Member Info for Goldenarrow

Congratulations and thumbs up for the management. They have really restructured the business and managed to deliver results above expectations for once in several years. Market was expecting 3.2p for this year, we might get 3.3-3.5p which would put the group on 5.5x trailing PE. They might now be some upside for 2011, taking into account the acquisition of Robson Brown. Anyway, the group is expecting something around 4.1p for 2011 which still puts it on 4.2x PE => still quite cheap when you look at other small caps trading on 10x.

Like everyone, I was disappointed by CRE's results which lower than last year. I must also admit that the purchase of the US healthcare company looks a bit expensive on paper. But as I said before, the share price is extremely resilient and valuation ( still) attractive. Aand i was right on this point only a 5% price decrease is quite remarkable as profits were 20% below last year. Even taking into account the underperformance, the share is trading 7-8x this year PE which is quite attractive. There is some scope for improvement as margins go back progressively to their normal levels and if we factor in the synergies from the US purchase ( which the board thinks will be profit enhancing). Will be looking to add more around 75p for the mid term. Otherwise, hold on to your shares,

Hi all, In the run up to the interims, I think it is worth to stress a few points about creston: 1/ the stock has been not done anything since one year. Although, the situation has improved considerably since, the stock has now no debt and the industry outlook is much stronger than 1 year ago. 2/ It is one of the least volatile shares in the market which I think is a plus as the downside is really limited. For other shares, they might drop 20% -30% quite quickly but that is much unlikely for Creston. 3/The positioning of Creston into digital marketing is a strength as it implies higher growth rates whereas traditional advertising could be flat. 4/ Most of the mid caps in the market have rallied since 3 months and you do not have so many good shares left with low valuations. relative to other Uk companies the stock is really cheap and is not as much affected by debt issues or spending cuts issues. 5/ DLKW was sold for 9X EBIT and many of the deals in the sector are done between 8-10X EBIT. PBIT without DLKW was 11M so if we forecast stable results in 2010 you will get a valuation between 88M-110M (140 p and 180p) Please note that these assumptions are conservative as I have not factored any growth in it. 6/ The stock is well established company and not a penny stock as the market cap is above 50M so you will be sure that at some point instutional investors will jump in as it falls into their investment scope. 7/ With no debt, the company has the means to make more acquisitions and enhance the eps. The group has not rushed into buying cos which i consider as a good sign. 8/Ruffer, which is one of the most savvy value investor has upped its stake recently. 9/ Last but not least, there could be some good surprises on the dividend side. The company has shed its debt and dividend could go back to pre crisis levels ( ie 3p) which would make a 3.5% yield. => I am quite happy to have bought a big lot of shares at the current level and happy even if the share does not do anything on Tuesday. It is more a stock for safe family investment than day traders like BLinkx. The valuation is just ridiculous and it is just a matter of time before the true value is recognised.

HI all, I just had a look at the company and was shocked by the priced paid for the 20% stake in DTZ Asset management Europe acquired recently !! Am I reading well when I see that they paid 7.1M initial cash consideration for 20 % of a business which made a profit before tax of 0.3m last year ?? That values the company at 35.1M as a whole which is 4x the annual fee income and 100X the profit . Management must be mad to be this outrageous price and do not forget that you have further payment that could mount to 22M. ( that would value the company at + 100M) DTZ is worth 120 M £ so I am wondering what is happening there and how shareholders can let such things happen. They generate much more EBITDA / turnover that the company they have bought. Well, If I was a shareholder I would have serious concerns about the governanace of this company and how management is spending the company cash. Good luck for those who are invested.

It seems that you have been stuck by the MM like many ppl here !! Many ppl had bought before the results expecting some good results but were really disappointed by the lack of info given by the management. Hence the huge flow of selling seen recently, short term ppl liquidating their holdings to put it elsewhere. Frankly, I do not think that the share will rise again this week unless the directors buy some or it is topped by a big newspaper. Until we have more visibility on H2, the share is dead money. Good luck

As you all know I have been a strong buyer of TMMG, my average price is a little but below 13p. With the recent market rally, lots of small caps rallied 30% or more. DIGI, a competitor went from 26p to 37.5p which is up 40% in 1 month. TMMG is still lingering at the same price. Fewer and fewer companies are trading below 6x-7x PE at the moment and TMMG has a PE of less than 4x this year earnings with management pointing out to stronger growth in H2. Therefore, current price is still well below what it should be and hence the recent rise. Given the current euphoric climate, \ny article on a specialised website will trigger a wave of buys and push the share above 20p. Although operating profit and eps are not a surprise, management said that ebit was 7% lower than last year: the market will be focused on the following point: ** Management outlook for H2 : if management confirms the improvement then analysts will upgrade their forecasts significantly. Most of them are only forecasting stable sales in 2011 compared to 2011. There is stherefore significant room for upgrades on this point. ** level of debt and cash flow generated in H1. As some institutional are still afraid of a potential right issue, which I consider unlikely. Hence the tiny PE.

