Share Name Share Symbol Market Type Share ISIN Share Description
Kentz LSE:KENZ London Ordinary Share JE00B28ZGP75 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 934.00p 0 06:38:22
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 1,001.1 66.3 37.8 21.1 1,119.40

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Date Time Title Posts
16/1/201500:50KENTZ - New float in Oil Services5,167
03/7/201407:55Malcolm Graham-Wood, discusses Kentz Corporation LTD live on TipT-
02/1/201410:15*** Kentz ***9
05/8/201017:46On Your Marks..........166
10/8/200803:49Kentz Engineers & Constructors120

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Kentz (KENZ) Top Chat Posts

rivaldo: Interesting little bubble up in the share price first thing this morning. Nice interview here - but it serves to advertise the savings possible for any predator for KENZ. With the deal not complete yet will anyone else step up to the plate? Http://
tom9999: Banked. Share price so close to offer suggests people think there will be a counter offer but I doubt it at that price. Strong offer
alter ego: Whizzy1, the market cap is just what it would cost to buy every share in a company. So, a higher share price means a higher value whereas issuing more shares simply makes each one worth a bit less unless something else adds value. The usual driver of value is earnings, eps. If you can double your eps, you should expect to double the share price. That'swhy companies that are growing fast have higher p/e ratios than those that are growing slowly. The market ascribes a higher rating to high growth companies because itvexpects the share price to be higher in future based on higher earnings. Kenz Is thought by some, including me to be under rated. It expects eps to grow by 45% but has a p/e ratio of 12ish which isnt reflective of that and suggests the market doesnt believe the growth will happen. We will have to see but if kenz does achieve impressive growth in eps, the share price will adjust IMO.
rivaldo: Thanks for the AGM notes Mark, and good to see you topping up. Broker update with an 810p target: Http:// "Broker snap: Kentz a buy on optimistic growth outlook, says Investec Fri, 16 May 2014 Kentz's interim statement on Friday paints an optimistic growth picture for 2014 and beyond, according to Investec. The engineer said it achieved higher order intake and backlogs in the year to date. Backlog at the end of April was $4.5bn, up from $2.8bn a year earlier, and order intake came to $1.8bn in the first four months, compared to £1.7bn last year. "The key number is its $4.5bn order book, +47% since end-2013 and up a further 10% since the most recently disclosed figure at end-February," Investec said. "We leave our forecasts unchanged but believe the recent pull-back in the share price offers an attractive entry point. Buy." The broker issued a target price of 810p and said Kentz is trading on a 2014/15 price to earnings multiple of 10.9x, a 13% discount versus Investec's sector average and a 16% discount versus its target sector. "We see a 5% discount as achievable given Kentz's earnings growth, strong bid pipeline and financial strength. his implies a target price of 810p. Key risks are commodity prices/client spending levels."
wexboy: Company: Kentz Corp Prior Post(s): 2012 & 2013 Ticker: KENZ:LN Price: GBP 750p And Kentz marches ever onward... Shareholder must now be breathing a sigh of relief that management emphatically rejected the Amec and M&W Group bid approaches last August. There was a pretty measly premium on offer, anyway – so I suspect even a protracted bid battle wouldn't have produced an acceptable take-out price for shareholders. The excellent share price performance since is rousing confirmation of the wisdom of management's decision. But now we obviously have to wonder if the shares have gotten ahead of themselves..? Well, the business continues to go from strength to strength. We've seen some large wins in the past 6 months – the $640 million Ichthys LNG Project & the 190 M Qatar Petroleum contract, for example. All told, the company now enjoys a 4.1 B backlog (as of end-Feb, up 58% from Dec-2012), and a colossal 15.6 B pipeline (up 18% yoy). It also pulled off a 435 M acquisition of Valerus Field Solutions, which adds an additional 493 M of revenue (and 51.5 M of EBITDA). Capping this, final results were released last week, which confirmed 17.3% EPS growth. The operating profit margin's now 6.9%, on nearly 1.7 B of revenue, but this is tempered by continued working capital investment – not unusual for a company like Kentz. Considering the history of success, and the current backlog/pipeline, it might seem unfair to handicap my valuation because of this cash shortfall – but let's be conservative here: The current operating free cash flow margin is 3.4%, so let's average the two & utilize a 5.2% adjusted margin (or 85 M). But this allows us to be generous & assume 100% of the Valerus EBITDA will be realized as margin (at least on a cash basis). This bumps our adjusted margin up to 137 M, on a new revenue run-rate of almost 2.2 B – a 6.4% adjusted margin. This continues to deserve a 0.6 P/S multiple. With 400 M of the Valerus acquisition to be funded with a loan, interest expense should jump to around 21 M, a whisper over 15% of our adjusted margin. Therefore, we'll no longer add a (positive) debt adjustment, but we can certainly still adjust for the company's cash pile (247 M less 35 M earmarked for Valerus). Things are much simpler on the earnings front: EPS has increased by 17.3% & 19% in the past two years, and has generally exhibited similar/superior earnings growth in the past. I'll stretch to a 20 P/E multiple for that kind of quality: (USD 0.681 EPS * 20 P/E + (2,150 M Revenue * 0.6 P/S + 212 M Cash) / 118 M Shares) / 2 / 1.6638 GBP/USD = GBP 792p Kentz is probably the type of company (& sector) investors instantly love or hate...but judging by the figures & its long-term record, it remains marginally under-valued at this point. Barring some unforeseen project disaster, it's reasonable for shareholders to also expect another significant uplift in intrinsic value within the next year, based on the current backlog & pipeline. Not to get all starry-eyed, but it's worth highlighting Kentz' market cap is still under $1.5 B – a mere tiddler in the industry – which suggests its best growth opportunities may still be ahead, rather than behind it... Price Target: GBP 792p Upside/(Downside): 6% _
rivaldo: Nice tip for KENZ overnight: "Buy Kentz says Nifty Fifty Co-Editor Steve Moore On the back of a trading update for 2013 last month, I updated that the rating of international engineering, procurement, construction and technical support services group Kentz (LSE:KENZ) in the context of a continually positive outlook meant that I continued to believe that patient investors would likely do well from the then 632.5p share price - see HERE. The following updates with the company having since announced two contracts wins and with the shares currently at 720p. Last week the company announced the award of a $640 million contract for the structural, mechanical and piping construction package for the Ichthys project onshore LNG facilities in Australia to its joint venture with Australian-headquartered UGL Ltd. This is scheduled to commence in August and followed the announcement of a $62 million contract award to the company's recently acquired oil and gas handling business Valerus to provide the engineering, procurement, construction and commissioning of two compressor stations in the USA. Following also the positive January trading statement, which noted that the company foresees "the delivery of yet another strong performance in 2014", and with earnings per share forecasts for 2014 of circa $cents95 (57p, on revenue approaching £1.5 billion), the shares enjoyed a very strong run recently – reaching 776.5p last month. However, having since slipped back to current levels and with the current positive trading momentum suggesting earnings per share of 65p+ continue to be realistic for next year, the rating continues to look not overly aggressive, indeed arguably undemanding, ahead of a 24th of this month scheduled announcement of annual results. BUY"
rivaldo: UBS has just upped its target to 730p - for the moment :o)) http :// "UBS is instead urging its clients to snap up shares in Kentz (LON:KENZ), which yesterday announced the acquisition of Valerus Field Solutions, a US-based onshore oil services group. The broker increased its target price following yesterday's share price rise. It is now aiming for £7.30 from £6, with the share price nearing £6.80. "We see the deal as positive in opening up new geographic areas and customer bases – this is where Kentz sees value-add," said UBS tipster Caroline Hickson. "We think in time the division will be integrated into Kentz, but for the time being, we think it prudent not to assume any significant synergies.""
rivaldo: KENZ is up around 40% on my average buying price, so I'm perfectly happy with KENZ' "predictable" share price reaction over the last few months. All those who were predicting gloom and doom following the lapsing of the bid have been proven totally wrong. In addition, the share price is up 9p today in what is a pretty miserable market overall, with a number of companies announcing profit warnings or just downbeat narrative. The share price is basically up to where it was for the bid. Give KENZ a couple of days with the market being positive, or one of those new contracts hinted at today - or possible American buying this afternoon following this IMS - and let's see where the share price ends up.
