Uncle Doug
14 Sep 2017
Re: I think this is way oversold "What do you think of it so far.........."Rubbish! Their last presentation in August was looking positive and now we know they were obviously telling porkies. Based on that I fancied there'd be a turnaround in fortunes but luckily I didn't wade in. Seems the new CEO doesn't think the garden's so rosy after all. Awfully vague announcement today though.Still, back in profit on NXT today so not all bad.
dwifuc
14 Sep 2017
Lesson to be learned Take brokers views with a pinch of salt!Date Broker name New Price Old price target New price target Broker change12-Sep-17 JP Morgan Cazenove Neutral 157.00p - 243.00p Reiteration25-Aug-17 Berenberg Bank Hold 170.50p 260.00p 200.00p Reiteration01-Mar-17 Jefferies Buy 243.00p 550.00p 300.00p Reiteration01-Mar-17 JP Morgan Cazenove Neutral 243.00p 253.00p 260.00p Reiteration01-Mar-17 Canaccord Genuity Hold 243.00p 350.00p 260.00p Reiteration21-Feb-17 Canaccord Genuity Hold 230.00p - 350.00p Reiteration21-Feb-17 Numis Securities Buy 230.00p - 443.00p Reiteration21-Feb-17 JP Morgan Cazenove Neutral 230.00p 518.00p 253.00p DownGrade12-Jan-17 JP Morgan Cazenove Overweight 333.50p 476.00p 518.00p ReiterationNo mention of 75p here! Isn't share ramping illegal?
dwifuc
14 Sep 2017
Re: I think this is way oversold Uncle Doug. "Looking at the future order book the SP is way oversold at 233p IMO and I think we'll see a bounce back in the following months. I'm in with a big % of my wad for the long haul and expect 400p in 2018."What do you think of it so far..........how big is your 'wad' now?I'm now down £20k in addition to the £30k I have kissed goodbye to in CLLN.Easy come, easy go as they say .......do I care........Dwifuc
forwardloop
14 Sep 2017
Profit warning This is the worst articulated warning i have ever seen!!It is bad , bad and bad ie in all areas.How bad? Silence, but we should? , hope? actual words "believe" we will be able to operate within current baking covenants.How much assurance does that give investors? No wonder we have been hammered - and possibly expect more of the same until further guidance is given. Lets hope this is soon.Institutional holders won't like this.They will now get inside guidance.Are we effectively bust?Is this another Carillion in the making?FWD
cooperboy
14 Sep 2017
Re: Bottom's up PROFIT WARNING whats the point in issuing a profit warning where you dont even quantify it? if they are going to issue details shortly it would have been better to wait until then and at least everyone would know the scale of the problems and be able to buy/sell accordingly. this just creates mass confusion
Ripley94
14 Sep 2017
Re: Bottom's up PROFIT WARNING Fell 50% early.
idontwanttolose
14 Sep 2017
Re: Bottom's up PROFIT WARNING It is not there at the moment Fibre Fox but after the profit warning (see below) it should drop another £1.00 per shareTrading UpdateInterserve, the international support services and construction group, provides an update on current trading and progress on its Energy from Waste contracts.Trading in the UK in July and August was disappointing, particularly in support services, but also in the construction division. As a result of this, the Board now believes that the outturn for the year will be significantly below its previous expectations.Further progress continues to be made on contracts within our exited Energy from Waste business. However, the anticipated timing and complexities of completion mean that the Board now considers it likely that the final costs will significantly exceed the £160m currently provided.A further update will be provided in due course.The Board continues to believe that the group will be able to operate within its banking covenants for the year ended 31 December 2017
filberthefox
25 Aug 2017
Bottom's up Is this share reached a bottom yet ? looking for an entry point.
nk1999
10 Aug 2017
Liberum From Citywire:"Liberum: Interserve expected to go sidewaysLiberum is expecting a boost to Interserve (IRV) after in line results but said shares in the support services company could trade sideways from here.Analyst Joe Brent retained his ‘hold’ recommendation and target price of 240p on the stock, which fell 1% to 221.1p yesterday.He noted that first half results were ‘in line with expectations’ and left full year earnings estimates unchanged.Brent said he expected ‘a positive reaction [following the results] but then the shares may continue to trade sideways’ until there was more news on Interserve’s exit from the energy for waste market.‘A current year 2018 price/earnings of 3.7x appears attractive, however we believe the low multiple is justified by the expected earnings pressure and the risks on the balance sheet,’ he said.‘However, if management can deliver on existing estimates, if may not need recourse to equity.’ "
forwardloop
09 Aug 2017
Summary [link]
Omaha man
30 Jun 2017
Board purge continues The departure of the FD means ties with the management which got the company into this mess are now much reduced, though the pace of change remains frustratingly slow. I still can't see this doing anything until the new management team have produced their first set of results and thereby told us whether there needs to be any further provisions against bad contracts.Destined to mark time at best until next year therefore I continue to suggest.
