pjstanton
- 12 Sep 2006 12:19
- 109 of 369
From the "iii" board
=======================================
Costain
Target price and estimates up on back of more focused strategy
We have raised our share price target by 13% from 54p to 61p, taken the
recommendation from Add to Buy and nudged up our underlying
estimates in the wake of the recent interim results. Although these
involved hefty closure costs and restructuring losses, we believe the
group is more focused and lower risk than in the recent past.
Our target is a 20% discount to our sum of the parts - a prudent view taken as a
result of the H1 losses and the relatively weak balance sheet. But we are likely
to narrow this over time if the group avoids further disappointments.
It involves, in our view, fairly undemanding multiples based on our estimated
normalised margins and a 30% tax rate (see below). The 45m PFI valuation is
probably low in the light of the recent Carillion disposal.
The target equates to a 2006 P/E of 12.9x, falling to 11.5x for 2007 and 10.0x for
2008 - low against peers even given the recent (temporary in our view) breach of
Ebitda multiple banking covenant.
We have increased our 2006 pre-exceptional PBT by 2.4% from 21.2m to
21.7m (assuming now that the 3.5m PFI gain is underlying not exceptional)
and by 1.3% for 2007 (see below). We have pushed the start of dividend
payments to 2007.
We have been impressed by the more focused strategy brought in by new CE
Andrew Wyllie and FD Tony Bickerstaff, both from Taylor Woodrow
Construction. The emphasis has been on working in fewer sectors and with
better quality clients in Civil Engineering and Building as well as attempting to
overhaul the risk structure. The first act has been the bold move of summarily
closing the loss-making International division (previously a Costain "sacred cow"
in our view) and a commitment to closely monitor the loss making but, in our
view, sound Oil & Gas engineering business. Orders in the ongoing business
were up 19% at the half year, indicating solid demand.
--------------------------------------------------------------------------------
pjstanton
- 29 Sep 2006 09:55
- 110 of 369
Start of the "Big Push" ???
0.75p is still my target
Peter
pjstanton
- 02 Nov 2006 08:52
- 111 of 369
Been away 4 a while.
Going on nicely, slow but sure
Well well, a long term incentive plan priced at one pound per share, and with the shares back to the year high it bodes well for the next year and beyond.
Still keeping my eye out and my holding in Costain
=========================================================================
Costain Group PLC
10 October 2006
Costain Group PLC
('the Company')
Long-Term Incentive Plan
The Company announces details an Award in the form of an option with an exercise
price of 1 per exercise (whether on exercise of the entire Award or any part of
it) over 576,310 ordinary shares of 5p each made on 10 October 2006 under the
Costain Group PLC Long-Term Incentive Plan (LTIP) the award can only be
exercised on the achievement of specified performance conditions after the end
of the Company's Financial Year ending 31 December 2009. An Award was made to
the following Executive Director:
Name: Number of Shares subject to the Award
Mr A O Bickerstaff 333,333
Other Awards were made on 10 October 2006 under the LTIP to employees who are
not Executive Directors of the Company.
Contingent Awards
Pursuant to the terms of Mr Bickerstaff's agreement the Company granted to Mr
Bickerstaff on 9 October 2006:
a. a contingent Award of 120,000 ordinary shares of 5p each in the capital of
the Company. The Award will vest dependant on the extent to which certain
performance targets are satisfied for the Financial Year ending 31 December
2007; and
b. a contingent Award of 350,000 ordinary shares of 5p each in the capital of
the Company. The Award will vest dependant on the extent to which certain
performance targets are satisfied for the Financial Year ending 31 December
2008.
10 October 2006
Enquiries:
Costain Group PLC Tel: 01628 842575
Clive L Franks, Company Secretary
College Hill Tel. 020 7457 2020
Mark Garraway
Matthew Gregorowski
pjstanton
- 02 Nov 2006 19:16
- 112 of 369
Ellio you were not too far out in your prediction, a few more days and I reckon we'll see the 65p.
I'm telling you chaps and chapesses, this stock is a screaming buy up to 75p.
