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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Marlowe Plc | MRL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 512.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 512.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 29/2/2024 06:46 by mirabeau Inflexion Deal Gives Marlowe Scope For A Big ReratingBy Mark Watson-Mitchell 28 February 2024 In February 2021, Marlowe (LON:MARL), the safety and regulatory compliance services group, set out a new three-year strategy to achieve an aim of doubling group revenues to around £500m, while almost tripling group adjusted EBITDA to some £100m, with a 20% adjusted EBITDA margin and delivering over 90% cash conversion. It also targeted a software ARR of at least 10% of overall group revenues. The basis of delivering that new strategy was its ‘Deepen, Broaden, Strengthen and Digitalise’ plan. At the time of announcing that new plan its shares were trading at around 680p, they peaked at 1,020p in December 2021, a year later they were down to 405p – typically showing the vagaries of the marketplace. Market Whispers In early July last year, I noted to Master Investor subscribers that recent market whispers had suggested that the group was contemplating the sell-off of its testing, inspection and certification division, with £650m possibly being the currently negotiated disposal value. At that time, when its shares were 576p, I opined that if the market rumours prove to be well-founded then such a TIC side disposal would clear the group’s £160m net debt position and leave it very well funded for future impactive acquisitions. However – Think Again Instead of selling off TIC, the group has agreed to sell certain of its Governance, Risk & Compliance software and services assets to Inflexion Private Equity for an enterprise value of £430m on a debt-free, cash-free basis. That side generates some 40% of the group’s total EBITDA. Marlowe said that the divestment, which accounts for around 20% of its revenue, contributed £85.8m in revenue and £31.4m in earnings before interest, tax, depreciation and amortisation in the year ended March 31. Upon completion of the deal the group intends to fully retire its debt facility, and then return around £150m of cash to its shareholders. What Is Left? The divestment does not include Marlowe’s Compliance Services businesses in OH and TIC, which represented approximately 80% of Group revenues in FY23. The remaining business, which would be left with a net cash position of about £60m at year end, would be split into two main divisions – TIC and OH. Testing, Inspection And Certification The TIC side services largely revolve around keeping its customers business premises safe and compliant with relevant regulation and legislation, addressing compliance requirements across fire safety & security, and water & air hygiene. This division is focussed on ensuring the safety and compliance of customers’ business premises in accordance with relevant regulation and legislation. With a focus on fire safety & security and water & air hygiene, its comprehensive services cater to some 27,000 customers. This extensive support is delivered by around 1,900 specialists who consistently achieve best-in-class compliance rates, reinforcing the division’s market-leading position. Operating on largely multiyear contracts, its offerings are underpinned by regulations making them mandatory, which results in a high degree of recurring revenues. Occupational Health Marlowe’s Occupational Health division is the UK leader in the occupational health and wellbeing sector. The backdrop for the UK workforce is one that is getting older and progressively less healthy with an estimated £90bn+ lost through absence and presenteeism in the UK. In addition, the compliance burden for employers is significantly increasing. Its comprehensive OH services improve the health & wellbeing of its customers’ employees, minimising workplace risk and maximising corporate productivity. The services are delivered, often through multi-year contracts, by some 900 occupational health clinicians to over 3,000 customers. Like the TIC division, it ensures compliance with regulations, such as HSE, COSHH, Noise at Work Regulations and the Working Time Directive, which provides a high degree of recurring revenues. Knowledgeable Share Trading Perhaps A week ago, the group’s shares, just two days ahead of the deal announcement, were trading at only 360p – the next day they responded to some possibly knowledgeable buying, closing at 425p. On Thursday 22nd February, upon the announcement they hit 600p with some 6.57m shares changing hands that day, before closing at 502p. Too Low A Valuation Last Friday saw another 2.13m shares traded, closing at 530p, valuing the whole group at just £509m. That is far too low a valuation, assuming the deal completes. This