduced or bettered.



Tonights latest RNS announcement also indicates that Ennismore are certainly positive and have purchased a further 350k (so that's where some of my holding went ;-)



Regards,
GHF

[jeff h] 14/11/2011 13:21

No official news on Germany yet.

I note announced today though GDP in Japan was up 1.5% for the last quarter which presumably helps EMR.

[glasshalfull] 02/11/2011 14:33

Getting difficult to get hold of stock FWIW.

My last small top up moved the bid and offer.

Regards
GHF

[topvest] 30/10/2011 13:30

I'm still watching, but nervous until we get past next year end. The main thing that concerns me is why the founder and CEO walked?

[glasshalfull] 29/10/2011 18:35

Jeff - Many thanks for your kind comments. Much appreciated.
Here's hoping that EMR does the business.

Kind regards
GHF

[jeff h] 28/10/2011 20:20

As ever a well balanced and argued case put forward by GHF with research shared and referenced.

One of the sites top posters - hope the purchase comes good for you GHF, not least because I still hold!!

[paleje] 28/10/2011 17:00

Thanks GHF, most welcome.

It's quiet here with not much happening but I'm sure others are watching same as we are. I already have a fair few at a higher price but I'm looking to add if the court ruling isn't too bad. I spoke with Miles Hunt when this lot came about and although he couldn't say much, he did stress 'do the maths' and take a view. I sold 50% and with hindsight should have sold the lot to buy back lower. Never mind, they could be looking like a bargain soon. Good luck.

[glasshalfull] 28/10/2011 14:33

Noticed that as well paleje - increase of 365,000 shares which are evidenced by yesterday's trades. Quite funny that the initial RNS spoke of the transaction taking place in 2007 ;-)

I'd set a price alert should these ever fall to 20p and looked over them yesterday and today and reckon they now look a decent risk/reward play. They were hit by a perfect storm of events; ecoli breakout affecting German business; German labour law issues, tsunami affecting Japan; adverse working capital movement and CEO stepping down in 2012.

Decision to bail out in the 60's was very fortunate but I happen to feel that fall now overdone and on an £8m mkt cap and £16m Enterprise Value, the market fails to reflect a reasonable rating considering that they are still expected to deliver £4.8-£5.0m PBT and 4.8p EPS for the current year.

A lot of negativity still surrounds the German action and uncertainty over the provision of £3m that EMR have set aside. It looks to be a fair assumption given that there is likely to be some liability.

Altium note: -

Based on experience to date, given that both class actions and no-win no-fee arrangements are prohibited in Germany, and that unions may not fund initial claims by members, it seems unlikely that many claims from temps themselves will ultimately be received or paid out.

Altium also indicate that germany recovered well in the early part of H2: -

EBITA contribution from Germany in July and August is reported to have recovered to c.€350,000 per month, at which run rate our Continental Europe H2 EBITA forecast of £1.8m looks underpinned after central cost allocation and adding EBITA from other European businesses. Based on normal one-third to two-third FY EBITA split between H1 and H2 for Continental Europe, our H2 2011E forecast of £1.8m substantially supports our FY 2012E forecast for this region of £2.7m.

On Headway they note the put-option has been put on hold for the timebeing:-

The put option held by the Headway
(Germany) vendor and minority shareholder expires in December 2011. The amount
payable by Empresaria for the stake is based on the previous two years' earnings. Given the uncertainty over the CGZP liability, it appears likely that management together with the vendor will agree that the put option will not be exercised until the liability is finalised, and the expiry of the put option will be extended accordingly. Given the reduction in German profitability together with the retrospective claim liability, our estimate of the amount ultimately payable as consideration for the minority stake has diminished commensurately.

Hope this assists the thread.

I've dipped my toe back in, but realise that this may be slightly premature.

Regards,
GHF

[paleje] 28/10/2011 14:17

Ennismore EU Small Co's Fund increased their holding from 6.5% to 7.32%, presumably they've taken a view on the German court ruling due 09 Nov.

[paleje] 15/9/2011 14:56

Barriers to Hungarian workers filling German vacancies (via Summers Group) are indeed a problem; I got a reply from EMR finance director today. He said the Germans are insisting on strict language levels and other criteria before allowing entry, so even excellent qualified staff cannot move as easily as was hoped for until they satisfy all the criteria. They are working on this and it will add to revenue in due course.

Investor's Chronicle view: fairly priced for now -

November court ruling next stop.

[paleje] 10/9/2011 15:47

Empresaria Group* – Interim Results comment. 'Speculative Buy' at 25p; Target Price 38.4p


I think 'Speculative' needs a bit more upside than that.