Waterman Share Discussion Threads

[southfly] 13/5/2015 11:29

An interview with Waterman's new head of transportation. Article is from last week so some may have seen this already.
hxxp://www.infrastructure-intelligence.com/article/may-2015/career-path-steve-katesmark-waterman-group

[norbert colon] 11/5/2015 15:30

Martin (Shanklin) with reference to your post 1429 above, I understand that debtor days have reduced from 69 (as of June 2014) down to 65 (as of Dec 2014) and no single debtor accounts for more than around GBP 600-700k of the total receivables. The geographical breakdown is largely as per the last annual report. I hope this is helpful and certainly I am very comforted to know this.

As you will be aware, there is no longer legal requirement for companies to issue an IMS anymore so we will just have to be patient for further news on progress.

[norbert colon] 30/4/2015 07:14

Further M&A with RPS buying Metier for 0.68 x sales.

[taylor20] 28/4/2015 18:07

Coincidentally WTM is on my watch list of possible acquisition targets. Certainly someone is accumulating.

[norbert colon] 28/4/2015 08:15

Further M&A with Kier buying Mouchel for 0.43 x 2014 sales (quite a low multiple I believe due to their indebtedness and pension liabilities etc but have not looked in detail). hxxp://www.constructionenquirer.com/2015/04/28/kier-agrees-to-buy-mouchel-for-265m/

Waterman with their strong balance sheet in contrast still valued at only 0.3 x sales....

[shanklin] 10/4/2015 14:25

Thank you NC

[norbert colon] 10/4/2015 13:49

Hi Martin

Sorry, yes they are from the AR and are the numbers past due but not impaired. I will correct the original post.

[shanklin] 10/4/2015 13:39

Thank you NC. Much appreciated.

Are the numbers you quote from the full 2014 Annual Report as I see the preliminary 2014 results use the same form of words as the recent interims?

Best wishes, Martin

[norbert colon] 10/4/2015 13:17

Hi Martin

Valid point thanks. As of June 2014 (rather than the interims) WTM had trade receivables past due but not impaired of £9.2m (compared to £9.5m in 2013) and £3.7m of these are between 30-60 days. The profile includes £2.75m aged 120 days or more (noticeably down from £4.1m in 2013) with others in between.

Personally I am not too concerned by this as all consultants in this field are exposed to bad (or aged) debt and WTM is no different from ATKINS, WYG, WSP or the like.

I will find out more on this and clarify further if possible.

Thanks

[shanklin] 10/4/2015 13:00

Been having a proper look here following NC's post on TMF. My only notable concern relates to receivable over 30 days old for which I am fairly unconvinced by the companies assurances that "These relate to a number of independent UK and overseas customers for whom there is no recent history of default."

Has anybody interrogated management on the age profile of these debts. If one of these was for £5m and was say 2 years old, this would all look very smelly.

I am not suggesting this is the case but a more detailed debtor profile or some commentary on debtor days would have been extremely helpful.

Comments welcome especially if I have missed something on this front.

Cheers, Martin

[norbert colon] 09/4/2015 16:15

With the share price currently taking a well earned rest it is interesting to see that its formed some solid support at 66-68p and is not only sitting on the 50DMA and a key Fib retracement line but its also heavily oversold on all the indicators and I would not be at all surprised to see another strong move up from here to take out the most recent high. This is completely secondary to all of the very strong fundamentals that I constantly bleat on about and which are all very much intact.

Personally I have taken the opportunity to add a few more to my SIPP in anticipation.

[daz] 04/3/2015 12:48

A bit of profit taking is to be expected after such a good run, I trimmed a few on Monday, hoping to buy them back a bit cheaper

[meijiman] 04/3/2015 08:52

Don't worry Norbert -you are not on your own!This has three figures written all over it-before the year end as well.

[norbert colon] 04/3/2015 08:38

Interesting to see that its Ruffer who were the seller taking their holding down to 21% - are Octopus Investments or another fund / institution the buyer?

[norbert colon] 02/3/2015 17:24

The 1.5m trade late today is circa 5% of the company so a significant transaction. Perhaps old partner(s) selling out (namely Clampitt / Thompson) I hope as it will be good to get some other active institutions on the register.

[battlebus2] 27/2/2015 15:18

Moving higher..

[mrx9000] 27/2/2015 14:19

Paul Scott update on them...

[allstar_07] 27/2/2015 11:38

Wj - they must have restated them then as says 9.2 in finals.

[meijiman] 27/2/2015 09:50

All looks very solid. Only slight negative seems to be the reference to the forthcoming election. Aside from that the outlook statement is positive -may use any weakness for a top up.

[wjccghcc] 27/2/2015 09:28

all-star - from today's results:

12. Trade receivables

As of 31 December 2014, trade receivables, net of provisions were £19.8m (30 June 2014: £18.5m and 31 December 2013: £17.8m) of which £10.2m (30 June 2014: £12.4m and 31 December 2013: £12.2m) were more than 30 days old but not impaired. These relate to a number of independent UK and overseas customers for whom there is no recent history of default.

[allstar_07] 27/2/2015 09:23

Wj - in the finals it states 9.2m over 30 days doesn't it.

[gohil18] 27/2/2015 09:04

Results looked good to me...?!

[battlebus2] 27/2/2015 09:03

As ever sell on news brigade :))

[eclair] 27/2/2015 08:46

The 100% dividend increase is also nice.

[wjccghcc] 27/2/2015 08:36

The >30 days receivables has actually come down from 12.3mm in June to 10.2mm now.