Empresaria Share Discussion Threads

[glasshalfull] 23/12/2010 19:54

See what you've started saucepan! More posts today than in the last few months.

Good to see you also declaring an interest cfro. Quality companies tend to attract quality posters.

Regards
GHF

[cfro] 23/12/2010 18:09

Well aint this uncanny, i too bought in today. Only a very tiny maiden purchase for me at this stage tho until i do some more research. I bought 2750 shares @54p later this afternoon.

It was M slaters flagging of the co. that bought it to my attention. Glad to see so many good posters here.

[saucepan] 23/12/2010 18:02

Some great contributions since my earlier post. Very pleased that I am in such informed and distinguished company and that there is this kind of interest here.

[glasshalfull] 23/12/2010 17:56

Thanks Jeff. Thought you'd be taking advantage at these levels.

See that the offer firmed this afternoon.....a few casting their eyes over EMR.
July 2007 saw these touch 178p....so only 70% down on this high with considerable development of the company since this time ;-)

Regards,
GHF

[jeff h] 23/12/2010 17:37

I've also added recently...noted that Crossrail awarded a £1.25 billion contract last week...Fastrack are a client and I assume they will benefit.



"Such is the scale of Crossrail that up to 14,000 people will be employed at the peak of construction of the railway between 2013 and 2015 giving Londoners the chance to build and benefit from Crossrail."

[glasshalfull] 23/12/2010 17:03

Cheers palege & thanks Simon....forgot to mention them during our chat. Only have a small holding here that I've been topping up during the last week.

T/S due on 31st January

The AGM statement on 3rd June 2010 produced the following update:-


"Group profitability is much improved as a consequence of higher sales volumes, improved gross margin percentages and the effect of cost reductions made in the UK and Continental Europe during 2009. In addition, the Group is now benefiting from increased profit contribution from its rapidly maturing and fast growing portfolio of Asian companies that commenced trading as start up operations over recent years. Although the Board remains cautious as to the outlook for the global economy, it now expects full year profits to be materially ahead of current market expectations."

"Materially ahead" a full 7 months prior to the year end is the kind of statement that grabs my attention.


Then we fast-forward to 9th Sept 2010 and Interim outlook:-

"Trading continues to be strong into the third quarter with full year results expected to be ahead of current market expectations. We are maintaining a firm control on costs and a cautious approach to investment. We continue to strengthen our existing operations both in terms of management and service capability and to identify areas for further expansion. As a consequence we are well placed to take advantage of current and future growth opportunities and to respond to changes in the economic environment."


Regards,
GHF

[simon gordon] 23/12/2010 16:40

Mark Slater flagged EMR in his November bulletin:

"Empresaria Group rose 2% in the month of November. The company's interim results to June 2010 revealed that Empresaria has made solid progress in strengthening its balance sheet by controlling costs and reducing net borrowing. The international specialist staffing company offers recruitment and HR services across an array of industries including the financial services, secretarial and banking sectors. Empresaria has made a concerted effort to diversify its geographical coverage and product offerings after the global economic decline and the company now operates in 17 countries under a number of operating brands. An increasing percentage (currently 18%) of Empresaria's revenue comes from outside of Europe with the majority of this business attributed to Asia Pacific and South America. This growing exposure to vibrant emerging markets economies increasingly helps to shield the company from the weak UK economy, namely the vulnerable public sector. We believe that consensus forecasts fail to reflect Empresaria's future growth potential and that the company remains under priced on a prospective 7.7 PE."

Brokers generally have an 80p target and expect upgrades.

It's broken the 50 day SMA and looks to be heading to the 200 day for support.



Merry Xmas :-)

[paleje] 23/12/2010 16:39

Agree completely GHF, off the radar for now but might pleasantly surprise in the new year. They are under water for me but I added last week on the dip. Other recruiters are flying, its only a matter of time. GL all.

[glasshalfull] 23/12/2010 16:17

I've also been adding to my core holding during the last week or so....doesn't surprise me to see topvest and saucepan also see value ;-)

The interims in September provided a strong set of results with positive outlook.
Appears to me that they are simply off the radar at the moment, possibly coupled with Singer clients withdrawing holdings following Altium's appointment last week.

