Share Name Share Symbol Market Type Share ISIN Share Description
Epe Special Opportunities Limited LSE:ESO London Ordinary Share BMG3163K1053 ORD 5P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 186.00 3,000 01:00:00
Bid Price Offer Price High Price Low Price Open Price
182.00 190.00 186.00 186.00 186.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.00 -4.55 -14.20 55
Last Trade Time Trade Type Trade Size Trade Price Currency
08:19:31 O 1,500 187.50 GBX

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Date Time Title Posts
07/6/202109:01EPE Special Opportunities plc62
12/11/201122:15ESO uranium ; Athabaskin basin explorer84
09/3/201009:54EPE Special Situations. Shares = 31.5p. NAV = 72.5p2

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Epe Special Opportunities Daily Update: Epe Special Opportunities Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker ESO. The last closing price for Epe Special Opportunities was 186p.
Epe Special Opportunities Limited has a 4 week average price of 186p and a 12 week average price of 186p.
The 1 year high share price is 439p while the 1 year low share price is currently 186p.
There are currently 29,511,237 shares in issue and the average daily traded volume is 2,640 shares. The market capitalisation of Epe Special Opportunities Limited is £54,890,900.82.
value hound: Results out - NAV per share now 241.5p according to my calcs, based on LUCE's increased share price since end January of 76p before the start today (LUCE's finals also out) whilst the rest of their P/F is "conservatively valued". Much too wide a discount IMO (37% at 153pps), but the spread (150-170p) remains off-putting for short-termers.
value hound: They did a portfolio update in March last year because there was specific news, but not in 2017 or 2016. The annual report is due in late April / early May. The last NAV we knew was at the end of September since when the uplift in LUCE's value alone would put NAV at 234pps according to my calculations (a c.32% discount). Of this, there should be around 120-125p per share in cash (depending on how much cash was included in the previous figure that was held in Process Components and how much has gone on buybacks. Of course, a lot depends on how the other investments are doing. IMO it's either undervalued, very undervalued - or extremely so. But given the spread, you have to be confident enough to hold it for a while as it makes it very much not a trader's stock.
horndean eagle: Apologies. Never saw your message. They give ranges on the valuations within their accounts somewhere or other. Pleased with LUCE results today. I was tempted to buy low 30s but decided not to as I was a bit worried about retail backdrop. In all honesty I was a bit of a wimp. They flagged up a whole host of easy wins for the second half and hence they were so confident. Now we can hopefully start to see ESO re-rate in tandem.
spectoacc: +11p on NAV isn't bad but be lucky to get +5p on share price (or zero!). Of more interest I thought was: "ESO intends to use the capital returned for new deals." That implies to me that they may not be punting the cash on yet more LUCE, which would surely be a good thing.
horndean eagle: Giles is hard work to track down. Doesn't take calls etc. Almost mythical like creature. Board and the company need a shake up. It was absolutely crazy for them not to have banked a fair chunk of their LUCE position in the high 200s given how outsized it became in portfolio. ESO shouldn't be investing in businesses on p/e multiples of 20+
spectoacc: Took both off watchlist but just glanced at LUCE's share price - down to 40p, not looking healthy. I still say EPE's overvalued, even with them nudging lows. I've also just spotted this from the end of March, seemingly showing I was wrong on P2U (I'm not, see more below, but they have found a greater fool): "EPE Special Opportunities plc ("ESO plc", or the "Company") announces that Pharmacy2U Limited ("P2U"), a company in which it has a minority investment via ESO Investments 1 LP ("ESO 1 LP"), has raised a further GBP40 million of new growth capital to support the rapid expansion of its online NHS repeat prescription service. P2U is England's leading online NHS pharmacy and is the fastest growing pharmacy group in the country, with 25,000 new patient registrations in the last month alone and year-on-year growth in patient numbers of 178%. As well as offering consumers increased choice and convenience, P2U's online prescription management service is highly beneficial for the healthcare economy, saving GPs an estimated six hours and 40 minutes a week on paperwork. It is estimated that managing repeat prescriptions online could save the NHS over GBP300 million per year on prescription costs. The growth capital raise was led by G Square Capital, a European private equity firm focussed on the healthcare sector. In conjunction with the new investment, G Square Capital also acquired a majority of the share capital of P2U from existing shareholders and as a result is now the majority shareholder. The new investment will allow P2U to invest further in technology infrastructure to support customer demand and remain at the forefront of innovation in digital pharmacy services. P2U's state-of-the-art, award winning dispensing facility in Leeds is already the largest and most technologically advanced in the United Kingdom, with the ability to dispense one million prescription items per month. ESO 1 LP has realised 50% of its existing investment in P2U in the transaction, implying a 2.0x Money Multiple realised return. The transaction was completed at a premium to the holding value of P2U. The remaining 50% of ESO 1 LP's investment has been retained to benefit from the growth potential in P2U offered by the GBP40 million investment. This retained investment offers further upside in terms of Money Multiple returns to ESO 1 LP " So - they managed to get out of half their stake in the dire P2U, at a premium to book, and have now valued the remaining half higher, to reflect the greater fool pumping in more money "..From the growth potential.." of the extra cash. Now read: Potential to deliver 700k prescriptions a month, pushed up to 1m a month, actually doing 200k a month. Still, if they keep finding greater fools... Amazon next perhaps? Hats off to EPE for getting an exit at all at P2U, and even if remaining stake went to zero, they'll have had their money back. But all is already reflected in the 208p NAV, battered by the performance of LUCE. They could do with a greater fool there too.
