Sunday, March 29, 2015

UOS putting in another solid year

I commented on UOS here in May 2013 and here again in April 2014.

Another year, another UOS annual report rolls along. A 10.6% increase in book value is plenty enough. Whilst waiting, we got paid a nice 2.5 cents dividend per share.

At current price of 54 cents, the market capitalisation is $630m market cap. This is the price that you pay.

This is the value that you get: UOS’ 70% holding of UOADB at current market capitalisation is about AUD$750m.  UOS’ 46% holding of UOA REIT at current market capitalisation is about AUD$110m. Cash at parent level is $80m. Total=$940m.

Would you like to swap 63 cents for 94 cents?

 Disclosure: I own shares in UOS.

Disclaimer: the content of this post is not to be relied on as financial advice.  It contains my personal opinion only, plus facts that I cannot verify to be accurate.  Do your own research and seek financial advice where appropriate. I have made many mistakes in the past, and will continue to do so in the future.

Sunday, March 8, 2015

Reporting Season HY 2015- Part 2

Just a few glossary terms:

CAGR= Compound Annual Growth Rate
EPS= Earnings per share
EV= Enterprise value (derived by adding debt on top of MC)
FCF= Free Cash Flow
MC= Market Capitalisation
OCF= Operating Cashflow
HY= Half Yearly Report

23 February 2015

GNG results out. OCF $20m but $17m in unearned revenue. Dividends= 4.5 cents ff. Margins down. Cash hoard up to $51m.

24 February 2015

BYL HY out. Debt up again due to Rio contract. Margins low. Dividends maintained.

CMI selling TJM for $22m.

AMA HY out. NPAT $4.3m. Rev $43.5m, EBIT $6.4m, EBIT margins 14.7%. Presentation- evidence of start of operating leverage in panels business.

FLT HY out. Company cash near $400m. UK and US both on the growth path. TTV increased, margins decreased.

VRT HY out. Market in Australia contracting. Business affected by economic cycle, not defensive healthcare.

VEI HY out. Margin crimp appears to have stabilised.

25 February 2015

MRM- vessels valued on books at $1b, but MC is $370m with debt at $440m, giving EV of $800m. Poor outlook. High committed capex of nearly $300m in three years. A cyclical play cf Prabai’s Frontier. Check Baltic Dry Index, research vessel evolution to Cape Size.

SSM mopping up unmarketable parcels. Always a good sign.

RFL reach 52 weeks low.

CTE HY out. Revenue continues to increase. OCF is $1.1m. Still $1.5m locked up in working capital. $4.2m cash in bank. Ramp-up investments continue. ROE also healthy, nearly 20% annualised. Dividend of 0.5 cents unfranked. Biological services margin has jumped.

26 February 2015
RHT HY out. Maiden NPAT, scan volumes up. More details now provided, including commercialisation plans for HepaFat.
REF HY out. 1800 Reverse continues to improve. Net cash up to $6.3m.
UOS HY out. Net assets increased 10%.
ICS HY out. Revenue up, cash up. On the right track.
FID HY out. Profit increased despite $500k in restructuring costs. FUM up. Dividends increased. Strong balance sheet with $10m in cash plus extra $2m stuck in working capital, thus resulting in reduced OCF.
27 February 2015
TCN HY out. Cash $2.8m. Clean balance sheet, receivables exceed total current liabilities and no long term liabilities. NPAT $1.5m, and normalised $1.25m. Annualised over $2m of NPAT supporting $17m of MC, and $14m of EV after backing out cash.
3 March 2015
SXE director bought on market.
4 March 2015
BYL- $11m contract from Landcorp. Contracted work is $260m over 2 years.

5 March 2015

TCN director bought on market $20k worth of shares. Another director bought $12k worth. K Jakoby now owns 45m shares out of 223m.

CTE Andrew Kroger bought another 268k shares on market. Holdings crept up to 25% now.

6 March 2015

CTE director Christy Boyce bought 40000 shares on market.

GNG to be added to the All Ords. Will need to be purchased by the trackers and ETFs now.

SXE at MC $60m is equal to NCAV. SXE being dropped from indices. SP close to all time lows.

So all in all, not a bad reporting season for the watchlist and holdings.

Enjoy and Prosper
Yours One Legged