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Share Name Share Symbol Market Type Share ISIN Share Description
Escher Grp LSE:ESCH London Ordinary Share IE00B6SKRB38 ORD EUR0.005
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 189.50p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
177.00p 202.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 13.44 -6.72 -36.35 35.6

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Date Time Title Posts
27/3/201819:44ESCHER Group - Going postal....434

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the ghost who walks: Seems long lead time for sales, But doubt fundamentals have changed much. Massive share price move off virtually no volume.
the ghost who walks: Why the share price down
wexboy: 2016 – The Great Irish Share Valuation Project (Part II): Company: Escher Group Holdings (ESCH:LN) Last TGISVP Post: Here Market Cap: GBP 31 M Price: GBP 167.5p Oh dear, yet another offensive write-up of mine: With ESCH at 330p per share (having peaked at 395p per share a couple of months earlier), I set a price target of 119p per share! Yup, we have plenty of special snowflakes out there who thought they were the chosen ones to discover what was surely an incredible high margin recurring revenue machine… Maybe so – except I came along & reminded them if doesn’t quack like a duck & it doesn’t look like a duck, it may not be a duck….which they didna’ like at all. And two years later, I’m sure they don’t like the fact I was bloody correct! But eventually you wake up and recognise the timeline & figures just don’t match the story – hence, the relentless decline in the ESCH share price over the last two years. There’s been a blizzard of contract signings reported, included some new areas of business (like e-government & mobile rewards/payments), but little visible sign of them since. The only obvious positive to report is the increasing level of contracted & recurring revenue, which should reach 50% of total revenue in 2016. That’s great, but unfortunately I predicted a side-effect: ‘One way or the other, the transition will likely present another revenue growth challenge’. And consequently…revenue today is still 11% below FY-2013 revenue. Cash flow looks better, but that’s due to a substantial swing in working capital – in reality, free cash flow in the last two years was zero. Which means we’re still a long long way from the historic 31% operating margins Escher clocked in the past. Again, we’ll split the difference between FCF & peak operating margins – which suggests a 1.5 P/S multiple is still appropriate, with no adjustments necessary for cash/debt (net debt’s actually $2.7 million): USD 22.0 M Rev * 1.5 P/S / 1.4623 GBP/USD / 18.7 M shares = GBP 121p Escher remains fairly over-valued. Unless we see a decisive inflection point in the numbers, the shares will keep grinding lower as disappointed shareholders bail. But last week’s announcement was interesting – Stephen McLeod will be appointed a Senior Independent Director. Regular readers here will recognise him as the former CEO of Universe Group (UNG:LN), which was previously a big favourite & winner for me. In fact, if the CEO Liam Church didn’t own 12% of Escher, I’d wager McLeod was being lined up for an executive post…but even his contribution as a director could prove valuable here. Price Target: GBP 121p Upside/(Downside): (28)% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
jeffcranbounre: Escher is mentioned in today's (07/01/2015) ADVFN podcast. To listen to the podcast click here> In today's podcast: - Brenda Kelly, Chief Market Strategist at chats about Tesco, Sainbury's, BP, Tullow Oil and more. Brenda on Twitter is @BrendaKelly_IG - And the micro and macro news including: Quindell #QPP Tesco #TSCO BP #BP. Tullow Oil #TLW Sainsbury's #SBRY Galliford Try #GFRD Aggreko #AGK Persimmon #PSN Easyjet #EZJ Keller Group #KLR Boohoo #BOO Majestic Wine #MJW Royal Dutch Shell #RDSB Escher Group #ESCH Sepura #SEP Anglo American #AAL Shanks Group #SKS Punch Taverns #PUB Enterprise Inns #ETI Imagination Technologies #IMG Every Tuesday is Ten Bagger Tuesday on the podcast. If you know of a stock, whose share price has the potential to increase ten fold, just click the link below. Ten Bagger Tuesday (All it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). Once a week, on a Friday, I feature a tip from a listener to this podcast, if you'd like to suggest a stock click the link below: Suggest a stock (Again all it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). You can subscribe to this podcast in iTunes by clicking HERE To follow me on Twitter click HERE As a listener to the ADVFN podcast you can take advantage of some exclusive first year discounts on popular subscriptions: Bronze - £50 (normally £73.82/year) Silver - £145 (normally £173.71/year) Level 2 - £350 (normally £472.94/year) Call 0207 0700 961 and ask for the ADVFN Podcast discount to take advantage of these reduced rates or just CLICK HERE for more information. Please DO NOT buy any stock recommended in this podcast basely solely on what you hear. The opinions in this podcasts are just that, opinions. Please do you own research before investing. Justin
aishah: I'm slightly amazed to see ESCH shareholders still keeping the faith – in fact, they've pushed the share price higher (though it's backed off from a March high of 395p). But with 42% of Escher owned by management, and another 40% in the hands of its three main institutional investors, the share price isn't necessarily that representative of underlying intrinsic value anyway. The company's 2013 performance definitely struck a bum note vs. the high growth/high margin story shareholders bought into so enthusiastically. Revenues only increased 8% to USD 24.7 million, putting ESCH on a 4.2 Price/Sales multiple! That looks pretty rich when its operating free cash flow margin's averaged just 6.8% in the past two years, while free cash flow was negligible. Even more so, when you ponder its revenue composition: A whopping 50% of Escher's revenue comes from its top 2 customers, plus software development & consulting's actually been the key revenue growth driver in the past 2 years (and is now almost 50% of total revenue). Now, we can obviously expect a migration from consulting revenue to recurring contract revenue, but how much & when are crucial questions. One way or the other, the transition will likely present another revenue growth challenge. [However, I'm encouraged by promising signs of diversification into e-government, and mobile loyalty, reward & payment - though I suspect these are small revenue streams for the moment. Revenue of USD 6 M deferred into H1-2014 is encouraging too - but doesn't necessarily guarantee a blockbuster year]. Historically, Escher has managed to clock up 30%+ operating margins – which intuitively makes sense for this kind of business – unfortunately, those margins are likely to remain out of reach in the near/medium-term. Right now, for valuation purposes, let's bridge the gap by assuming ESCH can re-attain half those margins – and I mean on a cash flow basis – which deserves a 1.5 Price/Sales multiple. With cash & debt broadly similar, and free cash flow roughly neutral, we can ignore any potential cash/debt adjustments: USD 24.7 M Revenue * 1.5 P/S / 1.6719 GBP/USD / 18.7 M shares = GBP 119p Escher remains substantially over-valued. While a share price of 330p might reflect the future outlook for ESCH, it certainly doesn't appear to adequately reflect the gap (& the risks) between today's financials & that potential future... Time will tell – investors may simply prefer to keep focusing on a diet of fresh contracts/news flow, rather than profits. Price Target: GBP 119p Upside/(Downside): (64)% htTp://
knackers: Interesting to see what's happened to Proxama's share price this week! Now ~£54m MCAP for a company delivering less than £1m annual revenues that's providing technology slap bang in the middle of Escher's pitch. Promises to be an exciting next week for them both at #MWC14 Barcelona.
battlebus2: Yep the share price is disappointing but as you say some trades to show life :))
knackers: I think PG are being a bit cute, Glass ;o) Think they have a 'small' stock overhang to clear, can't think of anything else explaining the current share price. Given H1 robustness they should have that resolved in fairly short order - then we re-rate. I rather like the idea of a 'sizzling' valuation...underpinned by the deployment of new solutions into an established customer base.
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