IEnergizer (IBPO)

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IEnergizer IBPO Logo

The technology services and media solutions leader for the digital age.

13-Nov-2017 – 45p – £85.6m – PER 4.69

Interim Results For The 6 Months To End September 2017 – Not a bad set of results, Revenue up 6% to $76.0m, PBT up 19% to $12.1m.

The only reason I can see this is so cheap (PER of 4.69) is that HUGE Net Debt, just reported as $75.0m. It’s well over 50% of Mkt Cap. If that was paid down I would be much more interested, for now I will pass.

Subsequent note – One large shareholder (80%+) and Spread can be 15%+, highly illiquid.

10-Aug-2018 – 55p – £104.5m – PER 4.96

I was expecting an AGM here today but didn’t find any announcement – But, as I had made some notes I decided to include them anyway.

ROCE and Operating Margin are both around the 20% mark here. Revenue growth is a steady 5% a year with annual EPS Growth is 30.5% (2018A), 16.4% (2019E) and 4.5% (2020E). Debt now seems to be reasonable and looks OK here except for the spread which is often 15%+. Against my will, I keep this on my Avoid list – I just find it so difficult to open a position when the spread is more than a few percent, more than 5% is tough, but 10%+ really puts me off – And we’re talking, most of the time, 15%+ here.

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