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Started: levantic, 12 Jun 2024 18:43
Last post: Theanalyzer, 15 Jun 2024 10:15
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?
Started: Theanalyzer, 11 Jun 2024 07:48
Last post: Genghis15, 12 Jun 2024 14:02
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.
Started: Genghis15, 7 Dec 2023 16:08
Last post: Genghis15, 7 Dec 2023 16:08
" 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.
Started: Theanalyzer, 7 Dec 2023 08:59
Last post: Genghis15, 7 Dec 2023 10:56
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.
Started: Theanalyzer, 17 Oct 2023 07:49
Last post: Theanalyzer, 13 Nov 2023 12:55
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.
Started: TheDogFarther, 11 Oct 2023 08:38
Last post: TheDogFarther, 11 Oct 2023 08:38
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.
Started: TheDogFarther, 10 Oct 2023 17:40
Last post: TheDogFarther, 10 Oct 2023 17:40
MK only £138 million and a PE of 5.
Started: TheDogFarther, 10 Oct 2023 09:28
Last post: TheDogFarther, 10 Oct 2023 09:28
A dividend as well. Very undervalued.
Started: TeesExile, 18 Sep 2023 09:24
Last post: TeesExile, 18 Sep 2023 09:24
Pretty nice RNS today!
great news on NAV, and plans for future dividends and share buybacks. I've topped up!
Last post: davydoo, 13 Jun 2023 14:51
Not a huge free float given the size of the expected buyback
Started: Alas_Smith, 13 Jun 2023 07:43
Last post: Alas_Smith, 13 Jun 2023 07:43
They read well to me.
Started: Theanalyzer, 23 May 2023 09:03
Last post: Theanalyzer, 23 May 2023 09:03
Half market cap just realised in cash
Started: Theanalyzer, 18 Oct 2022 08:29
Last post: Theanalyzer, 18 Oct 2022 08:29
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.
Started: Theanalyzer, 23 May 2022 08:32
Last post: Theanalyzer, 23 May 2022 08:32
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.
Started: Theanalyzer, 24 Mar 2022 18:24
Last post: Theanalyzer, 24 Mar 2022 18:24
BP Marsh backs a senior broker in a new start up.
Could it be another success, let’s hope so.
Last post: Misterh, 11 Jan 2022 10:27
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.
Started: Theanalyzer, 11 Jan 2022 07:36
Last post: Theanalyzer, 11 Jan 2022 07:36
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.
Started: Theanalyzer, 10 Jan 2022 09:22
Last post: Theanalyzer, 10 Jan 2022 09:22
Positive news that former CEO stake has been sold to Tavistock which underpins their own valuation holding by a trade buyer.
The Tavistock RNS indicates that LEBC has returned to profitability and cashflow generation and I suspect there will be some key benefits from involvement of an industry specialist into business.
The fact that Tavistock has right of first refusal which means that BP Marsh may now have another potential exit route for its stake in medium term. At present time Tavistock is too small to buy 100% capitalised at only £27 million but in a couple of years time maybe a share for share swap and open offer could pave way for sale.
Started: Theanalyzer, 22 Dec 2021 09:54
Last post: Sophial, 29 Dec 2021 14:28
An 8 bagger investment with an IRR of 22% another great investment and realisation by the company.
£5.1 million cash now looking for next investment.
Last post: TeesExile, 16 Dec 2021 12:50
just had a little top-up on the recent dip. I think these solid performing low P/E stocks are the place to be in the inflationary era to come
Started: Theanalyzer, 1 Sep 2021 10:25
Last post: StopStart, 20 Oct 2021 17:05
Two valuation updates in portfolio both uplifts to previous valuations - the good news continues
Started: Theanalyzer, 29 Jul 2021 08:55
Last post: Theanalyzer, 29 Jul 2021 08:55
Perhaps failure of this merger of broking giants may result in some new talent looking for backers.
Started: Theanalyzer, 10 Jun 2021 09:50
Last post: Rocka999, 10 Jun 2021 13:36
Nice bounce back since lockdown !
Hence share price rise today
Started: Theanalyzer, 8 Jun 2021 08:36
Last post: Theanalyzer, 8 Jun 2021 08:36
Dividend up and reasonable growth in Net Asset Value per share.
The insurance market hardening should feed through into performance of many of the investments.
Significant discount to net asset value per share which provides margin of safety.
Started: Theanalyzer, 11 Jan 2021 09:33
Last post: Theanalyzer, 24 Apr 2021 09:18
TeesExile the commercial market insurance rates are hardening which should be good news for brokers as their commission should increase as insurance premiums rise so should feed into profits of broker portfolio.
Yes, I agree @Theanalyzer
BPM seems like a really well-run operation all round. Consistent 11% p.a. NAV growth. Have been a happy holder since 2014. I'm surprised there isn't more interest, but I guess LSE posters are drawn to more dramatic SP fluctuations - i.e. trading rather than investing.
Nice to see Nexus growing its team further.
Some of investee companies have got real momentum