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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Equals Group Plc | EQLS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 127.50 | 16:35:19 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 127.50 | 127.00 | 129.00 | 127.50 | 127.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 26/4/2024 08:45 by carcosa Thanks Mr Stephens,Summarising the IC ( ): The article examines the puzzling situation surrounding Equals Group, a fast-growing payments company that has been exploring a potential sale since October 2023. Despite its excellent technology, strong customer relationships, multiple revenue streams, and a massive total addressable market, Equals' shares have traded at a lowly valuation. In October, news leaked that Equals had instructed its broker to gauge interest from potential buyers, prompting it to disclose that private equity firms Madison Dearborn and a consortium of Embedded Finance/TowerBrook Capital were considering bids. This kicked off a "put up or shut up" bid period under UK takeover rules. However, over six months later, neither party has tabled a firm cash offer. The bid deadlines have been repeatedly extended, with the companies citing a need for further due diligence time. Equals itself has acknowledged the protracted process needs to reach a conclusion soon. The article raises questions about why Equals is so intent on pursuing an outright sale. Its messaging has been muddled - suggesting a sale may maximize shareholder value, but also touting share buybacks to correct the undervaluation. The board has not clearly articulated what a fair takeover premium would be. There are doubts about whether a bidding war will even materialize after such a drawn-out process. The low absolute and relative valuations of UK equities currently provide little incentive for bidders to pay up. The article contrasts Equals' low valuation multiples to that of peer Alpha Group, despite their similar growth profiles. It argues that unless a formal bid tops 200p per share, representing a 50%+ premium, shareholders should demand answers from the board on why they are depriving investors of benefiting from Equals' strong growth prospects independently. With the AGM coming in May, the article posits the board must soon bring clarity - either a compelling takeover offer or an acknowledgment they are remaining independent and outlining a plan to capitalize on the company's growth momentum and boost the undervalued share price themselves. In summary, the piece critically analyses the opaque takeover process at Equals, questioning the board's intentions and arguing they must provide a clear path forward that maximizes value for shareholders, whether through a sale with a significant premium or articulating a plan to unlock value on a standalone basis. It also suggests the bid price has to be 200+p and its more than likely a takeover will actually occur. |
Posted at 26/4/2024 08:22 by mr stephens Bearbull article in investors Chronicle critical of current bid process. Also says shares are undervalued. If a bid materialises it should be at least £2.00. If not shareholders can look forward to owning a growth stock that has momentum |
Posted at 26/4/2024 07:14 by carcosa There have been some recent posts regarding who gets the interest earned from customer balances i.e. the customer or the company. With reference to earlier statements from Equals Group they have indicated that:- Equals Group has a different business model compared to Alpha Group when it comes to earning interest on customer balances. - Alpha Group gains large customer balances largely from fund administration. During low rate environment (e.g. Euro negative interest rates) Equals Group absorbed the cost of negative interest rate costs whilst Alpha passed it to their customers. Equals Group treats interest as part of their revenue stream. - Equals Group allocates interest earned to the specific business line that generated the customer balance. Equals interest income number is nowhere near as large as Alpha's, but Equals still indicated it is meaningful seven-figure sum (in 2022). - Equals Group do not publicly break out interest income, but it is negotiated with customers on how to account for it when pricing services. - Equals are not actively seeking customers just for the sake of earning interest on large balances as they do not want customers depositing large sums with them. So in summary it seems that Equals utilise interest from customer balances to attract customers as part of their business to generate turnover from customers actually transacting core business with them. Must admit I would like to know more about this subject from Equals and whether or not they have changed their 'policies' from a low rate to a high rate environment. By including it in their revenue lines it prevents investors from gauging just how well the different business lines are performing. It really should be separated out. Audio Source Link: It's (sort of) interesting to note a recent RNS from Alpha Group detailing their blended (mix of currency balances) average interest rates on customer cash showing it to be considerably higher in recent times i.e.: Q1 2024 4.0% Q4 2023 3.8% Q3 2023 3.8% Q2 2023 3.8% Q1 2023 2.8% Hope we don't get another PUSU routine extension, at least without further detailed justification... |
