Share Name Share Symbol Market Type Share ISIN Share Description
Eur.Residual LSE:ERII London Ordinary Share GG00BNZB0D17 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 € +0.00% 4.625 € 0.00 € 0.00 € - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

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Date Time Title Posts
28/11/201409:20Don't Forget The Residual107
07/10/201418:08ERII with Charts & News-

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investor_tp: I'm a bit puzzled by the sudden spike in the share price. How many shares are actually outstanding then, perhaps I was looking at an old figure there.
davebowler: jaws6 here's the Liberum note; I got burnt on EET so have avoided ERII in the past but still watch due to my RECI holdings. European Residual Income Investments (ERII / BUY / €0.577) – 75% return of capital plus further upside n Our full comment can be accessed by the following link: n €17.2m distribution: ERII will distribute €17.2m of cash proceeds to shareholders by way of a compulsory pro-rata redemption of shares. The distribution equates to €0.43 per share or 74% of the current share price and follows a recent significant realisation (c€12m) which we estimate relates to the Newgate 2006-1 Notes. n Remaining Portfolio valued at 62% discount: The current price implies a pro-forma discount of 62% on the remaining portfolio following the distribution. We think this is too wide given the recent strong cashflows generated from the portfolio (c€4m in 2012) and guidance for 2013 of €2.6m. n €2.6m cash flow in 2013: Separately, management have given guidance of expected gross cash flows of €2.6m from the portfolio in 2013. This looks achievable given the c€1.7m of cashflows (excluding the c€12m realisation) generated in Q4 2012. Assuming 90% of these proceeds are distributed to shareholders, this would imply a gross cashflow yield of 44% on the remaining portfolio and a pro-forma dividend yield of 40%. Liberum View: n The shares have risen by 171% since the realisation announcement in December but we think ERII remains undervalued. ERII is always likely to trade at a wide discount given the nature of the portfolio. If we assume an arbitrary discount of 50% on the portfolio, the potential pro-forma return over the next year is 66% (including the 40% dividend yield). We reiterate our BUY rating.
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