Empresaria Share Discussion Threads

[jeff h] 21/3/2016 11:53

Thanks for the update GHF.

Anyone go the presentation last week? - I was abroad or would have attended.

[glasshalfull] 21/3/2016 10:57

Update on forecasts via EMR's broker which can be summarised as follows:-

UK - Revenues down 5% in FY15 that relates to the strategic withdrawal from low value work in the Technical & Industrial sector, impacted by legislation. Stripping this sector out, revenues would have grown by 27%. Businesses exposed to the financial services sector performed well. They note UK business has had a good start to the current year with high activity levels and, with the business now more aligned to growth sectors, & anticipate modest top-line growth and further margin progression in FY16.

Europe - Continental European businesses delivered further strong performance with structural growth & robust economies providing for 28% profit growth in Germany and Austria in local currencies. The Healthcare business in Finland performed in line with expectations. The returns were impacted by a £0.3m hit relating to FX moves.

ROW - Profits rose from £1.2m to £1.9m, with the Indian Offshore Recruitment Services business performing particularly well that was reflected in the 65% increase in staff numbers. Japan and Australia also performed well whilst the South East Asian businesses were more muted as China impacted domestic economic confidence.

Broker coverage indicates that FY16 will benefit from a full-year contribution from the Pharmaceutical Strategies (PS) acquisition, which is trading well. This business made a small negative contribution in FY15 as profits were offset by acquisition costs.

PS - Indications are that PS will revert to a significant positive contribution in FY16 which and will be earnings enhancing. This provides the company with a foothold into the US market & lifts exposure to the healthcare. The business is forecast to achieve double-digit growth rates & strong KPIs that look likely to enhance performance ratios including the conversion ratio and debt/trade debtors ratio within EMR.

The broker has left forecasts unchanged but note a potential upside through:-

Positive currency position - This has moved in EMRs favour in Q1 2016 where a £0.3m negative hit in FY15 could move to a £0.3m positive if current rates maintained

Acquisition costs dropping out - £0.2m acquisition costs included in 2015 results so will emphasise a positive full-year contribution for PS.

Forecasts

2016

Turnover £201m
PBT £8.6m (+14.7%)
EPS 10.8p (9%)
Div 1.09p (+9%)
Yield 1.3%
Net Debt £7.2m

2017

Turnover £206m
PBT £9.4m (+9%)
EPS 12.0p (+11%)
Div 1.22p (+12%)
Yield 1.4%
Net Debt £3.8m

Regards,
GHF

[santangello] 11/3/2016 08:28

....just a cheeky few more first thing.....and not alone.Look primed here ??

[santangello] 10/3/2016 21:02

Added myself chaps.......on a somewhat 'artificially' held back share price

Looking for a quick return to 100p in the short term.

RNS tomorrow ?

[battlebus2] 10/3/2016 19:04

Might have known you were buying GHF, added a few more myself.

[glasshalfull] 10/3/2016 16:35

Availed myself of a quite a few on the dip a couple of days ago.

Has anyone had sight of Arden's forecasts in light of results? Been unable to obtain a note.

Regards
GHF

[battlebus2] 10/3/2016 16:19

Time to buy a few more??

[daneswooddynamo] 10/3/2016 16:14

yep looks like it; hopefully miles hunt has got rid of what he wants to as well

[martincc] 10/3/2016 16:12

Big volume today, including 4 trades of 600k (2 pairs?)
Possibly agreed sale by T J D Sheffield to a new buyer.
If the seller is out price may start to recover.

[harrogate] 08/3/2016 14:18

My gut feel tells me that the subdued share price since the results, the seeming difficulty in getting a new broker number for 2016 AND the comment above from the CEO that they are on the look out for deals, suggests we might have another placing on the way here. If not it is looking cheap. Given the last placing involved a nice deal for a select few I am holding off buying at this price just in case.

[battlebus2] 08/3/2016 14:08

Looking very cheap again.

