Fulcrum Utility Services... Share Discussion Threads

[mryl] 20/9/2019 13:05

good point pireric, but would a P/E of 20+ be that far fetched? The company is growing at a decent pace and seems quite robust..

[pictureframe] 20/9/2019 13:02

They will add some meter/ev installations wins imo

[pireric] 20/9/2019 12:32

Can't see it myrl. 50-70% from here would be 38 - 43.5p on the share price

That would be 25 - 29x 2020 P/E, which won't happen. Especially as I think investors will probably discount deliverability of the 2021 numbers, but even still that would be 14 - 16x 2021 P/E

[mryl] 20/9/2019 11:57

I think this is going to start a rerate on the back of these results... can see a 50-70% rise by Christmas.. I've been loading up for a while so let's just be patient now. gla

[podgyted] 20/9/2019 10:37

2.7p adjusted EPS in 2021.

[pireric] 20/9/2019 08:38

Ok well if that's true then all bets are off and no obvious valuation support around here. What sort of number in 2021?

[podgyted] 20/9/2019 08:25

Cenkos forecasting a reduction in adjusted EPS to 1.5p in 2020 - still gives buy rating.

[pireric] 20/9/2019 08:20

While I agree, a heck of a lot of companies either finished with IFRS 15 pretty quickly (even when complex structures), or started work on it much earlier to make sure it was done. Most are fussing around with IFRS 16 by now!

[18bt] 20/9/2019 08:18

Eric, believe me when I say that adopting this new IFRS isn' easy when you've got lots of different contracts and the auditors are double and triple checking everything so as to avoid FRC criticism. I chair audit committees for a number of companies and everything is taking much longer than it should - the audit market is freezing up under the constant barrage of new standards, changes to auditing standards etc.

[pictureframe] 20/9/2019 08:01

adding on any pullback

[carpingtris] 20/9/2019 07:54

I'm sure going forwards now they have a handle on things that these delays in reporting shouldn't happen again... fingers crossed.

[pireric] 20/9/2019 07:42

Net current assets are -£17m; the balance sheet strength has always been an offput for me as not a load of protection in there. Bigger concern is the company's audit/finance function, as quite laughable how long this has taken them to go through

Overall, probably still too cheap. Though warning this year will be tough in infra services which makes me think another y/y drop in core profit metrics is likely

Can see this trading towards 9-10x fwd earnings, so maybe around 29-32p at a guess

[ivancampo] 20/9/2019 07:41

Will aim to add under 30p. MM's marking up it up pre-market.

[ducatiman] 20/9/2019 07:40

Cheers top. Recovery underway, should see 50p in short order.

[topvest] 20/9/2019 07:38

Yes, they have invested £3.6m in pipeline assets and adopted another £7.4m of assets. Cash generation is otherwise really strong.

[carpingtris] 20/9/2019 07:37

Only had a quick scan but agree looks OK to me, and they are paying the Divi.

[topvest] 20/9/2019 07:36

Yes, they have invested £3.6m in pipeline assets. Cash generation is strong.

[ivancampo] 20/9/2019 07:36

First stop 40p?

[ducatiman] 20/9/2019 07:23

Looks ok, drop in cash though. Div nearly 10% at current share price let's see what the market thinks.

[topvest] 20/9/2019 07:18

Yes, looks OK from a quick scan. Patience rewarded. Will read more thoroughly later.

[carpingtris] 20/9/2019 07:11

Results out!!

[topvest] 19/9/2019 20:29

Results Monday 23rd or Monday 30th would be my best guess.

[ducatiman] 19/9/2019 13:27

Squeaky bum time fast approaching