Instem Share Discussion Threads

[mitzis] 05/6/2006 15:53

interesting that Goldman Sachs own nearly 10% of this stock..

[spiggytopes] 05/6/2006 07:44

That mining companies are as good an investment as the National Lottery.

Nothing to do with INS either.

[din007] 04/6/2006 14:42

What do mean SpiggyTopes?

[spiggytopes] 04/6/2006 09:49

Mining cos are a hole with a mug at the bottom and a liar at the top.

[din007] 03/6/2006 16:41

All good signs...

[helpaargh] 03/6/2006 06:09

Directors. dealings

RNS Number:0168E
International Nuclear Solutions PLC
02 June 2006

International Nuclear Solutions plc ("INS" or "the Company")



Directors' dealings



The Company announces that the following directors of INS have today purchased
ordinary shares in INS at a price of 42.5p per share as detailed below:


Director Number of INS Resultant holding Percentage of
ordinary shares of INS ordinary issued share
acquired shares capital

Tony Moore 28,000 42,396 0.07%

Steve McGowan 18,500 32,866 0.05%

John Ridings 50,000 50,000 0.08%





2 June 2006


This information is provided by RNS
The company news service from the London Stock Exchange
END

RDSDGGGVVZDGVZM

[din007] 02/6/2006 17:14

RNS Number:0171E
International Nuclear Solutions PLC

Share option grants

The Company announces that, pursuant to the proposed share option grants under
the International Nuclear Solutions plc Executive Share Option Plan referred to
in the admission document of the Company dated 5 May 2006, the following
directors of INS were yesterday granted options over new INS ordinary shares as
detailed below:

Director # of options Exercise price Exercise period

Tony Moore 200,000 38p 2 June 2009 - 1 June 2016

Steve McGowan 175,000 38p 2 June 2009 - 1 June 2016

Geoff Mellor 150,000 38p 2 June 2009 - 1 June 2016

[spiggytopes] 01/6/2006 12:26

Who on earth draws bottoms? Sounds a bit pervy to me.

[74graham] 01/6/2006 12:13

THIS IS ONE FOR THE BOTTOM DRAWER

[spiggytopes] 01/6/2006 09:36

A good start but also, a very positive outlook going forward.

[ptolemy] 01/6/2006 07:07

Thought it might be worth posting Giraffe's note from a month or two ago. It might provide food for thought for people new to RTS and INS. I think his valuation estimate is a tad on the high side but let's see.

"RoboticTechnology Systems RTS - Why it's a 2-bagger (an attempt at a Tiredoldbroker style note...)

A week ago RTS announced the demerger of their Nuclear Solutions business. There is some real value in RTS which will be unlocked by the demerger of Nuclear. Here's stab at a valuation of the sum of the three discrete businesses:

Nuclear. Top non-governmental dog in the UK is AMEC. It is the largest private contractor in UK and recently signed a partnership with UK Nuke industry. And, as an aside it will need to sub-contract out a large part of the work. Costs of clean-up estimated to be 57bn over next decade. Amex currently has a PE of about 18 which includes the large lower margin construction business (in the process of selling to concentrate on higher margin stuff). Amex broker presentation suggests remaining core businesses should be rated higher once Spui is divested say around 22. (incidently, AMEC is "fat prohets" share of the week and says "nuclear poised to grow significantly.) "There are no real small comparitors but businesses which dabble in nuclear solutions such as RPS Group, VHE Group James Fisher, Porvair trade on PE20 or are loss-making. USA companies in this specialist sector trade on PEs greater than 40.

Putting RTS Nuclear on a range PEs of 15, 18 and 22 gives a price per share of about 54p, 64p, 79p respectively. Take your pick but the current PE of 12 is just too low.

So, Nuclear cover current share price and Flexible Systems Life Sciences are in for free. But how much are they worth?

Given the nature of the business of flexible systems an appropriate measure is PE. A lowly rated equivalent is at a PE of 12. This equates to 17p/share but ignore the value of J4.5m of loan notes. Analyst notes in 2005 (the ones I've seen) also ignored these notes but commented that they do have real value and as a result the valuation methodology is conservative. The Chairman's comment was also bullish about the loan notes "These assets are held for sale or realisation and their receipt would strengthen a balance sheet" Possible upside is 10p/share.

A more appropriate valuation for Life Sciences is on basis of sales and a recent deal was done at 2.4x sales. This valuation method is better because in contracts are long-term and generally fixed price (Flexible Systems and Nuclear Solutions both have time and materials contracts in respect of which no forward order book is recognised). Based on 2005 numbers this gives a figure of J28m or 45p/share.

