Robert Walters Share Discussion Threads

[gswredland] 30/9/2009 14:22

Wonder what is behind all this!
Interesting times...

[gswredland] 24/9/2009 19:07

Decisive breakout in a falling market today.
Bodes well.

[nigelpm] 30/8/2009 16:52

Clearly was very undervalued at 80-100p when I bought some (could hardly believe the price at the time) but now it looks reasonable but nothing more.

[imastu pidgitaswell] 28/8/2009 08:26

I don't see anything too surprising in those results. A headline loss, but essentially a big drop in revenue (not as big as MPI) and a lag in losing the costs.

Net cash of £22m. Looking at the cashflow, they obviously collected a lot of the debts, didn't generate anything like as much in the way of new receivables, hence 'took in' a lot of cash - a loss of £2m was actaully a 'cash-in' number of over £9m.

So you have 70.4 million shares - at 1.46 = £102m. Less £22m in cash = £80m for the business. How much is it worth? Well you have to value it over the cycle - not at peak earnings, not at current (lack of) earnings. Or consider a takeover value.

I will be looking for a bit of a dip, and even then may think about it. Not personally convinced that we're through this recession yet, could yet double-dip. But I do like the ease of understanding of this business, the ability to react to revenue collapses, the absence of debt, the hard cash in the bank (no share dilution here) and its general valuation.

[jon123] 18/8/2009 18:18

we'll know for sure on the 28th as results are due,looking at the chart 150 looks like support

[imastu pidgitaswell] 18/8/2009 07:58

Dismal from Michael Page - virtually no underlying profit.

Clearly played this wrong (again) having not bought at 80p, but I just don't see any signs of the business improving, nor do we know how bad it actually is. Still, there is always a price for everything, and 80p was too low.

fwiw, 71m shares in issue, current market cap (at 150p) therefore £106m, net cash of around £20m, leaving a business valued at £86m. The question is how much is its business worth, valued either at current profits (unknown) or post-recovery (also unknown, but some £24m after tax at the previous peak).

Gut feel is that it's a little overpriced at 150-160, but underpriced at 80p. Then again, the markets look forward, depending on which day of the week it is, so Gawd knows...

[gswredland] 10/8/2009 15:50

Going well ahead of results

[mrmerkin] 16/7/2009 19:45

spiked north to 148 at end of day?

[mrmerkin] 10/7/2009 09:02

job market in London stabalised say Hays

[cockneyrebel] 08/7/2009 14:42

Nearing a breakout.

Just announce the bid, give me my £2+ a share and lets move on :-)

CR

[cockneyrebel] 08/7/2009 14:22

RWA - getting away :-)

CR

[cockneyrebel] 08/7/2009 09:27

All buyers again today.

CR

[cockneyrebel] 07/7/2009 10:36

Look at those buys!!

CR

[sportbilly1976] 06/7/2009 07:34

FI,

good call - seems potentially to be establishing a tight trading range (135-150) with a move up to 170 possible...

will keep an eye on it

[imastu pidgitaswell] 03/7/2009 12:57

Diverging somewhat from MPI - interesting.

MPI update due next Tuesday - won't be good, so that impact on RWA could indicate something more interesting.

[fast investor] 30/6/2009 10:08

From last management report...

The Group's balance sheet and cash position remain strong - our strategy is to manage the current downturn as effectively as possible, whilst preserving the breadth of disciplines and geographic coverage to enable the Group to take full advantage when the market recovers'.

[fast investor] 30/6/2009 09:54

First piece of positive news Ive seen from a broker on RWA for a long long time so things must be looking up at last even though its a hold. Note out late yesterday.

Robert Walters PLC

FORECASTS
2009 2010

Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Investec Securities [D]
29-06-09 HOLD -2.00 -2.78 4.75 1.00 0.69 4.75

[cockneyrebel] 29/6/2009 16:23

It will :-)

Chart on the next leg up imo.

170p has to be the target on that chart imo.

CR

[cockneyrebel] 23/6/2009 11:39

right on the buy line on the chart imo.

CR

[gswredland] 19/6/2009 18:03

The directors knew wnat they were buying at 80 a couple of months ago!