Inflexion transaction leaves the group’s investors with 60% of the generating businesses and clears all debt, while putting £60m of cash into the bank, as well as £150m cash being given back to shareholders (just how that is going to be done is yet to be announced – hopefully a cash payment as opposed to a ‘buyback&rsquo This disposal simplifies the group’s focus and strategy upon its core compliance services businesses and is sure to be a major ‘swivel-point& Management Comment Chairman Kevin Quinn stated that: “This divestment represents an excellent outcome for Marlowe and its shareholders and underscores the significant value that has been created through the delivery of our growth strategy. The valuation achieved demonstrates the substantial potential within our business and will reset our capital structure, giving Marlowe strategic agility whilst delivering meaningful returns to our shareholders.” The Equity There are some 96.8m shares in issue. Largest shareholder, Michael Ashcroft, with 12.27% of the equity must be pleased to witness the Inflexion deal. Other large holders include Capital Research & Management (7.14%), Slater Investments (5.543%), Abrdn Investment Management (4.97%), Threadneedle Asset Management (3.81%), Aegon Asset Management (2.96%), Canaccord Genuity Wealth (2.69%), Danske Bank (1.17%) and Sp-Fund Management (1.03%). Current but soon departing CEO Alex Dacre, who will transfer with the Divestment, holds 4.84% of the Marlowe equity. Where To Now The divestment will allow the group to capitalise on the inherently attractive end markets of TIC and OH, to strengthen its balance sheet while also providing an opportunity for a more optimised approach to capital allocation. In due course it may well invest in carefully selected bolt-on acquisition opportunities across the remaining Occupational Health and TIC assets once restructuring investments in respect of historically completed acquisitions have reduced. It may be too soon yet to predict the levels to where its shares are headed, but they continue to have strong appeal. Analyst Calum Battersby at Berenberg retained his ‘buy’ recommendation and target price of 720p on the stock, anticip There are 5 analysts that follow the company, the consensus average Price Objective is 748p, with the highest price sought is 1,000p, while the lowest is just 453p. The shares closed last night at just 512.50p, valuing the whole group at just £496m, which makes them look like an extremely attractive proposition. (Profile 30.01.20 @ 468p set a Target Price of 550p*) |
Posted at 02/12/2022 12:35 by 1nf3rn0 My take is that operating cash flow and the increasing level of capex and acquisition integration are causing concern, and I expect the Q&A in next weeks investor meeting will focus in on this |
Posted at 31/3/2022 13:30 by 1nf3rn0 Back over 900p. Was nice to have the opportunity to add some cheap shares ahead of the capital markets day and investor Q&A on Tuesday 5th. |
Posted at 01/12/2021 16:41 by km18 Marlowe is a leading and highly innovative software services firm, providing risk and compliance advice, as well as testing and inspection expertise. As a result, the corporation is involved in the provision of risk assessments, and maintenance of security systems, with the purpose of optimising engineering services while mitigating software technical issues on behalf of clients. Consequently, a wide variety of stakeholders are interested in the firm’s ability to derive capital and re-invest cash into organic growth, yielding substantial returns for investors. This evidence is supported by the equity rally of £128.1m (£266.3m-£138.2m) with respect to last year. Additionally, the software service firm was able to effectively fund its operations, since the firm’s net cashflow soared from £9.4m to £58.8m. Today, Marlowe released its financial results, where adjusted profit before tax surged 127% to £15.2m, illustrating the effectiveness of the firm’s business model and corporate investment strategy. |
Posted at 29/10/2020 08:03 by masurenguy 28 October 2020Marlowe plc Acquisition of Ellis Whittam (Holdings) Limited Marlowe plc, the specialist services group focused on developing companies which assure safety and regulatory compliance, announces that it has entered into a conditional agreement to acquire Ellis Whittam (Holdings) Ltd (together with its subsidiaries) for consideration of £59m on a cash-free, debt-free basis. Founded in 2004, Ellis Whittam is one of the UK's leading providers of outsourced Employment Law, HR and Health & Safety services. The company provides its services via a fixed-fee subscription model to over 3,300 organisations across the UK. It is headquartered in Chester, with offices in Glasgow and London, and employs approximately 180 staff, more than half of whom are health & safety consultants, employment lawyers and HR compliance advisors. Ellis Whittam's subscription-based advisory services help employers across the UK remain compliant with evolving employment law and health & safety legislation. The Group also announces a proposed placing to raise gross proceeds of up to £30m through the issue of up to 5,441,376 new ordinary shares of 50 pence each (the "Placing Shares") at 547p per share (the "Placing Price") to new and existing investors (the "Placing"). The Placing will be conducted by way of an accelerated bookbuild process which will be launched immediately in accordance with the terms and conditions set out in the Appendix to this Announcement. .................... . 