Waterman Share Discussion Threads

[treeshake] 15/12/2015 14:13

Added today

[norbert colon] 14/12/2015 22:57

Seasons Greetings to all Waterman shareholders.

[bamboo2] 14/12/2015 16:53

Chart [created yesterday] looks positive, but need to be wary of a recent gap in the low 70's, having said that, a number of previous gaps remain unfilled, so perhaps this is not such a problem.

sp needs eod close above green and preferably amber lines, to confirm target around 113. [based on Bulkowski's stats]

[interceptor2] 14/12/2015 15:07

Bought back in here after digesting the AGM statement and noticing the breakout on Friday, thanks Saucepan for reminding me of the breakout.

First bought share in WTM in November 2013 and wrote down then a snapshot of the fundamentals on the date when the share price was 61p. I thought they looked like a good zulu candidate then, but when I compare the same ratios two years later, I think they are stronger today.

Nov 13 @ 61p

PER = 21 and 11.3

PEG = 0.07 and 0.13

Net cash = £1.1m

Yield = 0.66%, Cover x 1.85

PE = 82

CFS/EPS = Negative


Dec 15 @ 92p

PER = 11.73 and 9.53

PEG = 0.29 and 0.41

Net cash = £3.8m

Yield = 1.53%, cover x 3.98

PE = 16.5

CFS/EPS = Positive (Very positive last 2 years) = X 2.66

[mickharkins1] 13/12/2015 02:07

I would just like to add my thanks Norbert.

Sounds like fundamentally there is still plenty of upside and the chart is also in a beautiful breakout position.

[glaws2] 12/12/2015 06:42

Thanks Norbert

[adorling] 11/12/2015 20:10

Appreciate your feedback Norbert - thank you.

[davidosh] 11/12/2015 13:16

Do put your Agm thoughts and report into the ShareSoc Agm library www.sharesoc.org

[robow] 11/12/2015 13:13

Many thanks for sharing Norbert, much appreciated

[norbert colon] 11/12/2015 12:40

Well attended AGM today with various staff, private investors and retired Directors present. I also saw Philip Hayton (ex. BBC Newsreader) who I know is a keen retail investor.

Key highlights:

London commercial sector (20% of Group revenue) is very resilient. Continues to be a safe haven for foreign investment and there is an ongoing demand for office space. Largest city in Europe.

Focus on staff retention and managing growth which is key as a people business. Head count up again. Trying to be selective over projects. Looking to double the size of the Building Services team over next 3 years and recruiting staff from smaller competitors of which there are many. Looking to diversify their MEP service offering to help smooth out the cycle i.e not just focus on new-build projects but include refurb and fit-out. Also looking to increase workload in areas such as healthcare.

Great long-term relationships with numerous blue chip clients who they trust and this helps mitigate commercial risk.

A number of staff are shareholders and are encouraged to attend the AGM.

Michael Baker and Ric Piper seem very complimentary to the other Board members with respect to their experience and both are encouraged by progress and prospects.

In summary there is a lot more fuel in the tank with respect to valuation and the company seems to be firing on all cylinders and is clearly in a sweet spot at the moment. With ongoing Govt investment in highways / infra and and buoyant property sector I remain confident about their prospects and foresee an ongoing rerating of the share price.

[mfhmfh] 11/12/2015 11:51

very happy with that statement

[impvesta] 11/12/2015 08:25

Yes, a very positive AGM statement:

[tromso1] 11/12/2015 08:19

Price moving up on the back of the positive update.

[norbert colon] 10/12/2015 10:24

Glaws - no problem I will post a summary.

Possibly Ruffer continuing to reduce their holding.

[glaws2] 10/12/2015 10:01

Holding up well (indeed increasing slightly) on ex dividend day.

Norbert - I can't get to the AGM tomorrow - I would be very grateful for any feedback.

TIA

[tromso1] 10/12/2015 09:46

The overhang seems a bit persistent. Plenty of buying going on over the past few days, but price refusing to budge.

Could move decently though if the overhang clears.

[glaws2] 30/11/2015 10:27

Thanks Norbert

[norbert colon] 30/11/2015 10:22

Glaws

Yes I have attended before. There has not previously been a presentation but whether they choose to do one this year is hard to say albeit unlikely. The last presentation to investors was after the results.

There is however the opportunity to ask the BoD questions as part of the AGM or afterwards. I will be attending.

[glaws2] 30/11/2015 10:18

Anyone been to an AGM ? Is it just formal votes on resolutions or is there also a presentation ?

TIA

[norbert colon] 30/11/2015 09:41

Interesting chart bamboo - just shows the strong trend since late 2011 which coincidentally (or not) was the point when Peter Gyllenhammar started actively buying (from 26p) and caught my attention. I believe most informed investors have firmly footed expectations of this continuing to re-rate in-line with their ongoing positive progress.

[bamboo2] 29/11/2015 16:24

nb, chart drawn on 22/11/15

[adorling] 24/11/2015 09:26

WTM has the strongest set of "Zulu" parameters going on the market (source: Company Refs) and I have invested for a significant re-rate to 125p +35% in next 6 months
PEG 0.35
PSR 0.31
DY 3.78%
CPS 16.1p exceeding EPS at 5.57

[daz] 24/11/2015 09:13

Improved cash collection may be a signal that the dividend will be higher than expected.

[shanklin] 24/11/2015 07:59

An explanation would be helpful.

[norbert colon] 24/11/2015 07:57

Imp

My take on it is that everything is "in-line" with the exception of cash which is ahead although I agree with your reason for raising it as cash has not really been an issue for the Group nor a specific point of discussion with investors that I am aware of. In summary a good positive update and long may it continue.