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ETP Eneraqua Technologies Plc

1.00 (1.85%)
06 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eneraqua Technologies Plc LSE:ETP London Ordinary Share GB00BNYDGM91 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 1.85% 55.00 33,465 16:35:21
Bid Price Offer Price High Price Low Price Open Price
53.00 55.00 54.00 51.50 51.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 55.07M 8.52M 0.2563 2.11 17.94M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:21 UT 10,000 55.00 GBX

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Date Time Title Posts
17/11/202319:49Eneraqua Technologies plc329
23/5/200221:07ETP Bid Above 725p1
15/4/200208:46Enterprise Oil 200229
19/3/200200:14DIRT CHEAP - ETP@ Ј4.30'ish-(16/11/01)109
18/3/200207:31Enterprise Oil - Is this the bid?5

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Eneraqua Technologies (ETP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-06 16:35:2155.0010,0005,500.00UT
2023-12-06 16:08:1853.009650.88O
2023-12-06 15:45:0554.5052.72O
2023-12-06 15:11:4953.00500265.00O
2023-12-06 15:04:3054.502,0181,099.81O

Eneraqua Technologies (ETP) Top Chat Posts

Top Posts
Posted at 06/12/2023 08:20 by Eneraqua Technologies Daily Update
Eneraqua Technologies Plc is listed in the Offices-holdng Companies,nec sector of the London Stock Exchange with ticker ETP. The last closing price for Eneraqua Technologies was 54p.
Eneraqua Technologies currently has 33,222,130 shares in issue. The market capitalisation of Eneraqua Technologies is £17,939,950.
Eneraqua Technologies has a price to earnings ratio (PE ratio) of 2.11.
This morning ETP shares opened at 51.50p
Posted at 19/10/2023 20:55 by wallywoo
Revenue has grown from GBP14m to 36m to £55m over the previous 3 years.

If they realise 25% of their order book (£146m) in H2 as predicted, total revenue will be £62m this year (still 12% growth).

That will leave £109m order book for next year, even if they win no orders in H2 (which is very unlikely).

So yes, this is a high growth company. The share price more than reflects the revenue timing issues stated in the results.

This will come good over the coming months imo. Just need patience.
Posted at 17/10/2023 09:08 by wallywoo
Looking good. Forced seller dropped the share price too much. Now is the time for a more reasonable bounce.

60p seems a fair price for these. Unless a takeover offer appears, which is always possible in an exciting high growth arena.
Posted at 13/10/2023 08:26 by tomps2
Eneraqua Technologies (ETP) Half Year results presentation - October 23

Eneraqua Technologies CEO, Mitesh Dhanak and CFO, Iain Richardson present Half Year results for the six months ended 31 July 2023, followed by Q&A.

Watch the video here: hxxps://

Or listen to the podcast here: hxxps://
Posted at 11/10/2023 07:56 by tomps2
Eneraqua Technologies (ETP) Half Year Results Overview – October 2023

Mitesh Dhanak, CEO provides an overview of the interim results for the period ended 31 July 2023.

Watch the video here:

Or listen to the podcast here:

Today, Wednesday 11th October, Eneraqua Technologies are hosting a webinar for investors and potential investors.

Register here:
Posted at 02/10/2023 09:38 by tomps2
Eneraqua Technologies (ETP) Interim results webinar

Wednesday, 11 October, 11:00am

Mitesh Dhanak, CEO & Iain Richardson, CFO, will present H124 results followed by Q&A.

Register here:
Posted at 31/8/2023 19:39 by sev22
This stock looks like a great recovery play on a 12-24 month basis:

Government policy change makes this heat pump company a buy.

Rated on a PE ratio of six and on less than half analysts’ target prices, this share offers recovery potential.

August 31, 2023
By Simon Thompson

Clear guidance on government policy is a prerequisite for businesses. That’s because it impacts investment decisions and the purchasing activity of customers. Any policy change should therefore be enacted in a way that minimises disruption. This is not always the case.

For instance, the UK government has unexpectedly announced its intention to change the legislation that governs development in nitrate-sensitive areas with no prior consultation and without releasing details of how the new scheme will work. Since 2017, developers have been required to ensure new developments do not cause increased nitrate emissions into the local environment. Many have done so by installing control flow technology in homes, which reduces nitrate emissions by cutting the amount of water used.