Posted at 16/4/2024 13:48 by aishah Full text:#EQLS The UK has just emerged from a 6 month technical recession. Yet despite this headwind, international B2B payments & fintech platform @equals__money today reported YTD’24 revenues up an impressive 30% to £31.9m after posting +37% in FY23 (£95.7m). Here YTD growth has been delivered across all product lines with special mention to Solutions (+74% to £13.2m) which supports larger corporate clients. Elsewhere sales per working day jumped 27% to £443k vs LY and 5% higher than Q4’23. Just think what @equals__money might achieve when the economic climate improves? Better still, this top line momentum is generating economies of scale with adjusted FY23 EBITDA margins widening 4.1% to 21.5%. Representing a ‘drop through’ rate of 23.5% - even after major investments in new services, headcount, compliance and geographical expansion (eg EU). Interestingly too, gross margins also climbed sequentially to 57% in H2’23 vs 47% H1’22, 49% H2’22 & 52% H1’23. And also leaving the group with plenty of fire-power for potential strategic M&A (where necessary) and future dividends (1.5p/share) with cash balances closing 12th Apr’24 at £21.6m vs £18.7m in Dec’23. So how does this YTD performance compare to current FY24 consensus? Well to me, the 30% top line growth appears to be ‘at least’ in line with analyst FY’24 turnover estimates of £112m (+17%). Indeed assuming the UK economy continues to recover, then I’d say there’s a decent chance of upgrades as the year progresses. Nonetheless, most investors eyes are presently focused on the ongoing Strategic Review, where the next PUSU deadline ends tomorrow at 5pm. My fair value for the stock remains at a conservative 165p/share (@CG_Driven 176p) until new guidance is available. CEO Ian Strafford Taylor, commenting: "The outlook for the business remains strong. In addition, the addressable market is now significantly greater with our expansion into Europe and increased distribution channels. @equals__money has created a payments platform comprising international and domestic payments, card payments and current account services underpinned by exceptional technology and direct connections to multiple payment network.” Disclosure: I own @equals__money |
Posted at 16/4/2024 08:53 by davidosh Deal or no deal...this set of results and positive outlook plus a dividend suggests the future is bright so investors rather than traders will be happy |
Posted at 03/4/2024 09:13 by masurenguy For what it's worth, Simon Thompson in the Investors Chronicle thinks that 175p is a likely takeout price if an offer materializes. Nice if that happens but I think it would be closer to 160p. Downside, if no acceptable deal can be agreed, is probably circa 100 - 105p. |
Posted at 16/3/2024 14:32 by aishah Valuation (TTM):Price to Book Value 4.16 Price to Tang. Book 14.97 Price to Free Cashflow 17.9 Price to Sales 2.40 12mth rolling Fcst p/e = 18.1 (Stockopedia numbers) What sort of premium are investors expecting should a bid materialise? |
Posted at 09/3/2024 06:40 by carcosa Extracts from some prior posts of mine:9 Dec 23: "Share price action is (in my opinion) likely to drift down in the new year offering investors the ability to acquire shares at a cheaper price for a bigger reward over and above the suggested implied target of 175p. Patience is required." (Share price has declined some 11% YTD) 26 Dec 23: "Getting the Legal situation between USA, UK and Europe to a satisfactory place to commit to a bid for Equals would be time-consuming and potentially complex involving a number of outside agencies" 24 Jan 24: "...I suggested it would be around March time before we get an offer announced, but I would not be surprised if it takes even longer" Now that we have the FY 23 results, due on 15 April 2024, I suspect that is a potentially likely co-incidental date for the take-over to be announced. The reason for this could be legally based as once those results are officially released it offers the acquirer legal protection. For example, the financial statements made by the Equals regarding the financial health, legal compliance, licenses and intellectual property ownership would allow Madison Dearborn Capital Partners to seek compensation and hold the officers to potential criminal proceedings should they find misrepresentations or undisclosed liabilities upon taking over the company. Meanwhile the share price is likely to continue leaking away but given its near the pre-approach price the downside appears limited but inevitably shareholders get bored and leave to seek perceived better opportunities. For those (like me) who believe a positive outcome is more likely than not then end March, early April seems a likely golden opportunity to add to their shareholdings. |
Posted at 03/10/2023 16:20 by melloteam Just to let shareholders and prospective investors know that Equals Group PLC, accesso Technology and Dillistone Group plc will be presenting on the MelloMonday webinar at 5pm on Monday 9th October 2023.The event will also feature an interview with Craig Richardson and our popular Mello BASH (Buy, Avoid, Sell, Hold) with a panel of analysts and professional investors. There will be over 500 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
Posted at 18/9/2023 15:55 by davidosh We have a great Mello Monday lined up tonightJust to let shareholders and prospective investors know that Equals Group will be discussed on the Mello BASH (Buy, Avoid, Sell, Hold) with a panel of analysts and professional investors during the MelloMonday webinar at 5pm on Monday 18th September 2023. Zoo Digital and Belvoir will also be analysed. There will be over 300 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. For more information, click here: Mello Events have many events coming up over the next few months, check them out here: You can get 70% off their Oct- Nov 2023, giving you access to all events until the end of October (at least 9), as well as the archive events and exclusive partner discounts! Use code NOVAP70 |
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