Caffyns Share Discussion Threads

[ntv] 21/3/2016 02:23

THE MONIES RAISED FROM THE SALE OF THE LR BUSINESS REDUCE BORROWING BUT THERE ARE STILL PLENTY OF THEM. £600K TO PAY FOR PREF SHARE REPURCHASES. THE PREMIUM PAID FOR THE REPURCHASES WILL SHOW AS A LOSS IN TRADING DATE TO END OF MARCH. HOPEFULLY THEY WILL REPURCHASE REST OF PREFS IN THE NEW TAX YEAR LEAVING THE BALANCE SHEET A BIT CLEANER
THE OUTDATED SHARE STRUCTURE HAS HELD BACK THE COMPANY FOR YEARS. IT JUST COULDN'T GROW. REPAYING WILL HELP. IT MAY BE ABLE TO GROW SOME OF ITS OTHER FRANCHISES NOW BUT WITHOUT LOOKING I ASSUME MOST THESE AREAS THEY HAVE ARE SURROUNDED BY THE BIGGER BOYS WHO ARE LESS LIKELY TO SELL
THEY ARE MORE LIKELY TO WANT TO BUY THE REST OF THE COMPANY OR INDIVIDUAL ASSETS
CAFFYNS I AM AFRAID IS STUCK IN NO MANS LAND , YOU ONLY HAVE TO COMPARE THE SHARE PRICE NOW WITH THAT OF THE DATE I STARTED THE THREAD
SOME BIG SPIKES IN THE PRICE EITHER WAY BUT CAFFYNS NEVER CAPITILSED ON ITS OPPOTUNITIES IT HAD

[ed 123] 18/3/2016 13:53

Hello CJohn.

What is your calculation to arrive at about 10 times earnings? Ta.

[cjohn] 18/3/2016 12:26

The proposed disposal of the Landrover business is at a decent multiple of about 10 to earnings. The roughly 9 million consideration will make a very significant reduction in outstanding debt. There will now only be debt of a few million.

Particularly pleasing is the fact that Caffyns' retain the freehold premises at Lewes. And overall the sale is at a premium to asset value.

[cjohn] 24/2/2016 11:55

If the revaluation of the property assets is taken into account, these trade at about half tangible book. At some point, that value will out.

[ntv] 14/2/2016 21:24

are they going to get taken over or expand?

[prop_joe] 11/2/2016 09:46

New FD looks like a safe pair of hands.

[ntv] 29/1/2016 15:45

on bbc web site
preference share redemptions are interesting
is this beginning of caffyns tidying itself up as its share structure is so old school
yield is good
balance sheet is strong
half year results had eps of 46p
if you halve that for second half because of vw problems you get 70p eps
ratio of 8 which would hopefully be lower as vw sales recover
potential sale of land rover outlet or increase in area
as the big companies buy up the smaller franchise owners, caffyns will have to change maybe that is starting to happen as there are still a lot of preference shares out there
it can't raise money to expand via rights issues except through the family or banks. so its stuck where it is
except for the value of its land which the older units are on

[ed 123] 28/1/2016 18:52

Hi NTV. Have you got a link to vw car sales? Ta.

[ntv] 28/1/2016 17:01

will they sell land rover franchise prior to renewal
they only have one area

[ntv] 28/1/2016 16:59

vw car sales bouncing back

[ntv] 08/1/2016 13:32

i can't see where they are going redeem any preference share it just puts a value ready for a sale if the buyer wanted to redeem the shares

[coolen] 01/1/2016 20:53

Opting to retain the shares' Premium Listing is a small plus. They could have just accepted a demotion.

The redemption offer for the First Prefs will, if successful, slightly reduce servicing costs.

[3800] 01/1/2016 19:06

I'm just reading the info regarding the class meeting which is occuring at the same date as the AGM it looks like to retain a stock market listing the company is going to have to reform it's voting structure. I have no doubt that the Caffyns family will all it can to retain control and my eyes were beginning to glaze over by page 20. Could anyone explain if its actually going to make any differece to us plebs?
3800

[eezymunny] 10/12/2015 15:12

Hmmm, well VW sales down 20%



and CFYN heavily exposed

hxxps://www.caffyns.co.uk/volkswagen/

I guess the VW thing will blow over but maybe one or two poor sets of results to come at CFYN first? Who knows?

[ntv] 10/12/2015 15:05

share price dropping away again despite strong half year results

[ntv] 09/12/2015 10:26

share price still falling despite all the assets and the dividend yield

[ntv] 27/11/2015 10:08

another good set of results, pumped full of assets, a small increase in the dividend as well
they really should start a share buyback at this discount to nett assets

[prop_joe] 14/10/2015 14:14

I have copied below a section from Vertu Motor's results announcement regarding the impact of the VW emissions scandal. Early days, but seems that with a bit of luck any downside will be limited. It will be interesting to see what CFYN have to say. In the spirit of full disclosure I hold CFYN but have no holding in Vertu.

"The Group operates all four core brands of the Volkswagen Group in the UK, which have been subject to much press comment over recent weeks with regard to diesel emissions and testing. After the most recent acquisition announced on 1 October 2015, the franchises will represent approximately 9% of Group revenues. The manufacturer and retailers are currently working together to ensure that any impacted vehicles are identified and issues resolved. In the near term this is likely to boost aftersales revenues. The Group has to date witnessed no significant decline in total vehicle sales volumes or used car valuations above normal seasonal variations, in the four Volkswagen Group brands."

[lanzarote666] 06/10/2015 17:53

I see that September UK car sales were at record levels and maybe encouraging for buyers at this lower level.



But my patience is exhausted and I have sold recently. It is difficult to understand fully how the VW episode will effect future sales and perhaps margins will fall reducing profits. I think second hand car values will definitely fall and VW may have to offer special prices on new vehicles to win back doubting customers. This must impact on CFYN's Brighton dealership.

This was published this morning;



Caveat emptor.

[prop_joe] 30/9/2015 10:41

re: post 334. Isn't it worth taking the risk (personally I think the only dealership risk is a temporary dip in sales as this is a manufacturer issue) as the current share price is around 50% of book value, the company has a good consistent record of profitability, and people can always buy petrol cars?
All IMV only of course!

[shanklin] 30/9/2015 06:58

Why take the risk that the dealers are affected? IMHO, the CFYN share price is unlikely to rise until we have same idea of the industry fallout.

[3800] 29/9/2015 19:43

As the primary focus of VWs problems were in the US I haven't heard of any US car dealers being sued there it's much more likely that a BP type of witch hunt will be carried out to shaft any foriegn firms (VW). Just my opinion but I don't think this will be a dealer problem.
3800

[simon templar qc] 29/9/2015 00:13

Because the dealerships could be sued despite the manufacturers at fault. It might not affect future cars but the damages awarded for past wrongs could be significant.

Gets more complicated as if manufacturers go bust it would also effect the dealerships.

In consumer law first call for legal action is the dealer not the manufacturer.

As an example if you buy a Panasonic telly from Dixons and there is a manufacturing defect its Dixons that is liable under consumer law.