Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Enterprise shares boosted ahead of FTSE review By Ben Martin | Telegraph – 39 minutes ago The group is a candidate for entry into the FTSE 250 (FTSE: ^FTMC - news) .. While the race to enter the FTSE 100 at this week’s index review may garner more headlines, it is the battle to gain a place in the FTSE 250 that’s far more significant for many of the smaller London-listed companies. Enterprise Inns (LSE: ETI.L - news) , one contender for membership of the mid-cap index, received a timely lift ahead of the review from Morgan Stanley (Dusseldorf: 653571.DU - news) , after the heavyweight broker encouraged investors to buy shares in the pub group. The company has been hurt by high debt repayments in the past, but analysts at the US bank reckoned Enterprise’s prospects are starting to look up, with like-for-like income beginning to stabilise and debt becoming more “manageable”. Although the company’s £2.7bn of debt is “undeniably high”, the group has cut its net borrowing “sharply” from a high of £3.8bn five years ago, the broker said. Arguing that Enterprise is now “a more normal company deserving a more normal valuation”, Morgan Stanley lifted its recommendation on Enterprise to “overweight” from “equal weight”. The endorsement from the US bank comes as the City’s support for the pub business grows: Deutsche Bank (Xetra: 514000 - news) last week published a bullish assessment of Enterprise and also placed a “buy” rating on the company. Enterprise shares added 4¾ to 98¼p yesterday, boosting the company’s chance of entering the FTSE 250, which in turn would lift demand for it shares from tracker funds. FTSE Group will determine the membership of its indices by ranking companies by their market capitalisation at the close tomorrow, with confirmation of the changes on Wednesday.
12 Dec Enterprise Inns PLC ETI Numis Buy 97.00 98.25 110.00 110.00 Reiterates SP TARGET 110p.
Enterprise Inns: Morgan Stanley raises target price from 75p to 140p and upgrades from equal weight to overweight
0736 GMT [Dow Jones] Morgan Stanley upgrades Enterprise Inns (ETI.LN) to overweight from equalweight and raises its price target to 140p from 75p, as it sees the shares getting re-rated further upwards, with LFL income stabilizing and the debt level becoming more manageable. It says Enterprise shares have enjoyed a strong run from their lows, which fairly reflects the progress made on the balance sheet and towards a stabilization of trading. It adds the risk of a credit event has materially receded. Shares closed Friday at 94p.(michele.maatouk@dowjones.com)
ETI ENTERPRISE INNS Chart looking in fine fettle, lower indicators pointing to more upside... http://mycharts1.webs.com/eti12.JPG
ETI ENTERPRISE INNS..... Elsewhere Enterprise Inns rose 4p to 90p after Deutsche Bank moved from hold to buy and raised its price target from 105p to 135p. The bank said: During 2012, the group's corporate and securitised bond holders saw the market value of their investment rise by around £340m while the equity investors have managed less than half of that. Even after this year's run, the share price remains 35% below the levels of April 2010, when the group was in poorer shape. We see 2013 as the year when the equity holders reap most of the upside in the market value. Since the pub group's results on 20 November, its shares have risen around 35%.
Enterprise Inns: Deutsche Bank raises target price from 105p to 135p and upgrades to buy.
Chart shows the stock to have broken out and momentum firmly behind it... <img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=ETI&Size=700&Skin=BlackBlue&Type=3&Scale=0&Cycle=DAY3&Span=YEAR1&OVER=EMA(25);EMA(50);EMA(200)&IND=VOLMA(60);MTM(6,6);ADX(14);RSI(14);MACD(26,12,9)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=">
ETI ENTERPRISE INNS Interesting to find Numis also have a SP target over 100p. 110p SP Target. Date Company Name Broker Rec. Price Old target price New target price Notes 03 Dec Enterprise Inns PLC Deutsche Bank Buy 90.13 105.00 135.00 Upgrades 16 Nov Enterprise Inns PLC Numis Buy 90.13 110.00 110.00 Reiterates NORWICH & PETERBOROUGH BUILDING SOCIETY It will be interesting to see if more analysts upgrade or downgrade over the next few days.
