Member Info for rivaldo

DBay Advisers are continuing to buy - they're now above 19% with 11.6m shares: Http://www.investegate.co.uk/creston-plc/rns/holding-s--in-company/201504090915537210J/ CRE is pretty tightly held now, with these 3%+ holders holding around 43m of the 58m shares in issue: Http://companyresearch.digitallook.com/cgi-bin/dlmedia/security.cgi?csi=11419&action=deals&sub_action=overview&username=,%20pwright&ac=,%20208678 DBAY Advisors Limited 10,997,178 £12,866,698 Artemis Investment Management Limited 7,277,269 £8,514,405 Credit Suisse Client Nominees UK Ltd 6,835,093 £7,997,059 Majedie Asset Management Limited 6,015,219 £7,037,806 Western Selection P.L.C. 3,000,000 £3,510,000 Ruffer LLP 2,991,079 £3,499,562 FIL Limited 2,718,451 £3,180,588 Hargreave Hale Limited 2,455,000 £2,872,350 Barclays Stockbrokers 2,258,378 £2,642,302

Excellent news today on the order book - it's now at €2.8m, with 2015 orders at €2m compared to €1.5m per the last update. And also good news that Berkeley Homes have ordered an additional €570,000 of marble. Repeat orders from prestigious customers like this will be a great help in establishing FOX's reputation. The factory's being delayed again slightly is small beer in the scheme of things, though still frustrating.

Excellent year end trading statement just out - every division is doing well and trading is in line with the increased expectations. The results will show a substantial increase in profits over last year, and the market will now look to this year, for which the latest forecasts are for around 10.6p EPS. On which basis - and with CDS thrown in for free - the current share price is cheap imo. Interesting that CAR are definitively exiting printed electronics now - perhaps the sale/licensing will bring in a reasonable sum, but anything received will be a bonus as there's nothing in it in the share price anyway.

Canaccord have lifted their price target to 162p (from 142p) and say Buy: Http://www.i3investor.co.uk/servlets/fdnews/28071.jsp With a £77m m/cap now, and being quite a success story, perhaps we might start to see more of the City start to take notice.

This re XAR and Walmart from Investec is interesting: Http://www.lse.co.uk/AllNews.asp?code=4z45a8vh&headline=IN_THE_KNOW_Investec_Upgrades_Xaar_On_Optimism_For_2016 Extract: "Xaar's 2014 was broadly in line with expectations, Investec says, with the focus on the potential growth for new products and for direct-to-shape (DTS) primary labels. The outlook for the DTS market was given a boost when Xaar revealed that one of its manufacturing customers has been using the technology to supply printing services to a Walmart bottle supplier for the last five years, a major step forward for the technology and news which goes some way to proving both its potential and the cost savings it can offer."

Nice recommendation: http://www.iii.co.uk/articles/233832/small-cap-round "Constellation Healthcare (133.5p) Constellation Healthcare (CHT) makes its money from medical billing services in the US - basically, collecting revenue for doctors. The system is complex and getting the invoicing right first time is crucial if physicians want to get paid quickly. Medical billing is currently a $37 billion market, but is highly fragmented and ripe for consolidation. That's why Constellation raised £9.6 million from its IPO in December at 135p a share. One of the industry's biggest operators was put together in less than three years and is now worth $500 million. While Constellation tells us that it will not grow at that pace, the company has already proved up its idea, having bought a couple of companies pre-IPO. Earlier this month, it bought Physicians Practice Plus (PPP) for up to $20 million, or an historic enterprise value-to-cash profits ratio of 5.5 times. The New York-based medical billing firm also owns a business process outsourcing (BPO) operation in India. It was the first purchase since the company listed on AIM and will be immediately earnings enhancing. It came as Constellation said cash profit doubled in 2014 to $14.2 million and announced a maiden final dividend of 2.9 cents (1.96p). Founder and chief executive Paul Parmar plus family and friends own about 68% of the business, so he's incentivised to do well. And Parmar told Interactive Investor he believed the company was undervalued compared with private companies in the same line of business. It's also worth noting that Sir Rodney Aldridge, the founder of outsourcing giant Capita (CPI) and a personal friend of Parmar's, is being paid £75,000 a year as a consultant. House broker finnCap upgraded EPS forecasts by an average of 25% for 2015 and 2016 following the PPP acquisition."

Nice to see such movement. The m/cap remains just £1.6m though - the upside is huge if there's just the slightest sign of improvement in cash flows - even though the company has at least £1.4m net cash - or trading - even although the company remains profitable.

