Essenden Share Discussion Threads

[eezymunny] 18/9/2014 10:22

I've added a few today



Shanklin - I guess you won't see a completely simple set of accounts until next year's interims. This year finals will include all the loan note stuff etc.

What don't you understand?

The onerous lease provisions are the hardest to get a handle on for me - and impossible to really work out unless you can see all the individual contracts I think.

[playful] 18/9/2014 09:28

Jack has sold a little it seems so this probably accounts for the recent weakness.

[shanklin] 18/9/2014 09:11

I have struggled to understand past results due to the various deals that appear to have been done to keep the business afloat during the recession, which AIUI have a massive effect on the state of the B/S etc.

So, is this a clean set of results with all those deals having been played through or are there still unusual side deals which need to be taken into account.

Any help much appreciated. All IMHO DYOR.

Cheers, Martin

[ricgains] 18/9/2014 08:52

The 9.2% increase suggests a superb summer holiday.
I make that sales increases of about 16.5% in the last couple of months.

Nice to see happy staff as a bonus!

[battlebus2] 18/9/2014 07:11

No transformational acquisition ATM instead concentrating on Ten pin.

[battlebus2] 18/9/2014 07:06

o 6.1% Like for Like sales increase for 26 weeks to 29(th) June 2014
Great numbers..

o 9.2% Like for Like sales increase Year to Date
o EBITDA up 9.3% to GBP3.1m (2013: GBP2.9m)
o EBITDA margin increase to 12.9% from 11.7%
o Adjusted profit before tax, up 13.1% to GBP2.0m (2013; GBP1.8m)
o Average site EBITDA up 17.1% (GBP30k per site increase in H1 to GBP205k, 2013: GBP175k)
o Awarded "Gold" level from Investors in People (first ever in industry)
o Net Promoter Score at a record high of 52% (2013: 34%)
o Colleague satisfaction increase of 10% to 88% (2013: 80%)
o 22% increase in online sales; represents 35% of bowling revenue (2013: 29%)
Nick Basing, Chief Executive, said:

"There is now clear evidence that Essenden is a consistently growing company."

[davidosh] 16/9/2014 12:52

A good name to have as a 10% holder on your register and Giles Hargreave will be a keynote speaker at our investor event in November so maybe Essenden should consider meeting and presenting to investors there...

mello2014.com

[battlebus2] 16/9/2014 09:51

Yep i noticed those trades going through at 60p.

[ricgains] 16/9/2014 09:42

Hargreaves Hale/Marlborough more than treble their investment, moving from 1.4m shares to 5m, which is 10% of the company.

[battlebus2] 15/9/2014 11:31

Falling back a bit, hopefully before a bounce :))

[battlebus2] 09/9/2014 18:30

Certainly is cheap eezymunny. Still holding mine Davidosh but nothing much to say ATM. Results this months should be good as they already stated the weather hasn't dampened trading.

"The like-for-like of 7.1% is further evidence of strong momentum. The foundations are now firmly set. There is more potential for future growth."

[eezymunny] 09/9/2014 16:12

Looks like it has sold for £91m (FT) or just over 6x EBITDA of £15m according to

hxxps://www.altassets.net/private-equity-news/by-news-type/deal-news/cbpe-seals-2-4x-return-selling-uk-bowling-company-to-electra-partners.html

ESS did £4.1m EBITDA last year and may do c. £6m this year as lfl's are up 7% (last t/s).

So 6 x £6m would be a £36m valuation on a similar basis which is about = current market cap. ESS is debt free though so may be worth a significantly higher EBITDA multiple to a Private Equity firm? Now I note that Original was debt free end 2012 so that may be bunkum!

hxxp://talktenpin.net/index.php?option=com_content&task=view&id=8399&;Itemid=139

Original did £70m sales according to



So sold on a 1.3 price/sales.

ESS did £45.6m sales in 2013 so sold on that ratio would be valued at £59m or 118p/share.

So I guess ESS looks pretty cheap here in summary.

[davidosh] 09/9/2014 15:28

Blimey....no posts here for two months and the company are performing well.

There has been some corporate action in the sector. Electra buying Original Bowling company for 91m. They are the market leader by size

[ricgains] 18/7/2014 07:47

Do correct me if this is inaccurate.

On current numbers we can add at least £2.1m to '14s EBITDA.

Whilst these numbers yo-yo around, that also looks like 20% increase in sales in the last two weeks.

[battlebus2] 18/6/2014 07:34

Moving to Cenkos....

18(th) June 2014

ESSENDEN PLC

("Essenden" or the "Company")

Change in NOMAD and Broker

Essenden announces the appointment with effect from today of Cenkos Securities plc as its Nominated Adviser (NOMAD) and Broker.

[battlebus2] 09/6/2014 07:15

Sorry davidosh it's another leisure co that i hold (cinemas) EMAN.
Post was meant for that thread.

[davidosh] 09/6/2014 02:18

Everyman ??

[battlebus2] 08/6/2014 12:06

I see Shares mag says with the economy in recovery we have more and more money in our pockets to spend on entertainment and leisure, they sight Essenden (ten pin bowling) and Cineworld as winners. I would also like to think Everyman will get a decent chunk of that growing pot.

[mrmomentumt] 28/5/2014 11:15

Anyone aware what the PBT forecast for 2014 is please? Not showing on Digital Look. Thanks

[shanklin] 23/5/2014 15:38

Davidosh

Thank you for your post. Have you any idea what P/E ESS might be on once the management rewards have been paid and we get some semblance of a clean set of accounts. In these sort of situations, it would be good if companies would voluntarily produce a set of adjusted accounts reflecting all the moving parts having fully moved.

All IMHO, DYOR.

Cheers, Martin

[eezymunny] 23/5/2014 15:26

Tx David - do please post a link if any AGM report.

Any talk of placings/acquisitions? The share price seems to be saying placing in the wings to me but can't see why they'd do it at a level below here - I'd sooner they just started a buy back with all that cash flow!

[davidosh] 23/5/2014 15:21

Well the Agm was excellent with about twenty questions from the four shareholders present. I am hoping to have Christopher Mills and Essenden all speaking and presenting at the Derby Conference Centre event on the 7-9th November.

There may be a write up of the Agm to follow.

[eezymunny] 23/5/2014 09:43

I guess good that slightly ahead (of what I guess were their budgets at start of year) but disappointing that lfl growth rate has dipped since the last update. I think I can accept that weather affects them (just!). Nevertheless last year EBITDA was £4.1m and we won't have the impairment reversal or interest costs going forward which pretty much net out. So if lfl's for the year are up 5% we should be about £5.5m EBITDA.

Depreciation was £1.6m last time vs £0.7m capex so even if those numbers were to come together (should more capex be required) there should still be c. £4.6m free cash flow vs c. £34m market cap. Pretty cheap.

I guess there's still a big seller around (we can only guess) and no mention of any possible placing for acquisitions etc. All a bit grey.

I'm inclined to hang in there....

[shanklin] 23/5/2014 07:31

So, a slightly less difficult to understand set of accounts in September?