Share Name Share Symbol Market Type Share ISIN Share Description
Interserve LSE:IRV London Ordinary Share GB0001528156 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.15p -0.20% 74.80p 3,832,952 16:35:05
Bid Price Offer Price High Price Low Price Open Price
73.65p 74.50p 75.60p 72.00p 75.60p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 3,250.8 -244.4 -176.0 - 108.03

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Date Time Title Posts
25/5/201818:40Interserve - Awaiting A Recovery9,301
15/3/201817:00Interserve - Still Awaiting a Recovery!39
28/1/201813:01Fake news1
17/1/201818:54Fake news1
15/1/201820:38Steady rise...-

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Interserve (IRV) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-05-25 16:15:0070.382,604,9651,833,244.12O
2018-05-25 15:52:4674.251,000742.51O
2018-05-25 15:52:4474.222,1261,577.90O
2018-05-25 15:35:0574.8069,19751,759.36UT
2018-05-25 15:29:5974.50812604.94AT
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Interserve (IRV) Top Chat Posts

Interserve Daily Update: Interserve is listed in the Support Services sector of the London Stock Exchange with ticker IRV. The last closing price for Interserve was 74.95p.
Interserve has a 4 week average price of 68.30p and a 12 week average price of 54.70p.
The 1 year high share price is 246p while the 1 year low share price is currently 52.75p.
There are currently 144,424,260 shares in issue and the average daily traded volume is 1,828,549 shares. The market capitalisation of Interserve is £108,029,346.48.
cc2014: I'm not sure that article is correct. If I read the RNS correctly they have 16% in shares but another 10% in CFds making 26%.It makes no sense to me. I can see that 26% at 70p isn't actually a lot of money given IRV market cap but they have so many they can't exit short term without affecting the share price so at least in the short term this is a binary bet for them.Also they are scooping them up as well as shorters closing so where are the shares coming from. Warrant shareholders I guess.One would like to understand their rationale as the golden rule of trading is don't get into a position you can't get out of. This along with Debbie's buys is giving an indication there is value here yet the share price is going in the opposite direction against a fairly bullish ftse over the last few week. GLANot for widows or orphans this one.
cc2014: Alternatively If they hadn't lent them the extra £200m, all confidence in the supply chain would have collapsed and the banks would have had to have written off £640m. It is possible to argue that without the extra £200m the company would have limped on but given that by the companies admission debt isn't going to peak until later in the year, it would have had to limp on by paying the supply chain later. So, they lent them £200m, so they can sell say £400m of assets and they "only" have to write off £440m instead of £660m. They may not even need to write off the £440m - perhaps Debbie can turn it around or manage to create enough free cash flow they can get alot more of that £440m back as well. Perhaps given enough time and skill the banks won't have to write off anything. Another 2 years and perhaps they can get a rights issue away. Perhaps in three years time the banks will take another 20% of the company and roll the reduced debt. In one respect the banks did something very sensible. If they had thrown them say an extra £50-£100m which would have got them finished with EfW, it would still have left IRV struggling for cash and leaving the supply chain worried. The £200m is high enough it gives IRV some flex. The banks didn't have a choice. It was a different choice than Carillion though. With CLLN, they had been trying to sell assets for 6 months with little success, whereas IRV does have some things to sell. £40m cash so far by unwinding the cable hedge, that property in Scotland say £25-50m, equipment services could raise £250m, the JV's are generally profitable so they could sell those too (releasing ring-fenced cash as well). There's more I could list. All this stuff they can sell, they won't get top dollar for now but it is stuff that at the right price is saleable. With CLLN we have seen after 2 months, the liquidator hasn't managed to sell hardly anything on a going-concern basis, mostly firms have just agreed to take the staff of the liquidators hands. It has managed to sell 4 hotels. What was CLLN doing owning hotels I have no idea but my point is IRV has stuff to sell and CLLN didn't, principally because IRV screwed up on EfW and the rest of the business is good. Note the use of the words "step-down" in relation to the debt. What I believe this means is there is a timeline in which IRV has free will to sell some assets. If this does not flow, the banks will step in and force the sales. In summary the company persuaded the banks that without another £200m they weren't a going concern and would go bust. I'd say they persuaded the banks they were insolvent. Which is why the share price is 80p ish. There's a reason it's cheap.