This new article about Peppa in Brazil is well worth reading as the figures are astonishing: Http://www.licensing.biz/news/read/entertainment-one-enjoys-phenomenal-response-to-peppa-pig-in-brazil/041825 Extract: "The first Peppa Pig DVD was released in Brazil in December 2014 and Peppa Pig is currently the top selling kids’ DVD title in Brazil, with over 100,000 units sold to date. In just under two years, Peppa Pig has a registered impressive retail stats including: over three million toys sold from September to December 2014 over three million pairs of Peppa Pig shoes were sold in Brazil from June 2014 to February 2015 10 million sticker packs have been sold since the sticker album launched in May 2014 over 250,000 Peppa Pig books and magazines are sold every month 60,000 pairs of Peppa Pig socks sold within the first week of sales in January 2015 more than 35,000 people have seen the live show Peppa Pig’s Treasure Hunt which toured seven of the biggest cities in Brazil “The public reaction to Peppa Pig in Brazil since we launched broadcast and licensing has been phenomenal,” said Ami Dieckman, head of international licensing for Entertainment One Licensing."

I think my prior calculation was partly incorrect. I should have used the $12.4m net income before taxes, then add back the $1.545m amortisation. That's £9.3m, or £7.76m PAT at the same 16.6%, which gives 13.8p adjusted EPS. Which is a historic P/E of just 8.9. And SOM also has $6.6m net cash (some of which is allocated for factory expansion).

I calculate around 15.9p EPS - adjusted pre-amortisation as per the usual calculations - prior to the one-off tax credit received in 2014. Adjusted PBT pre-amortisation was $16.1m, or £10.7m. Use the same 16.6% tax rate as in 2013 and PAT is therefore £8.92m. Over 56.274m shares and this gives 15.9p EPS. Very, very cheap at that rating imo.

A new Peppa Pig World has just opened in Italy: Http://www.licensing.biz/news/read/italy-s-leolandia-amusement-park-welcomes-world-of-peppa-pig/041798 "Italy's Leolandia Amusement Park welcomes World of Peppa Pig By Billy Langsworthy March 31st 2015 at 9:06AM Italy's Leolandia Amusement Park welcomes World of Peppa Pig Interactive experiences on offer include Peppa’s family home where kids can explore all the rooms, Daddy Pig’s car parked on the hill and Peppa and George’s playground. Entertainment One Licensing and Leolandia Amusement Park have opened The World of Peppa Pig. Set across 2,500mq just outside Milan, The World of Peppa Pig lovingly recreates some of the landmarks from the hit TV show created by Astley Baker Davies. Interactive experiences on offer include Peppa’s family home where kids can explore all the rooms, Daddy Pig’s car parked on the hill, Peppa and George’s playground and the garden where kids can jump up and down in muddy puddles. House of Peppa is the first dedicated permanent themed attraction to launch in Italy. “The World of Peppa Pig represents a milestone achievement for the brand in Italy and is a clear demonstration of its longevity in the territory," said Andrew Carley, head of global licensing at Entertainment One. "Leolandia have done an incredible job of bringing Peppa’s world to life and we hope it will bring joy to families in Italy for many years to come.“ Massimiliano Freddi, Leolandia’s VP strategic development, added: “We are happy and excited. Our 2015 season opened with a unique new themed area, The World of Peppa Pig. Children will be immersed in their favourite cartoon character with a hands-on experience like they’ve never seen before. Bringing families together and generating thousands of smiles will be the best reward for this one-of-a-kind project.” Leolandia is supporting the launch with a heavyweight marketing campaign spanning TV advertising, outdoor media space and leaflets and flyers at key family sites."

AKR still performing well and at around 310p in the USA, compared to 275p here. The CEO is presenting in London on 21st April...hopefully he'll have news flow to promote: Http://www.sharesoc.org/seminarapr2015.html

Brilliant results from this outstanding company, absolutely thrashing forecasts - and the outlook for 2015 looks just as good: Turnover - $59.3m compared to forecast $57.9m EBITDA - $15m compared to forecast $14.3m EPS - 29c compared to forecast 26.6c Dividend - 5.5c compared to forecast 3.5c, a 3.2% yield The outlook statement in particular is really positive and excitable for this year. Can't ask for more.

