B.P. Marsh & Partners: Panmure Gordon moves target price from 155p to 162p and retains a buy recommendation.
4 Dec '13
03 Dec '13 news release, quiet here
I like the 03 December news. Invest for further growth by aligning with highly experienced people. BPM share remains a good value in my humble opinion. I urge others to do their own research. Good luck all. Rob229
27 Oct '13
INVESTORS CHRONICLE - 25 OCT 13
Full page article in IC this week. Still being tipped to reach 160, with a NAV of £1.95
I think a lot of us assumed that when the Hyperion deal was completed there would have been some sort of share buy-back or special dividend. By my reckoning £29m from Hyperion is £1 for each of the 29m shares in circulation. So e.g. 30p special dividend would have been quite affordable. Still a good company so what have they got in mind with the proceeds?
8 Jul '13
INVESTORS CHRONICLE - 24 JUNE 2013
Possibly people looking for cash back but no surprises in this RNS. Read Simon Thompson's article 24 June: "Shares in Aim-traded investment company BP Marsh & Partners (BPM: 128p) continue to mark time close to a 12-month high of 128p, but at a hefty 33 per cent discount to net asset value of 191p. From my lens this is completely unjustified given that, subject to regulatory approval, the company has agreed to sell 80 per cent of its stake in global insurance broker Hyperion Insurance Group to private equity firm General Atlantic in a £29.2m deal. On completion, BP Marsh will have net funds of £20m, worth 68p a share, and still hold a further 45p a share of equity and loans in Hyperion. General Atlantic has an option to purchase the balance of BP Marsh's stake for £7.3m when Hyperion undertakes an initial public offering (IPO) and, under certain conditions, there could be a further £2m cash payout for BP Marsh if Hyperion undertakes an IPO within 12 months. So, not only will BP Marsh's net cash be shortly worth more than half its market capitalisation of £37.6m, but it means investments in another eight investee companies, worth £16.7m or 57p a share, are in the price for free. Investors have yet to cotton onto the fact that BP Marsh's board has previously stated it intends to "instigate a progressive dividend policy and will be keeping under review the possibility of making a buy-back of the shares". In other words, as soon as the Hyperion transaction receives regulatory approval, and BP Marsh is in funds, then expect news on some sort of capital return. I first advised buying BP Marsh's shares at 88p ('Hyper value small-cap buy', 25 Jan 2012), reiterated the advice at 90p ('Hyper value buy', 26 Oct 2012) and at 125p before BP Marsh's financial results earlier this month ('Deep value small-cap plays', 28 May 2013). In my view, the share price discount to book value is anomalous. Ahead of completion of the Hyperion sale, and a statement from the board on the use of the proceeds, I retain my fair value estimate of 160p".
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