Member Info for Couerdelion

Latest piece from ST. It's not actually clear to me what the "buy" recommendation is for here.

eEnergy, an energy services provider that designs and implements energy-efficient projects (solar, electric vehicle charging and lighting), has been selected as preferred supplier to design, supply, install and commission rooftop solar photovoltaic systems for up to 47 schools in the Midlands.

It is one of the UK’s largest solar rollouts across the education sector and the group’s first collaboration with Great British Energy Solar Partnership, a testament to eEnergy’s long-standing commitment to helping schools cut costs and carbon footprints. It also marks an important milestone in the strategic pivot into public sector tenders, and strengthens eEnergy’s market-leading position as the UK’s largest solar and LED installer in the education sector. To date, the group has completed more than 1,200 school energy projects.

eEnergy will now commence detailed design and planning for the first phases of the programme, and will finalise contracts with each participating school and responsible body. The delivery timeline aims for completion by the end of March 2026, so the bulk of revenue will be recognised in the 2026 financial year.

The contract adds substance to house broker Canaccord Genuity’s forecast of a 41 per cent increase in group operating profit to £3.6mn next year, which underpins a doubling of adjusted pre-tax profit to £2mn. On this basis, the shares trade on a forward price/earnings (PE) ratio of 15. However, next year’s forecasts are based on 10 per cent growth in revenue to £30.8mn, a conservative-looking estimate assuming contract momentum continues to build.

That looks a real possibility given that eEnergy has entered a partnership with Redaptive, a US-based energy-as-a-service and data solutions provider, which establishes the group as a dedicated delivery partner for Redaptive-initiated projects in the UK. Redaptive is not only providing up to £100mn of funding to support approved projects across the UK, but the partnership should generate material referral opportunities through Redaptive’s US customer base with UK-based operations.

Importantly, Redaptive fully funds the customer project, eEnergy receives 100 per cent of the project’s net revenue (revenue excluding the interest costs billed to the customer as part of the cost the customer sees) and the customer then pays Redaptive over the life of the project. The new finding arrangements support a marked improvement in eEnergy’s cash generation, as highlighted by analysts’ net cash (excluding IFRS16 lease liabilities) estimates of £3.6mn (2025) and £5mn (2026), a healthy sum in relation to its market capitalisation of £23.6mn....

If there is to be a huge market event coming, why not hold something like LGEN. The only real danger is that the SP falls and you might have been able to buy them cheaper by waiting but you'd have missed the dividends in the uninvested period.

But who's going to pick the timing of this event. The markets currently aren't pricing in any serious collapse.

Would make a bit of a change if there were more than a dozen trades in the day. Welcome too as this share tends to drift down if there is no activity.

Still no signs of this recovery stopping.

Just what we needed. I've taken the opportunity to lock in some of the gains from my last purchase - sold half the shares at a 40% gain - but I can see this running for a fair bit longer in the short term.

It wasn't entirely clear as there was some ambiguity about which stage of the regulatory approval process would trigger its release. But Steve suggested November as a possible date when they would have confirmation that they were on fast-track and that they would be able to release it.

Up nearly 3% already

A nice start to the new week and month...

SALT looking for a new CFO around a month after the unauthorised payment problem. Read into that what you will.

I just wanted to know whether or not my purchase offer was going to be scaled down. Fortunately, I got everything I offered to buy.

Don't miss the CTL investor meet tomorrow (5pm). It's an ideal time to ask any questions around the time lines. But you will find some helpful information from the previous presentation here

https://www.investormeetcompany.com/meetings/shareholder-update-4

c12 mins - Suggested dates are early Q1 26 CEOL application for award in Q2 26 and PFS to be updated and released around Nov 25

Alternative source

https://www.reuters.com/business/aerospace-defense/norway-selects-british-made-frigates-beef-up-maritime-defence-135-bln-deal-2025-08-31/

JB83,

Tax can be a complicating factor for higher yielding stocks if you are paying higher rate.

I part funded my LGEN buy on Friday with a small sale of some of my existing PHNX holding. Got a DY uplift of 0.67% out of it but probably worth noting that PHNX will go ex-div in a month and their DY will increase by around one-third of a percent.

You can get over 8.6% now. I'll take some of that.

That would be quite nice. It's been nearly 3 months since we had a 9% dividend yield here.