However, through the Levelling-up and Regeneration Bill, the UK government plans to remove this obligation on developers and replace it with an enlarged mitigation programme through The Department for Environment, Food and Rural Affairs’ Natural England Nutrient Mitigation Scheme. It is based on the generation of nutrient neutrality credits that are created by projects and then purchased by developers to offset the emissions from the new construction.

Ultimately, this could be good news for companies such as Eneraqua Technologies (ETP:73p). If the approach of generating and supplying credits is maintained, there may be enhanced opportunities for its Control Flow HL2024 technologies, which are the lowest-cost offset solution on the market. However, the group has no clarity at this point and will now engage with the government to understand the exact nature of the new scheme.

Bottom-fishing buying opportunity.

*Trading in line with market expectations prior to government announcement
*Record order book up from £130mn to £146mn since 5 May 2023
*Net cash of £0.5mn buoyed by £4.9mn of first-half operating cash flow
*Share price down 23 per cent

Eneraqua’s directors had budgeted that work relating to the prevailing net nutrient neutrality rules would generate up to £2mn of cash profit in the financial year to 31 January 2024. It now expects clients to delay all, or a large majority, of this work until there is clarity on the details and mechanics of the UK government's proposals.

Analysts at Singer Markets reduced their cash profit estimates by £2mn in both the 2024 and 2025 financial years to £7.3mn and £9.6mn, respectively, on revenue of £90mn and £104.5mn. The downgrade led to 28 per cent and 23 per cent cuts in their pre-tax profit forecasts to £5mn (2024) and £7mn (2025). On this basis, expect earnings per share (EPS) of 11.3p (2024) and 15.6p (2025), implying that the shares are rated on price/earnings (PE) ratios of 6.5 and 4.7.

Moreover, having returned to a £0.5mn net cash position at the 31 July 2023 half-year-end, Singer is pencilling in year-end net cash of £2.6mn (7.8p) for the £24.2mn market capitalisation company and a 14 per cent higher annual dividend of 1.4p per share, implying a prospective dividend yield of almost 2 per cent.

Heat pump business powering on.

It’s important to note that the group’s major income-generating activities, the provision of heating and hot water heat pump systems, are not impacted by the uncertainty.

Indeed, notable major contract wins that will commence in the second half of the 2023-24 financial year include the group’s first NHS Trust award, an £11.3mn contract involving the replacement of an end-of-life combined heat and power (CHP) and steam boiler with a low-carbon heat pump solution; a £12.7mn contract for the replacement of an end-of-life gas-fired heating system with a low-carbon heat-pump-based system in west London; and a £7.2mn contract for the replacement of an old gas-fired system with a new low-carbon heat pump solution for a museum, art gallery and leisure centre complex.

These contracts have helped boost Eneraqua’s order book by 14 per cent since early May 2023 to a record £146mn, of which £70mn will be recognised in the second half of the current financial year and the balance in the next financial year. Please note that revenue is historically weighted to the second half given that public sector clients tend to award contracts ahead of the year-end since grant awards are made in the autumn. Although the second-half weighting will be more pronounced in the current financial year due to the impact last year of inflation on clients’ capital budgets, the order book still provides strong visibility. Reassuringly, the directors point out that the inflation impact from last year is unwinding, a positive for further growth in the order book to de-risk earnings forecasts for the 2024-25 financial year.

Share price falls to record low.

So, although Eneraqua's share price fell to a record low of 73p following the profit warning and has been under pressure since I rated the shares a hold at the annual results in late May, I feel bottom-fishers should be rewarded. Singer’s target price of 190p (from 249p) and Liberum's 235p target (from 335p) are not only materially above the current share price, but are well supported by projected earnings and delivery of a bumper and growing order book. RECOVERY BUY.
Posted at 25/7/2023 09:10 by asagi
share price reacting badly to the suggestion that the governments 'Net Zero' policy is under threat.

