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Here's the link.
https://www.investorschronicle.co.uk/ideas/2023/09/13/equals-is-on-track-to-deliver-a-70-upside/
GLA
ST tipped EQLS April 2022 (Alpha report) and July 2023
A SImon Thompson buy tip for EQLS has just appeared on IC. A search of the IC website suggests this is the first time ST has tipped EQLS.
Just listened to the Q&A. Both seemed supremely confident with a real vision.
I missed it live but available on VOX.
https://videos.voxmarkets.co.uk/video/6317
Some chunky buys this morning.
Results pretty much in line with expectations. Q3 update is on track for approx £25m revenue, and still on track for for my previous 'guess' at £97m (maybe a tad more) for the year as a whole. GP% better than expected, comfortably over 50% and adj EBITDA already over 20%. Now getting EBITDA coming out at £21m for year (after about £1m loss on Europe). EPS for the year should be around the 6p mark.
In the current market, we will be doing well with 20 times PER. I do not therefore expect the sp to go over 120p in the near term. The medium term though is very clear, and the leverage in margins very transparent (for any one who can do the maths). Projections for 2024 and 2025 - EBITDA around £40m, and then over £50m.
Investor Meet presentation available, and well worth viewing.
My word, how refreshing to see a company doing well and excelling in its sector. Let us just hope they stay on course without deviating into too many other areas thereby losing focus as so many other companies do. It looks fairly clear the top bods see revenues continuing to increase thereby enabling a maiden dividend. My only reservation is whether this is too soon. Nevertheless I'm tempted to add more despite the rise today. I think this company is due a re-rating. Once these figures have been digested by the city, this could take off.
It’s a to give creditors confidence that they are solvent if you need to be technical. After applying to court and getting share holder approval they can distribute the cash as a dividend or for buybacks. Obviously the court could turn them down if they felt the business was not on a sustainable financial footing
It's not a rainy day pot of money - it is purely an accounting notion. The share premium account is cancelled in order to create a distributable reserve from which dividends may be paid.
Thanks for the info
Not watched it yet, will do later
https://www.voxmarkets.co.uk/articles/q-a-with-equals-ceo-ian-strafford-taylor-cfo-richard-cooper-6c2dc42
I see Paul Hill of vox markets and private professional investor has this morning fezzed up to this being his largest holding. Theses guys tend to be high stake rollers and has admitted to some fairly heavy losses recently. But he is pretty shrewd too . You dont make big profits without falls too. He has done a very good resume several times this year and admits to bias. Its pretty hard to find deep value in many places at the moment. So whilst it is evident from market reaction so far there is still a lot of caution out there I like this a lot and is also my largest holding along with Niox and Andrada mining. Gl all
Basically its a rainy day pot of money owned solely by the company to underwrite solvency. Upon certain criteria being met, such as the business is thought to be at least self sufficient and in rude health, they can apply to the court to have this money released to either return to shareholders in the form of a special dividend or other similar use . A bit like capital liquidity in a bank I suppose,(although you would want those crooks doing anything daft with our money). It is also dependant on shareholder approval. Anyone complaining? No, motion carried!
How does a capital reduction work? Not heard of that before. Does it reduce share count like a buyback? Is it beneficial for shareholders? Nice to see a dividend though as long as they keep up the growth investment
Capital reduction is interesting too. Niox did a similar last year . It’s hard to say how much this was directly responsible for their share price rise as nothing really happened for 3 months while at the same time they were significantly increasing cash generation. Suffice to say Niox share price has more or less doubled and we are also about to receive maiden special dividend. All good, but patience will be significantly rewarded here too eventually.
Not expecting anything from this idiot market. Agree with the cool sentiment expressed here. I suspect a largest holding for many of us. Talent and value will out eventually.
My initial reaction was "WOW". Is this the day we finally get to break out of the current range? Whatever happens today, I'm holding onto mine. This company is going places.
Once again great set of results and capital reduction of 25m. As I’ve said before it’s the only company that I look forward to results days. Well done IST and team. The maiden divi is a plus as well.
Hopefully a good day tomorrow.
Not logged in here for a while. Hopefully this set of earnings will keep us above 100p
Last posted in May, saying "I'm still sticking with £95m revenue for the year, and EBITDA will be at the top of range guess of 19-21m."
Need to tweak this up a tad, so revenue of £97m at least, and £100m is a possibility. Allowing for losses on Oonex, and going with the 20% guidance, then EBITDA will be in that order, 19-21m.
Revenue is growing at £30m a year (last year and this), even without Europe. Running the numbers for 2024, at say £130m - £140m revenue, then the leverage really comes through, with EBITDA doubling and eps nearly tripling! Then add in Europe ... ... ...
It's a case of when, not if, the market sees through to 2024 and begins to price in this growth. This time next year, the sp won't be any where near the 100p level. In fact 200p should be dust.
Update today.
https://www.investorschronicle.co.uk/ideas/2023/07/07/equals-in-line-for-further-earnings-upgrades/
GLA
The 100p barrier seems to be a challenge to stay above. If it goes higher in the next couple of weeks it must surely continue to rise. I always look forward to mulling over their resorts.and Paul Hill’s interview with the CEO. This is now tlhe largest share in my portfolio, long May it continue to rise.