ERM. Recent Share price weakness, suggests ERM is undervalued – two thirds of revenues are in US$, which since last year is stronger against GBP, this could lead to adj. revenue improvement of 5%. Coupled with strong balance sheet – net debt at £37m is c0.3times EBITDA, means there is room for added value acquisitions. The big acquisition in July 2014 was the annual event - Indaba, the African Mining show. This event was held in Feb 2015, which is the first time ERM will benefit from the event, as last year they only reported overhead costs. ERM is expected to breathe new life into the event and is expected to generate revenues of over £10m and profits of £5m. In addition, ERM appointed a new head of training last year, so we can expect to see an improvement in both revenues and margins. There is much to be positive about.

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