Empresaria Share Discussion Threads

[jeff h] 10/5/2013 01:17

lol my 15k addition open doors GHF.

[daneswooddynamo] 09/5/2013 23:08

Tucked into a few more myself. Mind you i tucked into a few more at 35p too

[glasshalfull] 09/5/2013 22:44

Well time to announce that I've been buying back here...and competing with at least one other investor for stock.

Thought the shareprice dip below 30p a decent opportunity to pick up a few given that consensus from 3 brokers is for £6m PBT and 6.0p EPS for the current year...prospective PER of 5.

The shares aren't as cheap when you consider they are carrying net debt of £8m and EV is £20m but I note that this figure includes £2.4m spent on acquiring the remaining minority stake (13.3%) in Headway earlier than expected and saving £0.6m in the process; £280k for FastTrack minority; £100k for minority MediradiX...there's a theme emerging... & clearly management are looking to take the subsidiaries completely under their wing rather than leave 10%-20% equity stakes outstanding as was strategy adopted by the previous CEO.

Overall they spent £3.2m on acquiring minority interests.

Again, consensus from brokers indicates that EMR should lop off c.£2m of this debt in the current year to c.£6m.

Improved cash conversion, positive noises surrounding the Headway (German) provision & improvement in end markets such as Germany, Chile & Baltic States would see a gradual recovery in the shareprice as the year progresses - all IMHO - and I view this as a good risk/reward opportunity as long as management can steer clear of the banana skins that have cropped up over the last few years.

Looks good value to me.

Regards,
GHF

[pyemckay] 30/4/2013 15:05

Quiet board which i like. i made a very small purchase today into my SIPP and look forward to a nice return over the years.

[boros10] 21/3/2013 13:12

Edison has updated its forecasts this morning. 2013 EPS is forecast at 6p, up 20% on 2012. 2014 sees EPS of 6.7p, valuing the business on a forward P/E of just 5.4x.

[daneswooddynamo] 20/3/2013 12:28

it will be interesting to see what edison do with their numbers for 2013..they had 6p eps forecast from their latest note in jan post the trading update

[parvez] 20/3/2013 11:43

maybe so and even with 60p massively undervalued....you raise some good points. Thanks.

[daneswooddynamo] 20/3/2013 10:58

i think you are a bit optimistic on the multiple as there is a big discrepancy between larger and smaller recruiter multiples but i do think this one should be back to pre-germany problem levels (ie, 60p). The elephant in the room is caledonia's large stake in the company. Caledonia have been steadily selling off their large holdings in less liquid smaller companies. So that is a big overhang potentially (or if you have your rose tinteds on a big opportunity for someone).

[boros10] 20/3/2013 08:02

A robust performance with a particularly encouraging performance in the Far East. Problems still exist in Germany but the restructuring should put this business back on track. The tax charge is high but may be lower in 2013 as UK prior year disputes resolved.Adjusted EPS puts the share on a historic p/e of around 6x. I see scope for earnings growth and a re-rating over time but patience will be needed.

[daneswooddynamo] 20/3/2013 07:41

"we are cautiously optimistic about the current year". Given recent travails i would read that as "we are actually quite optimistic about the current year". This is going back to 60p this year

[this_is_me] 20/3/2013 07:36

In present circumstances this is a good set of results.

[daneswooddynamo] 11/2/2013 11:34

not sure but i have been buying more over last week and they have not been easy to purchase. bit of volume today and the momentum is clearly upwards and why not given they should probably be heading back to the level they started coming down from when the german problems surfaced

[this_is_me] 11/2/2013 11:16

I don't know, but it is a nice jump anyway.

[spooky] 11/2/2013 11:14

Have these been tipped somewhere ?

[jeff h] 24/1/2013 18:40

Seems that prospects here are recovering fast.

Asia growing well and will also benefit from sterlings recent fall as will the European businesses.

Headway now 100% owned and has a lower cost base with the back pay issue seemingly now over.

Stakes in other subsidiaries increased giving a bigger share of profits and reduced put option liabilities.

So still a challenging trading environment in many markets but progress being made.

[daneswooddynamo] 18/1/2013 07:36

yes you've got to laugh at their note with a share price of 21p...

[philo124] 17/1/2013 21:59

Good timing as Edison came out with a note later in the day.

[stegrego] 17/1/2013 12:59

Back in first thing, but a very modest amount. Looks reasonable for at least double on a 12 month view.

[wjccghcc] 17/1/2013 12:52

Don't think there will be an MBO but very undervalued now Germany is settling down. Last sold these at 60p back in 2011. Nice to be back in this morning, though as ever, hard to get in decent size.

[daneswooddynamo] 17/1/2013 09:16

wouldn't be surprised to see an mbo here with directors owning a big chunk of the shares anyway and other institutions seemingly falling over themselves to exit from situations which have become too small/illiquid. Or if not fundamentals should drive it 100% higher over next 12 months back to around the level before germany bit

[jeff h] 17/1/2013 08:44

Yes, I agree how cheap and added. Forecast now seemingly to be met:-

Y/E 31/12/12 Pre Tax £4.60m EPS 4.90p Div 0.35p

[spooky] 17/1/2013 08:31

Somewhere between very and extremely :-o)