schofi2: And the experts say: @hxxps:// Interserve plc 98.7% Potential Upside Indicated by Liberum Capital Posted by: Amilia Stone 22nd March 2018 Interserve plc with EPIC/TICKER (LON:IRV) has had its stock rating noted as ‘Reiterates217; with the recommendation being set at ‘BUY’ this morning by analysts at Liberum Capital. Interserve plc are listed in the Industrials sector within UK Main Market. Liberum Capital have set a target price of 180 GBX on its stock. This would indicate that the analyst believes there is a potential upside of 98.7% from the opening price of 90.6 GBX. Over the last 30 and 90 trading days the company share price has increased 19.75 points and decreased 3.4 points respectively. The 52 week high share price is 249.75 GBX while the 52 week low for the stock is 52.75 GBX. Interserve plc has a 50 day moving average of 90.42 GBX and the 200 Day Moving Average price is recorded at 131.73. There are currently 145,714,107 shares in issue with the average daily volume traded being 2,928,182. Market capitalisation for LON:IRV is £134,341,121 GBP.
cc2014: feileb21 Mar '18 - 15:35 - 8443 of 8452 0 1 0 GG According to the CEO, the reason why d4e is off the agenda until mid 2019 was due to the current low share price and instability of the share. The are looking for more institutional investors (currently only 35%) for less uncertainty in the share price The CEO stated a d4e currently would not stack up financially as the share price is too low - they would not raise enough equity / reduce enough debt. Your post shows you do not know how D4E works. It is not dependent on the share price.
feileb: GG According to the CEO, the reason why d4e is off the agenda until mid 2019 was due to the current low share price and instability of the share. The are looking for more institutional investors (currently only 35%) for less uncertainty in the share price The CEO stated a d4e currently would not stack up financially as the share price is too low - they would not raise enough equity / reduce enough debt. Just giving you the information as I have been told it. Finally and not wanting to spoil your day further. I have also been told that Emerald are on board long term as part of the re-financing deal. The Truth will set you free!
aendjo: Morning everyone. It looks like we’ll have to wait just a little bit longer for the announcement. The shares will continue to trade sideways in the meantime and I would not try to read too much in it. I suspect many holders underestimate the potential upside for the share price if 1) refinancing is agreed and it is not extremely dilutive and 2) if results are in line with trading updates. In my opinion, if Interserve finds a robust financial footing and it becomes clear it is not going bust, it will go back to being traded on fundamentals. A very conservative P/E of 8 takes the share price above 220p (based on market cap = 8 * [41m, projected headline profit]). Projected total operating profit for 2017 is 76m, so if you used that the share price would be in the high 300s. Clearly 300p may seem like a “crazy” upside from the current share price, but I would urge holders to consider the actual value of what they own, so that they can identify the right time to sell (if they buy into the recovery story, clearly). To give you a sense of perspective, the share price was 240p in March 2017, in March 2016 it was 415p... 3 years ago, March 2015, Interserve shares traded at 600p. Three years is a blink of an eye in the life of a global company with a workforce of 80,000. I feel I was extremely lucky to be able to buy a considerable chunk of this at the premium price of 129p. I’m not joking when I say I’m going to sell at no less than 300p.
cc2014: Here's my view If the market is right, the share price indicates the company is pretty much screwed. The market isn't always right though and can remain irrational for some time. IRV's issue is that it needs MORE cash, so the bank negotiation isn't about rolling over the existing debts and the banks coming up with high interest rates to compensate. The directors have to persuade the banks that by putting in more money they will see their money back. Now, to further complicate this, it isn't one bank they are dealing with but around 8 banks who will have different priorities. Some may be sitting there willing to lend at base +5, some at base + 7, some may want base +15, perhaps others have hit their risk threshold and won't lend any more under any circumstances. It's the latter point which then becomes a problem as then the others have to stump up more than their fair share or find someone else to replace. Other options to get the cash would be a rights issue but with the market cap now at £85m that won't work as asking exiting shareholders to stump up £200m ish isn't do-able. Debt for equity only writes off the debt so whilst it would reduce the interest bill it doesn't give them any more cash. In order to ease the situation IRV need to sell some assets NOW or be persuasive with the banks that the likely sale value is far higher than the book value. Whatever is going on IRV and the banks need to resolve on an immediate basis as the supply chain are going to look at the share price, get nervous over supplying, start demanding cash up front and then it becomes self-fulfilling.
