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I doubt whether we will have an IMS. More likely that the results will come out in February. Not much warning last year of published date.
Also I believe Pendragon intend to start making dividend payments again soon..Are we due an IMS or do we have to wait until March for results?
One other thing. In the last 2 (3) years, the annual PAT has been less than the interim PAT. I don't know why. Interest payments??
From what I understand one analyst is predicting a 2.5p eps for the full year. This would indeed make a net profit of £35m. However the other predictions fall as low as 1.5p - ie £21m profit. Quite a lot of difference. Given a pe ratio of 6-7 this would give us a share price between 9p and 17.5p. Expect volatility as the clues about this year's trading are revealed. The current pe ratio of under 4 is crazy or it indicates that the outlook for y/e Dec 2012 is much worse.
lol, thanks ... now you tell me! ... fwiw I think it can do underlying PAT of £20 - £25m ... mostly from looking at the "profit bridge" in the August Analyst presentation ............... I should really have tried to understand the last IMS again before topping up.
need £35ml profit this year so not going anywhere soon
Bought 40,000 shares at 7.41p holding 240,000 & skint again!
Hopefully in the very near future --- i need the money ----------- as im sure lots of ppl do
They are NOT bENTLEY AGENTS SO POSSIBLY THATS WHY THEY COULDNT HELP
phoned this lot up to buy a bentley a couple of years ago they could hardly be bothered to talk about it
Wont the refinance costs be discounted from eps since they are non-recurring item? I agree that profit may go either way, but nothing yet to indicate a deterioration. I'm still hoping for at least 12p by end of Feb - PE ratio of 10 over generous in present climate - 6 or 7 more reasonable.
Underlying profit for the 6 months to 30/06/11 was £13 million - ie 0.9p a share (post RI) * Valuation could be as simple as doubling up and applying a PE ratio of 10 - ie 18p a share? * Or, more cautiously, bearing in mind the dividend cap (one third of Adj EPS), by applying a 5% dividend yield to 0.6p a share - ie 12p a share?? * *** Comment *** Far from certain wether underlying profitability is improving or deteriorating, and next results not due until Feb 22nd ish? ... also (IMO) full year actual EPS is likely to be negative or break-even because of the £25 million re-financing costs connected to the rights issue.
Not really ... no RNS, so possibly not too significant ... I don't have any business speciffic insights other than "I fink cars r ok" ... sorry ;o)
Any thoughts about the Leeds acquisition? What seems strange to me is that Jardine should want to sell the franchise. I wonder what was paid?
yep ... I'm starting to appreciate why the RI was unpopular ... might be a positive round here some where ... if so, then its well hidden!
Pendragon has bought Scotthall BMW in Leeds from Jardine Motors Group. Jardine had operated the site, which is a case study on aftersales in the latest December issue of AM magazine, for 20 years. BMW said it will continue its partnership with Jardine in the south of England. The transaction is due to complete in the New Year, and all staff will transfer to Pendragon. "This represents a significant strategic acquisition for Pendragon," said Trevor Finn Pendragon's chief executive. "We look forward to strengthening our business relationship with BMW Group UK through the addition of this dealership to our portfolio." Pendragon already operates BMW and Mini dealerships in the Yorkshire and Derbyshire areas. It had previously held even more BMW sites, however four were sold to new partners when BMW UK reviewed its network and issued its new five-year franchise contracts in 2008.
Interesting reading - sorry just caught up here. So you're saying the £50m cost for the pension fund effectively comes off their overall debt interest savings- but has no effect on the profit/loss for the year. In 20 years all will be rosy!
This is mostly from reading the RI prospectus (page 131) and FY2010 accounts (Note 27). * The six defined benefit schemes "closed to future benefits on 30/09/06". However, Pendragon is obliged to fill any deficits which materialise, on these residual schemes. * The residual schemes had circa £340 million of assets and circa £390 million of liabilities at 31/12/10 (ie defecit £50m). In addition, a £21.3 million "non recognition of surplus", funding obligation exists, as a liability to Pendragon (ie total pension defecit 31/12/10 was circa £70m). * The £50 million defecit was filled (by Jul/Aug), partly by cash contributions, but mainly by giving the pension fund, ownership rights (20 year leases) to some of Pendragon's property (show rooms etc?). I think that prior to the Rights Issue and revised banking facilities, the old banking facilities were secured partly on this property. * Pendragon now rents this property from the pension fund, at a cost of £2.5 million a year. The rents will increase by 2.25% each year for 20 years, when the ownership rights given, will expire. * I reckon the interest cost saving, resulting from £50 million of the rights issue proceeds, actually being used to pay down debt is £2.5 million a year (relevant interest rate 5% IMO). * *** Conclusion / Comment *** The Rights Issue and Pension Transaction, in combination, did nothing significant, to improve Pendragon's financial position, (other than fill a £50 million hole and take a £20-£25 million shafting, a year or two earlier than necessary!) * A liability of £21.3 million relating to the pension defecit thing still exists on Pendragon's balance sheet IMO. * I think Pendragon's future share price depends on trading performance / cost savings issues, and on wether or not a further pension defecit materialises at the next actuarial review (5th April ?).
Still holding unfortunately, but is it too late to sell at this price?? --- (7.25p)
Found this on page 134 of the rights issue prospectus (section 22.1) ... " The total costs and expenses of, and incidental to refinancing the Existing Facilities with the Revised Facilities and the Rights Issue is estimated to amount to £24.7 million (excluding VAT). " ... *** Comment *** It appears only £50 million of the £75 million raised in July's Rights Issue actually reached Pendragon's Balance Sheet! ... So NAV post RI is (122.8 + 50) / 1420 = 12.17p a share * *** Warrants *** Not certain, but I think currently 50 million warrants exercisable at 5p a share exist? * *** Dividend Cap *** From prospectus page 129 ... dividends may not exceed one third of adjusted profits after tax.
Not sure it matters if it has ... market seems a bit screwed up.
Anyone know if the overhang has cleared from the RI?
single trade of 60k marked at 48p - I bet its a typo for 9.48p
its showing a days high of 48p is this correct
Thanks lemmink for digging this out. They're not put off by current price, then! I wonder if they have a rep on the Board?