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Ultra Electronics Holdings PLC
06 August 2018
London, UK, 6 August 2018 Edison issues outlook on Ultra Electronics (ULE)
The overall picture of improving global defence spending supports a return to organic growth for UItra. This is already reflected in the uplift seen in the order book at the H118 report. The company is well positioned to leverage the growth in naval budgets and increased demand for military aircraft around the world. Ultra also has a significant role to play in commercial aerospace, energy and cyber markets.
Our fair value is 1,918p. We calculate our estimated fair value of the company as a simple average of the discounted cash flow and sum-of-the-parts measures, currently 1,918p (previously 1,811p). Our valuations reflect the lower share count due to the £134m share buyback. The increase largely reflects improved global defence sector ratings on the back of increasing defence spend.
That was yesterday. I though algos were a bit quicker than that!
Currently down 8% after one hour's trading. Any clues as to what has brought this on? It is as if we have been selling kit to Iran and have suddenly be caught out by re-imposition of sanctions!
Thanks BS. Email just sent to this address with proof of my holding.
Peter W.
Hi BS,
Small beer compared with many, however, I have 11,250 in case that helps. Let me know if you need to see evidence (...be warned, my average price will bring tears to your eyes!).
Echo Energy Echo has announced a ‘potentially transformational’ light oil discovery at Fracción C in Argentina . At 2,460m in the Upper Jurassic Tobifera formation a significant column was found and gas and hydrocarbons were recovered. An early estimate of 500m is huge and even if only 120m is interpreted as effective pay then this is indeed game changing stuff. The company is quite rightly keeping as much of a lid on this as possible by saying that it is early days and testing doesn’t start till next month but there must have been quite a party in Buenos Aires last night where the company are hosting an investor visit. Having said tha t, if the well was deepened twice and still encountered good shows I would venture to suggest that Echo is onto something properly big here and so early into the Argentinian process as well. But caution is appropriately the watchword so let’s wait until the test results, the test rig is due in July. Glad to have slipped this one into the bucket list though……
Genel Energy Genel has announced that the Tawke Partners have received $62.19m from the KRG for their March crude sales of which $15.51m is net to them. For Taq Taq the number is $6.2m gross and $3.41m net and there is also the override payment of $8.37m representing 4.5% of the Tawke gross licence revenues for March as per the terms of the RSA. In total the company has therefore received a total of $27.29m and with a good deal of exciting news to come will be almost certain of inclusion in the next bucket list changes.
Wind the clock back 3 years and the recommendations were looking very healthy: 06-Mar-15 Credit Suisse Outperform - 1,095.00 Reiteration 06-Mar-15 JP Morgan Cazenove Overweight 790.00 765.00 Reiteration 05-Mar-15 Westhouse Securities Buy - 1,000.00 Reiteration 18-Feb-15 Credit Suisse Outperform 1,150.00 1,095.00 Reiteration 16-Feb-15 Morgan Stanley Overweight 730.00 800.00 Reiteration 16-Feb-15 Canaccord Genuity Buy 850.00 750.00 Reiteration 02-Feb-15 Westhouse Securities Buy 1,000.00 1,000.00 Reiteration 21-Jan-15 Westhouse Securities Buy 1,100.00 1,100.00 Reiteration 20-Jan-15 Investec Securities Buy 920.00 865.00 Reiteration 12-Jan-15 Deutsche Buy 1,000.00 800.00 Reiteration 08-Jan-15 Westhouse Securities Buy 1,100.00 1,100.00 Reiteration Let's hope we get back into that sort of ball-park in 2018. GLA
Appointment of new Chairman announced. Doesn't seem to be going down a storm with MMs just yet, but an impressive CV all the same. Hopefully, she will help bring greater focus to Tullow's operations and management of debt pile. Extract from RNS: Appointment of Dorothy Thompson CBE as non-executive Chair of Tullow Oil plc 17 April 2018 - Tullow Oil plc (Tullow) is pleased to announce the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow with effect from the conclusion of the Group's Annual General Meeting (AGM) on 25 April 2018. It is anticipated Dorothy will succeed Aidan Heavey, Tullow's current Chairman and Founder, as Chair at the conclusion of the Board meeting scheduled for 20 July 2018. Aidan will retire from the Board at the same time. Dorothy (57) brings extensive experience to Tullow having served for 12 years as Chief Executive Officer of Drax Group plc, the international power and energy trading company, until the end of 2017. Before joining Drax, Dorothy managed InterGen's European power business, was head of project finance at PowerGen and worked at CDC Capital Partners, the private sector arm of the British Government's aid programme. Dorothy has extensive emerging markets experience including a period working in the Commercial and Industrial division of the Bank of Botswana. Dorothy holds a BSc and an MSc in Economics from the London School of Economics and Political Science. As well as her experience with Drax, Dorothy is also currently a non-executive Director of the Court of the Bank of England (since 2014) and the NYSE-listed Eaton Corporation plc (since 2016). She was a non-executive director of Johnson Matthey plc from 2007-16.
Rodlin, ...indeed! MMs must have thought that I had finally sold and hence moved sp up again.
Hi 3CB, ...but they have been there a while! Just wondered if there was any new news to create this latest drop. Having held this dog for about 7 years, keep thinking that I should sell and try elsewhere. However, knowing my luck, as soon as I sell the sp will take off (...some hope!).
'morning All. Any thoughts on reason behind today's flash crash? Thx.
We haven't seen one of those for a while. More of the same please...!
Hi Fallingknife, I must confess that I could not resist...! Bought some more about an hour ago. I am a sucker for top-ups in situations like this. It has worked for me more times than not - if we exclude Afren and GKP...! Hopefully, ULE not quite in the same category.
Called that wrong, didn't I?! It is trying to stabilise but rebuilding trust in ULE after this series of setbacks will take time. 30% off sp in just a couple of days is some going.
Suspect that this drop is unwarranted. DoJ inspired delay to acquisition is normal practice and does not justify this over-reaction. This will turn out to have been a good buy-in point. dyor (etc.)
Good question, well asked! I have been here for about 7 years so have witnessed the highs and the lows. Interested in thoughts where this might be heading, now that we have this (modest) funding in place. GLA