Current mkt cap is £23m and strong cashflow has significantly reduced net debt to £7.6m (from £11.3m net debt 30/09/09 and £8.0m net debt on 30/06/10).

Since the interims they've spent £1.79m on buying up the minority stake of subsiduary Fastrack (now own 94%). I would envisage that German subsidiary is going great guns (interims showed German revenues up 33%) and with it's growing International footprint predominantly in the Indian and SE Asia markets.....well I'm expecting a further positive January trading update.

£6.18m PTP consensus forecast and 6.25p EPS - PER 8 for year ending on 31.12.10.
I think they'll surprise to the upside.

Regards,
GHF

[topvest] 16/12/2010 12:40

I've bought a few on the drop in price. Looks well positioned with strong revenue growth and a reducing debt position means it can finance organic growth quite comfortably.

[paleje] 16/12/2010 09:02

Reason for drop seems to be change of nominated broker, RNS this morning. Caused 2 chunky 100k sales yesterday hence the price drop. But to me unless there's more to it than meets the eye, the share price has 40-50% upside and Jan update should lift it.

I doubt if there are shenanigans because the way emr works, management in each country has a stake so their interests are allied with the share price doing well. IMO.

[paleje] 15/12/2010 15:15

Cant see the reason for today's drop, no RNS but the company's own website announces their expansion into Hungary to find skilled workers for their expanding German market when Germany relaxes its restrictions on new EU workers in the spring. To me that sounds positive.

[paleje] 27/11/2010 18:32

Rivington St Investments' 'sharecrazy' newsletter email just picked EMR out as today's hot tip.

[battlebus] 10/9/2010 17:00

Another great daily performance.

[jeff h] 10/9/2010 16:43

Yes, Edison updated forecast and report now out:-

Edison Y/E 31/12/2010 PbT £6.2m EPS 6.2p Div 0.35p 2011 £7.3m 7.2p 0.35p

[jeff h] 10/9/2010 11:08

Brokers all rushed to upgrade their Forecasts:-

FinnCap Y/E 31/12/2010 PbT £6.2m EPS 6.3p Div 0.4p 2011 £7.0m 7.6p 0.4p

Singer Y/E 31/12/2010 PbT £6.4m EPS 6.7p Div 0.4p 2011 £7.3m 7.4p 0.4p

Growth Eq Y/E 31/12/2010 PbT £6.2m EPS 6.3p Div 0.35p 2011 £6.45m 7.1p 0.35p

Merchant Securities 2010 Pre Tax £6.1m 2011 £7.1m

...only missing Edison who no doubt will very soon have an updated Research report and Forecast out.

All these Forecasts likely to be revised upwards again I would have thought.

[paleje] 09/9/2010 14:34

I'm new to this board, bought last week, happy with today's interims. Back in June the company reckoned they were running 17% ahead of last yr revenue, now the interims have clocked 20% and 3rd quarter off to a strong start. If they keep accelerating the full year should be good. Recruitment even in the UK is picking up but with their overseas exposure and business model which is a bit different to most, I think emr's prospects are very good. I like that their directors have fair holdings too.

[chrisb1103] 09/9/2010 12:04

From digital look today

Y/E Revenue (£m) Pre-tax (£m) EPS P/E PEG EPS Grth.
31-Dec-10 212.43 5.47 5.93p 9.0 0.1 +91%
31-Dec-11 227.33 6.17 6.60p 8.1 0.7 +11%

I also think forecasts for 2011 are too conservative given stated growth rates in German and Asian markets. Room for further upgrades again going fwd imo

[harrogate] 09/9/2010 11:38

Hi

Do you happen to know what the market expectation is for the year?

Thanks

[morkandmindy] 09/9/2010 11:17

Looks very good to me. Ive dipped my toe in.

[glasshalfull] 09/9/2010 10:17

No posts on results day ???

Results expected to be ahead of current market expectations.....say it all ;-)

Regards,
GHF