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Levantic
Whilst share price is typically a discount to net asset value, BPM grows net assets which does result in share price growth as long as discount % doesn’t increase.
So if you a longer term investor you get rewarded for holding.
The share buy backs help a bit with the discount factor.
The discount also means an additional safety margin for shareholders as we buying in at lower valuation.
So I will continue to hold.
I willlook to add on any dip. tho the spread is a tad off putting. If CIO Dan Topping sees value in buying @ 496p, i'll be v tempted if it drops below that i the coming weeks.
Agreed on results.
If you are a LTH definitely worth holding on. In the long term the markets are a weighing machine (Warren Buffet). I think it's actually good that the pump and dump crowd don't come near this share.
But nobody wants to buy these shares.Pathetic volume even after great results,so the price is stagnant.Is it worth holding on?
Great results, great presentation today. Past record looks to be sustainable going forward. Any dips and i really must add here, fantastic value creation.
In a sane world these should be at a premium to NAV, but all unlisted investments seem to be heavily discounted atm. V happy to hold here, great LT hold and one day will rerate.
The size of discount to net asset value, a lot of which is now in cash, with even in cash more after year end is crazy.
Potential further upside on Paladin sale of £17.8 million depending on performance.
Exited LEBC post year end which was once one of their largest holdings but struggled to due pension misselling now valued more conservatively.
I am content for BP Marsh to hold cash as their investment track record is strong.
" Following the receipt of the Sales proceeds, the Directors will present their plans for the utilisation of this cash to Shareholders."
Special divi, tender offer? holders ought to be anticipatinmg some capital return given the huge discount to NAV, I would think.
This premium to NAV in the books must take NAV per share well ove 600p, even without the earn out. £94m now in cash, leaving a valuation of just £64m on the remainder. By my calcs that means 255p of SP is cash, leaving a bal of 170p vs remaining NAV of c. 450p.
Somebody pls check my maths, 'cos that's beyond ridiculous if so.
Another exit, this time above last valuation by significant amount.
BP Marsh remains undervalued.
Good news that BPM is out of LEBC as I had feared they were going to go bust because of pension misselling liabilities.
It’s their only majority shareholders and it was the longest duration holding and was it looking to me like they might never get out.
Recovery of equity investment at last valuation and loan will give more cash to newer ideas.
Let's face it, the divi is negligible, even with the Kentro payouts.
It is far from the only co at a ridiculous discount to NAV, but the current 30%+ is extreme for a co with such a track record. The same is true over at OCI.
Profitable, dividend paying group where net assets of £200 million exceed market cap of £138 million.
Ignored by loads of investors.
I continue to hold my 20,000 shares.
One of the Group's key financial objectives is the delivery of long-term growth in Net Asset Value. The Group increased Net Asset Value from £166.6m to £189.5m in the year ending 31 January 2023 with the Group's equity Portfolio increasing by £22.2m from £149.3m to £171.5m (adjusting for additions and disposals) in the same period. The Group remains positive regarding its ongoing performance and will be releasing its Interim Results for the six months to 31 July 2023 on 17 October 2023.
MK only £138 million and a PE of 5.
A dividend as well. Very undervalued.
Pretty nice RNS today!
great news on NAV, and plans for future dividends and share buybacks. I've topped up!
Not a huge free float given the size of the expected buyback
They read well to me.
Half market cap just realised in cash
Despite having to write down stake in LEBC and write off stake in another broker group still achieved strong growth in results because of increases elsewhere in portfolio.
LEBC one of the larger holdings just sold a 100% sub to Tavistock TAVI for £3 million in cash payable in two instalments.
Should enable LEBC to pay back some of its BP Marsh loan.
BP Marsh backs a senior broker in a new start up.
Could it be another success, let’s hope so.
As a long term holder, I'm more than happy with my investment here but I'd like to see some of the cash from recent divestments returned to shareholders as a dividend. I think a yield of c. 0.7% is a bit measly for an investment company this successful.
A realisation at small uplift to prior fair value which is ok and supports view that the discount to fair value is unjustified.
Summa wasn’t a huge success but sale and loan repayment mean that cash can be reinvested in hopefully an investment that performs much better in terms of IRR.