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Fayrewood
| Date | Reports available | Download |
|---|---|---|
| May 23 2007 |
Tender offer Fayrewood has, this morning, announced its strategy to return £35m to shareholders. It is to be effected by way of a tender offer at a price of between 120p and 125p per ordinary share. Decisions by shareholders should bear in mind our previously published estimate of a 130p per oedinary share break-up value and the fact that five of the six directors of the company have indicated their intention to tender between 50% and 75% of their share holdings at the strike price. Research type: Flash note - Tender offer |
Log in to download 1 page note available |
| Mar 29 2007 |
£35m to be refunded The changed underlying structure of Fayrewood is of far greater importance to shareholders than the 2006 trading results announced today. The balance sheet has been transformed by disposal proceeds, while continuing businesses have been strengthened to deliver profitable growth in the future. Meanwhile, £35m is to be repaid to shareholders in the near future. Research type: Update - Full year results |
Log in to download 5 page note available |
| Nov 09 2006 |
Major disposal The proposed disposal of the group’s largest individual subsidiary for an EV of €79m (£53m) puts the group market capitalisation of £51m into context. An unspecified distribution to shareholders could well be boosted by the proceeds of further disposals. In the interim statement, the group stated that action would be taken to realise shareholder value; the process is now under way. Research type: Update - Disposal |
Log in to download 4 page note available |
| Aug 25 2006 |
Margin pressures Last year’s margin pressures have continued into the current year. While the French business has increased returns, there were disappointments in both the UK and Spain. However, action to reverse last year’s rise in working capital has been successful and there is management optimism about the crucial final quarter. The cautious rating suggests that the City is awaiting evidence about improved second half trading; restored confidence may take time, but the shares look undervalued. Research type: Quarterly Update - Trading update |
Log in to download 5 page note available |
| Apr 10 2006 |
EPS to market expectations While Fayrewood has delivered EPS to market expectations, the shares continue to languish on a single figure rating. City disappointment with the performances of the French and UK businesses, plus last year's significant rise in working capital could be behind the delayed rerating. Action during the current year should help neutralise these fears and lead to a rating closer to the group's continental peer group. Research type: Update |
Log in to download 6 page note available |
| Dec 12 2005 |
Undervalued Fayrewood’s trading statement demonstrates impressive revenue progress in a tough market despite any distraction caused by the recently aborted takeover talks. The drifting of the share price in recent weeks seems to have ignored the underlying value of the business. The present rating bears little relation to Fayrewood’s strong medium-term record, the resiliant being achieved in current markets, or the rating of its peer group. Research type: Interim Review |
Log in to download 8 page note available |
| Jun 29 2005 |
Situation clarified The ComputerLinks placing has clarified group strategy and provided the funds for the next stage of expansion. The shares have come back since our note in March, but have out-performed their peer group. While sentiment remains unsettled in the technology. Research type: Quarterly Update |
Log in to download 4 page note available |
| Mar 24 2004 |
Hidden qualities Fayrewood has an impressive track record, delivering strong growth since the market slowdown of three years ago. It has demonstrated the ability to make and enhance acquisitions and has a deliverable medium term strategy to build on this record. The Fayrewood rating is at an average discount of over 50% to its European peer group, a figure that can be expected to narrow as the group delivers. Research type: Outlook - Initiation of Coverage |
Log in to download 12 page note available |
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Director, Fyshe Horton Finney