Sum of the parts, back of the envelope valuation is:
Nuclear on PE18 = 64p
Flexible systems at PE12 = 17p
Life sciences at 2.4x Sales = 45p

TOTAL = 126p or about twice the current share price. And there's upside if you think the loan notes are worth something and the valuation basis is conservative. This is based on 2005 figures. Significant grow can be expected in 2006. This could be what's behind he Chairman's comment "significant commercial benefits should arise as a result of the demerger of the Nuclear Solutions business from the rest of the Group as a separate AIM-listed company"

Additionally, the business has:
Cash (2.2m),
no pension liabilities,
US property to sell (value 0.9m),
reduced central office costs substantially in 2005 (-0.6m).
Order books for all businesses higher than last year and Life Sciences already >75% 2005 turnover.
Management team incentivised to deliver shareholder value
Issued statement saying currently trading in line with expectations.
Paid a special divi of 6p share and stated "intend to recommend
further dividends as appropriate in the light of further asset realisations"

As always DYOR. I'm not qualified to play with numbers and I've used publicly available sources. Go to the AMEC website to see an excellent analysts presentation.
"

[tommyjnewton] 31/5/2006 13:13

I can see this pushing up to 50ish despite the current climate. Obviously a pretty topical service these guys are selling and just how many vendors are there?

[slj] 31/5/2006 11:45

Just received this reply from ADVFN this minute:

"If you go to the INS on the site then you will find the correct price but the wrong name on the LSE. This is being dealt with now though."

[slj] 31/5/2006 11:43

Thanks for setting up this thread - saved in my favourites now. I have emailed ADVFN to ask them to include INS in their database. Haven't heard from them yet.

[rambutan2] 31/5/2006 11:25

advfn still getting their act together so ignore chart which infast's.

but quote is correct so off to a reasonable start considering current mkt conditions.

[rambutan2] 31/5/2006 11:20

31 May 2006

International Nuclear Solutions plc

First Day of Dealings on the Alternative Investment Market

International Nuclear Solutions plc ("INS"), is pleased to announce its
flotation on AIM under the ticker symbol "INS". The move follows the demerger
of the Nuclear Services Division from Robotic Technology Systems plc. INS's
shares were admitted to AIM this morning and are currently trading at a
middle-market price of 36.5p per share, which values the entire issued share
capital of INS at approximately# 22.8 million.

International Nuclear Solutions is one of the largest nuclear engineering
companies in the UK and involved in waste and nuclear materials handling,
processing and storage, including new build facilities where necessary to
support clean-up and decommissioning programmes. In addition, INS provides
support for plant asset care and maintenance of redundant facilities. The
company also supports the commercial operating facilities associated with fuel
fabrication and spent fuel reprocessing activities at Sellafield.

Highlights:

* INS is a specialist provider of nuclear engineering and consultancy
services in the UK
* The Nuclear Services Division has grown annual sales from circa #12.3
million in 2003 to circa #24.6 million in 2005
* In 2005, the Nuclear Services Division generated net profit of
approximately #2.3 million
* Has an established business with nearly 25 years ofexperience in the
nuclear industry
* Experienced management team with over 100 years of experience in the
nuclear industry
* Has long standing relationships with BNFL and a proven track record at
Sellafield
* Nuclear Decommissioning Agency budget is #2.1 billion for 2006/07 of which
circa 55% is earmarked for commercial activities and the remainder for
decommissioning and cleanup
* The order book is strong


Commenting today Chris Brown, Chairman of INS said:

"This is a significant move which we believe will pave the way for the creation
of long term value for the nuclear business. The demerger will enable
shareholders to invest in a pure nuclear services company."

Tony Moore, Chief Executive of INS added: "As an independent company, all our
focus will be on growing the business both nationally and internationally within
the burgeoning nuclear sector. The Nuclear Decommissioning Authority recently
estimated the cost of clean up and decommissioning in the UK, for 20 nuclear
sites within the portfolio, at #63 billion. There is also potential in the
medium to longer term, for INS in nuclear defence and to support any new
investment in nuclear power generation. "

[mr ashley james] 30/8/2005 12:23

Energyi,

Any more comments on the Insurance Industry?

Worked in it 1982 to 1989 Lloyd's UK, then Australia December 1989 to June 1990 especially you guessed it mining stocks, then Lloyds 1990 to 1999, you guessed it mainly Oil, Gas On/Offshore, Natural Resources,Energy/Utilities, Power Generation.

Any more comments on the oil industry?

Any more comments on the mining industry?

Worked in Both Diamond and Gold Exploration sectors in 1989

Sorry just wondering whether you had anything to add?

Cheers

Ash:)

[carola2] 25/7/2005 07:46

goodbye to all shareholders, it is been a bumby ride for every one except the directors who have ended very well off for not doing a good job, I hope the new directors can do a better

[micos] 08/6/2005 07:09

Is there any reason to hold out for a better price than the 34p on offer? My average is 35p

[old boy returns] 26/5/2005 11:59

At bloody last. Nice return though.

[londonmetro] 26/5/2005 10:57

last chance to get pmd at .5p

[b14] 26/5/2005 10:08

no comment from anybody ?