gpd2: RBC View What's in it for AMEC? Our View: Our initial analysis of an offer by AMEC for Kentz suggests that it could afford to pay a price somewhere north of 600p. However, we believe that this is not a "must-do" deal for AMEC and that its appetite for acquisition risk will wane quickly above 625p. Key Points: Earnings accretive over 600p - AMEC's indicative offer range is 565-580p and at the top end we believe that it could achieve 8% earnings accretion in 2014E. On our estimates, the deal metrics remain positive at 625p, but the risk / reward balance becomes more marginal. We do not see the acquisition of Kentz as a "must-do" deal for AMEC and believe that its management will be disciplined in its approach to valuation. This is particularly true since it has already tabled a share buy back as an alternative to M&A. Target price increased to 600p - while AMEC could justify a bid up to 625p, given the uncertainty still surrounding an offer, we increase our target price to 600p. This implies limited upside from the current share price and we reduce our recommendation to Sector Perform from Outperform. At 600p, Kentz would be trading on a 2014E cash adjusted P/E of 9.8x compared to AMEC's 11.0x. Complementary industry exposures - while AMEC and Kentz's business strategies are fairly different, with AMEC focused on engineering and project management, while Kentz derives much of its revenue from costreimbursable construction work, the two companies operate in similar industries, with around 60-70% of revenues coming from the Natural Resources industry including Oil & Gas and Mining. However, Kentz has a significantly greater exposure to Africa, the Middle East and Far East Russia than AMEC and this would boost AMEC's Growth Region from 13% to over 26% of revenues (2012A) and dilute its exposure to the Americas (where AMEC faces a head wind from slowing oil sands industry spend) from ~60% to closer to 50% of revenues. The attractions of Kentz and revenue synergies - Kentz offers AMEC additional exposure to gas liquefaction (LNG), electrical/instrumentation work and complex technical support services, as well as an arguably unique first mover advantage in the Mozambique Oil & Gas industry, which could prove a valuable entry point to this important market. While we do not expect these factors to drive significant near-term revenue synergies, at the right price, Kentz is clearly an attractive proposition. Target Price/ Base Case Our target price is based upon a valuation at which we believe the risk / reward of an offer by AMEC is attractive. This factors in little in terms of revenue synergies but 15% cost savings on Kentz's central costs. It implies earnings accretion to AMEC of 8% in 2014E and a cash adjusted 2014E P/E for Kentz of 10.8x compared to AMEC's P/E of 11.0x. Upside Scenario Our upside scenario is based upon the price at which a deal becomes ~5% accretive to AMEC in 2014E. It implies a 2014E P/E for Kentz of 11.6x, a small premium to AMEC's valuation. Downside Scenario Our downside scenario assume that Kentz either receives no firm offers or that management rejects the offers and a deal is off the table. In this case, we believe the shares would fall to the level at which they traded prior to today's announcement at around 400p. Investment Thesis Kentz has historically traded at a significant P/E discount to the UK sector due to its relatively low earnings growth profile combined with a high backlog concentration and uncertainty over the use of its considerable net cash. Prior to the announcement of potential offers for the company, we believed that these issues would have been addressed in the coming 12 months, with its own acquisitions that could have added 40%+ to its EPS. Along with solid execution on key contracts and a healthy order intake, our standalone thesis was for a re-rating, taking the share price towards our previous target price of 550p. Our take-out valuation of Kentz is 600p, although we see some upside to 650p if AMEC is minded to accept a lower level of accretion. This implies between 4 and 13% upside from the current share price and with considerable uncertainty over the potential offer, our recommendation is downgraded to Sector Perform.
haywards26: Too many people focus on daily price movements....As the great man (Buffett) would confirm the share price really is irrelevant, and does not show the fundamnetal value of a company. This is where the investor has to do their sums work out the fundamental value and buy when the share price is well below this and then sell once the share price is well above it. The share price moves for various reasons, economic backdrop, sentiment, buyers and sellers. Of which none of these are of concern to a well managed and sound company. You have to use the swings in share price to buy low and then sell high. Everything else inbetween should be ignored. The technological age of investing is pushing people down the short term and traders route. As stockbrokers make more money this way (via transactional costs). Value will out, all that is required is patience.
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