Oversubscribed. I'd like to know by how much.

Nice to see another decent buy from the CEO.

Just looking through the conditions for the share awards and - if I am right in thinking the EPS measure is an unadjusted one - the full award requires 22% annual growth in EPS over a three year period. Since we're sitting here on a 15x P/E ratio that would imply a PEG ratio of 0.7 which is very low. Even if it stays at 15x, I'd be happy enough with 22% p.a. growth.

The latest article from Simon Thompson, IC is out.

Avingtrans (AVG:455p), an engineer and manufacturer, has secured a four-year contract worth more than £7.5mn to supply steel doors for HS2’s Old Oak Common station. In addition, wholly owned subsidiary Booth Industries has been awarded a multiyear contract worth £1mn to provide maintenance services for the tunnel doors on the Elizabeth Line for Transport for London.

Bolton-based Booth is playing a key role within the UK’s high-speed rail programme, having been awarded an initial £36mn contract in September 2020 to supply 300 cross-passage doors for the London-to-Birmingham section of the HS2 route. Earlier this year, the company won a £4.5mn order to supply pressure-rated fire doors for an additional phase of the HS2 project. The outstanding order book with HS2 now exceeds £40mn and adds weight to expectations that Avingtrans will deliver a step change in earnings in the current financial year.

Analysts at brokerage Cavendish expect group operating profit to increase by 27 per cent to £12.5mn on 13 per cent higher revenue of £183mn in the 12 months to 31 May 2026. On this basis, expect pre-tax profit to rise by 35 per cent to £10.7mn and earnings per share (EPS) to grow by 38 per cent to 25.9p. This implies the £150mn market capitalisation company is rated on a multiple of 13 times forecast operating profit to enterprise valuation after factoring in net debt (excluding IFRS 16 lease liabilities) of £12.3mn.

That’s a low earnings multiple given that Avingtrans’ astute management team, led by chief executive Steve McQuillan and finance director Steven King, have an enviable record of acquiring and turning around lossmaking businesses before selling them on for premium valuations.

For instance, Avingtrans sold Peterborough-based Peter Brotherhood, a specialist in steam turbines and heat and power systems, three and a half years after acquiring the business for £9.3mn as part of the £52.7mn acquisition of Hayward Tyler in September 2017. The £35mn exit price represented a gross return of four times capital invested and seven times Peter Brotherhood’s net assets.

I can see the directors monetising Booth’s order book by selling off this business in due course to crystallise another windfall gain for shareholders. Avingtrans acquired the business for £1.8mn from the administrators of Aim-traded Redhall in June 2019, and it could now be worth 10 times that purchase price, or even more.

Medical division scaling up

The group is creating shareholder value in its smaller medical and industrial imaging division, too. Specifically, Avingtrans is investing in next-generation helium-free magnetic resonance imaging (MRI) technologies for orthopaedic imaging systems through Magnetica, an Australian medtech, and Oxford-based Adaptix (3D X-ray systems for orthopaedic and veterinary applications).

The addressable orthopaedic imaging market is worth £400mn a year, a

Maybe people should factor in all the rent saved from living in their own house. Also not that, while average house price growth might not match inflation over the period chose, the gain made by buyers WILL have because it was a geared investment and the borrowings used to purchase it did not go up with inflation.

Perhaps more importantly, though, is why the LGEN board has drifted into fiscal discussions. Admittedly it creates the financial background in which we deal but not much we can do about it but react to events. In the case of LGEN, we get a bigger dividend yield.

I found this in the pack on their website

Adjusting items

With the restructuring of the Group’s EMEA operating segment completed in the year-to-date,

a charge totalling $9.0m was recorded in H1 2025 (H1 2024 – $nil) as an adjusting item. The charge

reflects the facility closure and employment costs associated with the reduced footprint in Europe.

In addition, acquisition-related costs totalling $4.1m (H1 2024 – $nil) were recorded as an adjusting

item in the period.

Total adjusting items, which have been recorded against the Group’s reported operating result, were

$13.1m. There were no adjusting items recorded in H1 2024. Please see NGM A for more information.

Well that's me back to neutral after taking my profits at 295p - nothing personal just needed to bank a free 2.5% dividend. Expecting further upwards movement but if the SP wants to take another little dive, I'll be happy to add again.