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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Caffyns Plc | CFYN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 525.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 525.00 | 525.00 | 525.00 | 525.00 | 525.00 |
| Industry Sector |
|---|
| GENERAL RETAILERS |
| Top Posts |
|---|
Posted at 25/10/2022 08:41 by cjohn Property-orientated investor Andrew Perloff takes his holding above 15%. |
Posted at 03/3/2022 15:49 by 1tx I see property investor Andrew Perloff has increased his holding from 13% to just under 14.5%;not sure where he has managed to find the shares as few are traded on the LSE. |
Posted at 27/11/2020 14:03 by 1tx NAV is about £12.50 per share including revaluation surplus not included in accounts.The company has a fairly large historic defined benefit pension scheme this could be expensive to buy out and the company could be restricted by pension trustees in returning capital to shareholders until the pension plan is bought by an insurance company,the cost of a buy out could be substantial.Andrew Perloff the biggest shareholder a well known property investor must see value however. I am a shareholder here for some years perhaps the best return might be by getting better use of capital in present business operations. |
Posted at 23/8/2019 14:20 by ntv Somebody wants outlink to article |
Posted at 19/10/2018 08:34 by clemo69 Yes I would say its totally possible. However he just doesn't strike me as a passive investor. |
Posted at 18/10/2018 11:03 by clemo69 If Mr Perloff were going to do a deal with family to take this private thereby shafting PIs. Why would a non exec and the Chairman be buying shares in the open market? Presumably they would know enough to know they would be going to get shafted like the rest of the common shareholders. Or was the amount too small for them to be bothered about and they are doing it as a smokescreen? Just trying to figure out where this is all going. They is obviously huge value here but who is going to end up with the pie?My feeling is Mr Perloff must have done a deal with the family. Either he is buying as a passive investor- i do not believe this he has no history of this. He is with the family or going to try to do something by buying the common. However the pref shares make it impossible to do something hostile. Therefore he must have done a deal with family. He is not that stupid to not understand the limitations of the preference shares. Plus he has history of doing this sort of thing before. However that is where I come back to insiders buying the common? Just trying to make sense of it all. |
Posted at 07/6/2018 16:38 by strathroyal Hi NTV,On the surface, the likelihood of a successful (or profitable bid for minority shareholders) is remote. A number of parties have built decent stakes and then gone away - I seem to recall that even BTEM were here at one time. At least Andrew Perloff looks to be building a more substantial stake and presumably Armstrong are also activist investors. However the prefs do appear to make a hostile takeover impossible, presumably one reason why the family don't appear to control a majority of ordinary shares. Perhaps the only possible way forward would be if the family itself were divided about retaining control. I see that the president has recently passed away and only two of the family are presently on the board. |
Posted at 06/6/2018 11:58 by cjohn Hello Walbrock 82,I read your analysis of CFYN with interest. I am guessing that you are in learning mode. And that publishing lengthy analyses is a way of diving in the deep end. Please do not be offended by the below. You've made several errors. For example, you say the following: "Unsurprisingly, the company’s debtors’ days have risen to their highest in six years to 17.4 days vs. the average 14.5 days. The rise in receivables from £7.8m to £10.2m is a larger percentage increase than 1.2%! Receivables grew by 41%. Does it even matter, given sales is a mammoth £213.7m? It does because net profit is around £1m and a favourable movement of debtors of £2m or £3m makes a HUGE difference to how much profits are recorded." In fact, collecting receivables makes NO difference to PROFITS. It does improve operational CASH FLOW however. 2. Because you're confused on the difference between profit and cash flow, you overlook the fact that operational cash flow BEFORE working capital changes was some £3.148m. CFYN looks cheap on these grounds. 3. You then go into a long analysis of what might happen in a wind-up situation. And come to some very pessimstic conclusions that poor CFYN shareholders might not even get the current MCAP back in cash in such a situation. I find this unconvincing. Current MCP is £10.2m. NET tangible assets - ie after subtracting debt and pension déficit - are around £37m. For reasons that escape me, you have done the whole calculation through EV and lost your way. Whilst you include payables, you forget to include INVENTORIES. This is unfortunate, given that the level of inventories in car dealers is closely related to the level of payables. thedealer buys stock on credit - payables - and gains inventory: the cars. There is some £30.4m of inventory on CFYN's books. The lion's share of this is cars. the rest is parts. Whilst it's conventional to discount inventory in wind up calculations, it's not a 100% discount; and arguably the discount should be much less than normal given the inventory in question. (Stock turn of about 7 per year.) including inventory produces a much more favourable outcome for long suffering CFYN shareholders. What's more there is scant chance CFYN will end up in straitened circumstance, given the strength of its balance sheet, and initiate a fire sale. a wind up would be orderly then and likely to achieve book value or close to it for inventories. 4. Your analysis of wind up payouts means you miss thinking about what CFYN's current strategic position is and where value lies for shareholders. CFYN has just under £47m property on balance sheet and a £10.3m surplus off it. We now have a well-known property investor with a significant stake in the Company. There are various ways forward for realising value. This is where analysis WOULD be worthwhile. An example: . a couple of years ago, CFYN sold their Land Rover dealership. As well as getting FULL value for inventory and other assets, they also got a very decent price for the business in itself. Overall, the settlement came to a decent PREMIUM over book value. And CFYN retained the freehold. So value could be realised through the sale of individual dealerships. This is just one possiblity. |
Posted at 04/6/2018 11:23 by cjohn Yes, the share structure impedes corporate change. Let's see if this can be changed: the prefs need to go.The results seemed OK to me; on an unadjusted basis, the shares trade at a PE of 10. So profitability supports the current very humble share price. The shares look positively cheap compared to operational cash flow of over £3m before working capital changes. However, cash flow is being used to expand the company - increasing the asset base - rather than pay down debt, which would be preferable in my view, given the meagre returns on assets. Obviously, they continue to trade in bargain territory compared to tangible asset value; the extensive freehold property. So it's good to have a property investor activist with a significant holding in the company. Can things be shaken up? |
Posted at 27/5/2018 19:41 by ntv interesting times here at caffyns at last we have an active investor aboard who might start to try to change thingshe has got his work cut out here as with LAS old school jobs for life antiquated share structure can't raise money in the city because of the above could be about to lose its Vauxhall dealership at the time when Vauxhall wants to cut the number of dealerships probably end like the land rover one they lost share price lower than it was when i started the thread 16 years ago!!! glad i wasn't a holder all that time come on caffyns move into the modern world or buy us out and take it private then you can have as many classes of preference shares you like if you don't want to do that then cancel the preference shares at the issue price and cut the cut the interest costs to the company and ALL shareholders |
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