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I disliked PE as a school boy, but this one is very attractive! Will be depositing my xlm sale proceeds here on Monday...
Broker Profile Research have produced a new note post-interims: Http://d248s5njznv13y.cloudfront.net/images/pdf/InvestorRelations/Somero_Update_14092015%20(2).pdf It forecasts 12.2p EPS forecast for this year, with 13.3p EPS next year. Dividend forecasts are 5.9c and 6.5c respectively. And SOM will have $8.3m and $13.1m net cash. Considering SOM made 7.1p EPS in H1 alone I would be very surprised if they don't beat this year's forecast, and possibly by some way.
RNS - Artemis are increasing their stake nicely. They had 8.77m in their last disclosure, and now they have 9.189m, i.e above 16%: Http://www.investegate.co.uk/somero-enterprises--som-/rns/holding-s--in-company/201509231516389957Z/
Nice to see blue here with the markets so depressed. Looking forward to seeing SOM present tomorrow (though my sore throat/cold may still prevent me attending!). Hopefully whilst they're here SOM are doing the rounds of a load of institutional investors and making the most of their visit.
Got wrong footed here and bought more in the 150's when I should have waited, but these results should get this back there soon enough. Good to see Rivaldo posts every now and again useful stuff. Keeps this board almost alive.
Around 7.2p EPS in H1 alone, and a very confident outlook going forward for the year-end outturn, reinforced by the H1 divi up 27% to around 1.3p. Plus a $9m cash pile. New products being successfully introduced. Global growth momentum being maintained. China is a huge opportunity and should start to reap dividends in H2 and beyond, and Latin America and India are also off the ground now.
This positive trading environment means that the Company's overall results are tracking slightly above current market expectations for the full year ending 31 December 2015.
Result due in September and imho may get a possible rise in lead up to results? Well worth watching either way as another excellent company
Best growth in US construction for a decade: http://www.khl.com/magazines/international-construction/detail/item110226 Threeputt :o))
ah you in here as well then, we must stop meeting like this :)
Here's an opportunity at last to meet management - SOM are presenting at Sharesoc in September: http://www.sharesoc.org/seminarsep2015.html Looks like SOM are ready to start telling the investor community what they've got - hopefully they've also scheduled meetings with the rest of the City whilst they're over here.
There's an update out from Broker Profile Research, who have increased their forecasts as follows. Note that the P/E ratios quoted in the note are rubbish as they're based on EPS in $, not £. The new forecasts in £, as correctly shown on Hemscott, are: this year : 12.41p EPS, 3.86p dividend next year : 13.50p EPS, 4.18p dividend Http://d248s5njznv13y.cloudfront.net/images/pdf/Somero_Primer_07072015.pdf "2015 forecasts The company summarises by saying that overall results are to date tracking slightly ahead of market expectations for the full year to 31 December 2015 and we have again revisited our forecasts. We have increased our revenue growth assumption, increasing 2015 revenues by $1.1m. We have also increased our gross margin assumption. With some small changes to our SG&A growth assumption for the year the net effect is an upgrade to our 2015E forecasts. For 2015, our previous EBITDA forecast of $16.4m moves up to 17.2m; PBT of $14.8m; EPS of 17.3p. For 2016E, we have upgraded EBITDA from $17.5m to $18.3m, PBT of $16.3m; EPS of 18.8p. We have maintained our DPS assumptions at this stage."