29 October 2020 Marlowe plc Results of the Placing Further to the announcement of 28 October 2020 of the acquisition of Ellis Whittam and a proposed placing, Marlowe announces that it has successfully raised approximately £30m before expenses under the Placing, which was oversubscribed. The Placing Price of 547p per share represents a nil discount to the closing price on 28 October 2020. A total of 5,441,376 Placing Shares were placed with institutional investors, conditional on Admission. Pursuant to the Placing, the Group has raised net proceeds of approximately £29m after expenses. The issue of the Placing Shares is not subject to shareholder approval. Application has been made for the 5,441,376 Placing Shares to be admitted to trading on AIM, and it is expected that Admission will occur at 8.00 a.m. on or around 3 November 2020. Therefore, following Admission of the Placing Shares, the total number of Ordinary Shares with voting rights in the Group will be 60,266,796, which may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Group under the FCA's Disclosure Guidance and Transparency Rules. |
Posted at 13/12/2016 15:38 by nfs It was at the bottom of their company analysis section. Comments were short but raising 10m for more deals and investors were happy to finance this,share price up 70% in recent months |
Posted at 30/10/2015 12:24 by keya5000 TIM, yes one and the same.Think this is a superb spot. Real quality board and investors. Might surprise us all when it comes back. |
Posted at 23/4/2007 10:33 by andrbea is this going up because it's (still) a t/o target?This from ages ago (Jan 2006) Early in the week Medoro Resources sparked a trading frenzy after announcing that it had engaged GMP Securities to raise up to C$10-million through the sale of 142,857,143 units priced at C$0.07 each. A unit holds half a warrant and each full warrant is exercisable at C$0.15 for 18 months. Iacono Serafino, the CEO of Bolivar Gold, and Miguel de la Campa, the President of Bolivar, both sit on the board of Medoro, and now that Bolivar Gold is being taken over by South African-based Gold Fields, investors appear to be speculating that a new deal for Medoro is pending. Medoro shares added C$0.04 to close at C$0.21 on heavy volume |
Posted at 20/4/2007 09:33 by wes1 Scam!This is the article referred to earlier - Butterfield Advisors, whose cold-calling of shareholders in technology group TG21 Mudlark reported earlier this week, has made similar offers to pay an inflated price for shares in at least two other Aim companies. A shareholder in Avocet Mining, a gold miner, told Mudlark that he was cold-called by Butterfield late last month and offered £10 each for his shares, a huge premium to the market price of 115½p. The investor did not send Butterfield the details it requested and he heard no more after he said all transactions would have to go through his broker. In the case of TG21, formerly Toad, an investor was offered a price 232 times the market price but he would have had to deposit a "bond" of £3,538. A shareholder in Medoro Resources, another Aim-listed gold miner, told Mudlark yesterday that he had received multiple calls from Butterfield Advisors in the past few days. Butterfield indicated that a buyer was willing to pay 500p for shares that have been trading at 27p. In the case of Medoro, Butterfield appears to be using an old shareholders' list since the caller referred to the company as Gold Mines of Sardinia, its name before the summer of 2004. Butterfield, which gives an address in New York, is not registered with the Financial Services Authority. It has not responded to written questions from the FT. |
Posted at 07/3/2007 19:46 by lindalovelace the stock is dirt cheapwith nearly one million ounces in the fields that is a cool 650 MILLION DOLLARS market value of pure gold average 15 USD per share the market will wake up also the company is expected to delist from the UK due to porr liquidity and exchange the shares for canadian ones.many small investors have sold in the uk. that is 33% of discount per share to grab also at last things get a bit less boring. and no one came here for the last 6 months... worth noticiing! unloved stock = BIG RUN |
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