ETI ENTERPRISE INNS 03 Dec Enterprise Inns PLC ETI Deutsche Bank Buy 91.13 86.00 105.00 135.00 Upgrades SP TARGET 135p 0737 GMT (Dow Jones] Deutsche Bank upgrades Enterprise Inns (ETI.LN) to buy from hold and target to 135p from 105p. Says stability in trading is now clearly visible. Even though Deutsche Bank forecasts FY 2013 pretax profit to be down a modest amount, looks for +0.5% growth in like-for-like net income, followed by +1% for FY 2014 and FY 2015. Says, "Over the next three years, we see lost profit from disposals being offset by lower net finance charges and the ability to reinvest around two-thirds of capex for growth as opposed to pure defence of the past five years." Shares closed at 86p Friday. (andrea.tryphonides@dowjones.com Twitter: @ATryphonides)
Leased and tenanted pubs operator Enterprise Inns posted full year profit in line with expectations and said, given the current economic uncertainty, believes it is not appropriate to resume dividend payments. Profit before tax and exceptional items fell to £137m in the year ended September 30th 2012 compared to £157m a year before. Revenue eased to £692m from £711m. Like-for-like net income fell 1.2% compared to a 4.3% decline in 2011. Enterprise said its first target is to achieve like-for-like net income growth for the entire estate. Enterprise said improving trade trends had continued across the group. Otherwise the pub company said it will continue to use available cash to reduce debt, which fell by £266m to £2.7bn. "We complete the 2012 financial year in good shape, having made progress in many areas and having invested significant sums into the quality of our estate and our internal resources to ensure that we are well placed to tackle the continuing volatility and challenge of the current market, said Chief Executive Ted Tuppen in a company statement. "We are now focused on returning the business to growth, through a number of initiatives that we believe will continue to generate significant cash flows which we will use to reduce our debts," he added.
pubs group Enterprise Inns will be releasing its full-year figures in the morning. Full-year profits at Enterprise Inns are expected by the market to be in the region of £136.3m on sales of £683m. The company announced in August that it had seen a "continuation of improving trade trends". Analyst Simon French of Panmure Gordon said: "Given the improving trading trends and falling bank debt - and the possibility of the reintroduction of dividends over the next 12 months - we think the stock continues to offer significant upside potential
typo below wrong board....
Full-year results from budget airline easyJet are on the agenda for Tuesday morning, with the group hoping to see its stellar year-to-date share price rise continue. So far in 2012, the stock has increased by 52% to 652p (as of Monday close). The group confirmed last month that its commercial and operation performance this year had continued to be "robust" across the network, with demand since the end of the Olympic Games increasing towards the upper-end of its expectations. Nomura said on Friday that the company is "demonstrating continued progress on the path to higher sustainable returns". With the firm setting a pre-tax profit range of £310-320m just last month, the broker thinks that it will hit the middle of that guidance (£315m). "Given this was just a month ago, we think there will be limited room for surprise," said analyst Andrew Evans.
Tempus is keener on Enterprise Inns, the pub company that has been struggling under a debt mountain. Some sensible disposals of non-performing pubs (as well as some very good ones) is beginning to get the financial house in order, while the Euro 2012 football and Diamond Jubilee both lifted the third quarter numbers. Tempus thinks Enterprise Inns has some way to go, buy.
sandymc - apologies - only just come back for a look at the board today.... i dont think MM's are ever really incompetent - devious , yes! without a doubt! Excellent update today - just need some better weather to help ETI along. SP responded well so far.
Looking forward The Olympics is not materially impacting trading performance although the positive sentiment from continued British success should encourage customers to celebrate in their local community pubs. This year's poor summer weather has undoubtedly affected trade for our publicans in the near term but our strategy remains clear and the quality of our pub estate combined with the resilience of our publicans will ensure we deliver results for the full year in line with our expectations. We intend to announce preliminary results for the year ending 30 September 2012 on 20 November 2012.
