The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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The accelerated, 250p-a-share flotation of the AA in London is believed to have been oversubscribed, with the private equity-owned roadside recovery services group shrugging off choppy market conditions to secure over £1.385bn from a host of marquee investors. The AA, which received commitments worth £930m for its shares a fortnight ago from prominent institutional investors such as Blackrock, Aviva, L&G and Invesco, is learnt to have now secured the backing of a set of new investors. These include pension funds, private client wealth managers and alternative asset managers, The Times gathers. Cenkos Securities is working on the initial public offering, which will enable Acromas - co-owned by Charterhouse, CVC Capital and Permira - to exit the AA entirely. http://www.efinancialnews.com/digest/2014-06-20/aa-commitments-for-london-listing?ea9c8a2de0ee111045601ab04d673622
£30k @ 205
Thank you! I hadn't noticed about essenden.
Ah I didn't realise that. Thanks for the heads up. Btw CNKS have just been appointed by Essenden (ESS)! http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ESS&ArticleCode=t6o7ktrh&ArticleHeadline=Change_in_NOMAD_and_Broker
The ipo is due by the end of the month. http://www.investmentweek.co.uk/investment-week/news/2349717/woodford-plans-material-investment-in-aas-ipo
Hey FearfulGreedy, what makes you say that?
could be an interesting week.
general chat bb not so long ago ..... Cenkos Securities is an institutional broker and nominated advisor in London for small- and mid-cap growth companies founded in 2004, and they have been profitable in every year of its existence. -Revenue has increased year on year from 37m in 2011 to 51m in 2013. -PBT has grown from 5.1m in 2011 to £10.7m in 2013 -ROCE has improved year on year also from 19% in 2011 to 40% in 2013 -EPS has grown from 5p in 2011 to 14.2p in 2013 -The finances are really good with £30.3m in cash and £39.8m in liabilities. -There’s only 60m shares in issue (which implies this company doesn't do many placings themselves - just for their clients of course) -Cash has increased twice as fast as liabilities since 2011 Some Financials It pays a superb 6.6% yield P/E ratio of 12.7 EV/E of 11 – which isn’t great on face value BUT for a high growth, high yield, and consistently (and increasingly) profitable company that’s very good I think. Outlook going forward - “We have made a very encouraging start to the new year with 2014 revenues to date being materially ahead of the same period in 2013 and the current pipeline is strong.” I'm really impressed by this company, and would love to hear people’s thoughts on this?
http://www.stockopedia.com/content/five-aim-shares-that-might-be-digging-unbreachable-moats-83545/ From a glance this looks cheap - pe of 12, EV/EBIT below 10, 7% yield, high roce, decent finances. I like :)
Great so only MM to battle now, looks like it is starting to float up now as MM moving ahead of purchases
only 78k to go
going down slowly
and today
someone trying to clear out 109k shares this am
Nice one!
fantastic divi, have topped up my holding, keep up the good work guys :-)
Chief Executive Officer Jim Durkin said: "Whilst revenues have reduced owing to prevailing market conditions, I am pleased that we continue to raise funds for our expanding client base and that we remain profitable on our continuing operations. "We also generated a £3.5m profit after tax from discontinued operations, following on from the disposal of our controlling stake in Cenkos Channel Islands. We have made an encouraging start to the second half of 2012
Shares in financial services firm Cenkos Securities rose on Wednesday, with investors focusing on the half-on-half increase in revenue rather than the year-on-year decrease, which was largely attributed to the economic slowdown. Revenue from continuing operations came in at £20.2m, compared to £25.1m in the same period the previous year and £18.6m in the second half. Profit before tax from continuing operations fell from £5.0m to £3.5m (compared to £5.7m for the whole of 2011) resulting in earnings per share of 3.6p (2011 H1: 5.0p). The interim dividend was lowered by 0.5p to 3.5p. Divisionally, the corporate broking and advisory saw a 20% decline in revenue to £19.0m from £23.8m, largely due to a fall in corporate finance revenues. In its core market, AIM, the total value of primary admissions to AIM fell from £260m in the first half of 2011 to £210m in the first half of 2012. Additionally, in the same period, the value of secondary fund raisings on AIM fell from £2,557m to £1,551m. During the half year, the firm completed 21 transactions and its clients raised a total of £306m (H1 2011: £358m). Institutional Equities revenue fell just 1.0% to £1.3m, with the segment result improving to £0.3m from £0.1m. The number of shares traded in the UK market, across all exchanges, was little different from the same period last year. Fund and Wealth Management, which is provided through its 50% owned subsidiary, Cenkos Channel Islands, generated a profit after tax from discontinued operations of £3.5m.
