22-02-2017, 08:38 PM
Hi,
Here is my take after a quick read of the financial results.
Profit is down 40% -- but this is almost exclusively because of one-off gains in prior year. Top line revenue and gross profits are unchanged. Structural profit is around 11.5 mln, so a PE of around 11.
Pros
Good free cash flow
Outlook provided by management seems more optimistic than in prior year
Negatives
order book down 10% relative to last year
dividend again cut
employee comp has gone up quite a bit (higher comp for management?)
shares issues
One strange detail. It is written that "The basic and diluted earnings per share are the same as there were no potentially dilutive ordinary shares in issue as at 31 December 2016 and 31 December 2015." However, new shares have been issued (and some bought back) so ouststanding shares should have changed, or what am I missing?
Cash has build up further and now stands at 76mln. What is the take in the forum on this? Why this cash-build-up? To pay for the shiny new headquarter? A preclude to a going private?
Here is my take after a quick read of the financial results.
Profit is down 40% -- but this is almost exclusively because of one-off gains in prior year. Top line revenue and gross profits are unchanged. Structural profit is around 11.5 mln, so a PE of around 11.
Pros
Good free cash flow
Outlook provided by management seems more optimistic than in prior year
Negatives
order book down 10% relative to last year
dividend again cut
employee comp has gone up quite a bit (higher comp for management?)
shares issues
One strange detail. It is written that "The basic and diluted earnings per share are the same as there were no potentially dilutive ordinary shares in issue as at 31 December 2016 and 31 December 2015." However, new shares have been issued (and some bought back) so ouststanding shares should have changed, or what am I missing?
Cash has build up further and now stands at 76mln. What is the take in the forum on this? Why this cash-build-up? To pay for the shiny new headquarter? A preclude to a going private?