[proactivest] 08/3/2016 09:59

Video interview with Joost Kreulen and Spencer Wreford

Empresaria’s (LON:EMR) CEO Joost Kreulen and finance director Spencer Wreford discuss the firm’s recent “fantastic” results and its investment strategy moving forward.
The specialist staffing firm delivered record pre-tax profit as earnings per share rose in the year just gone, and Kreulen says the results were ahead of expectations.
Debt was reduced to below the firm’s target of 25% in the year to December 2015, and Wreford says that this “has put us in a very strong position, so we are now at a comfort level where we think we can invest further.”

[nehpets81] 07/3/2016 10:35

I don't think it it is a new upgrade - the forecast dividend is still showing at 0.7p and the EPS is definitely the same as it was at the last upgrade. I haven't been able to see any new broker forecasts actually. The Arden one seems old, Panmure have it "under review" and there has been nothing new from Hardman for months.

Despite what I said about the debt/dividend I still think the shares are cheap by the way - I would just be much more confident if the company were a little more conservative with their gearing and equity raises..

Oh, and Jeff - after much consideration I have decided that actually you can have the debt and I'll take the divis.

[shanklin] 03/3/2016 08:52

Graham

I am not convinced that is a "new" upgrade. Specifically, REFS shows a broker forecast EPS of 10.8p for 2016 having been issued on 21-Jan-16.

HTH. Cheers, Martin

[harrogate] 03/3/2016 08:32

Thanks for that - maybe a tad harsh but it is what these companies are rated at - it could be that the US bit warrants a higher rating but we don't know yet - I do see these at £1+ having said all that

[graham1ty] 03/3/2016 08:26

I think the new forecasts from Arden are 10.78p for this year and 11.95p for 2017. That is an upgrade of 6% from the old 10.2p. Despite "exceeding expectations" statements in Sept, in Jan, then a beat yesterday and an upgrade.......no break out above 100p. 10.78p puts them on 8.3x which does seem a tad harsh

[harrogate] 03/3/2016 08:19

We could do with seeing if the upgrades through 2015 continue into 2016. Has anyone seen a broker note? All staffing agencies are off their highs - Impellam, Staffline etc as they never attract high ratings - Impellam looks cheaper than EMR for example with a higher yield and at the moment with the doubts over growth they will be the first ones to be hit as firms reduce temporary staffing numbers and in the UK for the volume staffers there is the headwind on the banning of travel and subsistence tax scams through umbrella companies. I think we need to see 2016 coming in ahead to get us moving from here.

[shanklin] 03/3/2016 06:52

Aah well, 11 hours 16 minutes to correct something I noticed as soon as I read the RNS. Glad it was something fairly trivial they didn't check properly.

[battlebus2] 02/3/2016 23:12

The following amendment has been made to the Final Results announcement released today 2 March 2016 at 0700 under RNS No 7102Q.



The record date of the dividend stated in the dividend paragraph below has now been corrected from 9 May 2016, to 6 May 2016.



All other details remain unchanged.

[santangello] 02/3/2016 22:48

Added a few more late in the day.

I see value here and plenty of upside, and intelligent Investors would share the same opinion if they read through today's numbers thoroughly.

Broker updates, and respected commentators interpretations will know doubt underline my decision to continue to add up to around 100p in the short term.....for a medium term winner in my successful Portfolio.

[jeff h] 02/3/2016 19:45

No I am not greedy...don't want both...the debt is all yours!

[harrogate] 02/3/2016 19:42

Logically you would have the dividends AND the debt and we would have neither !!

[jeff h] 02/3/2016 19:40

Harrogate/nehpets - I'll have the dividends then and you can have the debt!

[pj 1] 02/3/2016 18:24

I wish all my holdings contained the following outlook statements, and for a Company that has delivered to date I cannot see how anyone would doubt them. The Market will re-rate in time


''We see exciting opportunities across the Group in spite of current global uncertainty, and are confident in our ability to deliver profitable growth."

''Despite wider market uncertainties at the start of the year we see exciting opportunities to develop our network. We are committed to growing the business to drive increased profits and enhanced shareholder value. We look forward to the year ahead with confidence.''