manfrommoyse: dont forget that they have >8M of unsecured loan notes, plus the 3+M of bank debt the underlying partnerships hold. Buy back also not poss because closed period. And if share price drops further they get better value. Suspect new man at LUCE is kitchen sinking so p/w may not come in threes unless market remains weak or weakens. Discount not big enough on ESO once net cash is taken into account, but it might get there Nibbled at LUCE in hope that makes the share price drop (application of sod's law hopefully in my favour!)
spectoacc: Jeez what an RNS. "About that buy-back..." "LUCE, it's great really" "Our NAV's still quite high - if you value LUCE at 77p" Not sure why I'd buy ESO over LUCE if I believed that RNS. If I didn't believe it I wouldn't buy either.
spectoacc: Thanks @HE. LUCE p/w rather spoiled the "massive discount" argument for ESO - wonder what NAV is with LUCE at 112p? I've not tried to work it out, but guessing that to restore the previous discount, ESO need to be way lower than here. Re P2U - they had a great business initially, made a lot of money, but now loss-making. They may get there with sufficient scale but to say I wouldn't touch it with a sh*tty stick is an understatement. Having Andy Hornby involved only adds to that feeling. NHS work used to be a gold mine, now it's more like a salt mine. The negative press of their business practices (previously censured for selling patient data etc) can't help. Not sure why someone like ESO saw it as a good place for their money. Fair to say I know more about P2U than I do about ESO. What worries me is that I know more about P2U than ESO do :) Agree re LUCE - time will tell whether it's "profit warnings come in 3's" or a short-term blip.
spectoacc: Luceco profit-warned the day before the MoneyWeek article on ESO. Also a mention of the stake in Pharmacy2U, whose accounts are well worth a look - they seem to only keep going IMO by endless cash injections, £10m last one I saw, & merging with others. I'm usually a big fan of heavy discounts, particularly on p/e ITs. Have never, even once, been tempted by ESO - they seem to be mugs, something I concluded when looking into who on earth was pumping more money into Pharmacy2U (who have had a lot of negative comment over their habit of mailshotting the elderly with letters using the NHS logo - nothing illegal, but plenty of comment online about it). Still - everything has its price I guess, & I know little about the other holdings other than knowing that the NAV discount has come in considerably thanks to LUCE! From 15th Dec (LUCE closed at 112p yesterday): "EPE Special Opportunities plc Net Asset Value The Directors of EPE Special Opportunities plc ("ESO plc", or the "Company") note the fall in the Luceco plc share price following a trading announcement this morning. As previously disclosed (including in the full year ESO plc Report and Accounts released 3 April 2017), any change in the Luceco plc share price will impact the ESO plc Net Asset Value. Should the Luceco plc share price close today at 145.0 pence per ordinary share, the estimated ESO plc fully diluted Net Asset Value will be 315.57 pence per ordinary share. The end of December 2017 ESO plc fully diluted Net Asset Value will be confirmed in due course. " Not sure where that leaves the ESO NAV now, but with certain things in it I'd discount completely, and LUCE having gone lower, I can't see ESO as a bargain.
Epe Special Opportunities share price data is direct from the London Stock Exchange
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