Interim Management Statement Enterprise Inns plc (ETI) publishes its Interim Management Statement for the 44 weeks to 4 August 2012. Highlights · Continuation of improving trading trends, with like-for-like income per pub up 1.6% in the substantive estate. · Like-for-like income in the total estate down by only 1.2% (down 5.1% in the same period last year and down 1.6% in the first half). · Total proceeds from disposals of £148 million in the financial year to date. · Bank borrowings net of cash reduced to £364 million (£446 million at 30 September 2011).
http://www.investegate.co.uk/Article.aspx?id=201208090700106093J
Hi, I have some money in ETI and I wondered if you had any thoughts on why all the large transactions on Friday and today so far have been "uncrossing" or "corrections". The volumes involved far outweigh the normal trades. Is it a sign of anything other than incompetent MMs?
Shore Capital retained its "sell" stance on Enterprise Inns (ETI), despite the pub chain securing a new 220 million pound banking facility to December 2016. The broker warned that the firm will not be able to generate enough cash to meet its 513 million pound deleveraging requirement by September 2015 and believes that this will have to be achieved through the disposal of some 350 million pounds of assets. Shore added that this could result in underlying earnings falling by some 15%.
Peel Hunt upgrades Enterprise Inns from sell to hold, target price raised from 40p to 70p.
Commenting on the results, Ted Tuppen, Chief Executive said: "The first half of the trading year has seen a continuation of the improving trends reported at the time of our Interim Management Statement of 9 February 2012. Like-for-like income per pub in the substantive estate (which represents 94% of total pub income) was 1.5% ahead of the same period last year, with the entire estate reporting like-for-like income down by 1.6%. Our operational teams are fully focused on returning the total business to like-for-like income growth. Strong cash flows from operating activities and our asset disposal programme have further reduced our overall level of borrowings to £2.9 billion, with net bank debt reduced to £397 million. As part of our strategy to minimise the risk of a potential cash trap in the Unique securitisation, we have now purchased and cancelled £41 million of securitised bonds ahead of schedule. At the same time we have commenced discussions with our bank group with a view to extending our bank facilities beyond December 2013. We have been subjected to extremely challenging conditions during the past four years, with cost pressures, consumer weakness, political interference, pressure on asset valuations and the volatility of capital markets combining to make life difficult for ETI and its publicans. Throughout this period, we have remained committed to our strategy, consistently improved the quality of our pub estate and effectively managed our financial commitments whilst working hard to ensure that we attract, support and retain the best possible publicans to meet the challenges of the marketplace. As we continue to move the business back into growth, we remain confident that, in the medium term, we will be in a good position to deliver positive returns to shareholders."
Unaudited Interim Results of Enterprise Inns plc for the six months ended 31 March 2012 Enterprise Inns plc (ETI), the leading specialist operator of leased and tenanted pubs in the UK, today announces its interim results for the six months ended 31 March 2012. Highlights Ø EBITDA (pre-exceptional items) £168m (H1 2011: £179m) Ø Like-for-like net income in substantive estate up 1.5% (H1 2011: down 1.5 %) Ø Like-for-like net income in total estate down 1.6% (H1 2011: down 5.0%) Ø £89m of disposal proceeds has contributed to a reduction in net debt to £2.9bn (H1 2011: £3.1 bn) Ø Purchase and cancellation of £29m Unique A4 securitised bonds ahead of schedule; purchase and cancellation of additional £10m A4 and £2m A3 bonds since period end Ø Appointment of Robert Walker as Chairman Statutory results Ø Profit before tax and exceptional items £64m (H1 2011: £74m) Ø Profit before tax £64m (H1 2011: £61m) Ø Adjusted earnings per share 9.6p (H1 2011: 10.8p)
http://www.investegate.co.uk/Article.aspx?id=201205150700203088D