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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Enterprise Inns | ETI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 139.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 139.00 | 139.00 |
| Top Posts |
|---|
Posted at 01/2/2017 17:10 by jeffian Interesting that ETI fell in sympathy with PUB on the announcement that the Emerald bid had been withdrawn leaving the way clear for Heineken to complete their deal. If anything I would have expected ETI to rise as the spotlight is now on them, surely? |
Posted at 18/10/2016 09:14 by jeffian HP,Theoretically, maybe, but name me the 'pro' in this case please? ETI have been splashing the cash daily in the market since 1 April when the share price was over 96p. I don't know how much of their "spare" £25m they've spent, but how do you feel you've had 'value' from that? You could have had a 5p divi in your pocket, or ETI's net debt could have been reduced by that amount but you've had neither and you can now sell your shares for 86p. Result! (not). But so long as they can report a modest (and artificial) rise in eps and NAV, that's enough is it? Not for me. |
Posted at 18/10/2016 08:54 by hugepants If the argument is share buyback versus dividend I'm fairly agnostic. Both have pros/cons. But either is better than doing nothing. I also like leading's suggestion. |
Posted at 13/10/2016 21:56 by jeffian Huge Pants,So they keep saying, but what good is that to you or I if we can only get 88p for our shares? If you think that's OK, you send me £1 tomorrow and I'll send you back 33p and call it all square, OK? If they can't get the share price somewhere near NAV or pay a dividend in the meantime, what's the point of their existence? |
Posted at 13/10/2016 08:59 by leading So here is a suggestion.The company should announce a disposal programme of say £300m worth of pubs a year for three years. These could be floated off as REITs or sold as blocks on a regional or some other basis. There are plenty of investors out there looking for asset backed companies I think. Assume those pubs are sold at their carrying value in the balance sheet. Assume also that the proceeds are used to pay down debt. Assume that the company makes trading profits of £80m then 70m, then 60m over the three years, profits falling slightly allowing for the smaller estate. This includes a reasonable level of exceptionals each year. Ignore tax as it is not material for this exercise. Taking the 31/03/16 figures as the starting point, we get the following: 31/03/2016 Net assets £1,394m Debt £2,414m Gearing 173% Market cap about £440m 31/03/2019 Net assets £1,604m (1,394+80+70+60) Debt £1,304m (2,414-80-70-60-900) Gearing 81% (1,304/1,604) The business is no longer chronically over-geared. Assume the shares will then be valued at a 20% discount to net assets which is (haven't researched) roughly where a property investment trust typically trades. Market cap then would be £1,283m (1,604 x 80%)compared to today's £440m. A three bagger in three years. The remaining debt could then be refinanced at much lower interest rates and the savings could be used to reinstate a dividend. The above assumes that you can buy in the debt at par, but that seems to be the case at present for the 2031 tranche at least. |
Posted at 06/9/2016 22:27 by jeffian If they're no mugs, they're certainly taking their shareholders for one. Where is this getting us? £25m up the swannee and nothing to show for it. Share price lower than when we started and no dividend. "...a clear path to maximising shareholder value......a returns-based approach to the allocation of available capital"? My @rse! |
Posted at 31/8/2016 22:26 by jeffian You sound like management, HP! The NAV has been over 280p for years and where has that got us?! Shareholders can't access "NAV", they can only receive a divi or sell their shares (currently 94p vs 96p when this ill-fated buyback started). If management are relying on "NAV", but can't deliver it in terms of the share price then, as I pointed out at the last AGM, the obvious solution is to liquidate the company and return cash to shareholders. |
Posted at 28/7/2016 20:23 by hugepants I've been buying this dog recently. Overall I think the share buyback is a good idea although I understand the dividend argument. I reckon at some point these will be 150p-170p. May take a while mind you. |
Posted at 07/7/2016 18:06 by jeffian Well this is going well isn't it?! Since the announcement of the share buyback scheme on 22 March -£25m (enough for a 5p dividend) "returned to shareholders" eh? Any shareholders here received any "value"? Feel the benefit of the rise in underlying NAV? No, nor do I. It will be no good moaning about Brexit or whatever (and the share price was going nowhere before that outcome), this is a lesson for the Board that they do not control the share price, the market does. They should focus on the things which are under their direct control - revenues, profits, cashflow and dividends - and let the share price take care of itself. |
Posted at 20/5/2016 22:09 by jeffian I'm hopping mad. I've had several meetings with Simon Townsend and he knows my views on this matter. If they had £25m free cashflow, that would have paid for a 5p dividend which would have supported the share price and genuinely "returned value to shareholders". As it is, they're going to blow it on repurchasing their shares which, of course, artificially enhances eps and NAV per share (a metric for their bonuses?) but does not in any way give value to shareholders who have had 8 years without a dividend and negative Total Shareholder Return.They say they are restructuring the company. What they need to give shareholders is a vision of how they will be rewarded down the line. They keep saying that NAV is 280p/share but we can only sell our shares today for under £1. What's the vision? How are they going to get that value to us? At the last AGM I pointed out that if it took 5 years to get back to NAV or close to it, they might as well liquidate now and give us our money back. As you can imagine, that went down like a lead balloon. I have no doubt that the company has good management and they are doing their best in difficult circumstances, but I'm not sure they are focussed on shareholder value. I think they are looking at firefighting, keeping their bondholders happy and keeping their own jobs. |
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