Life is not easy for the brokers who make their living looking after the smaller and medium-sized companies that bulge bracket investment banks largely turn their noses up at. The market for flotations and M&A work has certainly improved from the dark days of the credit crunch, but the good times are a long way from being back. That is reflected in the way shares in Cenkos Securities have performed. These shares are starting to look cheap at about eight times forecast full-year earnings. The dividend was cut last year, but should be raised if earnings improve, although yield is not something to count on. There is a buying opportunity here for those willing to roll the dice, says the Independent.
Not sure this recent drop is warranted - surely a quick rebound is in order - look at the chart - have you ever seen a share with such frequent 10+% swings!
Business highlights · Ranked number one NOMAD, in respect of client market capitalisation, by Hemscott in January 2011 reflecting continued success in attracting new institutional and corporate clients helping to grow the Cenkos franchise. · Continued success in raising funds for our clients even though conditions in equity capital markets remain unpredictable. In the year to 31 December 2010, we raised a total of £1.44 billion (2009: £0.95 billion). · In April 2010, Cenkos, as sole book runner and listing sponsor, raised £460 million for the Anthony Bolton-managed Fidelity China Special Situations plc. In February 2011, we raised a further £166 million for this Fund. · Strong growth in Fund and Wealth Management business with funds under management increasing 41% to £1.10 billion (2009: £0.78 billion) reflecting increasing diversification of revenue within the Group. · Continuing investment in high quality personnel with the expectation of increasing the Group's level of recurring income. · Since the period end a further £292 million has been raised for clients from 5 transactions.
Financial highlights · Revenues up by 31% to £60.3 million (2009: £46.2 million). · Underlying operating profit up by 10% to £14.4 million (2009: £13.0 million). · Statutory operating profit up by 25% to £7.0 million (2009: £5.6 million). · Underlying profit before tax up by 5% to £14.5 million (2009: £13.8 million). · Statutory profit before tax down by 5% to £7.1 million (2009: £7.5 million). · Underlying basic earnings per share 13.2p (2009: 13.8p). · Underlying diluted earnings per share 13.1p (2009: 13.8p). · Statutory basic and diluted earnings per share 5.2p (2009: 6.2p). · The Board proposes a final dividend of 4p per share (2009: 5p). This makes a total dividend of 8p for the year (2009: 20p). This year's dividend represents current year performance, whereas last year's total dividend was made up of 10p per share reflecting the underlying performance of the Group in 2009 and a further 10p per share which was paid from profits generated in previous periods. · Strong cash levels (including £5m held on trust for creditors) at £28.5 million (2009: £20.0 million) and capital resources surplus (including £5m held on trust for creditors) of £7.7 million (2009: £6.4 million) in excess of our Pillar 1 and 2 regulatory capital requirements.
http://investegate.co.uk/Article.aspx?id=201103110700087606C
Cenkos lowers divi as profits slip Date: Friday 11 Mar 2011 LONDON (ShareCast) - Stockbroker and financial services firm Cenkos Securities underwhelmed the market with its final results, despite revenues rising by 31%, as it announced that this year’s annual dividend would be 20% lower than last year. Revenue increased from £46.2m to £60.3m, mainly attributable to the performance at its corporate broking and advisory division, which grew revenues by 31% to £46.7m, from £35.6m previously. However the final dividend was 1p lower than last year at 4p, bringing the total dividend for 2010 to 8p, compared with an underlying payment of 10p the year before. While underlying pre-tax profit grew to £14.5m, from £13.8m,pre-tax profit before tax down dropped 5% to £7.1m (2009: £7.5m). Cenkos’s chief executive officer Simon Melling expressed caution in the group’s performance over the next year. “Confidence levels are still delicate, fuelled by concerns about the Middle East, the strength of the global economy and the potential for a second recession in the UK... Whilst not immune to events in the general economy, our pipeline remains strong and we have made an encouraging start to 2011,” said Melling. Underlying basic earnings per share fell to 13.2p, from 13.8p.
It's a volatile business they're in and there may be concerns about the divi being completely covered from operatin gcash flow going forward. They paid out £12m in 2009, which was easily funded out of net operating cash flow, but, much of the operating cash flow growth was due to working capital and these movements won't always go in the companies favour. Having said that, it does look pretty secure with a pretty big cash pile. Plus it seems director bonuses are tied in with the level of dividned payments, adding incentives to keep divis flowing.