Ensor Share Discussion Threads

[corrientes] 14/6/2016 13:09

I would have thought the results would be out by now.

[jaf111] 20/5/2016 08:29

signs of life...... News leaking? Tip?

[davidosh] 18/5/2016 14:37

The full year results are only a few weeks or so away now. I am surprised there has been no update since the interims but trading wise they must be doing fine.

[tiswas] 18/5/2016 14:15

Does anyone think that BREXIT is slowing this down?

Not a good time to be buying a business maybe?

[rp19] 02/4/2016 11:31

Although they don't usually issue Trading Updates, I think it would be timely to do so this year and combine it with an update on the various sale processes. Might provide a bit of reassurance in the short term as last year results were not until June.

[shanklin] 31/3/2016 15:35

Hi davidosh

Lets hope we do not need too much more patience.

I imagine the individual businesses are trading well and the current share price or higher would be more than justified by that. Hopefully, if the sales do go ahead, the return to shareholders will be a well above current levels.

Cheers, Martin

P.S. Somewhat thankful that I sold circa 22% of my shares at £1.10 even though I have bought some of them back at lower levels.

[tiswas] 30/3/2016 15:00

Sorry David, I disagree with the premise of your argument. The whole point of selling the subs rather than the Plc is that it offered a better deal, presumably because the buyers are more focused on the specific company they are buying. It doesn't come with all sorts of other businesses that they may have to subsequently find a home for if they had been buying Plc.

Like you say all will be revealed in due course but cannot really understand why it is taking so long, assuming that they would be obliged to update the market with any deals done. I suppose they could be lining them all up to complete on a certain date with confidentiality agreements in place.

[davidosh] 30/3/2016 12:28

We are just two days away from the year end so there may be a trading update. The problem is that four or five parts to sell with various bidders can take longer to get over the line than one entity takes all.

If a deal completes then I am sure it will be announced. I did find the planning application for the land in Brackley which is good news and that is being marketed for sale as well now.

Patience as ever will be needed

[tiswas] 29/3/2016 23:05

What worries me here is the lack of news on progress with the sale of any of the subs. You would assume it to be price sensitive info that would have to be released as it happens but nothing. Can they not agree a deal on any of them?

[rp19] 03/3/2016 13:11

22k shares gone through at 90p.

[davidosh] 31/1/2016 21:50

ALS....You may think so but obviously many others do not ! That is why we have a market and if buyers outweigh sellers the price goes up. I personally thought it was very undervalued at 70p and so I was a buyer.

For anybody looking at Ensor it is a question of what the overall exit price will be as there is little doubt it will not be listed this timee next year or even in the Summer

At this price it depends where you think the overall return will be from selling the assets. Simon Thompson in the IC had not taken into account the pension issue that needed resolving before selling the individual businesses but that is now complete.

He expected at least £1.25 per share to be returned to shareholders in a bid for the company whereas I am happy with a £1 overall and my view is that there could be a return with sales completing in the year to 31st March so on a time/value basis it works out at a very good return on investment and even pays dividends whilst waiting.

I am content that the businesses are all doing very well and that Tecnocover could be worth a significant amount more than we expect to the right bidder in the trade or to a company looking at the sector for a steady addition. There are also land assets as we know.

Anyway there are no doubt much worse places to put your money in these jittery markets and Ensor is steadily rising against the small cap tide

[arthur_lame_stocks] 31/1/2016 12:43

I reckon these are overvalued. After they put £6m into the pension fund to wind it up they will need to raise about £30m from trade sales to justify the current price. Ok they've got the property too but I just can't see it myself.

I don't see any upside for anyone buying at these prices, but of course I could be wrong.

[rp19] 29/1/2016 16:28

Another 13,000 at 92p today too.

[cockerhoop] 28/1/2016 14:28

Interesting trade this morning, someone prepared to pay 89p for 22,000.

[davidosh] 22/1/2016 09:34

Ensor were mentioned in the Small Cap Show here...

[jbarcroftr] 19/1/2016 15:21

I thought they intended to sell the four businesses separately to achieve the best prices
That's what ST of Investors Chroncle flagged up
They have bought all their pension liabilities out to ensure clean sales
For what it's worth ST reckoned 115 p of breakup assets
I added a few more yesterday as it looks very good value to me

[dvb99] 19/1/2016 14:57

Agree tiswas, putting the whole plc up for sale was hardly going to unlock value - quite the opposite.
Better to have done piecemeal trade sales of separate divisions/businesses.

[tiswas] 19/1/2016 09:04

I never thought we would see it back at this level.

Despite the family being closely aligned to shareholders with very substantial holdings themselves I cannot but think this whole sales process has been badly handled.

Surely they would have sounded out the market before the decision to sell and surely that would have indicated trade sales by company represented a better opportunity than selling PLC.

Not their fault that markets taking a dive but they seem to be dragging their heels rather badly IMHO.

[wjccghcc] 13/1/2016 12:54

Buying some back at 72p.

[rp19] 13/1/2016 12:40

Never expected it to fall this far following the inability to secure a buyer for the whole group. Not sure when we'll hear any trade sale news. A few jobs advertised on the Technocover website which hopefully means they've got a fair bit on.

[breaktwister] 13/1/2016 10:38

Looks good value at 70, moving up my watchlist

[tiswas] 13/1/2016 08:43

Quite a pull back!

[jbarcroftr] 16/12/2015 20:58

Well unlikely to have any news until the New Year at the earliest

[manrobert] 16/12/2015 10:17

this share badly needs some positive news

[cockerhoop] 10/12/2015 20:21

Obviously there are many ways to value a company. I would ascribe a Price/Sales ratio of 1 for a company with an operating margin of 10%. ESR will probably do £38-40m for the full year with a operating margin of 9% so using this method you could get to maybe £35m for the whole and then make adjustments for the pension and asset sales.Something not mentioned so far is the majority holding of the Harrison family which should align them with shareholders (unless a MBO on the cheap occurs).