aendjo: Why do I think that the upside is greater than the downside? Disclaimer: I am an investor and I am long here. I have no insider information and I may be 100% wrong so please do not invest based on the following and do your own research. As Interserve employees move into their brand new Ingenuity House - a purpose-built, state-of-the-art building that showcases the company capabilities - the market values the whole business of Interserve at about £110m. Shares trade today at a discount of more than 90% compared to the £7+ share price of 2014. Is this a value trap or an investment opportunity? THE “TRAP” CASE. With a debt in excess of £500+ and the breach of banking covenants (net debt should be less than 3xEBIDTA) there is a chance of bankruptcy, highly dilutive rights issue and/or punitive refinancing terms that would damage or destroy shareholders value. Bankruptcy is unlikely but not impossible, as painfully demonstrated by the recent demise of Carillion, although differences between the two companies financial state and history are profound. Irrespective from reassurances from the cabinet, literally no-one would benefit from Interserve bankruptcy. Not the government but, more importantly, not the banks. So it is my assessment that Interserve will survive. A rights issue is also not an impossible scenario but in my opinion highly unlikely. A competent Board will not consider a rights issue at a time when the dilution for shareholders would mean at the very least a 1:3 dilution (that would raise 220m, just enough to cover EfW provision; in reality the impact on share price would be such that a more likely dilution would be in the range of 1:5 - 1:10). The case of prohibitive refinancing terms is the most likely but the least worrying in my mind. Banks are going to be rational about this. They have a strong hand and they will want to maximize their returns, so they will milk Interserve as hard as they can but they will want the cow to stay healthy. Long term, interest rates are a concern. However, based on the facts outlined in the following paragraphs, I think that focused asset disposals over the next couple of years will be a distinct opportunity to improve the balance sheet if servicing debt becomes difficult to sustain. At a later date, a rights issue might be a perfectly reasonable plan, if and when the share price is in the £2-£3 range. THE CASE FOR INVESTMENT. My reasoning stands fundamentally on two legs. The first leg is: what am I buying today with 110m if I buy the whole of Interserve? The second leg is: how is the broader economy and political environment going to affect the earning prospects of the company? WHAT AM I BUYING. What does Interserve own? Even if we disregard the entirety of non-current assets on the balance sheet (I am myself highly skeptical and suspicious of liberal use of fudge factors), the history of Interserve reveals recent acquisitions that made me think that even the most incompetent of management could not have squandered so much value. Interserve was born out of the acquisition of RM Douglas by Tilbury in the early 90s. This acquisition included what now is RMDK, a subsidiary delivering by itself approx 50m earnings per year with margins of 25%. The disposal of this subsidiary alone for a money consideration of P/E > 5 would be sufficient to fix the balance sheet. This had been considered as a viable option in 2015 as the company started feeling the pain of Energos going into administration, crippling the Energy from Waste business and slashing earnings in UK construction. I digress, apologies. From the 90s to early 00s, the business developed through acquisitions and disposal, refocusing on support services and becoming Interserve. Acquisitions in the last 10 years alone were worth in excess of £450m (2006 - MacLellan £118m; 2010 - CMC Construction Services £22m; 2012 - Advantage Healthcare £26.5m; 2013 - Oman Construction Company $34.1m; 2014 - Initial Facilities £250m;). As of today, you can buy all of that (clearly it comes with debt attached) for 110m. That is why I see a bargain here. ECONOMY and POLITICAL ENVIRONMENT. How are all of those businesses going to perform in the next few years? One of the implications of Brexit is that the government will need to support internal spending to stabilize the economy in the face of uncertainty regarding foreign trade and financial services. This means infrastructure investment and construction. Relatively recent documents released by the government recognize the need for tendering processes to focus on sustainability of the sector rather than solely on wafer thin margins. That’s all good for Interserve. In terms of support services, toilets in train stations and at the BBC will continue to need cleaning up, although less immigration might mean upward pressure on wages. Further downward pressure on the GBP may improve returns in respect to foreign businesses. The unfortunate demise of Carillion, a large competitor, may further reduce margin pressures. This is a cyclical sector, a return to typical margins of >5% overall must be on the cards (or the whole sector will collapse) - with current revenues that’s earnings >£150m, or a forward P/E of 0.5 For the reasons above, I think the upside is greater than the downside.
dexdringle: "Peel Hunt recently valued Interserve on a sum of the parts basis only at £1.80. Presumably they are proficient in reading a Balance Sheet" Pointless. There isn't a single company where the share price tracks the tangible NAV in the balance sheet: Barclays Bank - Tangible Net Assets per share £3.34. Share price £1.98 Taylor Wimpey - Tangible Net Assets per share £0.88. Share price £1.97 Interserve - Tangible Net Assets per share -£1.18. Share price £1.23 .....etc
fenners66: Well having said they were on my watchlist for yield and the likelihood the yield is now going to be zero that seems unlikely. Funny I posted the news early on Monday morning and then again I posted at 8.53 on Monday "If the article is true, how can you say it is standard stuff for a concerned "consortium" of lenders to call in EY?" At the time the share price was floating between 106 - 109 The share price now is quoted as 90 cfc1 - "But this is all standard stuff and should be expected." " notice NO major share sales...only smaller rattled investors." Ok you were so right - the news didn't affect the share price at all. Luckily all the real shareholders were able to read reassuring words on a message board and that stopped the rot no one sold. Like I have said - you cannot really predict share price movements minute by minute or day to day, but when the market has time to digest real news - there was an RNS they usually affect sentiment - more likely when its bad. I thought this was bad news and not normal.
Interserve share price data is direct from the London Stock Exchange
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