B.p. Marsh & Partners Share Discussion Threads

[elmfield] 02/6/2015 07:37

Well, nothing wrong with that,
You don't get rich fast, you get rich slow!

[skyship] 02/6/2015 07:29

Of course if you strip out the £7.9m CASH & the £7.3m near cash in Hyperion, the NAV discount rockets to c45%!

So, yes, far too cheap @ 144p...

[skyship] 02/6/2015 07:19

NAV up to 216p - a good result. Dividend confirmed at 2.75p - s/b higher.

At 144p the shares are now on an historic discount of 33.3% - this for a company that has grown its NAV by a compound rate of 11.3% over the past 25yrs!

Shares obviously under-valued; but we need a more aggressive attitude to providing shareholder value. This remains the one major problem of buying into a director/family-controlled company; in this case separating the personal interest of Brian Marsh from the interests of his shareholders.

Still, overall happy with these results and would expect the share price to make some progress as the figures are absorbed and discussed, especially by Simon Thompson of the IC.
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Final Results for the year to 31(st) January 2015

B.P. Marsh & Partners Plc, the niche venture capital provider to early stage businesses, announces its audited Group final results for the year to 31(st) January 2015.

The highlights of the results are:
-- Increase in the Equity Value of the Portfolio of 15.5% over the year
-- Net Asset Value of GBP63.0m (31(st) January 2014: GBP58.9m)
-- Net Asset Value increase to 216p per share (31(st) January 2014: 202p)
-- Total return to Shareholders in the year of 8.2% (2014: 6.9%)
-- Two new investments made during the year, one in the UK and one in South Africa
-- Consolidated profit after tax of GBP4.9m (31(st) January 2014: GBP3.8m)
-- Average Net Asset Value annual compound growth rate of 11.3% since 1990
-- Final Dividend of 2.75p per share declared
-- Cash and treasury funds balance of GBP7.9m

[corrientes] 29/5/2015 14:59

Hoping for a substantial dividend increase. Omens look good to me.

[skyship] 29/5/2015 14:32

Well - seems as though we won't be getting the rumoured disposal before the Finals - they are due next Tuesday - 2nd June!

[skyship] 01/5/2015 09:09

I asked Simon Thompson on one of his online TIP threads, as follows:

Simon - might you please also provide a brief update on your BP Marsh recommendation. Back in Oct'14 you thought we might see a sizeable portfolio holding disposal ahead of the June Prelims. Do you think this still to be on the cards?

He replies, albeit rather briefly:

SKYSHIP - Yes, I still think there is a chance that a major disposal will be announced by BPM by the time of the full-year results in early June.

[skyship] 24/4/2015 16:19

No - the intimation was for the sale of another portfolio holding.

[jimbo3352] 23/4/2015 22:34

Skyship, Could the IC sale perhaps be the remaining shares in Hyperion over which General Atlantic has a call option? Hyperion is merging with RK Harrison to be owned by employees and General Atlantic as per press report last Nov and merger signed in March.

[skyship] 23/4/2015 18:09

I'm hoping that the 37.9% Besso stake is the large sale intimated to the IC last October. Valued at £8.4m on 31st Jul'14. A £10m disposal would add another 34p to the cash coffers and surely instigate a shareholder pay-out of some sort - certainly should!

[jimbo3352] 23/4/2015 17:30

I like a group which has some UK subs where you can have a more detailed look at the published a/cs. The discount to asset value is attractive but dependant on the valuations of the investments. I've had a look at LEBC, latest value £6.3m at 31.7.14 for a near 35% interest. LEBC's ebitda at 30.9.14 was c£1.3m so if there is any more valuation uplift to come the ebitda multiple will need to be raised above 14 if my arithmetic is correct. BPM certainly seem to have had a bargain with the last 12.02% added at the same price as the employee benefit trust of £1m. Besso seems to be valued more conservatively but perhaps the companies prospects are different?

[elmfield] 13/4/2015 11:17

Put an order in for a few more.

[badtime] 10/4/2015 15:35

On the move

[skyship] 29/3/2015 11:57

Increasingly looking like a coiled spring ready to snap!

Still hoping that the large sale alluded to in the Oct'14 IC interview will provide the catalyst for the move forward.


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[stupidboypike] 18/3/2015 17:17

Hope so, just joined the party! Best regards SBP

[skyship] 18/3/2015 15:56

These are now 141p BID....and very difficult to buy; so should be another uplift soon...

[skyship] 18/3/2015 09:48

I suspect this may well be the last chance to top-up at the 142p level. The 50day MA crosses the 200day MA tomorrow...


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[skyship] 13/3/2015 11:37

BPM has been a pretty boring investment over the past two years, with periodic bursts coinciding with recommendations in the IC, but the share price remaining stubbornly in its 125p-150p range.

Still, with the dividend to be confirmed in c10days and the Prelims in June, it just may be that the current 136p-139.5p could add a useful 10%+ over the next 3months, especially as in October the IC stated that they "understood" there could well be a major disposal of a portfolio company before those early June Prelims.

With the last NAV stated at 205p, I would be disappointed not to see a further rise to c210p-215p come June. Just 210p would mean that the shares are offered at a very attractive 33.6% NAV discount.

With last month's Trading Update being so positive, BPM has to be considered exceptionally good value, especially as they operate in a thriving insurance sector:


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[cwa1] 18/2/2015 15:38

Ah, that helps explains things Sky. Hope it is better than his Naibu tip though ;-)

[skyship] 18/2/2015 13:50

Yes, a nice pop - wholly due to a highly positive update by Simon Thompson at IC Online. Does read well, even though I'm obviously biased in favour. He targets 170p.

[elmfield] 18/2/2015 13:21

Very tight market, takes nothing to move this,
Looks cheap.

[cwa1] 18/2/2015 13:01

Bit of a sudden, modest, move just now.

[badtime] 14/1/2015 14:31

Sky thanks for the heads up..sorry u had to pay higher :)

[elmfield] 14/1/2015 12:26

Hey, relax. 147 here, starter stake.

[skyship] 14/1/2015 12:19

Sorry - a bit of a thin market at the lower levels. Bizarrely I had to pay up at 139p for my last 2500. Thought I had bought them yesterday at 134p - but Sippdeal say no further purchase showed on my A/c! Still don't understand that one as there is a trade shown for the right amount, at the right price and at about the right time!!!!

Didn't discover until the share price had moved against me of course...

[elmfield] 14/1/2015 12:18

Sky,
Good one. In but not showing yet.
Overlooked.