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see link for full article
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Despite a recently sideways trending chart in the shares of film and TV services provider Pinewood Shepperton (PWS), its 2010 preliminary results show reasons to pay attention - especially with the outcome soon of a development application. This would give a useful boost, but in the meantime film revenues are improving. The shares also have strong asset backing and so the risk/reward profile looks attractive. Just after the 8 March prelims, three directors have been granted a total 464,704 shares at 153p, and two senior managers 30,000 each. While these relate to Pinewood's long-term incentive plan (hence depend on achieving targets over three years), it's interesting to consider why the board has actually gone ahead with this now - ie a likely combination of attractive prospects and share price. Operating profit for 2010 rose 20% to £9.1 million on revenue up 8% to £43.4 million with pre-tax profit up 30% to £5.8 million. Earnings per share were relatively flat at 9.3p due to a disparity in tax rates relating to deferred adjustments; and the total dividend rose only 4.3% to 3.6p a share for a modest yield of just 2.5%. Yet this outcome slightly beat two brokers' expectations for profit of about £5.2 million and EPS of 8p. Under shareholder pressure to improve performance, Pinewood is showing it can exact better efficiency, in which context the global entertainment and media markets are forecast to grow by about 5% a year, to 2014. The film side is delivering the bulk of revenue, up 28% to £29.1 million, while TV slipped by 27% to £8.2 million as commissioning was affected by the recent difficult outlook for advertising (which affects independent TV). Pinewood has also been prioritising its facilities for film.
http://www.iii.co.uk/articles/14663/stock-watch-pinewood-shepperton
Commenting on 2010's results, Ivan Dunleavy, Chief Executive, said: "Pinewood has shown significant growth in all of the key metrics that measure the performance of the business. We have grown the top line by winning big budget international films which have been attracted to Pinewood by the superior quality of our assets and the range of services that we can offer. Our television business continued to perform well at the top end of a difficult broadcast market. These results demonstrate that our long-term strategy is continuing to deliver."
Highlights · Revenue increased 8% to £43.4m (2009: £40.3m) · Operating profit increased 20% to £9.1m (2009: £7.6m) · Profit before tax increased 31% to £5.8m (2009: £4.5m) · Basic earnings per share 9.3p (2009: 9.1p) · EBITDA increased 13% to £12.8m (2009: £11.4m) · Increased total dividend of 3.60p (2009: 3.45p) · Further progress on international strategy · Additional stage capacity to be built at Pinewood Studios · Commitment to low risk investment in smaller UK films
http://www.investegate.co.uk/Article.aspx?id=201103080700094933C
Film makers flock to Pinewood Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - Film studio Pinewood Shepperton saw profit before tax improve by almost a third last year and has rewarded shareholders with a hike in the full year dividend to 3.60p from 3.45p. The company, which came under fire last year from activist shareholder Crystal Amber for underperformance, saw revenue increase by 8% to £43.4m in 2010 from £40.3m in 2009, largely as a result of film revenues burgeoning 28% to £29.1m from £22.6m as films such as Harry Potter and the Deathly Hallows and the Hammer horror picture The Woman In Black did some of their shooting at the company’s studios. Earnings before interest, tax, depreciation and amortisation improved by 13% to £12.8m from £11.4m while profit before tax jumped 31% to £5.8m from £4.5m the year before. "Pinewood has shown significant growth in all of the key metrics that measure the performance of the business. We have grown the top line by winning big budget international films which have been attracted to Pinewood by the superior quality of our assets and the range of services that we can offer,” said chief executive Ivan Dunleavy. “Our television business continued to perform well at the top end of a difficult broadcast market,” Dunleavy added. Television revenues dipped, as expected, to £8.2m from £11.3m in 2009, as both BBC and ITV produced more programmes in-house. Media Park revenues were down a tad at £6.2m from £6.3m in 2009. The Media Park offers a variety of complementary services for film and television productions using the company’s studios. Net debt at the end of 2010 was down to £42.7m from £46.1m at the end of 2009, reflecting improved trading
Article is on ii. http://www.iii.co.uk/articles/articledisplay.jsp?article_id=10107792§ion=ShareDealing&emv_mid=1105892882&emv_rid=1026209058180
...have run an article n potential take over targets. Pinewood is listed and states that "The film maker is already in the sights of activist fund Crystal Amber, which takes large stakes in companies that it believes are undervalued. The fund has been slowly building a 27% stake in Pinewood and will have to make a formal offer if it continues to do so". Nick Raynor from the share centre is quoted as saying that "the share price is well below the asset value even though the p/e ratio is relatively high because of its property portfolio". Share price quoted in the article is 172p & p/e 22.8. Can't add the link as The times make you pay now - sorry.
Pinewood Shepperton has been involved with some major blockbuster movies during the last 12 months, Mama Mia, Slumdog, the latest Harry Potter movie and many others. Results are due to be issued 25 August when it is hoped that we will see a much improved performance since in final results that were issued earlier in the year. Since those figures were issued the US Screen Actors Guild dispute has been resolved, this dispute had threatened the delay of several projects. Pinewood have also applied for permission to build a rival Hollywood development at the cost of £200 million, the facility would house 18-20 typical scenes, such as New York, Venice, Lake Como and Paris. £3.4 million has been spent so far on the development of the proposed 100-acre site, as its location is on green-belt Pinewood acknowledge that due to this fact permission could take sometime to come through but we hope to see an update in the results later this month. Pinewood is not just a media company, it is also classed as a property company, the surrounding land and value of studios alone has an estimated value of 150 pence, with the current share price below this level the actual film business is therefore valued at nothing, a little unjust we feel and hence our ‘buy’ recommendation.
this should go up any time now