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Too much debt here and too little cash inflow. SP not even capable of a debt cat bounce which is very concerning.
What the heck, the sucker ain't seen a loss of clients. The impact of omicron's now done & dusted, the revenue's up 32% on last year, plus a £18m forecast in profits means, climb aboard.
History is littered with the bones of outfits that thought they could successfully take the law firm model out of a partnership. It’s never worked to my knowledge. For a law firm to be a success it needs top quality lawyers. They work for two things - money and the prospect of more money. That comes in the form of a realistic chance of partnership and a chance to share in the spoils. That’s not possible in a listed law firm so far as I can see. Before you invest here, have a look at how the top 50 law firms have performed throughout COVID. They have absolutely smashed it. Massive, record breaking profits. The RNS here is baffling to me in that context. All in my humble opinion based simply on the business model and my knowledge of how other firms have performed. All the best.
What I meant Ashden, if you are a shareholder and you lose 50% on the first day, it is natural to closely watch the movement of the SP the next day and when PI’s seeing it moving past the 5% they sell out of fear. It is a natural phenomenon, if you were n a cafe and everybody stood up and ran out, guess what? You would also run out and leave your Victoria sponge for another day.
where you getting 5% slide from? saying 17 on here
That was bad timing!
Imagine looking at your shares on Monday evening and the price was 365p and now it it is 148p. You can understand the panic with PI’s wanting to run, as when you see a 50% hit and it slides a further 5% on the second day there is a strong psychological desire to save your arse and hence sell. Let’s see where it is on the 30th
June, I would be surprised if it is not least 250p. I was watching the order book this afternoon it has ran out of steam on the downside. GLA
Got a whisper from me clairvoyant this sucker should shift
north about 60% from here and then some, let's hope.
That the directors will not like this share price at all but new investers might, Looks like the selling has all but stopped so you can come out from underneath the tablenow.
The thing to watch is the Contingent Consideration which is about £6m a year at the moment , and is accounted for as a non-underlying operating cost,
I have used them for years for buying and selling properties. About 30 transactions I guess. Very reasonable and some good staff….especially the locums. I bought one with a title issue two years ago …got sorted out and now doubled. So very handy. They did buy other firms very aggressively so I can see only guess that has been an issue. Maybe the top people have just left. Not a holder but watching.
I am surprised at the drop, bought 10k yesterday and another 10k morning for a quick in and out, might buy another 10k for a 3 month hold, I can’t see this going much lower. I would sort the feckers out in a week, everybody get your arses in the office and start doing some proper work and client interfacing as opposed to doing house work and long walks. There will be some s-hit flying about at the pointy end of the company that’s for sure. Fingers out and start fecking performing.
I suspect that the City wasn't happy that in January the BOD were expecting a good H2 and then only in March they seem to have been taken by surprise by the further COVID problems...and the drop in business during that time
H1 Results 11th January
" We anticipate good trading in the second half, which will be against a stronger comparative, and we continue to expect our typical second half weighting. We are confident in delivering a full year performance in line with market expectations"
No...I imagine it is too late ....ooof
704,515 new ordinary shares in Knights for the acquisition of Langleys Solicitors which were valued at £2.75m
Completion is expected to take place on 25 March 2022.
They shares were priced at a value of 390p
Are Langley´s going to want more shares ...or are they going to take a massive hit on the business sale value given the share price collapse ?
Well the CEO sold about £30-40m of his stock about 6-9 months ago…writing was on the wall…
Was wondering why Gateley dropped I see now
Both seem overvalued but maybe worth a look now with the drop
The lack of cash is a worry for kgh
No clue why it was trading that high before the trading update anyway multiples were massive
Humm... what some guys don't understand is that optimistic forward metrics are not quite so meaningful when there has been, and still is, a global pandemic, a war and most likely now a dose of stagflation. KGH has certainly been hit by today's RNS, I'm sorry for existing holders of the stock, from my perspective I'm even more sorry at the collateral damage to GTLY's price!
I agree with Teddy100, worth a shot so bought in at 191p. Very steady financial performance over recent years and now that COVID is all but over they will soon be operating as normal.
Picked this up this morning, the drop seems overdone but looking at the order book it may have a few points to go. It seems a solid business definitely worth a punt at these rates, in and out.
Bounce back to 240
ooohh, Mrs. So I bought at 200!
" M&A still gives upside. After a 1H22E where revenue grew less than we had hoped, we take a look at how much M&A could make up for it. Assuming that Knights does acquire the £50m of revenue that it believes it can afford, we calculate that EPS would be boosted by 21%. We adjust our TP methodology from PER to DCF, which gives a fair value of 410p “fully invested”. We have also finalised our EPS estimates for FY22/23/24E at 22.4/26.0/27.4p, up from 21.7/23.1/25.5p. "
Knights CEO, David Beech and CFO, Kate Lewis present the interim results for the period ended 31st October 2021, to analysts.
Watch the video here: https://www.piworld.co.uk/company-videos/knights-kgh-interim-results-presentation-january-2022/
Or listen to the podcast here: https://piworld.podbean.com/e/knights-kgh-interim-results-presentation-january-2022/
another mistake that you guys are doing is to focus only on unadjusted income statement. The bottom is line (-1.7m) is distorted by a ONE OFF DEFERRED TAX CHARGE. You should add it back in your model. This results in the business being in a much better share with a loss of only -0.2m vs last year -1.1m
STRONG VALUE BUY
you guys don't understand that 166x is trailing not forward.
the market is a discounting machine therefore the price reflects FORWARD metrics thus FORWARD P/E is the one to use.
12m fwd PE is 18.5x which is much cheaper than KEYS at 41x. Looking at forward EV/EBITDA it's 11x for KGH vs 28x for KEYS !!
At this level, KGH is a strong value buy.