It seems that lloyds have sold all their stakes six months ago http://online.hemscottir.com/servlet/HsPublic?context=ir.access&ir_option=RNS_NEWS&item=376387311509181&ir_client_id=5334&transform=rns_story

It seems that the market did not read properly the market update issued in July.If you read behind the lines you will see that the company is generating a good cash flow that even if things do not improve it will be more than enough to pay back the debt, Total debt was 50% of equity as of 31/12/2009 which was 20.1m of banking debt + 3.9m of acquisition liability that makes 24m in total. Now update said that it was net debt was 30% of equity. Equity was 49.419M at end of 2009 add 4 m from the fund raising + 1.5m of estimated H1 profit that will make 55m in H1. So net debt would be 16.5m so there would be a reduction of 7.5m in debt , 4 m coming from the fund raising which gives an operating cash flow of 3.5m in H1 !! Market cap is 7.5m guys !! Which means that in just 6 months the company generated half of the current market cap. And the group said that H2 looked much better than H1 so you now all understand why I bought back some of the shares sold at 14p at 10p.

http://ftalphaville.ft.com/blog/2010/08/24/324301/promethean-world-unbound/ Quite interesting article. Hey Rossta you can say thx to Goldman Sachs. Do you also have some Ocado?

Key take aways: - little erosion of FUM and revenue in a challenging environment - ARgo managed to stay profitable delivering around 700k pounds in net profit which is a good performance as investment income from its argo fund holdings was nil. -That puts the group on an annualized PE of 6.7X - The group remains cash holding more cash han its market cap with 25.8M USD of cash and investmentsin its funds. That is equivalent to 22p per share. Just have one thing to say : buy as the share price is nearly half the amount of cash held by the company. The company has been repurchasing progressively some shares which has increased the NAV.

eps came at 13.4p which puts the group on 7x historic earnings a bargain !! More important is the strong order book and new sales pipeline. This compounded by an optimisation of the cost structure should drive earnings growth for next year. UK economic growth has been stronger than expected in Q2 should it continue Maxima would be a clear winner. Target 120p which would only be 8x next year profit.

That is the turning point for the share as people feel more confident about economic prospects in UK ( growth 1.1% in Q2) and people are looking for recovery plays and cheap companies like TMMG. Another important point is that the final H1 results should be published soon ( indicative date 13/08 for Bloomberg). Possibility of group upgrading its forecasts as management was hinting at clear signs of improvement in H2.

Easy to understand why the stock is rallying: the stock was trading at 3-4x pE, below the recent capital raising and the stock market is rallying across the board. Plus greenshoots of recovery announced by the management you cannot ask more better news. I am glad that I kept on buying when teh stock dropped below 10p as I am now in the black on the stock. I look to partially offload around 20p as valuation will be equal to peers in terms opf earnings multiple.

Have you seen the good economic numbers from UK? Growth was double what was expected in Q2 at 1.1% for the quarter which is massive. Pound also above 1.56 against the dollar so that helps investors which are now looking for recovery plays. That gives credit to the management of the company who said at the trading update that it expected strong trading in H2.

Glad to see the stock moving back up. Peers are valued around 6x PE and TMMG is trading on less 4X at 12p so 20p is on target if the momentum continues like this.

Hi all, I now have 0.1% of the company and willing to add more at these distressed levels. The company looks so undervalued at this levels and we are now quoting significantly lower than the 13 p capital raising issued last month and also below the bank warrants which have a strike of 10p. The currents RNS look quite encouraging as the new management is pointing out for the first time in several months to better prospects in H2. I realistically expect the company to issue somehow the amount of headline profit for this year which was 2.5M pounds. This values the company currently to less than 3x PE at a price of 10p. I understand that many of you are wondering why the share price is so low and be reluctant to add more shares. That is why I am trying to arrange a meeting in London with the management to comfort my assumptions and commit more cash to the stock. The more shares we will represent, the easier it will be to get a meeting with mangement and get an answer to our questions. If you would be interested in attending a potential meeting with management in tehir London offices please email me your name and number of shares held at sbelconta@yahoo.co.uk I will then contact the management directly to arrange a meeting and keep you in touch.

9.75 on my Bloomberg. Funny I did not understand why the share went down so low after the results without any sales. I managed to buy a few at 8.88 where no sales had came below this price on the day of the results. Which makes me think there was a lot of manipulation from MM and they were surprised to see such a big flow of purchases. There was also a big purchase of 380k shares. Good luck to all of you.

Reassuring set of results. Although operating profit has come lower than expected the group has brought down its debt to around 16m pounds( ie 30% of equity). The outlook seems to be improving which is great and we can see the light at the end of the tunnel. MM seems to be completely manipulating prices as there were no volumes and they started quoting 7/9p and the price has been dropping steadily despite no real selling. There was a purchase of 12k shares and the MM did not up the prices. The price has gone down so low and no one has any interest to sell. The next catalyst should be the directors buying in ( after the half year release) as if the stock stays at this price they might tempted to top up.

I have the same wonders than you. Riddler made some good points. Also the problem on the stock is its poor liquidity so anyone wanted to exit has to make the sp drop. Many disappointments were made by the last board too. Mind you that the volumes on the share are anemic a sale of 200 pounds of share made the stock go down by 7.5% !! I think there is also some manipulation from the MM. People will be focused on the new management ability to generate some Cash flow and repay its debt. Seems that the market is pricing a bankruptcy of the company at this price in this case I wonder why the bank allowed the company to refinance and the board bought some shares in the capital raising just one month ago !!

main reasons: for the big rise 1) stock markets are getting much better so investors are buying back oversold shares 2) Party Gaming results were quite reassuring for the sector with poker and casino games in better shape than what was feared 3) The stock has been divided by 3 in a few month which is a bit overdone given that it remains cash profitable.