Empresaria Share Discussion Threads

[merrimac] 13/3/2019 07:27

Generally a good diversified company...not sure I like the number of shares that are illiquid but I do like their approach. This dividend payout looks highly favourable too and puts more of the profits back to the investor (as they should with the capital arrangements they now have).

[graham1ty] 13/3/2019 07:17

Pretty good results. No banana skins.

Debt down ( a bit) and almost all metrics steady, or up a bit.

I think the market has been factoring in a disaster and EMR have NOT produced any negative surprises. That makes a p/e of 5 possibly a little low !

[opodio] 19/11/2018 07:36

Change of Auditor



Always a very dodgy signal

[graham1ty] 22/10/2018 08:03

New COO appointed. She says : “ I believe there is significant opportunity for Empresaria to play a much bigger role in the industry and I am excited to work closely with the Board and with the Empresaria brands to drive organic growth and to continue to strengthen our position”

Yes, I wish EMR had a bigger role....well, actually a higher share price !

[merrimac] 29/8/2018 14:19

So they haven't changed their view from July where they said 100p. This current 100p is dependent on forecasts into 2019. Interestingly, they had said a PER of 11.7 earlier last year but I think at that time there were no market cautions. I think they are a fairly strong quality company and that the price will come back nicely once they start to show improvements in debt and cashflow.

[graham1ty] 29/8/2018 13:38

Is new research on the Emr website. Click through Analysts, leads you to a link to Allenby research. No changes to forecast 12.6p fully diluted and target price 100p.

A long way from 150p+ last year......

[merrimac] 23/8/2018 10:10

Did you see their update? Doesn't seem revised just market updated...there were no surprises.....seems like the negative view is departing but still not many shares available.....

[graham1ty] 23/8/2018 09:04

Are there any revised forecasts ?

[tomps2] 22/8/2018 07:33

Empresaria Group (EMR) H1 results August 2018 - video



Empresaria Group CEO Spencer Wreford and Group Finance Director Tim Anderson present highlights of the Group’s interim results for the 6 months ended 30th June 2018.
Spencer Wreford (CEO) Overview – 00:21
Tim Anderson (Group FD) Financial highlights – 05:35
Spencer Wreford (CEO) Outlook – 07:39

[merrimac] 22/8/2018 07:29

To add...it is worth watching the link to the CEO interview...tbh, that is where I formed my opinion.

[merrimac] 22/8/2018 07:20

Boring, solid, and honest. Like the way they have presented the results.

[merrimac] 10/8/2018 06:27

So if HVN have been offered 9.1x EV/EBITDA per share, this would indicate that EMR's are price is exceptionally undervalued - reported EV/EBITDA is around 4.2x, my calculation gives less than that.

[merrimac] 09/8/2018 11:03

What is the HVN effect? Updated, yes of course, Harvey Nash! Duh..

[davebowler] 09/8/2018 10:47

HVN effect?

[daneswooddynamo] 25/7/2018 15:51

Maybe liontrust fully exited ?

[merrimac] 25/7/2018 15:46

Now there are a few nice wee trades

[merrimac] 25/7/2018 10:05

Definitely not a stock for anyone to jump in for a penny or two. A longer term hold with a careful eye on management quality. Next key date is August 22nd and they had better do a good job at their reporting.

[graham1ty] 25/7/2018 09:25

Anyone who bought on the “leak” yesterday at 76p or 77p, is scrabbling to get out and take a couple of pennies

[harrogate] 25/7/2018 08:21

I agree on debt - we need to see that coming down and some indication on that would have been good. When you look at the enterprise value with debt it is hard to get to close to £1.50 at the moment given the lack of seeming growth. You would have thought that the € and $ rates would be really helping so I think that in fact excluding currency movements the performance is not that great. The new CEO needs to pull it out in the finals and the outlook statement at that time to get us moving north of £1

[merrimac] 25/7/2018 08:00

I am guessing that the leadership is quite "technical" and not so inspirational. Based on my watching of the MELLO, they seemed sound but nothing to inspire, hence may not be thinking of the investor's concerns, nor, marketing their achievements.

Also, when people diversify too much, while they reduce risk, they also gravitate to the mean - an average company and as you mention, there may always be an excuse?

The middle east is so small and with so many issues I hope they will not expand. But they did flag things were getting sorted out there/here.

[graham1ty] 25/7/2018 07:52

Today’s RNS suggests they had flagged Japan as a problem. Yes, they mention the regulatory change coming. However, that is in a sentence that starts “particularly strong performance”. So, I did not read that as a warning in March.

It is all very well having a diversified strategy when you can say this spreads yr risk. The flip side is that there are multiple areas that can go wrong. So Pharma Strategies in 2016, Germany and Dubai in 2017, now Japan in 2018......I hope this does not turn into a company with constant excuses.....

Yes, pity they did not mention debt. At the MELLO South there was a very good slide about cash generation. EMR has always thrown off cash, and the debt could be repaid very quickly. However, as it is a worry in a few people’s minds, they could have made a comment on period end debt.

Allenby have raised their 2019 forecast from 12.9p to 13.1p on the back of the Solimano acquisition. We will see if Mr Market agrees that they are very cheap. Allenby say they have not factored in recovery in Germany and Middle East, and hint at lots of upside if those recover. But they would say that wouldn’t they.

[merrimac] 25/7/2018 07:50

I reckon it should sit around 150p but due to its small nature and volatility may trade at a discount - so 120p would be ok until they have a more consistent picture or brighter outlook stated.

[merrimac] 25/7/2018 07:41

Yes, comment on Japan in Mar 14 results: RNS 6287H

Under the Asia Pacific section.

"..particularly strong performances from Skillhouse in Japan......where the positive economic conditions.....and new legislation takes effect in 2018 which limits the time workers can be on temporary or outsourced contracts..."

[harrogate] 25/7/2018 07:36

Agreed - but you would hope that making nearly 12p this year should stop the share price going lower and if the new CEO can get the quite large German business back in shape then there could be a fair EPS increase in 2019 which is currently not in the forecast. Solid but hard to see what gets us to where we were - hard to see now why I didn't sell at £1.40!!