Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Augean plc 23-Sep-2021 / 17:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Augean plc 28-Jul-2021 / 15:56 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (...
Edison Investment Research is terminating coverage on Augean (AUG), Deinove (ALDEI), Photocure (PHO), RADA Electronic Industries (RADA) and Ryvu Therapeutics (RVU). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Augean plc 27-May-2021 / 15:27 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) ...
A director at Augean sold 1,000,000 shares at 217p and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Cl...
Augean has proven to be resilient throughout the pandemic. In particular, the growth in processing incinerator ash residues from energy from waste (EfW) facilities continues unabated and additional new contract wins should drive improved returns in FY21. Management expects FY20 adjusted PBT to be slightly ahead of last year and we have marginally reduced our FY20 adjusted PBT and EPS estimates by 1%. Our FY21 estimates are maintained. Cash flow has been stronger than we expected, underpinning th...
While the pandemic continues to disrupt normal economic activity, the hazardous waste market has proved relatively resilient. Augean faces a shift in challenges in H220 as North Sea decommissioning activity declines and waste flows return towards more normal levels following H120 shutdowns. Encouragingly, cash flow remains strong and we anticipate a positive net cash balance at the year end.
FY19 results were ahead of our expectations on an underlying basis and extended the recovery in profitability evident since 2017. With the financial liability to HMRC now discharged and strong growth expected in Augean’s key markets, we believe that the company is well positioned to continue to deliver returns for shareholders.
Augean has reorganised its business and now enjoys a strong competitive position in its key markets, allowing it to capture underlying market growth and significantly improve profitability. The H119 results and recent trading update suggest this trend is set to continue. Augean’s market rating, even allowing for the outstanding tax liability with HMRC, appears very modest for a company with significant growth potential.
No immediate resolution to the dispute with HMRC over landfill taxes is expected and, in the absence of clarity as to the timing and scale of any potential payments, Augean’s management continues to take firm action to improve the strength of the business (disposals/cost control). The difference in market capitalisation between a share price of 25p and our DCF valuation of c 70p/share equates to c £47m and compares to the total of HMRC assessments received so far of £12m (five assessments).
Augean’s (AUG) dispute with HMRC over landfill taxes and tough trading conditions in its key markets creates significant uncertainty. The company has taken decisive steps to reshape its management team and reduce its cost base, in order to provide Augean with a stronger and more dynamic base from which to grow post a resolution to the dispute.
For a company that reported double-digit EBITDA and operating cash flow growth for FY16, Augean continues to confound our analysis by trading on a low P/E multiple and well below our fundamental fair value. Given its excellent market position and sustainable competitive advantage through ownership of scarce hazardous landfill assets, we believe the stock should trade well above current levels. Granted, the company had one or two negative items at the full year, most notably the East Kent impairm...
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Augean has announced a partnership with the Port of Dundee to treat hazardous waste arising from the growing market for oil and gas platform decommissioning. While we only increase our 2018 group operating profit forecasts by 2.5% to reflect the new venture, we are positive about the scale of the opportunity for energy infrastructure decommissioning (decom) as North Sea production assets reach the end of their lives. Augean’s unique ability to offer integrated hazardous waste treatment and dispo...
Despite the challenging trading conditions affecting some of the divisions, the portfolio approach allowed all the group financial metrics to show double-digit growth. Good cash generation gives the group strategic options and has allowed a positive dividend surprise (+30%) reflecting the board’s confidence in Augean’s long-term prospects.
The strategy of making Augean a more resilient and sustainable business is clearly working with the update (25 January) suggesting trading remains in line with expectations. Given the exposure to the oil and gas market, this is a robust performance and reflects a management team on the front foot. With the share price drifting to the bottom of our valuation range (49-77p), nervousness over recent oil price weakness seems overdone.
A strong first-half performance gives confidence that the group can deliver the target of double-digit growth in profit before tax in 2015. The portfolio approach was clearly beneficial and led to an improvement in ROCE and strong cash flow. This gives flexibility going forward to supplement organic growth with acquisitions and to enhance potential returns.
With yet another set of strong results behind Augean, it is clear that the strategy put in place by CEO Stewart Davies is paying dividends. We believe Augean will embark on an accelerated growth strategy in the coming years, with the potential to invest c £21m (c 50% of its market cap) funded by re-leveraging its balance sheet. This, combined with management’s solid track record to improve returns, places Augean in a sweet spot to take advantage of any external growth opportunities. We see up...
Augean reported a strong set of FY14 results and provided an impressive organic profit growth outlook in excess of 10% for FY15. Clearly, the strategy introduced by CEO Stewart Davies is paying dividends and we expect it to continue to deliver improvements to ROCE. In our view, the current share price reflects the value of assets today with no value for growth.
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