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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pizzaexpress | LSE:PIZ | London | Ordinary Share | GB0008419532 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 0.00 | - |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | 0 | GBX |
Pizzaexpress (PIZ) Share Charts1 Year Pizzaexpress Chart |
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1 Month Pizzaexpress Chart |
Intraday Pizzaexpress Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 08/7/2003 | 08:32 | Share price will hopefully shrink less then their pizza size ! | 68 |
| 23/3/2003 | 18:59 | Analyst Investment Management Proposal to PizzaExpress | 11 |
| 08/2/2003 | 20:18 | PIZ Freddy's new successful thread for a two year two-bag | 41 |
| 17/12/2002 | 01:21 | Analyst post strong statement re offer | 8 |
| 10/12/2002 | 10:39 | Pizza Express, the party is over! | 22 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 03/7/2003 16:19 by mooch Do I need to fill in any forms and if so where do I get them. What price is being paid per share? Why didn't E-Trade forward me anything about this? - the bastiches. |
Posted at 28/3/2003 10:22 by tiredandweary what do you think the share price will fall to if the offer lapses? £2.80 or £3.00 |
Posted at 23/3/2003 18:59 by tiraider LONDON (AFX) - Private equity firms TDR Capital and Capricorn Ventures willlaunch a joint bid for PizzaExpress PLC this week, the Mail on Sunday reported without citing sources. It said the two firms -- through bid vehicle Gondola Express -- are expected to pitch their offer at 380-385 pence a share, valuing PizzaExpress at 272-276 mln stg, trumping the 263 mln stg (367 pence a share) offer from the company's co-founder Luke Johnson. His offer, under the Venice Bidder name, was recommended by PizzaExpress' independent directors last month. PizzaExpress shares closed Friday at 381 pence, capitalising the company at 273.5 mln stg. jdd/lam |
Posted at 14/3/2003 19:56 by daytona2 Latest Analyst Investor bulletin from www.analystinvestor.PizzaExpress plc Bulletin No. 1 Friday 14th March 2003 The first closing date of Venice Bidder's offer for PizzaExpress plc is Thursday, 20th March. The stockmarket is saying that the bid of 367p per share (equating to a value of approximately £263m for the entire business) is not going to succeed, although the market price has been weakening over the past few days. There has been speculation in the press that Nando's and its backers are planning to make a bid for the company at around 387p per share. In our view, neither of these approaches remotely reflects the true economic value of the company and they should be rejected by all share-owners out of hand. We have made our position on value-maximisation crystal clear. We favour a substantial share buy-back, we want the business to continue to be run by the present managers, a new management incentive scheme implemented, the resignation of the non-executive directors and the appointment of a new heavyweight chairman. We plan to examine aspects of the PizzaExpress story each day now in the run up to the first closing date of Venice Bidder's offer. There are a number of serious misconceptions about the business that are based on unsubstantiated opinion. These need to be corrected by fact. In addition, investors' and press commentators' attention needs to be drawn to a number of what we believe to be totally unacceptable aspects of the PizzaExpress bid saga since this current phase began on 16th December 2002. Our first task is to refute the frequently used description of PizzaExpress as 'beleaguered' 'struggling' and 'underperforming'. You would think, reading the financial press, that this is a basket case whose only future lies in a rescue bid. This is abject nonsense. Let's look at the reality: · In the year ended 30th June 2002, the UK and Ireland pizza restaurant chain generated revenue of £195.2m and operating profits of £40.1m. That represents an operating margin of 20.5% - down from the 24% of 2001, but still a well-above-average performance. Of the 300 restaurants open at the 2002 year-end, 27 were opened during the year and would, inevitably, have generated a below average turnover and operating profit. · Reported profits after tax in 2002 were £25.6m. This still represents a 16% return on average shareholders funds adjusted for historic goodwill written off. · At the 2002 balance sheet date, the company had cash of £20.8m and no debt. Free cash generation was over £6m, even after capital expenditure of £32.7m. · In 2002, the Sunday Times named PizzaExpress as one of the top 100 