Canaccord have increased their price target to 174p and say Buy after today's "above...expectations" update: Http://www.tickerreport.com/banking-finance/616721/canaccord-genuity-increases-somero-enterprises-price-target-to-gbx-174-som/
Excellent trading update - trading is slightly above expectations :o)) http://www.investegate.co.uk/somero-enterprises--som-/rns/trading-update/201507070700133130S/
Encouraging stuff. New Chinese territory manager announced on Monday by SOM: Http://www.somero.com/news/244-somero®-china-welcomes-new-small-line-territory-manager And then similar for India on Tuesday: Http://www.somero.com/news/245-somero®-welcomes-new-territory-sales-manager-for-north-and-east-india "Somero® Welcomes New Territory Sales Manager for North and East India etc"
Artemis have bought another 850,000 shares in the last few days, and are now above 15%: Http://www.investegate.co.uk/somero-enterprises/rns/holding-s--in-company/201506191323067135Q/
Artemis have bought another 500,000 shares, taking them to 7.92m shares and above 14%: Http://www.investegate.co.uk/somero-enterprises/rns/holding-s--in-company/201506161132022978Q/
Good to see last night's RNS showing SOM continuing to buy in their own stock - 82k shares at 147.5p this time: Http://www.investegate.co.uk/somero-enterprises--som-/rns/transaction-in-rsus/201506151545472136Q/
I came across good coverage by Simon Thompson at the IC from 19th May which hasn't been posted here FYI, with a 185p target price... "Somero's solid performance Aim-traded Somero Enterprises (SOM:140p), a Florida-headquartered company that specialises in the design, assembly, and sale of patented, laser-guided concrete levelling equipment for commercial floors, has issued a reassuring trading statement. The strong momentum seen across the business last year has continued into the first 20 weeks of the new financial year. Sales from the majority of its product lines have been solid and growth broad-based across North America, Europe, Middle East, Southeast Asia and Latin America. In fact, new products have yielded "results ahead of forecasts", and activity levels for North American customers "remain high due to pent up demand and the backlog for new project starts." The healthy North American project pipeline, coupled with technology upgrades are key to the higher demand being seen for Somero equipment. The region accounts for almost two thirds of Somero's sales, so is important. Internationally, the Middle East, Latin America, and Southeast Asia have posted growth rates ahead of last year, with Southeast Asia's performance driven by accelerated activity in Indonesia and Vietnam. Even the eurozone continues to "show signs of improvement from a variety of countries, reinforced by increased customer inquiries, a leading indicator of future sales performance". The only blip came from China, a region which accounted for 16 per cent of Somero's sales last year. Trading there started slower than expected, but momentum is now picking up and the region is still expected to post its "fifth consecutive year of growth". Importantly, overall trading points to another year of decent growth: analysts at broker Profile predict that current year revenues and pre-tax profits will both rise by around 7 per cent to $63.8m and $13.2m, respectively, to underpin a further hike in the dividend to 6¢ a share, or 3.8p at current exchange rates. This implies a 2.8 per cent prospective dividend yield, with the payout covered 3.3 times over by adjusted EPS of 19.7¢, or 12.5p a share. On this basis, Somero's shares are rated on a modest 10.5 times current cash adjusted earnings after factoring in a current cash pile worth 7.5p a share. But that lowly rating ignores the cash generation of the business as analysts predict Somero's net funds will more than double to $14m (£8.9m), or 16p a share, by the year-end. In other words, assuming Somero hits analysts' earnings estimates, then at the current price the shares are being valued on only 9.5 times cash adjusted likely earnings after factoring in the year-end forecast cash pile. In my book that represents solid value. ...I am comfortable with my 185p year-end target price....I continue to rate Somero's shares a buy."
So they snaffled the Ennismore stake and some the past month, bit of strong institutional support showing through here too then.
The way the price keeps popping it's head higher, that conservative figure should be reached this year. Would even be quite nice to see this stock consolidate in the 150's for awhile now.
Canaccord have increased their price target to 167p from 162p and say Buy: Http://www.mideasttime.com/canaccord-genuity-raises-somero-enterprises-price-target-to-gbx-167-som/462214/
yes, extremely happy with that update
And it falls on a few trades lol, must be giveaway time. Market challenging, but company couldn't be any more confident.
Anecdotal positive stuff this morning from Tyman's AGM statement (international supplier of components to the door and window industry): "North American markets overall remain strong and our key customers are optimistic about the prospects for both new build and repair and remodelling"