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Encouraging buying today. About time!
The number of shares in issue are not just up on the this site but also on the DQE website. http://investors.dqentertainment.com/prices-delayed I've sent an email to DQE UK/India investor relations this morning asking for an explanation on this issue. Will post their response once/if i get one.
extract from Note AE towards the back of the preliminary results to 31/03/13 ...( http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11599209 ) ... Remuneration paid to relatives of key management personnel during the year was INR 83 million (31 March 2012: INR 73 million) REALLY ANNOYING IMO
The LSE website is showing the number of shares as 79.28 million ... The back page of the latest quarterly announcement ( http://investors.dqentertainment.com/news-item?item=1569660222832640 ) shows ... under 18b Non encumbered - No. of Shares = 59,462,218 representing 75% as a % of the total share capital of the company ... Grossing this up (dividing by 0.75) gives 79.28 million ... I think these numbers are wrong because they relate to DQ(India) which is a subsidiary of this company DQE.... *** Additionally *** Allenby document page 43 forecasts end of 2015 shares in issue to be 56.263 million.
Ditto! ... no idea where the extra 20million shares have come from??? hoping its a mistake!!!
The number of outstanding shares today suddenly jumped from 56 million to 79 million!!! Did they issue new shares without even notifying the market via RNS? Share count has now doubled since March.
http://www.c21media.net/archives/123554 "Galileo toon gets German partner A German producer-distributor has joined with Indian animation house DQ Entertainment (DQE) to coproduce a CGI animated series about the son of Italian inventor Galileo Galilei. Penta TV in Germany has come onboard Leo & The Pisa Gang (52x11′), which is currently in development with MPP Productions and DQE. The story, created by Winfried Debertin and aimed at young children, follows the son of Galileo Galilei as he helps his father make world-changing discoveries. Other series in development with DQE include season two of Peter Pan for ZDF in Germany, Raz & Benny (52x11′) alongside Foothill Entertainment in the US and several other TV series with US prodco Rollman Entertainment. Earlier this year DQE said it and Rollman were aiming to coproduce five TV series by 2016 with budgets totalling about US$35m."
Yes your'e quite right, my mistake ... I did not see the brackets for some reason ... PAT has improved (Yr on Yr) from a loss to a profit ... its actually very encouraging!! ... many thanks. ... sorry my research is so naff!
Not clear from the RNS but the 91M after tax last year was a loss not a profit so that's a major improvement. DQ Entertainment International (DQE), the entertainment production and distribution company, today reported net profit of Rs 66.32 million for the quarter ended June 30, 2013 as compared to net loss of Rs 90.88 million in the same period last year. http://myiris.com/newsCentre/storyShow.php?fileR=20130809114801715&secID=sector&dir=2013/08/09&secTitle=Sector%20Stories
At todays price a sneaky management buyout offer in the 25/35p region would also not surprise me. Current share price has this valued as an absolute failure. If the Allenby document is right and an improvement in debtor days is already occurring then in a couple of months things should look a lot better. Track record on receivables suggests otherwise though! I think this will not go bust (another placing if things don't improve), so either a cheap takeout or 12/18 months of waiting should result in a more reasonable share price. (40-60p). If they announce that the Jungle Book feature film has been fully financed then all bets are off IMO. I prefer a buyout because the Jungle Book feature film will not contribute (Allenby) to group revenues until 31 March 2016.
I agree, clueless management. DQE CFO playing with Jungle Book toys every day? ;)
Revenue down 1.6% year on year, EBITDA up 564% !!! profit after tax down 27% !!!! * They attribute the EBITDA increase to a large forex gain + some BS about effeciency improvements... How profitable would the period have been without the "significant foreign exchange gain" ??? OMG! ... I think my attitude to this share is getting worse!
I agree the dividend policy is odd (or even suspicious), following a placing, and the inerest rates are high, but that maybe due to the infaltion rate in India? (assuming the debt is in INR)... I still find the accounts etc very difficult to believe / understand.... another cash call would not suprise me, but who would answer?
You have hit the nail on the head......... Clueless management IMO Probably they hold an excessive number of shares....sounds like distribution of debt...not clever. GL.....i wish it was different for everyones sake here.
I find it very strange that they first did a major rights issue which diluted the hell out of our shareholdings because apparently nobody was watching the cash register when starting work on the Jungle Book feature film, and then tell us we are going to receive a dividend. I don't know about you guys, but I don't want a dividend. I want DQE to pay off debt and become as much debt free as possible as fast as possible and to preserve cash. Looking at the interest rates on their loans that is what I would prefer they do with their cash. They look like loan shark rates to me! I mean a minor setback on collecting our receivables could then result in another rights issue because of cash flow problems and I sure as hell don't want that to happen. Not at this price! I actually find the dividend announcement a bit insulting after such a dilution and also that they neglected to mention a temporary default and add to that the share price performance in general over the last couple of years.
Galileo toon gets German partner A German producer-distributor has joined with Indian animation house DQ Entertainment (DQE) to coproduce a CGI animated series about the son of Italian inventor Galileo Galilei. Penta TV in Germany has come onboard Leo & The Pisa Gang (52x11′), which is currently in development with MPP Productions and DQE. The story, created by Winfried Debertin and aimed at young children, follows the son of Galileo Galilei as he helps his father make world-changing discoveries. Other series in development with DQE include season two of Peter Pan for ZDF in Germany, Raz & Benny (52x11′) alongside Foothill Entertainment in the US and several other TV series with US prodco Rollman Entertainment. Earlier this year DQE said it and Rollman were aiming to coproduce five TV series by 2016 with budgets totalling about US$35m. Nico Franks 09-08-2013©C21Media http://www.c21media.net/archives/123554
Extract from page 39 ... " As at 31 March 2013 the group was in default on the scheduled repayment of three loans ... blah blah blah ... since the year end the group had repaid all of the outstanding amount ... blah blah. " * MY COMMENT ... Perhaps my sloppy research is to blame, but I don't recall reading about this in any RNS.
The BBC is shown on page 18 as a "Jungle Book partner" ... ?? has series one been broadcast on TV in England?
http://www.allenbycapital.com/research/dqentertainment220713.pdf
Initial fair value of 50p, offering a significant uplift from the current depressed share price. At this price the forward PER would be 7.4 falling to 5.8x for 2014/15.
Scheduled for worldwide theatrical release in 2015/16 and will not contribute to group revenues until 31 March 2016. They anticipate the shares moving higher on production and licensing updates and significantly so on confirmation of the successful funding of the Jungle Book feature film.
They (Allenby) are currently forecasting a dividend declaration in May 2014 of 0.674p for the year to 31 March 2014 and 0.855p for 2014/15 which in both cases assumes a 10% distribution.
They are happy to report that an improvement in debtor days is already occurring. DQE management is confident that it will be able to achieve a much improved working capital outcome in the current year.
The note wasn't attached to the email. Could you check and send it again? Thanks.