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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| React Group Plc | REAT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 78.50 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 78.50 | 78.50 | 78.50 | 78.50 | 78.50 |
| Industry Sector |
|---|
| CHEMICALS |
| Top Posts |
|---|
Posted at 17/9/2024 13:37 by rivaldo RNS - Octopus Investments have been buying more. They now own 16.71% (up from 15.22%), with 3.6m shares:So in the last few weeks we've had Octopus, Dowgate and Harwood/Oryx all buying. Perhaps this RNS and the major IC tip will now make investors realise the value here. |
Posted at 06/9/2024 10:03 by rivaldo The investment company ONWD have this morning just release their (rather impressive) interims.They own £1.42m of shares in REAT - 5.8% of their portfolio - and they had this to say today: "React Group plc (REAT LN) - Date of first investment May 2023 With React we believe we have captured a defensive growth opportunity at a value price, and invested c.6% NAV into the company. It is a business the team have been researching since September 2022 (pre-launch) and was an early pipeline priority. Through a mix of specialist cleaning services for UK corporates, the business has a highly attractive earnings profile. The business has three core divisions: 1. React - the heritage of the group, reactive specialist cleaning often needed for emergencies or callouts requiring specialist cleaning techniques; high margin but less predictable. 2. LaddersFree - large glass pane and cladding cleaning for UK corporates, executed through a capital-light membership model. 3. Fidelis - contract cleaning focused on public services. The business operates over 80% of its sales on contracted terms of one to five years and has been organically growing at 17%+ per annum for the past four years under a new management team. Sales are highly cash generative and yield a high contribution margin, whilst CAPEX, depreciation and amortisation are all insignificant. Crucially now, as a result of a mix of organic and acquisitive growth and the upcoming cessation of deferred consideration payments, the business is beginning to generate strong profits and free cash flow growth from contribution margin as it exploits inherent operational gearing. If one were to look away for a moment - not knowing the company cleans large glass facades, rolling stock, and prisons - its characteristics mean it could easily be mistaken for a small, successful software company. Yet we have been able to acquire shares in React on forward P/E multiples of 6.5x - 8.5x." |
Posted at 28/6/2024 16:19 by vikingben To me very interesting.Have the brothers from Ladders Free finally got rid of their holding in Reat? I can now get a quote to sell 50k @71.11p Can buy 50k @74p, or 10k @72.6p which would show as a sell |
Posted at 18/6/2024 11:38 by rivaldo The Mello Monday presentation is excellent as usual. Some highlights:- "it's been a great start to the financial year" - "momentum has continued into H2" with a "healthy pipeline" - recurring revenues are now over 85% - "we're ready for M&A activity again" - revenues have grown organically at 24% per annum for each of the last 4 years - Fidelis have grown their revenues from £4.8m to £12m since acquisition - Laddersfree are growing revenues by 30% and have added 7 new nationwide customers in the last 18 months - REAT looked at 40 other opportunities before buying Fidelis - acquisitions have to be earnings-accretive in the first year - REAT are likely the only company who can provide their services nationwide - "now extremely cash-generative" as final payments have been made for the acquisitions - REAT is a "very defensive business", with customer expenditure being non-discretionary - the rating is undervalued - minimum wage increases are already built into contracts |
Posted at 11/6/2024 10:41 by rivaldo Dowgate Capital have also issued a new note on REAT.They have a 100p target price - and that's assuming only 60% of REAT's goal of £5m free cash flow is met. They go for 6.9p EPS to 30th September, then 8.1p EPS to 30/9/25. That's a P/E of only 9.1. The cash pile is forecast to rise from £1.0m to £3.0m (against a £17m m/cap). Extract: "Polished results display continued progression. React Group has released 1H results that demonstrate EBITDA growth of 35% from a 13% advance in Group revenue. The Board has confirmed that the Group has maintained its strong sales momentum into 2H and in so doing has secured higher margin business. The Board commented that the pipeline for the remainder of the year ‘remains robust providing the Board with a high degree of confidence in achieving full year consensus market expectations.’ We have left our FY 2024E forecasts unchanged and they assume FY +9% revenue growth. However, we continue to hold the view that there could be an accent on the upside as the year progresses, with contract wins that should benefit 2H, and a strong pipeline for next year. We maintain our Buy stance with a Target Price of 100p. This still conservatively assumes the Group achieves only c60% of its medium term cashflow target, and we reiterate again, it also does not include any potential value enhancement from deploying the Group’s firepower on acquisitions. We believe the latter to be rightly back on the agenda now the new banking relationships are in place, prior acquisitions have bedded in well, and the LaddersFree digital platform is more than 60% of the way towards completion." |
