Member Info for f15jcm

If they can get organic growth going the shares will do well, but I remain sceptical only that actually happening.

I closed my short position a couple of days ago because I can see a bull case, and while debt is high, a profit warning doesn't seem likely

'In our view, Knights offers a compelling mix of organic and acquisitive growth'

Organic growth was negative £500k

Looks like brokers have been downgrading profitability from what I can see: https://uk.marketscreener.com/quote/stock/KNIGHTS-GROUP-HOLDINGS-PL-44458552/consensus-revisions/

Weak property market since stamp duty holiday ended 31st March. A lot of their work is conveyancing. FY25 numbers will probably be quite good (due to brought forward demand), but I expect FY26 YTD to be weak. Weak trading won't be given much sympathy from the market given the rising debt

The buyback authority expired at the end of August. No mention of a resumption in yesterday's interim results. Disappointing

Interesting. Holiday market normally resilient and Jet2 normally provide cautious guidance and often beat

Does TOO/RGO still have a holding? Last TR1 said 15%. It has gone up 23 fold this year

I think the reason dividend is preferred over debt reduction and /or buyback, is that it provides a substantial income to the insiders

The comment about churn aside (they dont allow for this in the multiples thy claim to have paid for acquisitions), you present a good counter argument. We have however seen these buy and build models unravel on countless occasions, especially in the legal sector.

I did make money owning this share but sold out a while ago, partly due to their treatment of interest on client monies. It has gone up since I sold, so well done to those that held on. I'll certainly be looking for signs of trouble in future updates and wouldn't be inclined to give management the benefit of any doubt with debt where it is.

Look over a longer period: https://x.com/RanmoorRuffian/status/1924761731567333621?t=NtdDsimSKSHlRnqQFRn6PA&s=19

Of course with inflation at 3.6%, any current growth below that is a decline in real terms. Classic value trap

Organic growth isn't 'modest', it is negative, and the company is running out of debt to fund acquisitions

Just a guess, but I would suggest IHT funds having to sell before the company moves to the main market

The dividend growth is the best part of this story. While it continues, there's no sense in selling down here IMO

I've added some more to what was already my largest position. The FCF of £19.4m against the £160m mcap is very compelling.

Recent inflation data came in over target, which means rates may not come down as quickly as some thought they might. Good for BEG

Bad timing to say 'I told you so'. Up 7% today. Lol

Even if they are just plodding along, it's still too cheap. My biggest holding, very frustrating. Most of my other stocks are flying high. FRP has gone up more over the last month and it missed its upwardly revised guidance earlier this week. Crazy

It always does this. I've bought last week and again this morning

*nothing

This baby has clearly been thrown out with the bathwater. I've been buying. Already hold loads of BEG. They are on 10x earnings so there's noting in the price for an uptick in profits

Won't do any harm. I have load of BEG and I bought a few FRP today. It's trading below the last earnings upgrade and also yielding 4%+