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Results FY Ending 31 March 2019
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/NTBR/14148499.html
Underlying EPS 13.5p vs 12.5p last year - although last year I got 11.3p vs 11.2p (doing things differently).
Dividend 3.25p + 0.75p special (payable on 30 Aug to those on register 9th) – they say no more specials unless profit improves further.
H Peel under performed … other stuff over performed … so was the acquisition the best use of funds? – they could have given it to me to invest in Debenhams!
Net cash position (8p a share) although they say this can fluctuate by £2 million either way (11p a share).
I’m interested in how Kier (KIE) compares to this so I have done a balance sheet summary for NTBR below.
Total Assets £37m (100%) £2 a share comprising .. 55% intangibles 34% normal working capital assets 8% fixed assets and 3% non current receivables.
Total Capital and Liabilities £37m (100%) £2 a share comprising .. 62% equity 32% normal working capital liabilities 4% Borrowings 2% other.
Kier is different Intangible assets and normal working capital assets comprise 28% and 42% of Total Assets.
For Capital and Liabilities – equity, normal working capital liabilities and borrowings are represented by 24% 45% and 22%.
NTBR’s bottom line net profit margin is just under 4.6% -- turnover £56.6 million
Spent some time looking at the results yesterday ... found it all quite confusing partly due to the restatements for leases etc.
Tried to post a write up but the machine went blinky ...
Did notice the interactive pdf for FY18 is quite good to play with ... i think IAG is worth £5-£6 based on EPS stuff less 20% for spanish witholding tax -- i think i have managed to calculate my average (after the dividends) ... it is £4.88 ... allowing myself to get lured in by the big div seems to have been a mistake ... holding 10k
Perversely against the share price movement the results look really good with EPS appearing to run at circa 70p a year for conditions where 62% Fe sells at $90 tonne --- i know fxpo produces pelletised 65% Fe which is much better etc --- Iron has been falling but i think 62% Fe is still over $90 tonne ... the witholding tax of 35% still applies to dividends i assume... but my revised fag packet calcs none the less suggest to me that at $65 tonne fxpo shares would still have an intrinsic value of £2.50 and at $90 -- £4.60 --- (using PE ratios of 10, dividend cover of 2 and the 35%wht) --- my panic sell of earlier could have been a rather silly move???
Hi Austin,
I’ve never tried talking to IR - I think it would only confuse me + I’m lazy.
Good luck with your position- I still worry about what the clever shorters know - but I don’t think it’s a given that these will go under.
Thanks for your post - I had not considered changes to government / customer tendering requirements as a significant factor, possibly its a trigger for the mess? i think scrapping the dividend is harmless at worst and a possible life saver at best - im not convinced that actual underlying debt reduction has started yet - the 2017 accounts might be worth a read, as i know little about the McNicholas acquisition - i do worry that the reported underlying profit may be incorrect .
"With greater investor attention on debt following the demise of Carillion, our net debt position remains under focus. Net debt increased in the year, as expected, following the acquisition of McNicholas in July 2017" ... in page 14 of the FY18 annual report ... ummm ........... net debt at the balance sheet date (june 2018) was circa £185m but had ballooned to i think circa £625m at the end of october at the time of the rights issue ............ i,m still struggling to understand / identify the real cause of the rights issue and current problems ... when did they realise they had a problem ?? the FY18 annual report in as much as i have read seems to present a picture of "things are going rather well" ... with some mention of changing conditions ...