CRE's ICM polling division should have an extremely good few months given the election - polls regularly coming out and an ICM expert on the BBC news this week following the Dave 'n' Ed Paxman debate. lso a new client win for CRE's US agency Cooney Waters: Http://www.odwyerpr.com/story/public/4343/2015-04-01/lenscrafters-focuses-cooneywaters.html "Wed., Apr. 1, 2015 LensCrafters Focuses on CooneyWaters By Kevin McCauley LensCrafters has signed a one-year pact following a competitive pitch with CooneyWaters Unlimited for a national communications initiative to promote vision healthcare. The unit of UK-based Creston Unlimited will target consumers to increase awareness of the need for regular eye examinations and its importance as a health priority. CWU executive Julia Jackson handles the push to underscore the need for proactive health management and LensCrafters' role as leader in personalize eye health."

Up 13% in the USA to $4.86 on the open, or around 325p.

Network Rail were just on the radio talking about massive rail works over the holiday weekend - 14,000 men and £100m of spending. Which should help ensure a very nice start to H2 for RNWH.

From Numis this morning: ** RENEW (ADD, 335p) H1 trading update. Management has put out a short statement stating that H1 is in line with board expectations and ahead of last year. While the group does not provide any further details, it is worth highlighting that H1 last year saw a one-off benefit at Amco as a result of emergency rail work due to severe flooding (which coupled with strong organic growth and acquisition benefits boosted H1 2014 PBT by 59%) so to expect H1 progress against this backdrop is impressive. The group also points to an increased forward orderbook and net debt reduction in the half year. While limited in terms of details, we believe this statement underpins our view that organic growth continues to drive the group ahead of the underlying market due to the benefits of the business model, and we continue to expect this to be enhanced by the likelihood of further bolt-on acquisitions in the medium term. In our view this provides upside risks to estimates, so while shares have been weak of late in keeping with the wider Building Services universe, given this outlook and the attractive annualised 12/15E P/E of 10.6x dropping to 12/16E of 9.8x we believe there is significant upside and would advocate buying the shares ahead of the interim results on 19th May."

Excellent article with a Buy rec on ETO from the American web site Seeking Alpha - very long, so here's a couple of extracts: Http://seekingalpha.com/article/3033456-entertainment-one-listen-to-your-children-buy-peppa-pig "Entertainment One: Listen To Your Children, Buy Peppa Pig Mar. 27, 2015 9:24 AM ET | About: Entertainment One Ltd. (ENTMF) Subscribers to SA PRO had an early look at this article. Learn more about PRO » Disclosure: The author is long ENTMF. (More...) Summary •Entertainment One is starting to enjoy scale benefits as cash flow is growing and margins expand. •High quality content ownership is a business characterised by low capex and strong recurring cash flow. •In ETO this is coupled with complicated yet conservative accounting, and an owner operator culture. •They apply a vertically integrated business model. Owning content and having a strong international distribution network. •The stock has recently dropped from 3.50 to 2.85." "We think the opportunity to buy this company trading at a market cap equivalent to 2014 sales is a potential long term bargain price, considering the large reinvestment of cash flow into high quality content we envision long into the future. Our confidence stems from the owner operator culture we see present within this business leading to respectable capital allocation as well as respectable operational management. The biggest shareholders are Marwyn, a value investment house strongly present on the board. The CEO is a large shareholder of the company, and the company has seperated the role of CEO and (non executive) Chairperson, with the latter being well respected UK businessman Allan Leighton (famous for leading ASDA, a well oiled UK food retailer, and was a non executive board member of BSKYB for over a decade)."

Hemscott now have the broker forecasts for both 2015 and 2016 in place, and list them as follows: This year : £13.6m PBT, 6.06p EPS, 2.83p dividend Next year : £16.49m PBT, 7.4p EPS, 3.7p dividend With a $44m cash pile too, and likely hugely earnings-enhancing acquisitions to come, this stock is just incredibly undervalued imho.

WH Ireland retain their 375p target and Buy recommendation: "Renew Holdings (RNWH) – Buy – Positive update, order book ahead, organic growth and positive prospects Market Cap £163m Price 264p Target 375p Following a strong set of results before Christmas and, then, a 21% increase in the order book, this morning’s update flags positive progress in line with our expectations. We believe the company continues to move forward across all of its divisions and we note the increased forward order book, which we anticipate will be at record levels, and ahead of the £439m number reported at the end of November. Some 80% or more of RNWH’s work falls within frameworks with strong underlying drivers in areas such as water, rail and energy. The business has built up an excellent track record of growth. We expect further decreases in the net debt, in line with this morning’s update, by double digit percentages in the current year and remain comfortable with our £19.6m / 24.9p FY 015E forecast, putting the shares on a 10.6x PE. The low rating and indeed the fall in the share price from the 290-300p level a few months ago remains a mystery to us. Buy."