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Kier shares...


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An agreement has been made by the Chair of the Overview and Scrutiny Board to authorise the decision to agree to redesign Unity Partnership. The Council will take control of all of the services currently provided by Unity Partnership to the Council and its other customers. Consequently, Kier shares will be acquired by the Council.

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  • 2 weeks later...

Can't make any sense out of Kier accounts. One of those companies that has a perennial adjustment on basic earnings per share. Last year 15.3p a share was adjusted upward to 106.8p a share giving a price to earnings of 9.5. Yet actually it has made hardly any taxable profit for five years. The Telegraph, one of the few that uses basic earnings per share in its data, gives the price to earnings as 91.

Balance sheet isn't any better with net assets of 500 million put in the black with 800 million intangibles, worth nothing when it comes to the crunch as shown by Carillion.

Just a bug bear of mine these adjusted earnings per share, usually at the discretion of the Company.

Edit. nevertheless this is a broker's favourite, I'm just not clever enough to see it.

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I met the CEO when he was at Balfour Beatty. Genuinely nice chap, and has an accountancy background which probably helps with such companies. However, I don’t understand the accounts. Same with Balfour and Carillion. Based on that alone I wouldn’t touch the shares.

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