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I guess this page will have disappeared (like the company) by next week, so farewell fellow "Beevers", enjoyed the ride whilst it lasted. Good luck with your future investments, whether they include TPFG or not. K
Mergers usually destroy shareholder value, it's well documented. Easy sell.
The market is starting to appreciate the value of the deal now, both BLV and TPFG sp's have recovered strongly after initial dips. I know very little about TPFG but I know they're getting an excellent business in BLV. Still haven't decided whether to hold my new TPFG shares or sell once the "merger" has completed though.
Chance for investors to hear directly from Gareth Samples and Dorian Gonsalves, respective CEOs of TPFG and Belvoir.
On 18 January 2024 at 4.30 p.m. (GMT), Gareth Samples (CEO of TPFG) and Dorian Gonsalves (CEO of Belvoir) will provide a presentation (the "Presentation") relating to proposed recommended all-share merger of TPFG and Belvoir (the "Merger") via Investor Meet Company.
Defined terms used in this announcement have the meanings given to them in the announcement of the Merger, by TPFG and Belvoir on 10 January 2024 (the "Merger Announcement").
At this Presentation the benefits of the Merger envisaged by both CEOs will be summarised, including the reasons why the Merger should be attractive to TPFG and Belvoir Shareholders alike.
The Presentation will be open to, amongst others, all shareholders of TPFG and/or Belvoir. To access the Presentation, investors can sign up to Investor Meet Company for free using the following link:
https://www.investormeetcompany.com/belvoir-group-plc/register
Those who already follow TPFG or Belvoir on the Investor Meet Company platform will automatically be notified and invited.
If TPFG and Belvoir Shareholders wish to raise questions in advance of the Presentation, they can do so via their Investor Meet Company "dashboard" accessible through the links above. All questions must be submitted prior to the Presentation and must be received by no later than 9.00 a.m. (GMT) on 17 January 2024. To the extent that the TPFG and Belvoir CEOs are able, and in line with restrictions and obligations applying under the Takeover Code and under applicable law, they will endeavour to answers as many of those questions as possible, during the Presentation or after it. A recorded version of the Presentation and associated materials, will also subsequently be available (subject to certain restrictions relating to persons in Restricted Jurisdictions) via the respective websites of TPFG and Belvoir, until the end of the Offer Period, at www.propertyfranchise.co.uk and www.belvoirgroup.com/offer-for-Belvoir/.
BLV - a great company managed by great leaders. They were on my radar from 2021 but as is always the case I never built up a big enough position, with my first shares only being purchased last July below £2. Like everyone else I am sad to see this merger likely to go through, in particular not seeing mention of Dorian & Louise as being part of TPFG longer term.
For that reason above I sold out this morning with a 30% gain. Will it be a mistake? Time will tell, however I do not know anything about TPFG and I don't want the price fluctuations of them to impact BLV. I'll let things settle down, do my research and see if it will be worth re-entering.
Good luck all.
Perhaps there is more behind the scenes about who does and does not want this merger to happen.
Yes, good advice EnglishPatient. I'll be doing a deeper dive into TPFG myself before making any decision once the merger has completed.
I completely agree. With this type of company you are investing in the management team. Conflicted now, tempted to sell but head says keep and open mind and do some proper analysis on TPFG who I know nothing about. Immediate thought, I see they are southern so no obvious geographic overlap - that's a good start.
No doubt there are some very positive results of this "merger" which I can reflect on at some point but from a personal perspective, I've invested in Dorian & Louise and the fact neither will be involved (beyond the single-year golden handcuffs) in the "new" business is very sad. They've been exemplary in running this extremely successful, Lincolnshire-based company, in particular their willingness and ability to communicate effectively with shareholders has been an example to other senior execs. Sad day, Belvoir will be a big loss to my portfolio.
Very informed piece on Belvoir in Investors Chronicle today https://www.investorschronicle.co.uk/ideas/2023/11/09/this-franchise-business-is-defying-the-property-gloom/
Midas verdict: Midas recommended Belvoir in 2016 when the stock was £1.21. Today, the shares are £2.40. The increase is notable compared with peers, but the price has still come down from highs two years ago. That should change, with brokers targeting £3.75 within 12 months. Demand for rental properties is at a record high, while sales are holding up better than many expected. Gonsalves is a steady hand on the tiller too, having spent his entire career in the market, including a five-year stint as a director of the Property Ombudsman. Hold on to these shares.
New interview with CEO Dorian Gonsalves about recent Financial Services acquisitions https://www.youtube.com/watch?v=TMWsxOQZB5A&t=15s.
Interim results out next Monday. IMC presentation scheduled for 4.30pm. Register via: https://www.investormeetcompany.com/belvoir-group-plc/register-investor
Trading ahead of expectations in the first half and confident of meeting full-year guidance. This company continues to perform well in what are extremely challenging circumstances. Bodes well for the dividend.
If you missed the Belvoir Group investor webinar this week you can catch up here. It was a tough year in the property market in 2022 but Belvoir navigated the difficult conditions well and management are confident about the opportunities ahead. Watch a recording of the webinar here.
https://youtu.be/pnByzHTih08
Belvoir will be attending the MelloMonday on 17 April 2023 at 5.30pm, taking place via Zoom Webinar. Dorian Gonsalves, CEO, will be presenting to participants and taking questions during the event. If you would like to attend, you can register here https://melloevents.com/mm170403/ for a free ticket for the event using code SHR100.
Investor webinar 4/5 at 12.30pm. Meet CEO Dorian Gonsalves and CFO Louise George as they present the Belvoir Group PLC and the exciting opportunities that lay ahead.
Register: https://us02web.zoom.us/webinar/register/1016806855362/WN_CN56_-i5RZSXsEC9dyHiXg
Looks that way atrm2 but I should warn you, I haven't been the best stock-picker! Things are looking up here though, pushing 220 this morning.
Seem hold some of the same shares Krustymega. Moving up nicely today, finger on buy button this morning to add a bit more for long term but dithered, see if retraces. With track record valuation looks low, growth able to be funded from cash generation, decent dividends as well.
Up again today, in sight of £2.00 now. Could be a full re-rate in progress here after positive full-year results and a return to near-normal trading.
Good market response to the FY results, another big year coming up for BLV
blv ceo.....on sky news atm
Target price 375 (126% upside). We value the shares on a FY 2023E free cash flow yield of 5.0% (small/mid cap 4.7%). Based on trough earnings in 2023E, we highlight the reasonable 9.0x P/E (small/mid cap 15.3x), 5.7% dividend yield (small/mid cap 2.1%) and, most importantly, 11.8% free cash flow yield. None of these metrics reflect the benefits of the franchise model, track record and long-term potential
2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative costs remained appropriate for long-term growth. Net cash was £1.2m at December 2022, supporting a +6% increase in the full-year dividend to 9.Op and the prospect of acquisitions either directly or by assisting franchisees to expand. We have made no major changes to our forecasts or target price and highlight the P/E of only 9.0x in 2023E (when we expect the interest rate cycle to turn), FCF yield of 11.8% and dividend yield of 5.7%. The current share price ascribes little value to the medium to long-term growth potential from a business that has proven adept at maximising market opportunities both organically and by acquisition.
The Group has an unblemished 25-year history of profit increases. I expect 2022 will have continued that trend. Despite the heads-up re the possibility of a small reduction in 2023 profits, I fully expect BLV to pull out all the stops to grow profits again this year too. Management do an excellent job here and I see no reason to think that's going to change any time soon.