After that I could not say, but it could even go further.
Watch this space
Peter
pjstanton
- 08 Nov 2006 09:07
- 113 of 369
Free Sunshine for some on this cold & foggy morning
===================================================
Costain Group PLC
08 November 2006
Costain Group PLC
('Costain' or 'the Company')
Analyst and Investor Site Visit
Costain is hosting a site visit for UK analysts and institutional investors to
its property developments in Southern Spain over the next two days. During the
course of the trip, senior and operational management will be giving
presentations on the Group's Spanish property activities, business development
and activities in the Nuclear sector. These presentations will be available on
the Company's website,
www.costain.com
during the course of the morning.
No new material information will be disclosed during the visit, nor will there
be any statement on current trading.
8 November 2006
pjstanton
- 17 Nov 2006 17:36
- 114 of 369
Still creeping up and a very low p/e
Going to make the targets by year end IMHO
Peter
pjstanton
- 20 Nov 2006 12:20
- 115 of 369
Still getting there chaps & chapesses
Peter
required field
- 12 Mar 2008 22:57
- 116 of 369
Nobody's mentioned Costain as of late...most ranting on about superdud SEO for some reason or another....but looking at behind the scenes at COST...this seems to be a cracking set of results...I used to have some stock when they were priced at 40 to 50p and thought they were cheap then but now at 22p with a dividend and pension matters being solved and into profit...the share price could be a gift !
required field
- 18 Mar 2008 10:05
- 117 of 369
Rising and rightly so...should be around the 30p mark !
required field
- 19 Mar 2008 17:18
- 118 of 369
Rare blue for me today...though if this market carries on like this even this gem will succumb to the downward trends !
required field
- 20 Mar 2008 09:45
- 119 of 369
Bucking the trend here...could call it a near defensive stock !
required field
- 20 Mar 2008 23:34
- 120 of 369
Director buying today...good be a good sign...I think this is heading for 30p !
required field
- 25 Mar 2008 16:07
- 121 of 369
Still climbing...Robbie Burns now in !, (nakedtrader).
moneyman
- 15 May 2008 10:04
- 122 of 369
Do you have a link to that info please?
The Other Kevin
- 15 May 2008 13:07
- 123 of 369
Summat's up!
pjstanton
- 15 May 2008 14:06
- 124 of 369
This was yesterday, I guess delayed reaction ??!!
RNS Number : 3691U
Costain Group PLC
14 May 2008
COSTAIN GROUP PLC
("Costain")
Costain awarded major Felixstowe container port contract
Costain is pleased to announce that it has been awarded a major contract by Hutchison
Ports (UK) for the construction of two berths at
Felixstowe container port, totalling 730m in length. The contract, known as Felixstowe South
Reconfiguration Phase 1, will enable more of
the world's biggest container ships to dock at Britain's largest container port.
The contract is scheduled to last two and a half years.
Costain has carried out a number of contracts for Hutchison Port Holdings, the world's
leading port investor, developer and operator, at
Felixstowe, Thamesport and Freeport, Bahamas.
Andrew Wyllie, Chief Executive of Costain, said:
"We are delighted to have been awarded this contract, which takes our forward order book
to in excess of £2 billion. Hutchison Ports
(UK) is a long-standing client and to secure repeat order business on this scale is further
testimony to the high regard that our blue-chip
customers have for Costain."
2517GEORGE
- 05 Dec 2008 19:24
- 125 of 369
Bought some COST last week, today up to 16.18 there were 3 trades totalling 12k shares, then over the next 15 mins or so over 2.5m shares traded all buys except for 1/2m @ mid price. Good luck all
2517
required field
- 06 Dec 2008 11:33
- 126 of 369
So did I, picked some up a couple of days ago....they are not short of work, and have less exposure to the housing market than others !, and the graph shows support around this level, hope it holds for a rise !.
required field
- 08 Dec 2008 11:17
- 127 of 369
Real support level here......hope that it holds !.
2517GEORGE
- 06 Jan 2009 10:02
- 128 of 369
Excellent contract win.
2517