Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Results look ok - in line with previous guidance - half yearly dividends on track to start being paid from mid September
Muted response to what to me, Looks like a solid set of results.
Surely, given a bit of time, the SP will creep up to closer to £1
Thanks for adding the research note - I am hoping for a good market reaction when the results are issued on Monday
Hybridan initiated research coverage on Northern Bear this week in a report titled Ready to shine: attractive valuation, high dividend yield and predictable profitability. Below are excerpts from the report.
Our DCF model based on a WACC of 13.31% and a 3% terminal growth rate yields a valuation of 99.1p, an upside of 100%. We believe Northern Bear’s business performance and dividend payouts, coupled with better capital market visibility over time, will gradually drive up its share price.
Northern Bear is currently trading at 0.15x EV/sales, 2.58x EV/EBITDA adjusted and 6.26x P/E multiple based on our FY23 forecasts and the closing share price on 10 July 2023.
Notably, even at our DCF valuation of 99.1p, which is approximately double today’s share price, Northern Bear still would be trading at a discount to the most relevant comparable companies.
[Comparable companies cited in the report include Sureserve (SUR) at 7.2x EBITDA and 14.1x P/E; Water Intelligence (WATR) at 6.6x EBITDA and 15.6x P/E; and HomeServe acquisition recently completed at 17.7x EBITDA. Private equity is active in the specialist building services industry at c.13.9x EBITDA, citing the Lincoln facilities services index.]
Added today ahead of the July results - this share has a yield of 10% (when you include the 1p special dividend). The market will wake up eventually!!
It’s good to see that the new management have come to their senses and switched to a more sensible strategy. Those of you who held on through the dark days should finally get your reward.
Hi Giraffe. I am here too. The wait for this to rise has been almost un-bear-able but seems to be on the right scent for now. It will surely rise again tomorrow as the divi is a monster here. Always a chance of a buyout too.Northern bear is not an investment that will be going south anytime soon!
Hi Lemmink, congratulations indeed
I have no idea why you seem to be the only one on this board and quite how this company has been turned around having had no dividend since 2019 but bought in today on the RNS and this seems solid. Dividend cover was excellent last time they had one, so looks good
Am sure this board will grow now GLA
Well done
Bought 10k @ a little under 39p
Bought 10k @ 41.9p - hopefully it is at least a little bit cheap now?
Bought 10k @ 42p - holding 240k
Bought 10k @ 43.5p - holding 230k
Bought 20k @ 44.68 - not very liquid when trying to get a sell quote earlier
Not sure patient is the right word - probably just over attached - Half year results to end sept 2022 seemed quite resilient - annualised EPS still looks like 10p+ - not sure what level of P/E ratio is appropriate for current market and macroeconomic conditions...
You must be very very patient - especially with such a large holding - keep monitoring in case it’s worth adding as only hold a small stake atm - just a feeling we might see movement here shortly as news overdue
Bought 10k @ 51p -- holding 200k
Bought 15k @ 52.4p — holding 190k
mentioned "new provision" in previous post ... I might of kind of made that up a bit ... I was referring to the cost of settling the legal claim ... not actually sure how it was accounted for as didn't pay attention to it ... in any case it will have been a balance sheet hit
A bit vexing - no dividend for the FYE 31/03/2022 - third year on the trot... difficult to but I suppose still possible to excuse.
Underlying EPS 9.8p -- good/ok
masked by big impairment and new provision to leave basic EPS at negative 7.1p -- not so good!!
Book value per share £1.12
Legal claim settled for £0.6 million - payable by NTBR ... that's roughly what 1 years worth of normal dividends would cost ... maybe this will mean that a dividend will will not be paid again this year (no dividends have been paid for the last two years) - it will be entered as an exceptional cost in the accounts ending 31/03/2022 reducing profit by circa 3.3p share
Looks like underlying EPS for the year to 31/03/22 will be circa 9p -10p to me.
Sold 50k @ 60p - quite surprised to be able to - given wider market continued falling - holding 175k
Hi jolly
It gone wrong way for you
No trading update in May. Hmmm