Asagi (long ETP)
Posted at 20/6/2023 10:31 by rivaldo
Kimchi1, re your post 215, here's Singer's new note dated 7th June - they now have a Buy recommendation, having previously been Under Review

They forecast 15.8p EPS this year, rising to 20.2p EPS next year (with 1.4p and 1.6p dividends and a £6.0m and £8.7m cash pile excl. IFRS 16 leases respectively):

"Shares rebased to attractive level

Eneraqua’s share price has rebased after the forecast downgrades at the May FY23 results. FY24 will be a reset year, with earnings reducing. However, many of the Group’s structural growth drivers are still intact and the growth story is expected to resume in FY25 (we forecast EPS growth of 28%).

Our new forecasts are supported by the order book, with 90%/47% visibility over our FY24/FY25 revenue forecasts. There is a project pipeline of £425m beyond this. Post the results, the shares now trade on a Jan. ’24 EV/EBITDA rating of 4.8x, falling to 3.6x or a P/E rating of 9.2x, falling to 7.2x. Whilst confidence needs to rebuild, we believe the shares should attract a higher rating over time, reflecting an attractive margin profile and long term growth outlook.

We target an EV/EBITDA rating of 9.2x, which drives a target price of 249p (15.8x implied P/E). This supports our Buy recommendation.

Forecasts rebased to prudent level

Post the 23rd May results, we rebased our FY24 adj. PBT forecast by 42% to reflect a reprioritising of projects in favour of typically lower margin, lower cost per unit projects. We believe forecasts are now pitched prudently. Our new forecasts are supported by a record order book and a strong pipeline. The order book provides visibility over 90%/47% of our FY24/FY25 revenue forecasts. There is a project pipeline of £425m beyond this, of which 38% is expected to be completed in FY25 so there is c.£162m of business to go after. This implies a required success rate of 34% to hit our revenue forecast vs. an historic tender win rate of greater than 50%. We consider this to be a conservative position. Management also indicates that the order book is supportive of an improving margin profile.

Long term growth outlook still intact

Eneraqua’s principal activity is the provision of turnkey retrofit district or communal heating and hot water systems, replacing end of life systems in multiple occupancy buildings (primarily social housing). It also delivers water efficiency upgrades for utilities/commercial customers. The long term growth outlook for Eneraqua’s services is underpinned by the need to improve energy efficiency, to reduce domestic energy costs and therefore reduce fuel poverty. These growth drivers remain unchanged and we expect earnings growth to resume in FY25, forecasting EPS growth of 28%.

Shares attractively valued

Whilst confidence needs to rebuild, we believe the shares should attract a higher rating over time, reflecting an attractive margin profile and long term growth outlook. We value Eneraqua against a basket of ESG driven Support Services stocks and Engineering Consultants. These trade on an average EV/EBITDA rating of 9.2x. Applying this to our Jan. ’24 earnings forecast implies a target price of 249p and a P/E multiple of 15.8x. We therefore move to Buy."
Posted at 31/5/2023 09:14 by eezymunny
Perhaps kimchi1 you can point me to a similar company that has maintained the high margins that ETP have enjoyed for the last year or two. It very very rarely happens.

I´ve never said I think the share price will go up or down (so I can´t "lose" in your daft words). I´ve simply pointed out the significant risk that margins don´t recover and ETP gets burned by competition.

Your "inevitable rebound" is plainly ridiculous IMO and a disservice to the uneducati.
Posted at 23/5/2023 16:25 by rivaldo
Been at Mello all day. Obviously surprised at the extent of the reaction to today's disappointing news. On the other hand, unsurprised given as oft previously commented (1) the illiquidity due to the small free float and (2) the presence of a large seller for some months now as evidenced by online limits. Which raises further questions about either the seller's perceptiveness or their forwarnedness (is that a word?). But that's something else entirely...

Also as previously posted, I was most fortunate in deciding not to add to my prelimiary holding here :o))

Management have blotted their copybook, perhaps due to naivety as this is a relatively new IPO/young company. We were aware of revenues being pushed into this year, but the effect of so much lower margins due to a different revenue mix surely deserved much more commentary than was provided.

Nevertheless, on fundamentals and prospects I suspect the share price fall is well overdone. The share price might hang around for a while until evidence of an uptuen in margins etc, or there might be a sharp bounce given the illiquidity and an overhang clearance as discussed.
Eneraqua Technologies share price data is direct from the London Stock Exchange

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