Ive just come across this one in the last few days and have been very impressed by what I have seen so far. Hardly had a mention in the market world and floated middle of last year.

As a good and proven management team , looks cheap on fundies and is acquiring quality bolt ons in the fragmented market it serves.

Chart looks very sound and the company is profitable.

Fundies are...

P/E of just over 14 to end of Sept 2007 and a P/E of just over 11 and a PEG of 0.5 to end of sept 2008.

Looks very much like a new Worthington Nicholls.

Very similar to the admission document...

http://www.investegate.co.uk/Article.aspx?id=200606230700300600F

Web site.....

http://www.silverdell.co.uk/homepage.asp

Chart.



DYOR.

gf

Fundies not my strongest point, never has been, but you sometimes look at something and think the odds are better than many other places. ;-))

Certainly BIG AL,

forward P/E of just 14. I think that will be easily beaten anyway.

This is a fact and its a plus for the sid business....

The Silverdell Group has a business division focussed on the rail sector, is
approved to work for Network Rail and has full 'Link-up' accreditation (the
accreditation required to work within the rail industry). The Silverdell Group
also has framework agreements with London Underground service providers

Fine looking chart..

A nice tick up today. I keep telling you this is another Worthy Nicolls.



You wont listen but its the truth.

GF

I picked this up from the other place. Anything to worry about?

MS


Stegrego - 4 Jan'07 - 22:35 - 53 of 76


This paragraph from the above doc does slightly bother me

'The HSE believes that for most work with asbestos this will maintain the status quo; however, the HSE is proposing to consult further on whether work with asbestos-containing textured coatings should be removed from the licensing
regime altogether. If that were to happen, licensed contractors such as
Silverdell could be exposed to competition from unlicensed contractors for such
work.'


It seems that the new Asbestos Regs 2006 http://www.hse.gov.uk/asbestos/regulations.htm
did infact bring in the changes re coatings etc, such that:

Work is only exempt from licensing if:

the exposure of employees to asbestos fibres is sporadic and of low intensity (but exposure cannot be considered to be sporadic and of low intensity if the concentration of asbestos in the air is liable to exceed 0.6 fibres per cm3 measured over 10 minutes); and

it is clear from the risk assessment that the exposure of any employee to asbestos will not exceed the control limit; and

the work involves:
short, non-continuous maintenance activities. Work can only be considered as short, non-continuous maintenance activities if any one person carries out work with these materials for less than one hour in a seven-day period. The total time spent by all workers on the work should not exceed a total of two hours. [i]

removal of materials in which the asbestos fibres are firmly linked in a matrix, Such materials include: asbestos cement; textured decorative coatings and paints which contain asbestos; articles of bitumen, plastic, resin or rubber which contain asbestos where their thermal or acoustic properties are incidental to their main purpose (eg vinyl floor tiles, electric cables, roofing felt) and other insulation products which may be used at high temperatures but have no insulation purposes, for example gaskets, washers, ropes and seals.
encapsulation or sealing of asbestos-containing materials which are in good condition, or
air monitoring and control, and the collection and analysis of samples to find out if a specific material contains asbestos.



Overall i cant see this being a huge hit on turnover though - anyone else got any thoughts?

Hi Mickey good point one that I replied to on that board before the little hitler in admin who dislikes me removed my post.

The reference is from the admission document refering to the license for 'TEXTURED COATINGS', a minimal amount of the bigger asbestos removal picture.

I personally have a stake in a private business in the property renovation market and beleive me as soon as asbestos removal is mentioned would be contracters take off, they just dont want to know about it. Theres not enough skilled knowledgable people in the industry plus they also fear envoiremental health bodies slapping a huge fine on them if they dont come up to standard.

They just dont want the work.

Interesting to note aswell from the admission document the following......

In addition, the Directors and Proposed Directors believe that there are strong
barriers to entry to the industry,, in particular:

(a) a customer requirement for reputation and credibility, which offsets low
start-up costs;

(b) scale and a full service capability - critical if a provider is to have
full access to the market;

(c) a track record - a pre-requisite for cost effective insurance cover, among
other things; and

(d) the hazardous nature of asbestos and litigation risk. ENDS.

Sure the representative body may relax license laws on textured coatings, but is it going to hurt SID?, I very much doubt it will cause one jot of a problem.

cheers GF.

Its interesting to note that.......

Silverdell is a prominent member of ARCA and is represented on the Governing
Council and Technical Committee. The Directors and the Proposed Directors (which
terms are defined under the section entitled, 'The Board' later) believe that in
a market where clients are heavily focussed on brand and reputation, not only
does this enhance the Silverdell Group's credentials, it means that it can
actively participate in developments within the industry.


