We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Ji5006. Calm down else you will have a heart attack. Ok your correct and sure there is 'perceived' value in any company but its just that hence it may or may not be a true value. My only question was - the 'intangibles' shown on FCRM accounts is 27m a huge rise on previous year. My own answer was - is this related to 'what' and your inference is it relates to Dumaris 'goodwill'. I question this value and asked is this the 'non cash item' referenced in their last statement on delayed financials. If so is this a possible.indicator of a writedown on this 'goodwill' or 'intangibles' whatever you want to call it. The truth is these 'terms' are used to indicate inflated company value be it true or not. Hence 'mirrors and smoke'
Anyway lets see whats comes. If I'm wrong I'm happy to concede and anyway all guesswork.
All theory of course but on another point I disagree. I'm reasonably confident that Bayford are 'in play' as far as FCRM are concerned but again wait and see.
Watch the blood pressure when responding ok I'm concerned for your health.
On a funny note I see Saga had a 'dead cat bounce' yesterday. Long may it last.
harry
I give up.
U ran a business with nuts and bolts as stock.
U did not buy another business !
Dunamis was another business with an income stream - nuts and bolts -and future profit.
U do not understand how the excess over the physical assets are treated on the BS when buying a company.
Jl5006.
Close but wrong country.
Your theory on 'goodwill' is exactly the same argument as 'intangibles' argument. Basically a 'percieved' value attached to any business. Its just a 'number' that Accountants attache to a business if they want the 'asset value' to look good. Ok if Facebook or Starbucks there is great value in both 'goodwill' or 'intangibles' but really is Dumaris worth 27m. Hardly. Can call it what you want but these 'perceived' values just give false numbers. I ran my successful company for years and if my Accountant put this stuff on the 'books' he would have been shot.
How many trading statements are you now seeing with huge 'impairments' against goodwill and intangibles. Business is business. You make real money or you don't the rest is mostly 'smokescreens and mirrors' . You should know given you were in the accounting trade.
All theory of course but really FCRM ain't Facebook or Google so lets just stick to profit and loss and hope good numbers come out.
Harry
Please - if you buy a business which has customers but not a lot of tangible assets - what would you call it - know how/ goodwill. Dunamis
What would u do if u bought Facebook? It has little in the way of tangible assets - lots of hope! Hope = goodwill - future .
Guess ur future in Thailand will be limited unless u enjoy ur inheritance - for ur future diminishes each year as u age.
Jl5006
I do remember the Dumaris goodwill but is this explaining the 27m 'intangibles' number. To me its to high but easy to rightdown and not affect the ROCE. Just my thoughts. Correct or not we will see.
On the high volume low sells. Ok these guys make a bit but is it that simple looks seriously unbalanced and I'm still convinced BR 'dump' involved Bayford but only time will tell still looking for new RNS.
As for Saga. What more can I say other than what I've posted today. Lose a few win a few but Saga scenerio really pxxxxs me off.
Bit of luck FCRM will prove a winner. Bloody hope so getting bored wasting my inheritance.
harry
Don't u remember I mentioned that the Dumaris goodwill in the BS last year was stated to be subject to indep value . No adj seemed necessary - interim accounts would have shown this
AIM - no levy and day boys can get trades at very low rates.
Pls forget Bayford buy out - just like Saga RI
Ji50006 . Good guess at half way bit warmer and not so wet.
Any ideas on the volume of small 'sells' or is this just day traders in/out. Unusual if so with an Aim stock given the 'spread' ++ costs.
On 'intangibles' for FCRM this increased pretty dramatically to 27m year on year. Really do not like the word used because really has no true value on percieved value on 'brand name' value by example. I have to figure this could reduce and if so 'perceived' asset value would reduce in turn. Also return on capital reduced albeit guidance gives both revenue and EBITDA improved. Hard to see the negatives but the sooner the July statement comes the better.
In between I expect to see more RNS on 'holdings'. Could be up or down but up looks favorite with Bayford.
All theory of course but hopefully this one will be rewarding
5%
Wrong comment about the % restrictions and disclosure BR said holding was under 55
I said BR should adhere to the AIM 3% - they don't if Coy is a non UK issuing authority.
Bloody hell Harry,
I've not seen you post such upbeat opinions before, long may it continue, but it does make you wonder the company trading at a third of its value from previous highs when in the main news has been positive, and setbacks caused from situations FCRM has no control over.
If Bayford do make a move they have timed it to perfection, or manipulated it to perfection or is that taking it to far.
So the RNS on Bayford indicates the CEO took a 2% holding plus a bit more for the wife. Bayford itself taking the balance up to near 6%. They spent close to 3m on the shares lets say at 22p average giving them 13m++ shares with full voting rights. The timing of Bayford and BR suggests an in-house deal on BR selling majority stake thereby not 'spooking' the markets.
