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Parking Eye sale agreed
youreds91
post Thu, 12 Jul 2018 - 12:54
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£57m paid in 2013, no indication of the sale price yet.

https://otp.tools.investis.com/clients/uk/c...;newsid=1113198
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post Thu, 12 Jul 2018 - 12:54
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Jlc
post Thu, 12 Jul 2018 - 13:08
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Cash consideration of £235m?


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Private Parking - remember, they just want your money and will say almost anything to get it.
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emanresu
post Thu, 12 Jul 2018 - 13:14
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Something odd about that deal given the P/E ratio and the underlying assets. Offset somewhere else?

This post has been edited by emanresu: Thu, 12 Jul 2018 - 13:16
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Redivi
post Thu, 12 Jul 2018 - 13:32
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P/E is fairly normal for a mature company in the UK but, in my view, is optimistic about future profits

The industry is about to be regulated although ParkingEye is less likely than some of its competitors to be hit by a clampdown on debt collector abuses
The profits have been inflated by the £50 Legal Representative fees for claims signed by its in-house solicitor

Does ParkingEye still take large numbers of cases to court ?
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emanresu
post Thu, 12 Jul 2018 - 13:40
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QUOTE
P/E is fairly normal for a mature company in the UK but, in my view, is optimistic about future profits


I'll have to disagree with you on that one - though I wish it was.
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Jlc
post Thu, 12 Jul 2018 - 14:03
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£235m is a lot of years payback...


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PPC=Private Parking Company, LBCCC=Letter Before County Court Claim, PII=Personally Identifiable Information, SAR=Subject Access Request

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Fredd
post Thu, 12 Jul 2018 - 14:35
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QUOTE (emanresu @ Thu, 12 Jul 2018 - 14:40) *
QUOTE
P/E is fairly normal for a mature company in the UK but, in my view, is optimistic about future profits


I'll have to disagree with you on that one - though I wish it was.

The current P/E ratio for FTSE companies (100 and 250) is about 15, so the price seems pretty consistent with that.


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Redivi
post Thu, 12 Jul 2018 - 14:53
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That's what I found, equivalent to 7% interest

Was rather surprised because I thought P/E 6 to 10 was more normal for company valuations

Perhaps expectations have been reduced by the low interest rates over the last few years

This post has been edited by Redivi: Thu, 12 Jul 2018 - 14:54
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ManxRed
post Thu, 12 Jul 2018 - 15:48
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Are they not offering a 40% discount if the buyer can pay within 14 days?


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Fredd
post Thu, 12 Jul 2018 - 16:17
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QUOTE (Redivi @ Thu, 12 Jul 2018 - 15:53) *
That's what I found, equivalent to 7% interest

Was rather surprised because I thought P/E 6 to 10 was more normal for company valuations

Perhaps expectations have been reduced by the low interest rates over the last few years

Exactly. A P/E ratio of 8 was par for the course about 20 years ago, but that's risen as interest rates on cash deposits have fallen. None of which explains nonsense like Tesla's market cap, of course.


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emanresu
post Thu, 12 Jul 2018 - 16:29
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QUOTE
Exactly. A P/E ratio of 8 was par for the course about 20 years ago, but that's risen as interest rates on cash deposits have fallen


Whilst the link between price and earning and underlying interest rates was in vogue 20 years ago, you are dealing with a changed financial landscape. Macquarrie will be looking at IRR of about 30+% or a doubling in the sales price within 3 years. Capita's exit price is eye watering considering they [apparently] really haven't grown underlying profits in their tenure.

So whoever sold the idea to MML/Macquarie which is likely to be the incumbent managemetn have an eye (no pun intended) on significant structural change in the market. I'm guessing that Greg Knights bill is seen as a positive rather than a negative for them. A sort of ParkingEye trojan.
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Fredd
post Thu, 12 Jul 2018 - 16:34
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I'm sure Macquarrie are indeed counting on ramping up profits (and value) in a short time - that's their business model. That doesn't make any difference to the fact that the sale price and P/E ratio are in line with those of established FTSE companies, though.


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Redivi
post Thu, 12 Jul 2018 - 16:36
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Struggling to remember the company's name but I recall during the dotcom bubble a small on-line trader that was sold for hundreds of millions of pounds

My wife worked at the time in a small branch of WH Smith that had almost identical turnover and non-existent profits

Tend to agree about Tesla
An early stage money-pit company but with more imagination and ambition (+ better marketing) than most

It's a curious situation

If your bank account has enough zeroes in the number, it doesn't matter if it's in the black or the red
Your relationship with governments and financial service providers is exactly the same

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Redivi
post Mon, 30 Jul 2018 - 00:25
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News quietly released on last day before Parliament's summer break :

Capita power of arrest for unpaid fines

https://www.independent.co.uk/news/uk/polit...y-a8468681.html
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Fredd
post Mon, 30 Jul 2018 - 10:02
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QUOTE (Redivi @ Mon, 30 Jul 2018 - 01:25) *
Capita power of arrest for unpaid fines

Which since Parking Eye is being flogged off is irrelevant to this thread.


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southpaw82
post Mon, 30 Jul 2018 - 12:18
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Executing court warrants. Not exactly lifting Joe Bloggs off the street for littering.


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cp8759
post Mon, 30 Jul 2018 - 13:37
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QUOTE (southpaw82 @ Mon, 30 Jul 2018 - 13:18) *
Executing court warrants. Not exactly lifting Joe Bloggs off the street for littering.

Still, mistakes can happen. Eventually they will arrest someone in error, and I wonder in that scenario who pays the compensation bill.


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southpaw82
post Mon, 30 Jul 2018 - 15:40
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QUOTE (cp8759 @ Mon, 30 Jul 2018 - 14:37) *
QUOTE (southpaw82 @ Mon, 30 Jul 2018 - 13:18) *
Executing court warrants. Not exactly lifting Joe Bloggs off the street for littering.

Still, mistakes can happen. Eventually they will arrest someone in error, and I wonder in that scenario who pays the compensation bill.

Depends who is at fault I guess.


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