Uncle Doug
12 May 2017
I think this is way oversold <<<<<<<<<<<AGM Trading Update 12/5/17In advance of today's AGM, Interserve, the international support services and construction group, provides an update on current trading for the first four months of the year and reiterates management expectations for full year 2017 performance.Revenue in our Support Services division remains robust and in-line with our expectations. The actions which we are taking to offset the impact of increasing employment cost will benefit the division over the course of the full year with profit performance somewhat more second-half weighted than in previous years.Equipment services continues to have good momentum across its international markets, particularly the UK, Middle East and Far East. The implementation of the actions arising from last year's strategic review is benefitting this division.Our International Construction and support services businesses are also performing as expected, with visibility of future workload maintained.Trading in our UK construction business remains mixed, but is in line with our overall expectations, which anticipate an improving performance in the second half of the year as older, less favourable contracts are completed.Progress on contracts within our exited Energy from Waste business is in line with expectations.Order intake and revenue performance in the year to date is satisfactory, with healthy volumes in UK Support Services and our selective approach in UK Construction working through. Notable contracts within our work winning in the year to date are:· UK Support Services: a new five-year facilities management contract with Network Rail worth £65 million and a one-year contract extension to provide total facilities management services to the Ministry of Justice worth £16 million· UK Construction: a place on the new £500 million Private Investment Construction (PIC) framework in the health sector and contracts worth in aggregate £77 million to design and build four schools· RMDK: orders on major projects including the Mersey Gateway and the A14 upgrade scheme in the UK, together with ongoing work on a number of projects in Bahrain for the NASS group· International Construction: contracts at the Liwa Plastics scheme in Oman worth £72 million and, in Qatar, for Siemens to construct substations worth £50 million· International Support Services: a new FM contract for government buildings in the UAE worth £17 million and, in Qatar, a shutdown contract on an industrial production facility for £39 millionThere has, as yet, been little noticeable slowdown in our volume of work from UK Government, although workflow may be impacted by the General Election.Our expectations for the overall performance and cash delivery of the Group are consequently unchanged.Our Half-year results will be released on Wednesday 9th August.>>>>>>>>>>>Things are looking good. Caution replaced by positivism in this release. These are way oversold (at 245p) and with good contracts in the pipeline, new CEO and profits weighted to 2nd half of year I confidently expect a surge upwards (in time). Easy 20% upside by Y/E.
nk1999
25 Apr 2017
JP Morgan Cazenove From ADVFN:"Construction firmsTaking a look at the UK construction services sector, JP Morgan Cazenove upgraded Carillon to 'overweight' and said Kier Group remained its top pick for quality.The investment bank said it remained on the sidelines for sector-mates Balfour Beatty and Interserve, which both were kept on 'neutral' ratings, though Interserve's lowly 5.3 p/e ratio valuation is quite attractive for investors with a higher tolerance to risk. It was given a target price of 260p.Compared to construction companies, their services providers have seen relatively modest margin pressure in recent years, with Cazenove calculating gross margins have fallen by 300-400 basis points.Infrastructure construction has also been experiencing a short-term lull in activity, which analysts attributed to political uncertainty and upheaval delaying contract awards in both the UK and US."Against this backdrop, we tend to prefer services-orientated business, and also prefer lower value regional construction work to infrastructure in the short term."Carillon was upgraded from its previous 'neutral' rating due to "several areas" of upside versus the bear case, particularly a forecast of gradual deleveraging."We are also not convinced that Carillion over-earns vs peers, or that any valuation adjustment should be made for reverse factoring."Kier remained analysts' "pick for quality" in the sector due to an appreciation of the movement towards services, and highways in particular.In addition, the current share price is calculated to imply around a 9% free cash flow yield on the core Construction & Services business.Kier's target price was set at 1,639p, with Carillion's at 292p, lifted from 231p.For Balfour, while a nod was given to management strategy that is expected to be successful "to an extent", analysts believed the current share price reflects the execution risk and margin pressure faced."Their Interserve target price = 260p
nk1999
13 Mar 2017
Peel Hunt From ADVFN:"Peel Hunt has downgraded construction and support services group Interserve to 'reduce' from 'hold' and chopped its price target to 200p from 250p saying the new chief executive has lots to do and not much time to do it in.Earlier this month, Interserve announced that Debbie White will replace Adrian Ringrose as CEO with effect from 1 September.The brokerage said the challenges facing the new CEO are significant, but with her support services/finance background, there must be a temptation to radically refocus the group.Peel said "surgery" is required to strengthen the balance sheet and position the company for higher quality earnings growth, but it added that given the continuing risks from waste to energy and the growing debt burden, the window for proactive change is limited."In our view, the valuation support provided by Equipment Services is not compelling enough to offset the risks (many beyond management's control)."Peel Hunt highlighted the group's debt issues, noting the market cap is £334m and FY2017 peak net debt is expected to be £485m.In addition, it said the principal earnings/balance sheet risk still rests with the energy from waste contracts, namely Glasgow and Derby. Peel argued that the £160m provision relies on certain recoveries and assumes the process technologies will work."We believe that it could be at least 12-18 months before any real clarity can be provided on the provision, but our experience would suggest that there is still a risk of material increases."This note perhaps explains the fall today. BTW I have bought for the first time today at 223.75p, hoping that we are near the bottom.nk
highsnlows
13 Mar 2017
Surprised at today's fall. Why today's drop?Down 5% at the mo, whereas on Friday it was making a decent attempt at a small rally.I don't believe this is down to profit taking, as the fall is larger than Friday's gain.It smells of news being leaked out to some, but not to all.Any comments?HnL
