Empresaria Share Discussion Threads

[grindertrader] 09/2/2015 15:11

Nice to see finally EMR share price adjusting upwards after the sell off.

[battlebus2] 07/2/2015 11:07

Thanks BD , only a matter of time before Caledonians shares are snapped up imv.

[busterdog2] 07/2/2015 10:38

Decent write up in SCSW today with a buy recommendation but also the caveat that the Caledonia overhang needs to lift before takeoff.

[battlebus2] 04/2/2015 16:40

A few trades this morning, might have been mentioned somewhere?

[stevenlondon3] 30/1/2015 18:49

EMR is a small AIM stock where its rating has been depressed by the lack of liquidity. The NOMAD Shore Capital should be earning its keep by finding a buyer for the remaining 13m shares held by Caledonia. IMO for what it is worth!

[penpont] 28/1/2015 16:50

No doubt some here will have noticed the action on NWKI today which values it at around 13x earnings . I've sold part of my holding there and transferred the cash here as the best current play in the sector. Thanks to GHF and others for an informative thread.

[daneswooddynamo] 28/1/2015 13:59

just use it as a great opportunity to buy 60-70p for 40p. Suddenly the caledonia stake will be swallowed and then it will be up.

as said before reason why caledonia are selling is that even if emr went up 100% it makes diddly squat difference to caledonia's share price as it is a big entity and their overall holding in emr is inconsequential in context of that. The irony is that they were in early at emr when it had great hopes and ironically it was one of the highest rated recruitment stocks!

[foxman14] 26/1/2015 23:16

In my view the net debt was the main reason EMR was a material discount to it peers. However given the 36% reduction in this figure as announced in the trading statement and the recent upgrades to earnings I am at a complete loss to understand why Caledonia Investments are continuing to unload large quantities of shares at a PER of c5.7. I am thankful that they have enabled me to acquire further shares at 40p on top of those I got pre-New Year at 45p but imv the share price would now be somewhere north of 60p with plenty of momentum and visibility if their actions were not suppressing it. Perhaps Caledonia know somewhere else they can get a 50% uplift on their investment in quick order!

[glasshalfull] 26/1/2015 22:03

Hardman have issued an upgrades for 2014 & 2015, EPS hiked +9% ... equates to PER 5.9 for 2014 and prospective PER 5.5 for this year. Excellent value IMHO.

Empressive’ finish to the year

Last week’s pre-close trading statement from Empresaria shows that the hard work it did through the recession is now paying off well. Full year profitability will be slightly ahead of consensus and we are upgrading for a second time in a month.

We are upgrading FY14E EPS (Dil. Adj.) by 9% to 7.1p and FY15E by 9% to 7.7p. The share price has done little in the last 12 months and continues to be valued at a material discount to its peers. We would expect the discount to narrow assuming Empresaria continues to deliver as (or better than) expected."

Click on link in my tweet below to access the Hardman note.

Twitter: @Glasshalfull1: EMR (Empresaria) @HardmanandCo Upgrade eps +9% in 2014 & 15 putting shares on forward PER of 6.1x #TMFPP

Regards,
GHF

[jeff h] 22/1/2015 15:22

Empresaria’s expansion into Colombia and Peru is likely to take the form of acquisitions of existing recruitment business in these territories, according to the global recruiter’s finance director Spencer Wreford.

Last summer Empresaria chief executive Joost Kreulen told Recruiter editor DeeDee Doke Chile, Colombia and Peru were ‘green field’ in terms of markets, and “a good area” for expansion for the firm.

Commenting on the group’s trading update for the financial year ended 31 December 2014, issued today [22 January], Wreford told Recruiter Colombia and Peru represent the “most exciting” staffing markets in that part of the world.

“That would give us a good presence in the main markets in South America,” he added.

“Most likely that would be external investment we would have to do. It is something on our radar that we’re looking at. Whether anything happens in 2015, we’re not highly progressed on anything at the moment.”

The trading update reveals Empresaria’s board expects adjusted profit before tax growth of roughly 13% year-on-year, with net fee income around 3% ahead of the previous year. Total net debt has been cut by 36% from £15.2m in 2013 to £9.8m in 2014.

Final results will be released on 5 March 2015.

[topvest] 22/1/2015 07:49

Caledonia Investments exiting is the problem. There is a big over-hang.

[cheshire man] 22/1/2015 07:48

Certainly won't Dibbs :-)

[dibbs] 22/1/2015 07:40

A pretty pleasing RNS to wake up too. Hard to know what exactly will bring about a re rating of the shares but this won't do any harm.

Dibbs

[dasv] 22/1/2015 07:37

good to see Germany doing well too.

Good reduction in debt.

[glasshalfull] 22/1/2015 07:34

Excellent trading statement!

So "slightly ahead" of the 6.5p EPS forecast ... PER 5-6!
Pleasingly they also include the non-recourse invoice financing (which was a point of contention) in overall net debt calculation...and that has also reduced below £10m.

I would expect a strong re-rating of the shareprice over the next 12 months given traction, outlook and valuation anomaly here.

Regards,
GHF

[daneswooddynamo] 22/1/2015 07:19

they continue to perform well and the rating is miserly, but until someone cleans caledonia out the share price will languish. Nice to see debt coming down

[battlebus2] 22/1/2015 07:06

Slightly ahead!

[jeff h] 19/1/2015 08:17

As pointed out by other posters other recruitment companies seem to be trading well.

EMR with its diverse spread of businesses should also be doing well although held back a bit by currency translation.

Exchange rates don't seem to concern Charles Stanley though as it has upped next years forecast to be similar to Hardmans.

[napoleon 14th] 18/1/2015 15:24

danes - I like to think you're right!

[battlebus2] 15/1/2015 16:54

Just reading a research note today and they have O/P at 6.6 and 7.6 with EPS at 6.5 and 7.5p , to me that makes these very very cheap.

[battlebus2] 14/1/2015 08:50

Typo error in my last post , they haven't sold a big percentage! Down a tad but still undervalued imv.

[daneswooddynamo] 13/1/2015 22:02

Not that wise given they have held a large stake in emr since the early days!

They are selling because of emr current tiny market cap..just as they have been disposing of other sub-scale holdings in the last couple of years.

[battlebus2] 13/1/2015 19:44

They haven't sold a big percentage to be fair.

[napoleon 14th] 13/1/2015 19:10

Caledonia & Kayzer family are Wise old hands atthis game.
I Wonder why they're selling. I won't follow suit as it could be for reasons
other than EMR anyway, but it's not reassuring IMO.

[battlebus2] 13/1/2015 11:26

I've also bought a few of these, looks exceedingly good value at 41p...