Silverdell has also innovated, developing technologies to record and monitor
removal works using audiovisual equipment (which the HSE intend to make an
industry standard) and introducing on-site self-auditing, a process now adopted
as good practice by ARCA.

A few opportunist buys today and who can blame them.

One to watch.

Positive this morning.

Should help within the industry...

Silverdell has an excellent health and safety record amongst its industry peers.
Adherence by the Silverdell Group to high standards of health and safety are
recognised within the industry: a senior employee won the Asbestos Removal
Contractors Association ('ARCA') Supervisor of the Year award in 2003 and
Silverdell currently holds the ARCA Regional Award for Training (South East). In
2006 Silverdell also received an award from the Royal Association for the
Prevention of Accidents ('ROSPA'). ROSPA awards companies who show a commitment
to the prevention of accidents within the workplace by the installation of
systems and procedures that empower employees to work in a more knowledgeable
manner when it comes to health and safety

Looks ready to tick up.

Nice to see buyers moving in here today and the increase in SP.

GF, hope this one is better than your short position on SOLA at 180. Bit of a stinker that one.

salford, GF's comments and advise, firstly, have always been to bring our attention to a particular share in good faith, and are usually always followed by his, but please research it fully yourself.

I know of no short position on sola.

Anyway back to this one, strange SP action today on what looks like more buys than sells.

A bit of momentum behind this one over the last few days.

The city havent caught on yet.

No tip sheets following it therefore no lemminns in yet.

Legislative driven high margin work.

A niche player in an industry and product most dont wont to touch............ NICE.

A bit of momentum behind this one over the last few days.

The city havent caught on yet.

No tip sheets following it therefore no lemmings in yet.

Legislative driven high margin work.

A niche player in an industry and product most dont wont to touch............ NICE.

The
Directors and the Proposed Directors believe that there are two main drivers for
the recent growth within the industry:


1. Legislation


Although legislation in relation to asbestos was first introduced over 20 years
ago, the principal legislation is contained within the CAWR.


In particular, Regulation 4 of CAWR introduces the concept of a 'duty to manage'
asbestos within non-domestic UK premises, creating an obligation to assess and
manage the risks from asbestos and ACMs within relevant premises. Broadly
speaking, non-domestic premises are defined as commercial and industrial
buildings as well as the common parts of public and social housing.


In practice, this necessitates the identification of asbestos and ACMs through
the conduct of surveys, the introduction of asbestos management plans and
regular audits to assess the stability of asbestos and its remediation as
appropriate e.g. prior to demolition or major refurbishment work.


In late 2005/early 2006 the HSE published a consultation document that sought
views on draft Regulations and an Approved Code of Practice to implement
amendments to the EU Asbestos Worker Protection Directive 83/477/EEC and other
changes to the existing asbestos regulatory framework. The HSE proposes to
repeal the CAWR, the Asbestos (Licensing) Regulations 1983 and the Asbestos
(Prohibitions) Regulations 1992 and to replace them with a single set of
regulations. One of the legislative changes proposed in the consultation
document is to adopt a risk-based approach to defining work with asbestos or
ACMs which will be exempt from the requirement to obtain a licence from the HSE.
The HSE believes that for most work with asbestos this will maintain the status
quo; however, the HSE is proposing to consult further on whether work with
asbestos-containing textured coatings should be removed from the licensing
regime altogether. If that were to happen, licensed contractors such as
Silverdell could be exposed to competition from unlicensed contractors for such
work.


2. Litigation


As the incidences of asbestosis (scarring of the lung) and mesothelioma (cancer
of the lung lining) have gradually risen so have the number of asbestos-related
claims. Asbestos accounts for over 3,500 deaths each year and is the UK's
biggest single cause of work-related deaths. In 2005, the insurance industry
paid out 205 million in asbestos-related claims and the actuarial profession
has warned that the cost of asbestos claims in the UK could reach 20 billion in
the next 30 years.


The Directors and proposed Directors believe that rising claim volumes are
likely to encourage employers in particular to manage asbestos appropriately.
The current mortality rate from asbestos-related diseases is expected to rise
until around 2011-2015. There is also an appeal before the House of Lords in
respect of a number of cases in which the claimants are seeking damages for
pleural plaques (benign scarring of the lung tissue caused by exposure to
asbestos fibres). The Court of Appeal ruled that pleural plaques do not
constitute an injury and therefore do not attract compensation. If the House of
Lords reverses the Court of Appeal's decision and rules that compensation should
be paid for pleural plaques this may increase employers' concerns to manage
their asbestos risks appropriately.

Could be a smal tick up coming.