No updates yet but expecting one any time. Looks way too cheap on a forward P/E of just 8.6 for 2011 and 6.6 for 2012.

Volex Group PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Edison Investment Research
19-05-10 None 11.91 15.70 14.91 19.70

The Royal Bank of Scotland NV [R]
04-05-10 BUY 11.61 13.63

Charles Stanley Securities
20-04-10 BUY 12.60 17.63 17.00 23.33

Milkstone Ltd [R]
15-04-10 BUY 13.01 15.47

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 12.23 16.58 0.00 15.86 21.36 0.00

1 Month Change -0.37 1.11 -1.13 -1.97
3 Month Change -0.16 1.93 0.00 -1.13 -1.97


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 31.41% 14.77% 28.81%
DPS % % %

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA m 17.13m 20.14m

EBIT m m m

Dividend Yield 0.00% % %

Dividend Cover x x x

PER 9.86x 8.60x 6.67x

PEG 0.31f 0.58f 0.23f

Net Asset Value PS p 29.53p 52.55p

Closed up 15.46% :-))

Off to a flyer. Sold 1/2 at 120p waiting to get back in and buy. reckon anytime now.

Sod it!

Did you miss the pullback skinny?.

Yes - I'll keep an eye for now.

Still think youve got plenty of time. Another massive gap after 1st one. 140p SP target first up.

My second one is a spread bet.

http://www.ft.com/cms/s/0/2ad23294-4847-11e2-a1c0-00144feab49a.html#axzz2LG4Uwstj

Industrial takeovers on the cards for 2013


Michael O’Brien, analyst at Canaccord Genuity, believes that competitors with stronger balance sheets could be tempted to bid. “Volex’s strong market position in the sectors in which it operates, opportunities to diversify out of consumer, and concentrated shareholder base in our view makes it vulnerable to take-out,” he says.

Most brokers got a hold on the stock.

But the forward P/E of just over 9 to
2014 gives a clue that Directors know something
not yet out in the public domain.

Looks far too cheap.

Volex PLC

FORECASTS 2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

N+1 Singer
18-02-13 HOLD 4.77 4.90 3.22 9.47 11.40 3.54
Canaccord Genuity Ltd
18-02-13 HOLD 4.64 6.44 8.70 12.88
FinnCap
12-02-13 HOLD 5.11 5.24 3.19 6.00 7.21 3.83
Milkstone Ltd
05-02-13 HOLD 7.37 9.66 4.76 7.75 11.88 5.72
Investec Securities [W]
28-01-13 HOLD 17.35 26.14 2.77 5.11 6.99 3.08
Peel Hunt [W]
17-12-12 HOLD 13.73 19.18 4.37 19.34 26.58 5.62
Charles Stanley Securities
31-10-12 UREV 19.59 17.72 1.93 22.32 20.19 2.28
Edison Investment Research
05-07-12 None 22.71 32.55 3.21 26.41 37.17 3.53

2013 2014
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 5.44 6.51 3.00 8.00 12.06 3.45
1 Month Change -2.64 -4.07 0.07 -2.89 -4.11 -0.02
3 Month Change -8.62 -11.75 -0.71 -13.43 -15.86 -0.97

Notes to forecasts
(18 Sep 2012) W flag refers to outlook


GROWTH
2012 (A) 2013 (E) 2014 (E)

Norm. EPS 35.13% -72.64% 85.20%
DPS % 35.50% 15.22%

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £19.83m £12.58m £17.93m
EBIT £17.57m £7.73m £11.27m
Dividend Yield 1.97% 2.68% 3.08%
Dividend Cover 10.77x 2.17x 3.49x
PER 4.70x 17.20x 9.29x
PEG 0.13f -0.24f 0.11f
Net Asset Value PS 41.66p 48.64p 53.94p

Max quantity that Selftrade will offer at the moment is 1000 shares. Anyone know if these are historically difficult to trade or just a temporary glitch?

Difficult Harry. Best get them in tranches.

Thanks, so presumably difficult to offload as well?

Harry, I've just been offered 5k @113.8p

Cheers skinny. I assume they weren't on E-Bay??? ;o)
Think I might just watch for the moment, but tempted to buy a few for a punt!

Yes me too Harry - glad I didn't chase them this morning.

Was that your 1 share purchase @114.25 just now? :-)

i

Strange SP action. Wonder if the MMS have a big buyer or for that matter a big seller who was asleep yesterday.

Not too late yet skinny. The market could give you another chance. I reckon this rally has fizzled out and the price could pull back a bit. I wouldn't mind a few, but what would I sell? Difficult question.

Yes - last look I was offered 5k @111, which I didn't take, I have a limit in @109 which I'll check/revise pre-market.

Revised my entry to a quid.

You think more downside to come then? Like you, am glad I stayed out yesterday.