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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Origin Enterprises Plc | OGN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.90 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.90 | 2.90 | 2.90 | 2.90 |
| Industry Sector |
|---|
| FOOD PRODUCERS |
| Top Posts |
|---|
Posted at 14/8/2021 15:20 by pdosullivan Afternoon all, I have written a blog on Origin Enterprises that may be of interest to some of you: https://tbifund.word |
Posted at 03/5/2016 15:53 by wexboy 2016 – The Great Irish Share Valuation Project (Part I):Company: Origin Enterprises (OGN:ID) Last TGISVP Post: Here Market Cap: EUR 856 M Price: EUR 6.814 Origin also recently hit my previous Price Target (of EUR 6.34 per share). Adverse weather & squeezed farm incomes may be an obvious culprit, but management deserves some blame too… Here’s the latest annual FY-2015 report (see p. 29): A 15.0% EPS CAGR is touted by management, stretching back to the original IPO in 2007. Except the company enjoyed massive post-IPO/acquisition The moral of the story: Don’t pitch yourself as a growth stock, unless you’ve got the numbers & strategy to back it up! Growth in the fertiliser game’s all about consolidation, whereas Origin’s been mostly all about divestment – fortunately, with Valeo now sold, only animal feed’s left as a potential non-core asset – with just €80 million spent on acquisitions in the past three & a half years. Time for a step-change… Overall, it’s a pretty stable core business, so management needs to start milking it for cash to return to shareholders (via dividends/buy-backs) Post-divestments, Origin’s adjusted operating margin’s a little lower at 5.3%, which now deserves a 0.5 Price/Sales ratio. But we should also reflect a much improved balance sheet (& acquisition capacity) – since the business is seasonal, let’s adjust for average unrestricted cash on hand (in the last year) of €117 million. And with actual interest paid amounting to just 8.3% of operating profit, debt could increase an additional €101 million (again, at a 5% rate) & still leave interest coverage at a manageable 6.7 times (i.e. 15% of operating profit) – as usual, to be prudent, we’ll haircut this debt adjustment by 50%. And in terms of profitability, management’s guidance of 52 cents adjusted diluted EPS will hopefully see earnings re-based for growth, so a prospective 12.0 P/E now seems appropriate: (EUR 0.52 Pros Adj Dil EPS * 12.0 P/E + (1,434 M Revenue * 0.5 P/S + 117 M Avg Cash + 101 M Debt Adjustment * 50%) / 126 M Shares) / 2 = EUR 6.64 So, Origin’s fairly valued here – plus we no longer face an over-hang, with Aryzta (see above) exiting its majority stake last year. Looking ahead, hopefully we’ve reached an inflection point, with management now fully focused on leveraging the core business. And Origin’s agronomy unit may be an intriguing wild card/kicker, as we see opportunities (& unicorns) blossom elsewhere in agri-tech/big data. Again, this depends on management…the Price Target: EUR 6.64 Upside/(Downside): (3)% For related links/graphs/files, more TGISVP analyses/price targets...plus my subsequent OGN trading update comments: Google the Wexboy investment blog. |
Posted at 07/2/2013 10:09 by liarspoker Origin is covered in today's The Phoenix magazine.For two profitable, debt free, dividend paying companies trading at less than cash look here ( and win an investment book of your choice ): |
Posted at 19/9/2012 06:27 by djderry Positive statement,making good progress,25 million euro to be invested over next four years,dividend up 34%,Agrii gaining traction. |
Posted at 06/7/2009 16:05 by lbo Its another Irish property failure! And sadly Irish farming is in no great state either. Also not sure you can leverage it any more and net debt has risen from 164m to 200m in the last year alone. Post IPO it had 120m, of which 115m was linked to potential land development which will now never happen and is probably now worth agricultural land prices. Also they have proposed only an 8c dividend which would only give a 3.3% yield and thats still subject to the High Court Capital reduction confirmation and shareholder approval.The focus of Origin will be to enhance shareholder return through a combination of organic and new investment opportunities. Origin will have the benefit of a substantial operating asset base associated with the acquired businesses including a number of significant properties with development potential located in areas destined for future development and regeneration. The objective will be to add value to these properties over time in order to maximise their potential The Swiss-registered plc, Aryzta, also confirmed it would be taking an exceptional charge at the end of the trading year to reflect a 105m property revaluation at its 71.4pc subsidiary Origin 2008 worst year for farmers in 15 years |
Posted at 02/7/2009 21:08 by strollingmolby This is from the covering article:An excellent example of a small company beginning to distribute a dividend is Origin Enterprises (see Slide 9). This agricultural business has recently announced it will start to pay a dividend of around 4% from this year. With this dividend being covered approximately 5 times there is obvious scope to increase these payments further. And this is Slide 9: Agricultural business that works with farmers to maximise crop yields Strong markets position with significant scope to grow the business Under leveraged balance sheet with financial headroom on gearing at 150m Recently announced that it will pay a 4% yield, having not paid a dividend previously. Plenty of scope for dividend growth as business expected to expand and dividend growth as business expected to expand and dividend cover 6x Scope to grow at a faster rate by incremental acquisitions. These will be easily fundable by equity if necessary [free registration required] |
Posted at 02/7/2009 20:54 by strollingmolby Hi LBO, quiet board here isn't it!?I saw a presentation yesterday on the Aimzine website from Gartmore fund manager Gervais Williams in which he praised the ability of small-caps to generate high yields as we come out of recession - he only mentioned one stock and that was OGN, hence me having a dig around here. I'll try and find the presentation and post the salient points. |
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