Share Name Share Symbol Market Type Share ISIN Share Description
Punch Graphix LSE:PGX London Ordinary Share GB00B07LVS05 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 122.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 125.54

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shuisky: "the fact that Shareholders could end up as minority shareholders in a company controlled by Punch International which could have a negative effect on the share price;" That's true but if the shares remain listed than why would PI actively destroy the value of their stock? Furthermore, if the offer goes unconditional you will get the 128p in any case. There is always the scenario that they actively welcome a declining shareprice so they can take it private at a cheaper price later on, but would they really be this devious? I think a lot of bad will has been created out of the way they have handled this. They could have just come to the shareholders with a premium bid, and got what they wanted. The sneaky way they launched this 'no premium' bid to get a ompany on 12x current earnings, has created a lot of bad blood. I also imagine that a lot of PG staff got stock in the IPO, and this attitude is hardly morale boosting for the workforce. PG are clear.... 'It is very clear that the Offer is no more than an attempt to regain control of Punch Graphix on the cheap and with complete disregard for other Shareholders.'
dave_a: I won't be accepting and good to see PG have come out fighting today. However, I am slightly concerned about what will happen to the share price if they are/are not successful. Something which was highlighted in their response today: "the fact that Shareholders could end up as minority shareholders in a company controlled by Punch International which could have a negative effect on the share price;"
sivadnoj: Punch Graphix repeats view that Punch Intl's 128p/shr offer undervalues co 121 words 9 January 2007 11:23 AFX UK Focus English Copyright AFX News, 2007 All reproduction and presentation rights reserved. LONDON (AFX) - Punch Graphix PLC reiterated its view that Punch International NV's 128 pence a share mandatory offer for the company would allow Punch International to acquire control of the group 'without paying appropriate value'. Punch Graphix said it 'strongly' advises shareholders to take no action regarding their shares in the company. This is all fine but at some stage they are going to have to start explaining why they consider that the offer undervalues the company and respond to the suggestion that the business has not been managed effectively or efficiently. Although the share price continues to trade around the offer price, a question mark remains over management's credibility in light of the comments made by PI. Presumably PGX will need to respond to this.
sivadnoj: I must say this seems a rather rum state of affairs. Takeover offer at zero premium to the market price. The Board say it undervalues the company yet the share price remains static, implying no expectation of an increase in the value of the offer. What, therefore, is the incentive for the holders of the 20.3% listed above to accept the offer, other than the potential control problems associated with having a single shareholder with 50% of the shares? Is this simply a tidying up exercise?
shuisky: Yep. IMHO, the timing is a clear indication that this bid is hostile, and there is no love lost between certain parties. PI is clearly trying to catch PG off guard, and trying to get PG on the cheap. I'm glad PG has come out and said the bid undervalues the company. I'm happy to see that the share price is now above the 128p bid level. This indicates that the market believes that (contrary to their intention) PI will have to pay a premium. PI holds 49% and the following together hold 20.3%..... Capital International Invest 4,666,701 4.54% M & G Group Ltd 4,591,000 4.46% Morley Fund Management & Aviva Plc 4,039,555 3.93% Framlington Investment Management Ltd 3,980,000 3.87% Invesco Perpetual 3,571,000 3.47% It's up to these guys how this is going to go.
tole: Well no posts for 3 weeks in which the share price has added a further 10% looks good to me - Still undervalued to me - and noted again by altium this month as a "growth company that is trading on an ill derserved low PER - and continue to regard the shares as excellent value"
tole: Nice article.. Looks as if those large trades yesterday have moved another line of stock. Seems to be having a very positive effect on the share price today. Still reckon this should easily be trading on a PER of more like 15 - giving a share price of more like 150-160p - bang in line with Altiums target price.
tole: Good Value Recommendation in the IC today. Mentions the new CEO Ben Van Assche - and that since his review of the business - he wants to focus on printers that allow marketing companies to produce more personalised pamphlets - with the latest machine rolling out over 5m different pages per month. Also plans to increase direct sales and cut back on resellers. Points out also that Teathers forecast pre-tax of E22m and EPS of 14.5c - and were set to upgrade estimates. I take it this means the new figures posted above since it looks like they've upgraded 2006/2007 (post 30) From T & G: - PTP £15.00m.....EPS 9.80p.....D/V 3.00p To T& G: - PTP £15.92m.....EPS 10.16p.....D/V 2.71p And 2007 From T & G: - PTP £17.00m....EPS 11.30p....D/V 3.40p To T & G: - PTP £17.95m....EPS 11.52p....D/V 3.39 The IC article summarises that PGX's share price slipped due to the recent management uncertainty where they had no CEO for a number of months from April 06, however, with a new focused boss in place, and trading on a forward PER of only 11, they are good value.
tole: Punch Graphix - STRONG BUY Companies: PGX 28/09/2006 Punch says its full year results will be ahead of forecasts, after a strong half-year turn in tricky markets. Spun out of Euronext-listed Punch International last year, Punch Graphix designs digital colour printers under the Xeikon brand (selling related consumables and accessories that offer a good source of recurring sales). It also develops imaging systems for off-set pre-press commercial markets. The results to June demonstrated a 14% up tick in pre-tax profits to €13.3m (£9m), though top line growth was a more modest 7% to €84m (£56.8m). However the revenue result was good going against a record first half of '05, and operating profits were maintained after hefty spending on sales, management and R&D. 'We've shown we can make good margins, and live with the pressure in our markets', explained new chief executive Ben van Assche, who pointed to good performances from the digital printing and pre-press businesses. He also flagged up an encouraging increase in the proportion of consumables sales, from 40% in 2005 to 44%. Analysts at house Altium Securities view Punch as 'significantly undervalued' and rate the shares a strong buy on the basis of underlying market growth, top-line growth from Punch and the benefits to come from new product launches. For the year, expect pre-tax profits to move north from £12.8m to £15.7m, delivering earnings of 10.2p and placing the shares on a budget forward p/e of 10.3. Prospective yields of 3% this year and next also underpin the investment case, as does burgeoning global use of digital printing. Erstwhile parent Punch International still controls 49%, but if you can get your hands on the shares, do so. James Crux Market cap: £108.23m PE Forecast: 10.3 Share price: 105.25p
tole: Just to let you know I received the Altium write up today - just a brief summary reiterating the 160p price target. They expect the interims scheduled for 28th Sept to both reassure and impress investors - believing that following on from the positive AGM statement and trading update earlier this year PGX is making progress in all areas of its business and on target for expectations for the full year. Also expecting the new CEO to give more detail on his view of the potential for Punch - and is anticipated that as his first opportunity the outcome will be positive. The note also reiterates that the shares continue to be SIGNIFICANTLY UNDERRATED - and that the results and presentations from the CEO on strategies and objectives should be the catalyst to a strong share price performance for PGX. Share Price 106p. 2006E T/0 120.3 Adj PBT 14.7 Adj EPS 10.3 PER 10.2 DIV 3.0 2007E T/O 131.2 Adj PBT 16.3 Adj EPS 11.0 PER 9.6 DIV 3.2
Punch Graphix share price data is direct from the London Stock Exchange
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