Ensor Share Discussion Threads

[tiswas] 15/7/2016 09:08

I agree danger. They are small amounts compared with the pension payment and already reflected in the nav.

I am beginning to think we will be lucky to see 90p out of this but there still quite a few unknowns.

[dangersimpson2] 14/7/2016 17:58

Those were surplus freeholds and were in the interim accounts. I'm more interested in the freeholds of the trading businesses, if they have been retained by ensor, what their plan is to monetise them and what they may be worth?

[davidosh] 14/7/2016 17:36

Do not forget these freehold sales which came after the year end so did not feature in the 2015 results....

Ensor is pleased to announce the disposal, on 1 June 2015, of its Stockport
land holding for proceeds of £1,309,000, payable in cash and representing a
premium to book value of £763,000, net of disposal costs. The property was sold
to Bellway Homes Limited, having been previously occupied by a former
subsidiary, SRC Limited, which was sold in January 2014.

This disposal follows the sale, on 1 April 2015, of the Company's tenanted land
holding and waste transfer operation in Woodville, Derbyshire, for proceeds of
£1,825,000, payable in cash, representing a premium to book value of £80,000,
net of disposal costs. These assets were acquired by Ravensbourn Container
Systems Limited and contributed profits of £130,000 to group results in the
year to 31 March 2015.

[tiswas] 14/7/2016 14:37

Accounts. Ellard looks interesting.

[dangersimpson2] 14/7/2016 14:03

Wood's packaging seems to be a pretty good if small business. It is easier to analyse since it is broken out in it's own reporting segment in the results.

I make it an Op profit margin of c.16% and ROA of c.34% growing at 20% with positive momentum:

"Excellent progress has again been made at Wood’s Packaging. Having outgrown its current distribution facilities, new premises have been located and a move is imminent."

Could they get £5m+ for this? If it was a larger company and listed it would probably trade at least 10x Op. Profit.

Ellard is harder to break out. If we subtract the sales, profit & net assets from the then it probably has c.£10m sales, £0.7m Op profit & £4.2m NAV.

Not sure they'll get great value for this. Maybe another £4-5m?

The big unknowns are therefore H2 Operating profit and the value of remaining freeholds.

[tiswas] 14/7/2016 13:41

At a mid price of 80 and 30m shares they have a cap of £24m.

£15.5m received so far including cash retained from businesses sold.

£5.5m-6m pension annuity expense.

Are we going to get much higher than the current sp?

I do not know the businesses as well as DD.

[dangersimpson2] 14/7/2016 10:04

David, Do you have any idea what the freeholds on the various businesses are worth? That is the key valuation unknown I think. Also what route do they have to monetise these?

[davidosh] 14/7/2016 09:46

Ensor generally retain freeholds and there is no mention of that asset specifically being included in the sale.

The remaining parts otherwise are the Brackley land plus the two businesses of Ellards and Woods

[meijiman] 14/7/2016 08:54

Well they have ..and the market likes it. Wishing I'd bought more at the lower levels. Let's see what management say at the interims.

[carcosa] 14/7/2016 08:24

I suppose until ESR issue an RNS then there is an opportunity to buy or sell your current shares depending on whether you believe this is positive/negative/neutral for the share price. Sorta insider trading lol!

[tiswas] 14/7/2016 08:14

And no trades reported, although with that spread the mms clearly are not too sure themselves as to where the price is going!

[tiswas] 14/7/2016 07:58

Funny isn't it. Taken all this time to negotiate the sale and the price is £10m dead.
£1.5m op profit before central costs so not exactly a high p/e. Wonder why no Ensor RNS yet? All a bit hurried?

[shanklin] 14/7/2016 07:40

£10m for Technocover

[jaf111] 12/7/2016 11:57

Well the original breakup announcement was May 2015.....this process is certainly taking longer than I expected......

Share price has risen today but is pretty minor when say looking at the one year chart......and go back a few months when people were talking about 115 to 125p return.

The crux (and I am not sure of the answer) is whether they are getting good prices.....with the share price still well below the 115p it seems that either they are not, or the market has got it very wrong.

With a small stake in ESR I hope it is the latter!

[carcosa] 12/7/2016 11:25

'Finally'...'Muted'? Not how I would describe the situation.

Today's announcement is on top of a couple of freehold sales and now we have the second subsidiary sold. Currently a 7-8% increase in the share price.

All in all ESR appear to be getting good prices for all of their sales to date.

[jaf111] 12/7/2016 11:00

Finally some disposal news.....rather muted reaction suggesting that the 115p target (Simon T from IC) may be a little optimistic?

[shanklin] 16/6/2016 12:10

Hi davidosh

Is the AIM limit now 5 months after year end? Not something I have kept on top of but I thought it was 3 months for interim results and six months for FY ones.

Cheers, Martin

[davidosh] 16/6/2016 11:50

They need to report by the end of August but I am sure that is not a deadline that will be anywhere near being missed. If they have been concentrating on selling parts of the business it may be that the results have become rather less important as far as meeting the 'normal' and recent deadlines are concerned but they will report once those matters are complete.

[corrientes] 16/6/2016 08:31

ok - sorry, but relieved !

[tiswas] 16/6/2016 07:45

corrientes

Not with a March year end, no.

[corrientes] 15/6/2016 16:05

Don't they have to report by end of this month ? Surely by now, they must have a date.

[tiswas] 15/6/2016 11:15

No date confirmed yet according to company.

[corrientes] 14/6/2016 14:50

Thanks for that Gengulphus.

[gengulphus] 14/6/2016 13:39

Go back one more year and you'll find 15/6/12 - and for the last ten years or so it has varied between June 10th and June 15th. So I would say that we're still in the normal range.

As regards the 'notice of results' RNS, there wasn't one for last December's interim results either, and they came out in the normal date range (December 5th to December 12th). I'd guess the company has simply changed its policy on issuing them - they're not obligatory.

Gengulphus

[rp19] 14/6/2016 13:22

Me too. Last 3 years - 10/6/15, 13/6/14, 14/6/13. Perhaps later this week but unlike previous years there has been no 'notice of results' RNS issued so perhaps the wait will go on.