companies in the country to work for, the only restaurant operator to make it onto the list. · In the 6 months to 31st December 2002, the UK and Ireland pizza restaurant chain generated revenue of £100.2m and operating profits of £17.1m, reflecting an operating margin of 17.1%. The adjusted return on equity in a poor half was 13.4%. · At 31st December 2002, the company had cash of £17.8m and no debt. · The interim dividend was increased by 20%. Does this sound like a struggling or beleaguered business to you? We run a very detailed operating model of the UK pizza restaurant business. Our model splits the chain into restaurants by age: (a) those over 15 years, (b) those aged between 10-15 years, (c) those aged between 2-10 years, and (d) those under 2 years. The older restaurants - those over 10 years old - are under income and margin pressure, but they are neither struggling nor losing money. The 37 UK pizza restaurants that are more than 15-years old are located mainly in and around London. The first PizzaExpress was opened in Wardour Street in 1965 and until Kingston opened in 1976 some 11 years later, all openings were in London with the exception of St. Helier in Jersey, which was opened in 1970. As a group, these are the most prolific restaurants in the chain. On our model, the average revenue of these mature restaurants was around £1.02m in 2002 and their average operating profits were around £290,000, reflecting a very high operating margin of 28.2%. We are projecting the like-for-like revenue of these units will decline by 10% in 2003 to some £930,000 with average operating profits at £250,000. So, a £93,000 reduction in sales causes a £40,000 drop in profits – or a fall of 13.8%. Put another way, 43p of operating profit is lost for every £1 drop in sales. The refurbishment programme, which is underway in 140 out of 311 restaurants, aims to restore those lost sales. Once those revenues are restored, profits will be restored disproportionately. (The ages of the UK restaurants are difficult for an outsider to pinpoint precisely. Only 16 restaurants originally opened by the company were more that 15-years old as at 30th June 2002. However, 32 franchised restaurants were bought in by the company on 11th November 1996, many of which had opened their doors before June 1987. We do not have precise opening dates for these.) These 15-year old plus restaurants are a very material part of the overall group revenue and profit totals. On our estimates, these 37 restaurants (12% by number at that time) contributed £38m of revenue (19%) and £10.7m of operating profit (25%) before central overheads in 2002. There have been calls from uninformed investors and some press commentators to 'close the under-performing Central London restaurants', or sell them. But, as you can see from the above, this is crazy advice. The second group of restaurants, those between 10-15 years old, are also important contributors to group turnover and profit. On our estimates, there were 29 of these trading in 2002. Our model shows an average restaurant in this category generated around £865,000 in revenue and £225,000 in operating profit. We have, again, projected a like-for-like decrease in sales in 2003 of 10%, so average sales would fall to £785,000 and operating profits to £193,000. An £80,000 fall in sales here causes a £32,000 drop in operating profits – once again, some 40p of operating profit is lost for every £1 of sales foregone. This group of restaurants will be the powerhouse of group results in future years. In 2002, it contributed 15% of the pizza restaurant chain's operating profit. By 2010, on our estimates, it will contribute over 50%. The negative effect on the group results is clear if you look at the combined impact of these two pizza restaurant groups. In 2002, we estimate they jointly contributed £62.9m of revenue and £17.2m of operating profit. In 2003, we estimate they will contribute £58.2m of revenue and £15.1m of operating profit, £2.1m less than in 2002. The following management actions have been taken to restore these units to their former levels of profitability: 1. The introduction of a new menu and larger pizzas; 2. Holding prices: there has been no menu price increase since June 2001; 3. Dropping the advertising campaign that ran in 2002 and cost £1.2m; 4. Re-organising the operational management structure of the pizza restaurant chain; 5. Accelerating the capital investment programme in the 140 restaurants that are over 5-years old. Most of these will attract some refurbishment over the next two years at an average cost of £75,000. This Bulletin shows clearly the impact of falling like-for-like sales on group operating profits in the older restaurants, and the action management has taken to restore profits to previous levels. A restoration of profits in these restaurants would lead to an improvement in the company's economic value and ultimately a higher stockmarket price. Do not allow the benefits from this action to be stolen away from you by Venice Bidder or by any other opportunistic third party. Reject Venice Bidder's approach. We will look at the projected performance of the newer restaurants in Monday's Bulletin. Jeremy Utton Analyst Investment Management plc 14th March 2003 |
