reports
- Adam Fleck
Programmed FVE Lifted to AUD 3.02 On Persol Takeover Proposal, Ceasing...
We lift our fair value estimate for no-moat-rated Programmed Maintenance Services to AUD 3.02 per share, in line with the all-cash proposal made by Persol Group. The shares are currently trading in line with our revised fair value estimate. We expect the takeover to proceed, as the scheme is not subject to any financing or due diligence conditions, and offers compelling value to Programmed shareholders. Implementation of the scheme is subject to regulatory approval, although we don’t envisage ...
- Adam Fleck
Highly cyclical staffing business, but the cost base can react quickly...
We are placing our fair value estimate for Programmed Maintenance Services under review. This follows a proposal by Japanese staffing company Persol to acquire 100% of Programmed Maintenance Services for a cash price of AUD 3.02 per share, by way of a scheme of arrangement. The offer price represents a 68% premium to the July 13 closing price of AUD 1.80 per share. Under the proposal, Programmed may declare and pay a fully franked special dividend on or shortly before the implementation date of ...
- Adam Fleck
Persol Lobs Takeover Proposal for Programmed, Placing FVE Under Review
We are placing our fair value estimate for Programmed Maintenance Services under review. This follows a proposal by Japanese staffing company Persol to acquire 100% of Programmed Maintenance Services for a cash price of AUD 3.02 per share, by way of a scheme of arrangement. The offer price represents a 68% premium to the July 13 closing price of AUD 1.80 per share. Under the proposal, Programmed may declare and pay a fully franked special dividend on or shortly before the implementation date of ...
- Adam Fleck
Highly cyclical staffing business, but the cost base can react quickly...
We maintain our AUD 1.60 fair value estimate for no-moat Programmed Maintenance after the company released fiscal 2017 results. The result was roughly 5% below our estimates, with the staffing division, which accounts for around 40% of earnings, experiencing lower margins in the second half due to lower demand for blue-collar personnel in the manufacturing, resources, and industrial sectors. Reflecting less optimism around a recovery in staffing conditions, we cut our fiscal 2018 and fiscal 2019...
- Tim Mann
Highly cyclical staffing business, but the cost base can react quickly...
We maintain our AUD 1.60 fair value estimate for no-moat Programmed Maintenance after the company released fiscal 2017 results. The result was roughly 5% below our estimates, with the staffing division, which accounts for around 40% of earnings, experiencing lower margins in the second half due to lower demand for blue-collar personnel in the manufacturing, resources, and industrial sectors. Reflecting less optimism around a recovery in staffing conditions, we cut our fiscal 2018 and fiscal 2019...
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