Turnaround - Royal Imtech

Cada vez veo mas claro que mi error en esta compañia fue no mirar con lupa los resultados operativos y creerme lo que se decia que era buena compañia y que era unicamente un problema financiero surgido de los escandalos contables. Esta compañia tiene ebitda negativo. Los bancos le han dado hasta 2016 para arreglar el problema y los accionistas (yo no dare un duro) le daran otros 600 mill para limpiar el tema de la deuda. Sinceramente ahora mismo creo que la compañia va a sobrevivir seguro hasta 2016 y posiblemnte despues pero que tiene pocos visos de ser rentable ahora mismo para sus inversores. Despues de la ampliación vere en que precio se mueve y entonces me pensare si volver a entrar.

Yo creo que la supervivencia de esta empresa esta totalmente asegurada sea en la forma que sea por sí misma o dentro de otra pero eso a nosotros nos da igual, hemos cometido un error en mi caso sino lo vuelvo a cometer ya será algo. Nuestro problema es el precio de compra y en mi caso fiarme por renta 4 en vez de mi mismo, no lo vuelvo a hacer. Me quedo con la moraleja que ganar es tan difícil que vale la pena hacer lo que uno quiere porque si se falla le queda a uno mejor sabor de boca

Esta pregunta y respuesta dentro del ER es extremadamente interesante:

Teun Teeuwisse - Kempen & Co:
(...) I have a final question and I have to make a little calculation for that based on what you just said in the presentation. Because if I hear you correctly, Germany going to a 600 million to 700 million revenue business. You could say that by 2016 Imtech is about a 4 billion business. And you are targeting 4% to 6% EBITDA margin in two to four years, I’d say that 3% seems fair, so that means you’re at – that’s about 120 million of EBITDA by 2016. I just hear that you find ICT fully valued at 7 times EBITDA. So I get to a value of Imtech of say about 700 million enterprise value, and net debt left is 130 million, leaves a equity value of below 600 million and now you are asking your shareholders now to put in 600 million. On Slide 6, you specifically say that you represent the interest of all stakeholders. But it seems with this equity issue that you are more representing the interest of the banks who were fully repaid than to shareholders. And so can you please explain how you are representing the interests of the current shareholders right now?

Gerard van de Aast -CEO:
Then on the question of what is in this for shareholders – I mean the calculations you make, Teun, are your calculations. I can make different calculations at different margins at different timing and you get the whole different numbers. But I think the essence is that it is very clear from where we were that something need to happen. And then as board we can only and this is the joint boards of Imtech, we can only act and that's our fiduciary duty in the best interest of the company and all its stakeholders. And this solution that is being presented today is both radical, it is a significant or a we call it, decisive step forward. We honestly do believe that this decision and this solution is in the best interest of the company and ultimately therefore also in the best interest of the shareholders. It is not just a rights issue, it is as Hans was saying a three-step approach. It is a significant rights issue, it is the sale of division at a fair value and it is significant concessions by the lenders in terms of pricing, covenant holiday, liquidity and other debt reduction items such as the auction that will bring stability that this company needs to basically solve its operational problems, because as Hans was saying, we have been dealing with three problems. One, we had to deal last year with a lot of fraud issues. Second, the financing issue and now we need the stability and also the time to deal with the last item which is the operational performance.

So long story short, the solution we present we believe is both radical, it is decisive, it is a bit of give-and-take on all sides and ultimately this is what we honestly believe is in the best interest of the company and since shareholders own the company it should be therefore in their best interest as well.

Esta aunque poco relevante para los accionistas la meto para el forero que trabaja en IM España:

Hans Slob - Rabobank: (...)And third question is with regard to your portfolio, would you consider to exit Spain because it’s pretty short scale and is not contributing to the results, so would that be also a possible divestment?

Gerard van de Aast - CEO
Well maybe I take a swing at the last two ones and then Hans can take the first ne. With respect to Spain, sort of very clear we are not actively pursuing any further divestments. That is not a part of our program. Now if somebody comes along tomorrow and offers me some kind of decent price for Spain, maybe as an example, I certainly will offer him a cup of coffee but that doesn't mean that we would have an active program where we would pursue divestments. But it’s only sensible since that is a relatively small unit, it is not of essence for the rest of the group that it would be un-business like if I would say, if somebody comes along with a decent offer, I would not consider it.

Muy didáctico para los saben Inglés ¡supongo!, saludos.

Gracias Siames por lo que nos estàs copiando, he podido traducirlo algo y bueno, ahora mismo la acciòn ni comentarla, pero tengo la intuiciòn de que no va a perder el soporte de 0,27
y desde luego de comprar ahora nada, pero si habrà que ir a la ampliaciòn, Yo ya tengo preparado el dinero para la ampliaciòn, apuesto por esta empresa hasta el final
sigo creyendo que es viable y ahora parece que al menos hay un plan, y aunque son incapaces de ganar dinero actualmente, con la venta de la divisiòn y la ampliaciòn reduciràn mucho su deuda y entonces ganaremos dinero. Es màs, ahora soy algo màs optimista y creo que en dos años podremos verlo por encima de 1,50
Un saludo

P.d, Por cierto, si puedes copiarlo traducido mejor, sin acritud, pero agradecido :)

renta 4 no acierta ninguna
no sòlo es Imtech
a comienzos de años una tal Nuria nos dijo que FUERA de las elèctricas este 2014. mira como estàn ahora, bankia no valìa màs de un 1 euro, SAB no val+ìa màs de 2. y as+i con todas, No aciertan ni una. pero llevan años asì. En este caso hemos cometido el error de creer en Faus que menuda cagada que ha hecho

De todas formas aqui las recomendaciones en generales son casi todas falsas. Los tomates de la Caixa aconsejaban comprar ENCE , que ir+ia a 3 euros, bueno, pues se ha ido a 1,59 y ahora anda en 1,64 por ahi.

El que no sabe ingles puede usar el google translator...y ya que estamos ponerse despues a aprender ingles (que es imprescindible para casi cualquier profesion hoy en dia). No lo pongo traducido porque sinceramente pierde bastante y doy por hecho que la mayoria hablais ingles.