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I like the look of this
My guess is that 2018 should see PBT at around �4.2m which would give a forecast PER of around 25 for a company growing strongly and generating piles of cash. The PER is NOT 257 in reality!
WHY HAS THIS GOT P/E RATIO OF 257??????????
Someone seems very keen today, having paid top £ for 200,000 shares! Wow!
I bought 3000 Bioquell back in early 2010 after The Naked Trader bought them and was hoping for a bright future but that wasn't to be and will be glad to be out of them next month when they just become yet another bad investment.
The full accounts are now available on the company's website. Interestingly, they are in 'plain' format - none of the usual PR style dressing up with pictures of people and products etc. I would suggest this clearly indicates the probability that the company will not remain independent. What, therefore, can we say about the value of what remains and does it justify £2 per share or perhaps more? The directors have said, correctly, that for 2015 the EBITDA was £3.4m but this was after the costs of running a public company with a full board of non-execs etc. and after paying the CEO and FD the quite outrageous total of £798k. The total of directors remuneration was £981k all for a company with a turnover of £27m p.a.! In my judgement, as an independent non-public company, the EBITDA for 2015 would have been of the order of £4m and based on what the directors are now saying about reduced R&D and CAPEX, this little baby should now start to spew a lot of cash. Valuing such a company is usually done by applying a multiple to EBITDA and adding any surplus cash or deducting debt. The key is therefore what multiple to use? I believe 10 is a reasonable multiplier giving a value of £40m plus say, £4m of spare cash which all equates to £2.06 per share after the tender offer. This valuation at the EBITDA level is only 1.5 times revenue which is hardly over the top. YES FOLKS, WE ARE GOING TO GET TAKEN OUT AT A MINIMUM OF £2 PER SHARE.
In addition.. according to ST .. at the end of last year the board own more than 50 percent of the diluted share capital - will they have to disclose their intentions in the offer document?
Hi Rasper, very interesting point.. presumably there is a third party takover/merger planned, hence the removal of the cash to tidy up the balance sheet and keep takeover costs low for the third party. Would have to assume this all preplanned with all major shareholders consent so Harwood wouldnt be rocking the boat .. but then again wtfdik Shame that Simon Thompson of IC on holiday this week so possibly wont hear what he has to say until next week.. but to me at 170 offerred currently surely it must be a buy here..
If Mills (Harwood Capital) who has 29% doesn't accept the tender, he will then control the company if other shareholders take up the excess, and be forced to make an offer for the balance at £2. Is this what might happen, or is some other player out there going to come in at this price and is just finishing off due diligence?
So this goes on endlessly - when on earth is it going to be resolved? We are now beyond the end of the first quarter when the Board said it would draw a conclusion. This must be the longest strategic review in history!
Assume you have now sold out so others can enjoy the upside.
See BQE in S.T.'s Bargain shares of 2016 in Investors Chronicle.. nice moves over the last couple of weeks. .
So this farce is going to go on perhaps until March! What a useless bunch this board of directors are; they sold off the prime asset and got left with the turkey that nobody wants! Any notion (see Investors Chronicle) that BQE is going to generate 175p or so is for the birds, in my view. It might be worth 150p on a break up.
Further comment in IC today by ST on possibility/probability of disposal http://www.investorschronicle.co.uk/2015/11/23/comment/simon-thompson/bid-watch-bcqUb0QTS1AEkLqbcFEh8H/article.html
I phoned Bioquell investor relations. A joke. They could not even reassure me whether or not the TRaC disposal is still on track! Not to mention a timeline. Well, this morning I sold my entire holding; don't like the smell of this one… tidy profit… and a Rothschild said: "Sell too soon!".
Thanks for that. Just have to hope for a trickle of news along the way to maintain interest and support the SP.
Yes he says "In today's column, I am focusing on another special situation that's in play, too, and one where the end game could be reached by the time the board issues a pre-close trading update in mid-January." Now wouldn't that be nice!
Did ST offer any guidance on timelines? He was very positive previously when I bought in, but sadly the SP has headed south ever since!
Very positive article in IC today suggests that you would be wise to hang on in there and await the payoff.
Whilst I have a little knowledge of this companies activities and am aware through limited contact that they are still in business and paying bills, there is nothing in their current investor profile to suggest that much is happening in any particular direction. If there is someone in the wings waiting to take them over they best get there before everyone retires, me included! Happy to sit here a bit longer for the payout from sale of TRaC and retain my existing share holding or could just as easily take my profit from 83p (Jan 15) and pull the plug and buy into something with a bit of get up and go. Not a day trader more of a oppertunistic aimbusher! who is prepared to hold long if need be rather than sell at a loss. Any comments welcomed.
OFFEREE: Bioquell Plc Offer period commenced: 07:00 18-May-2015 10p ordinary ISIN: GB0004992003 NSI: 42,579,624 OFFEROR: No named offeror
Interesting RNS today re future sale/ merger of remaining business.
Will see more blue days. As the return of this buy will derisk share holders. And we are still left with a share in a profitable comp. and just out of interest anyone else think the company is buying it's own shares with last years profit from trac as it is now being sold?some regular big sweeps of all size sells going on daily here and demand has blown away the avg volume daily.
What I dont get is why this lot are doing things the wrong way around. They are selling the profitable business and keeping the lossmaking one. It also looks like they have no ambition and no idea what to do next and thus are returning cash from the sale back to shareholders. Whats the point in that. Use the money to grow and expand surely? I would say that once you get your special divi then it is time to sell and forget them. Management dont get business.
Lucky the aim tampers have not seen this one happy holder her results due fro and will be good gla zoom