Share Name Share Symbol Market Type Share ISIN Share Description
Zetar Plc LSE:ZTR London Ordinary Share GB00B053B440 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% 294.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 128.3 2.9 15.6 18.8 38.97

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Date Time Title Posts
12/12/201209:14Zetar plc351

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blobby: Yes a bit of a surprise. As far as I can see Zertus are a regular company (German) and not an insider stitch up. I do think this is a terrible bargain. I was expecting a profit before tax of £6 million next year which on a p/e of 10 would imply a share price of £4.50 rather than the £3.00 offer. However the market didn't think so and hence the low share price and the chance of a takeover. But then, the debit makes a difference to this calculation so perhaps it's better than I first thought. So how quick will this go through and what to spend the money on?
aleman: I've been monitoring and will continue. Add £3.4m back to cashflow and debt to account for Easter moving and the improvement is only modest. I make capex adjusted underlying free cashflow of around £2.8m, leaving about £2.3m after the dividend. THat means debt can fall and dividends rise so the share price look okay but leaves little spare to fight off any more commodities price spikes. They could do with thicker margins and a bit of growth. I don't think they're bad value, just not enough to tempt me yet.
che7win: Have to say, having read through these results more fully, these are an absolute bargain to me, I would expect A share price of 275p to be achievable this year, if I had spare cash I would be buying more.
theglade: Ay up Valhamos - I'm not mixing up anything I'm simply stating the level of debt as per the finals and the interims, without adjusting, without netting, without guessing, without Edison, without emotion. They are not my figures exaggerated or otherwise, they are the audited figures from Zetar's account. Here we go again: Oct 2011 debt £29,000,000 Borrowings and overdrafts 24,946 Borrowings long term 4,084 Apr 2011 debt £20,600,000 Bank overdraft 14,509 Debt due within one year 1,586 Debt due after one year 4,536 Oct 2010 debt £28,000,000 Borrowings and overdrafts 22,592 Borrowings long term 5,327 Apr 2010 debt £15,200,000 Borrowings and overdrafts 12,885 Borrowings long term 2,290 Here are the same figures again less cash at bank Oct 2011 net debt £24,400,000 Borrowings and overdrafts 24,946 Borrowings long term 4,084 Cash at bank 4,650 Apr 2011 net debt £16,300,000 Bank overdraft 14,509 Debt due within one year 1,586 Debt due after one year 4,536 Cash at bank 4,282 Oct 2010 net debt £25,800,000 Borrowings and overdrafts 22,592 Borrowings long term 5,327 Cash at bank 2,089 Apr 2010 net debt £11,000,000 Bank overdraft 12,885 Borrowings and overdrafts 2,290 Cash at bank 4,257 >>>>> Worse still, in my previous post I said £19m debt it is actually £20.6m and owed to banks £27m is actually £29m So Edison are forecasting a drop in net debt from £16.3 to £9.1 some £7.2m - then go on to say next year end debt will be only £6.5m - I don't understand, this year a reduction of £7.2m, next year only £2.6m, does not make sense to me - the fact that Zetar commissioned the Edison report is by the by. This year the share price has declined from £2.00 to £1.73 - they have too much debt, plain and simple. I can no more predict the April 2012 debt than I can predict the FTSE, let's all wait and see :)
theglade: "net debt remains in line with current market expectations" so no reduction then! still £27 million + knock out the intangibles - they have a net worth of £15 mill ish - market cap is £24 mill - current share price nudging along a two year low share price too high for me
theglade: Horndean Not sure I agree, with your working cap low point view. Last Accounts to April 2011 - show overdrafts at £14.5 mill and £4.5 mill long term borrowings - which is costing them more than £1 mill in finance costs. Looking at the interim's Oct 2011 (how can it take 4 months to produce un-audited interims? never a good sign) but they plainly state: "Group revenue for the six month period ended 31 October 2011 of GBP61.8m was 2.4% greater than the prior year (2010: GBP60.3m) - hardly stellar, does not even cover inflation at 4%. (please don't mention their adjustments) But the part I really find worrying is in the interims, they use the word "Adjusted" 37 times. On the face of if 13,238,695 shares in issue - share price £1.70 = Market Cap £23 mill - not bad value but with low growth, debt, I'll hang back for the time being.
ydderf: something wrong here....sure it has a low pe, but the debt is high, there are few tangible assets, the goodwill is presumably brands but who ha sheard of them? why no interim divi after such a song and dance about resuming divs in the finals? so what if there are cheap eps if none of the benefits get onto the hands of the shareholders share price today seems to wonder this too? any ideas?
michaelmouse: StrollingMolby - Sorry that you've had trouble posting on the blog. You're not the first who has given up trying, so I might need to consider setting up a different site. In principle I agree that a healthier rating will be achieved over the next year or two (say p/e 12-15), but even so I think a p/e of around 10 is not excessive at this stage, which implies a current share price of £3.50+ in the short term. There is certainly considerable scope for dividend increases in the future as you rightly point out. Best wishes. Michael.
silverfern: it was a planned payment but I doubt it was factored in the share price (at £26m). They sold a loss making company and they've got £1.2m for it- just good business, as ever.
silverfern: Very good recovery figures - whether the share price responds in kind however...
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