Jaywing Share Discussion Threads

[daneswooddynamo] 10/1/2014 10:45

Blimey its quiet here with the 30 percent bounce

[eezymunny] 22/11/2013 10:40

I made good bucks from JWNG this year but don't currently own.

Not enough there to tempt me back in tho possibly not bad value here? Would like to have seen a slightly more positive outlook. FWIW.

[first_things] 22/11/2013 10:38

Still looking at the figures in a bit more detail.

Consulting profits show a more marked decline for the continuing part of the business post Tryzens due to the "Completion of a substantial consultancy engagement supporting a Financial Services client", which accounts for around 800k. If profits normalise in this division the EBITDA on an annualised basis would be a lot higher.

Any thoughts?

[first_things] 22/11/2013 10:01

Bunkum indeed......

"Total EBITDA for the continuing business after central costs is £1.1m (2013 H1: £1.4m and 2013 H2: £1.1m)"

[battlebus2] 22/11/2013 09:51

Your correct eezy.

[eezymunny] 22/11/2013 09:50

Yes, I just point out that your H1 EBITDA is wrong (for basis of valuation) because it includes the business sold. Remaining biz £1.1m, no?

[first_things] 22/11/2013 09:08

The second half of the year is always much stronger than the first.

I would expect the company to have £5 million in cash by the year end (March 2014).

Profitable, good management and cash in the bank:)

[eezymunny] 22/11/2013 08:47

"Total EBITDA for the continuing business after central costs is £1.1m"

So annualised £2.2m.

Your numbers look bunkum to me Firstthings!

[battlebus2] 22/11/2013 08:46

Yes that's the exciting bit here, do they buy another business?

[first_things] 22/11/2013 08:43

If you use an average valuation multiple and add back the cash the shares should be trading around 35p.

Be interesting to see what they now do with the cash at the bank.

[first_things] 22/11/2013 08:03

Cash balance of £3.6 million is higher than expected.

Full year EBITDA should be around £3.5 million.

Shares look very undervalued compared to its listed peers.

[battlebus2] 22/11/2013 07:42

Results out and whilst not startling they do show improvement imv..

Jaywing plc (AIM: JWNG) today announced its interim results for the six months ended 30 September 2013.

Performance Highlights

-- Gross profit GBP16.3m; (2012: GBP14.7m)
-- EBITDA* before other income GBP1.66m; (2012: GBP1.31m)
-- Net debt GBP1.8m; (2012: GBP1.4m); undrawn banking facilities of GBP2.1million
-- Adjusted basic earnings per share 1.05 pence; (2012: 0.88 pence)
-- Adjusted diluted earnings per share 1.01 pence (2012: 0.83 pence)

[first_things] 21/11/2013 10:11

The current valuation looks way to low given they are now debt free (a few million in the bank) and generated £3 million EBITDA last year.

[battlebus2] 20/11/2013 17:56

Yep , there's been a bit of buying lately :))

[first_things] 20/11/2013 15:39

results should be out soon.......

[battlebus2] 17/10/2013 14:45

Large trade of 1,785,000 gone through at 23p.

[battlebus2] 16/10/2013 13:28

Another tick up on a couple of buys.

[battlebus2] 14/10/2013 15:46

Good to see a tick up and a couple of buys today.

[battlebus2] 07/10/2013 18:11

Thanks Britishb, regretting that i didn't sell at 25p.

[britishb] 07/10/2013 07:59

FYI I downloaded the Tryzens accounts from companies house.

As at 31 March JWNG owed Tryzens just over £2m, so the sale presumably net of that ie £4m.

JWNG had about £2.3m of debt at year end, so in total should be about £1.7 net cash +/- any trading cash flow since yr end, perhaps £2.5m now.

So enterprise value currently at about £15m.

Tryzens did 382k pbt last year so remaining biz did about £1.9m pre-tax excl amortization and "other income"). Tax that at 25% and you get c £1.42m post tax.

So currently I reckon EV/EBITDA a tad over 10, PE a tad higher.

Not bad value but think I'd want to see a positive update on current trading before re-entering.

[knigel] 07/10/2013 07:15

So why no decent move up?

[battlebus2] 07/10/2013 06:38

Seems a good deal at 6 million which is above book value and leaves us debt free and able to look for acquisitions.

[battlebus2] 04/10/2013 07:55

Thanks Ali, anyway these are ticking along again this morning. As of the last results goodwill attributed to Tryzens was 5.2 million with Jaywing current market cap of 17.88 million.

[investali] 03/10/2013 19:50

Sorry BB2 I sold out of Waterman recently. I couldn't resist the profit but good luck for Monday.

Ali.

[battlebus2] 03/10/2013 16:29

Well done GHF another winner, i can't keep up with you lol.