Posted at 12/3/2003 10:12 by kasg 12/03/2003 07:08:48 PizzaExpress ponders rival bid from Nando's - reportLONDON (AFX) - PizzaExpress PLC, the restaurant operator that two weeks ago recommended a 367 pence-a-share bid from Luke Johnson, its former chairman, is understood to have received an indicative bid from the owners of the rival Nando's chain worth an estimated 380 pence a share, or 273 mln stg, The Times reported. According to the paper, it is understood that Nigel Colne, the PizzaExpress chairman, and the group's advisers Credit Suisse First Boston, are amenable to the new bidders but are debating whether their demand for a break fee of 2.7 mln stg in the event of a higher bid from a third party is reasonable. A source close to Johnson, who is being backed by ABN Amro Capital, refused to rule out the possibility that he could raise his offer in the event that PizzaExpress opted to switch its recommendation to the Nando's camp, but added: "We'll have to wait and see if there is a higher offer." The potential counterbid, mooted at a meeting with PizzaExpress on Monday, is from a consortium led by Capricorn Ventures International, the South African group that controls Nando's, and TDR Capital, a private equity firm set up last year by Manjit Dale, formerly of DB Capital Partners. |
Posted at 28/2/2003 14:03 by bigboyo come on daytonathese old boy networks cannot be beaten --- all the pigs have their big hooters at the trough piz is a great brand --- and it has long term potential --- if we sell ( i have shares in piz ) at this ridiculous offer price then all the brand value is being given away for free --- the offer is easy to finance at a 10ish p/e where is the risk to the bidder ? NONE -- all upside and little risk or downside all imho dyor etc |
Posted at 16/12/2002 13:13 by kasg AFX Story Mon 16 Dec 2002 12:59:25 LONDON (AFX) - PizzaExpress PLC confirmed, in a statement noting recent share price movements, that it has received approaches which may or may not lead to an offer being made for the company. The group said one of these approaches involves the executive directors and as a consequence the board has formed a committee of independent directors comprising the non-executive directors to consider this and other approaches. The company said shareholders should take no action at this time and a further announcement will be made in due course. newsdesk@afxnews.com |
Posted at 16/9/2002 23:41 by edmundss I agree with BigBoyo -- having been to Zizzi's once, none of the three of us will be going back -- the food (both pizza & pasta) was decidedly mediocre. Personally, I feel Pizza Express do a much better job of service & food. Interestingly, Zizzi's score slightly better (1pt) than PIZ in the new Zagat, but more expensive.Having said that, more variety and/or seasonal menu additions (ala Wagamama) wouldn't hurt PIZ. The "decent food at a reasonable price" sector is much larger than a few years ago, and provides more competition. PIZ's offering is basically unchanged, and isn't going to provide the stellar growth of the 90s. I think the current PE under 8 reflects disappointment that the company is not immune to competition and the general downtown. C'est la vie. Edmund. |
Posted at 11/9/2002 16:34 by oldolie PIZ, 50p`s worth of gear for £7.50 and thats a take away price, well that should reflect in the share price,but diners aren`t fooled, you can buy two portions of fish and chips, or a two course Chinese take away round here for that price, and the year old "restaurant" is empty most nights , while the other two mentioned takeaways adjacent and across the road have queuesNo thanks for the pizza or the company |
Posted at 05/9/2002 22:31 by bigboyo its been commented that the pizza express pizza's have been shrinking in size !seems this is contagious and is now effecting the share price all pizza express shareholders now need to be innoculated against this new shrinking virus ! |
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