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Cornhill Capital sees strong investor enthusiasm in London IPOs


Formation Group PLC Share Chat (FRM)


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Share Discussion for Formation Group PLC


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Babbler2
Posts: 29,775
Off Topic
Opinion:No Opinion
Price:1.50
lol
27 Jan '17
ok just noticed it doesnt trade on AIM anymore just on ISDX... not sure if LSE showing correct then.
 
Babbler2
Posts: 29,775
Off Topic
Opinion:No Opinion
Price:1.50
RNS
27 Jan '17
All for a mcap of £3m ish?

Group revenue growth of 24% to £29.410m (2015: £23.764m) on the back of an increasing workload driven by the current strong London property market;
Profits before taxation of £2.157m from continuing operations (2015 profit: £2.203m);
Income of £1.424m recognised from the profit share agreement with Sunbel Development Limited and Pinacle Developments Limited in relation to a development property at Norwich House (2015 £2.421m);
The Group is pleased to report continued sales of its apartments in its completed development at 159-161 Iverson Road, London NW6 in the year ended 31 August 2016.
GedW
Posts: 12,043
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:1.75
Moving on !
15 Dec '16
Hufc1908
Posts: 3,470
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:6.125
RE: Talking to Willie O’dea t..
19 May '16
If you followed LSE share talk Twitter account you would know what is going on
Wascallywabbit
Posts: 1
Question
Opinion:No Opinion
Price:5.50
RE: Talking to Willie O’dea t..
9 May '16
When are results coming out?
&
What's the next project?

Is he concerned about the current SP and where does he see the SP by the end of the year?

Thanks
Hufc1908
Posts: 3,470
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:5.50
Talking to Willie O’dea today
5 May '16
On LSE Share Talk - Any Q please post & I will try to ask
Wexboy
Posts: 341
Research
Opinion:Strong Sell
Price:6.375
TGISVP - Formation Group
28 Apr '16
2016 – The Great Irish Share Valuation Project (Part I):

Company: Formation Group (FRM:LN)

Last TGISVP Post: Here

Market Cap: GBP 14.3 M

Price: GBP 6.5p

At 2.05p per share, I tagged FRM as a ‘penny stock, which…could rally very nicely if it catches investors’ attention’. Little did I see it trading sideways for a year…only to transform, in a mere eight months, into a bloody six-bagger (hitting a 12.7p high). A typical case of small PIs losing their friggin’ minds!

Formation is: i) a governance nightmare, with the Kennedy family owning a 60% stake & activities devoted primarily to related-party deals/JVs, and ii) essentially, a construction management company (a perpetually unattractive business for most investors) that still can’t turn a profit, despite the ramp-up in revenue…and risks. Granted, the Kennedy Show works both ways, as FRM earned a quick £2 million on this related-party deal & the construction business arguably covers an otherwise substantial overhead burn for such a small company. [Though if we exclude the sweetheart profit, FRM’s actually made zero progress vs. my £6.9 million adjusted equity estimate from two years ago]. But overall, considering the improved investor sentiment & likely near-term news/profits from its Iverson Road development, a 1.0 Price/Book ratio now seems appropriate (based on adjusted equity, to reflect the post year-end write-back of non-recourse Dunbar Assets loans):

(GBP 7.6 M Equity + 1.0 M Neg Equity Reversal) * 1.0 P/B / 221 M Shares = GBP 3.9p

PIs got well ahead of themselves here…despite being sliced in half since the Jan high, FRM remains substantially over-valued. And if 6.25-7.25p support breaks, we’ll probably see another nasty shake-out. But the elevated share price may still be good news for management, as a substantial fundraising might be possible, which would help close the value gap here (as NAV would increase) – and with two well-known Irish politicians appointed since as directors, a new focus on Irish investors/projects wouldn’t be surprising, though Greater London residential also remains attractive.

Price Target: GBP 3.9p

Upside/(Downside): (40)%

For related links/graphs/files, and more TGISVP analyses/price targets, see: https://wexboy.wordpress.com/2016/04/26/2016-the-great-irish-share-valuation-project-part-i/




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