AKG

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Ann: AKG to acquire Spectra Training, page-11

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james_peach

87 Posts.

14/07/14

20:07

Post #: 13658222
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Originally posted by imran khan ↑

James,

AKG vs IQE

IQE is the market leader in what is a pretty fragmented NZ market, and in a good position to continue to roll up smaller providers to leverage its scale.
You are correct in that NPAT margins are far stronger, although this is based on pro-forma numbers and it will be a year or so before clean full year numbers are released to prove this. Management and Board are still a bit of an unknown, and the lingering presence of AWN worries me a bit as well.

AKG is a smaller player in a much larger market, but at least has a solid track record behind it. I think this recent acquisition has significant potential to improve profit and ROE metrics, given how cheap it was. The AKG register (with PIE and TBF on it) suggests that there is opportunity for a decent re-rate as the AKG story gets out and other more mainstream institutions want to get on board. IQE register is already heavily institutionalised.

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Imran,

Thanks for the response and you raise some good points.

AKG does look interesting at current prices especially after the pull back today.

Doesn't excite me trading newly issued shares for acquisitions, but I would suggest this facilitated such high value deals (18%+ dilution). May get some operational expertise from new business associates also.

Business risk is there given the number of acquisitions but the share price provides compensation.

AKG Price at posting: $1.21 Sentiment: None Disclosure: Unspecified
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Last 13.0¢		Change 0.020(18.2%)		Mkt cap ! $16.57M

Open	High	Low	Value	Volume
13.0¢	13.0¢	13.0¢	$39	301

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Ann: AKG to acquire Spectra Training, page-11

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Ann: AKG to acquire Spectra Training, page-11

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