Posted at 29/5/2024 07:26 by rivaldo Agreed, excellent H1 results. Lots of confidence in the outlook, and given that REAT have achieved well over 50% of forecast EBITDA in H1 there's a good chance that forecasts will be beaten.Particularly with all the contract wins already announced. And I don't think the three renewals of healthcare contracts valued at over £0.5m per annum noted today - now expanded - have been announced before as they were post period end? REAT also have £0.7m net cash now, so are well financed in terms of paying the final Laddersfree instalment and the investment programme. With forecast 6.8p EPS, and potentially a decent beat of that figure, REAT remain very cheap imo, especially given well over 80% recurring revenue. OT : I don't like this adjusted EBITDA EPS and wish they'd also give us the normal adjusted EPS calculation! |
Posted at 25/5/2024 08:08 by effortless cool We have the half-year results on Wednesday, so what should we expect?My modelling gives the following: Revenue : £10,584k EBITDA : £1,252k Reported PTP : £296k Reported EPS : 1.04p Adjusted EPS : 3.48p Net cash : £1,322k Based on the full year forecasts, I would say that I am slightly on the aggressive side of the broker consensus, so meeting these projections would be "ahead of expectations". That's not a very comfortable place to be, given REAT's history of misses, but I am trusting they have learned from experience. Also, I don't think that they would have accelerated the production of the figures by four weeks from previous years if there was anything other than good news. Incidentally, my valuation for REAT assuming they merit a 30th percentile PE ratio versus the market is 97p. |
Posted at 25/4/2024 07:25 by rivaldo A terrific H1 trading update today, which strongly suggests that REAT will beat expectations for the year.With H1 EBITDA up 36% year on year to £1.3m, REAT have already achieved 52% of the £2.5m consensus forecast, even without the substantial contract wins already announced this year. Other highlights: - recurring revenues remain above a huge 85% - the cash pile is now up to £1.5m, against a £14.8m m/cap - margins are increasing fast given revenues up 14% and EBITDA up 38% No wonder there's "a high degree of confidence in achieving full year market expectations" - and much more imo. On a current year ex-cash P/E easily in single figures REAT looks in great shape for a re-rating: |
Posted at 29/2/2024 12:09 by rivaldo The Mello presentation is well worth a watch. I thought the management came across well, the outlook was generally very positive, and the particular advantages of the company were stressed:- recurring revenues up to a whopping 87% - free cash flows of £2.1m and £2.3m adjusted EBITDA against a £14.9m m/cap - further acquisitions being considered - REAT have the advantage as business purchasers due to their size and reach - similarly REAT have the size advantage in being able to serve clients nationwide as those clients expand and grow - REAT are installing systems this year in LaddersFree which will greatly enhance efficiency and enable cost savings Plus we now know that "the first few months of FY24 have delivered a record trading performance for the Group", and "Momentum from FY23 has continued into the new financial year". With 0.136p EPS forecast to this September, rising to 0.156p EPS for the year starting in only 7 months, REAT are cheap on a single figure P/E, let alone on the FCF as outlined or given the huge recurring income. Watch from around 1hr 21m: |
Posted at 12/2/2024 07:33 by rivaldo Great to see the write-up in the Mail's Midas column.REAT are simply very good value at these levels: - they produced £2.44m of operating cash flows in the recent results, against a £13.1m m/cap - recurring revenues are up to a huge 87%, i.e around £17m. Company valuations often value ARR at anything from 2 times up to say 5 or 6 - even at the lowest level this would still value REAT at £34m - itself a multiple of the current m/cap - I calculate Singer's forecast EPS for this year to 30/9/24 at 0.156p, so at 1.25p REAT are on a current year P/E of just 8.0, never mind going forward on increased EPS forecasts - cash flows and balances are more than sufficient to manage deferred consideration and are predicated to allow for further earnings-enhancing acquisitions |
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