All theory of course but the more I research this the more I'm convinced Bayford view FCRM as a good addition to they're many business's
Did more research on Bayford. Clearly their 'in front of the curve' and look how many gas stations they own thruout the UK. They know fossil fuels have a limited life span and within 10 years electric cars will be dominant. Using this theory FCRM fit the bill exactly to 1) install additional power facilities 2) install electric car charging facilities. Bayford have the 'forcourts' running to over a thousand and deals with all major players like Shell and BP already. The 'card payment' system they own and to expand this to electric cars is easily achieved.
Bayford looking at the future so FCRM to me appears a perfect, and cheap, fit for them. Remember these guys got out of coal when fossil fuel demand changed. This for me is their next step.
All theory of course but I will be buying FCRM shares on any dip and before July update. My guess is more RNS will appear and could be Bayford cut a deal with BR on the share 'dump'
Did more research on Bayford. Clearly their 'in front of the curve' and look how many gas stations they own thruout the UK. They know fossil fuels have a limited life span and within 10 years electric cars will be dominant. Using this theory FCRM fit the bill exactly to 1) install additional power facilities 2) install electric car charging facilities. Bayford have the 'forcourts' running to over a thousand and deals with all major players like Shell and BP already. The 'card payment' system they own and to expand this to electric cars is easily achieved.
Bayford looking at the future so FCRM to me appears a perfect, and cheap, fit for them. Remember these guys got out of coal when fossil fuel demand changed. This for me is their next step.
All theory of course but I will be buying FCRM shares on any dip and before July update. My guess is more RNS will appear and could be Bayford cut a deal with BR on the share 'dump'
One area that Bayford is involved appears to be 'top up' cards for most things. Theory of course but people in the future will need such a thing for charging electric cars etc. Could the theory run that Bayford see's that they're own property portfolio will be linked to FCRM in future years so getting in now is a reasonable risk/reward scenerio. I also disagree that Bayford are not interested in a possible takeover. Reading their 'business model" it appears FCRM may be a good fit albeit they may also see value at present SP values. Difficult to think they would throw that much money into buying 6% of FCRM without a 'plan' and they obviously know the company and management at FCRM.
All theory of course but would be nice to have a few weeks like the last.
Nice end to what has been a significant week as far as the sp is concerned, and new investors to boot, its also interesting that Bayford are Yorkshire based so local interest there.
This investment doesn't seem inline with the rest of things they are involved in because normally they own them, I don't see a take over on the cards, maybe they just see good value, or some expertise that FCRM have and they want access to, who knows, I don't but really glad they turned up when they did.
Harry
read the company profile on Wikipedia. IMO they are not going into this to run it.
Read what they were into and what they currently have a real interest in.
Looks like people are buying in anticipation of good results next week. Fingers crossed.
Not sure I fully agree on the theory that the latest RNS is all positive. BR 'dumping' significant number of shares asks the question WHY. Ok a new buyer is positive but BR are normally pretty sharp on possible negatives. I certainly hope not but caution is needed on FCRM at present. My guess is Bayford know far more than us and if their intention is an eventual takeover then were in the early phase. Obviously they see benefits in FCRM with their business model so lets hope no surprises in July.
Great rise today and just shows what can happen when sentiment changes, hope Bayford want another slice of FCRM and soak up some more shares from any of the ii who may want out for whatever reason.
Hope that's the volatility out of the way now ..... well in a downward trajectory, don't mind it the other way.
Some big trades today and yesterday, could see a few TR1's over the next few days.
Bayford buy is a lot more positive than Blackeock sell is negative. Bayford would have done all their due diligence before buying in a sector they are fully involved with. BR sell may well have just been down to fund weighting. Who knows but I’m a lot more comfortable than I was a week or two ago and following my average down yesterday am not far off breakeven. Will continue to hold.
Bayford - COY - and CEO Turner buy are real positives.
Read up on Bayford on Wikepedia.
Pity Blackrock don't know the reporting requirements for AIM. Less than 5% for FTSE - but 3% AIM. So they should issue a revised RNS advising their current holding.
Why BR got out - no idea -but my suspicion is that this has been in the background for a while. Always a problem when an II wants out = PIs suffer
Harry, with profits indicated in recent trading update coming through and the 'progressive dividend policy' announced in December, the divi is more likely to grow by 7.5% than be cut imv. The next results will confirm but I feel very confident here given the recent large purchase by Bayford and all the other announcements.
Be careful the divi is not rebased then FCRM not that attractive on a risk/reward basis.
I think the business model operated by fcrm is complicated- both contractor and asset owner with long term capital needs and short term margin considerations. Both have value but maybe blackrock decided they would get a better return elsewhere in a more straightforward way. I have decided to buy in for yield and results.