thirty fifty twenty
30 Jun 2015
great Interims + DEBT reduction these seem to be great results.their markets are in difficult situation,and yet they manage to increase profits and throw off lots of CASH!they are forecasting an increase in operating profits for H2,which combined with lower debt and interest charges,will be very good for the bottom line.My estimates are for eps (excl exceptionals) of c.0.6p for the year,- imagine the upside when economic conditions, or international expansion improve!Alternatively EBITDA will be c.17m for the year (H1 = 8m, H2 = 9m)and debt will be below <50m so below 3times which is amazing given the level of debt levels 3 years ago. Putting on 6t EBITDA and removing £50m of debt put a value on the equity of £52m (10.5p).I've been a long term holder, averaging out at lower prices. Previous analysis highlighted that if they can survive the downturn they would be very well placed for upside. It very much feels like that point has been reached now and looking a couple of years out easy to see 20p as there is a golden storm of increasing earnings and increasing debt reduction, topped up with a higher equity rating.All IMHO, DYOR + BoLINB is in my top 5 holdings
muscati
24 Dec 2014
Re: Maybe worth a punt Well, house broker Westhouse Securities has a price target of 10p. Wonder if the analyst had a glass of bubbly too many when arriving at this figure. For the current year their price target was 7.9p. Way way off target and never achievable in a million years.hxxp://www.stockopedia.com/content/small-cap-value-report-23-dec-2014-tht-cbuy-itq-inb-89200/
Tentative Predator
23 Dec 2014
Maybe worth a punt Debt repayment is still key here, and they're still on the ~8m/year repayment track that I predicted, so that's good. But with around 5 years before debt is down to reasonable levels, it's difficult to say buy, even though the risks look to be all factored in at this price leaving it good value. I'd hold if I was a holder, but I'm not buying as a non-holder. But I'll keep an eye on them.Last analysis [link]
