Share Name Share Symbol Market Type Share ISIN Share Description
Character Grp. LSE:CCT London Ordinary Share GB0008976119 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -5.00p -1.28% 385.00p 375.00p 395.00p 391.50p 380.00p 385.00p 117,431 15:06:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 121.0 13.1 50.3 7.7 81.40

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Date Time Title Posts
21/10/201708:47A stock on a eps of one?13,021
15/9/201710:55CHARACTER GROUP CHARTS ONLY44
09/6/201617:10character group2
05/11/201014:42Character-Robosapien a Big Seller ?1,549
08/6/200710:35SHORTING & DISTORTING-

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DateSubject
22/10/2017
09:20
Character Grp. Daily Update: Character Grp. is listed in the Media sector of the London Stock Exchange with ticker CCT. The last closing price for Character Grp. was 390p.
Character Grp. has a 4 week average price of 357p and a 12 week average price of 357p.
The 1 year high share price is 550p while the 1 year low share price is currently 357p.
There are currently 21,143,352 shares in issue and the average daily traded volume is 146,395 shares. The market capitalisation of Character Grp. is £81,401,905.20.
11/10/2017
19:22
martinthebrave: Pauly Pilot view of CCT today. He is remaining a holder and may add. Character (LON:CCT) Share price: 357p (down 19.8% today) No. shares: 21.1m Market cap: £75.3m (at the time of writing, I hold a long position in this share) Trading update (profit warning) - I'm quite surprised that the market has reacted so negatively this morning to the latest update. The company had already told us here on 19 Sep 2017 that market conditions were challenging, and that a major customer (c.8% of total sales, estimated by one broker) Toys R Us, had filed for bankruptcy protection in USA & Canada. Results for y/e 08/2017 - the company had already reported that results would be in line with expectations. This is reiterated today, as follows; As reported in September, the business has had a solid finish to the 2017 financial year. Accordingly, the Directors anticipate that, Group underlying pre-tax profits for the year ended 31 August 2017 are projected to meet current market estimates. The Group's balance sheet remains strong. To put a figure on that, the forecasts I've seen are around 51-52p EPS - so at this morning's lower share price, the (how historic) PER is just 6.9. As we know, the market looks into the future, not backwards. Results for y/e 08/2018 - this is what has spooked the market today - somewhat surprising, given that the company had already warned previously about the issues it was facing, but there we go; UK sales are OK. The issue is with international; Our international and "FOB" sales have been adversely effected by a combination of several factors, not least of which is one of the world's largest toy retailers entering into Chapter 11 bankruptcy protection in the US and Canada, which has had subsequent knock-on repercussions in every market where it trades (including the UK). Our international customers are also taking a very conservative approach to purchases. At this early stage of the Group's new financial year the Board consider that, based on the latest sales and market data available to them, the Group's performance for the year ending 31 August 2018 is now expected to be significantly below current market estimates. Broker forecasts - so far I've only seen one broker note this morning. Panmures have revised down their forecasts, in a new note this morning, which is available on Research Tree. Based on the new EPS forecasts of 38.1p 08/2018, and 45.3p 08/2019, then the forward PER is 9.4 and 7.9 - which looks good value - providing that this is the full extent of the damage. Bear in mind that the net cash is now 25% of the entire market cap, and the PER would be a lot lower still if you adjusted out the net cash. Also note that forecast dividends are 21p and 25p. At the current share price of 357p, that would produce divi yields of 5.9% and 7.0% - a very attractive return. Those forecast divis are still well covered by the reduced earnings forecasts. Note that Character has a strong balance sheet, with net cash, which further reinforces my confidence in the projected divis. Today's comments on divis are reassuring; Furthermore, we are committed to maintaining our progressive dividend policy and continuing our share buy-back programme, as and when considered appropriate. Note that the company's website shows 24.2m shares in issue, but about 3.3m of those are held in treasury. Stockopedia shows a net figure of 21.1m shares in issue, which is in the same ballpark. Outlook comments sound upbeat; Nevertheless, the Directors believe this to be a temporary downturn and that the Group anticipates returning to its previous growth pattern during the second half of the 2018 calendar year, and this ultimately is expected to be reflected in the financial performance for the year ending 31 August 2019. The single biggest factor underpinning our optimism is that during 2018 we shall be introducing exceptionally exciting new products, many developed in-house which, together with the current product portfolio will, the Directors believe, give the Group its strongest ever product line up. Additionally, even in these tough trading conditions, we expect our cash flow to remain positive, our reserves to grow, and our Christmas stocks to remain under control. So this seems to be a situation where investors who look through the current difficulties, and accept that they are temporary, could end up with a nice buying opportunity. The risk is obviously that problems get worse, and another profit warning has to be issued. Balance sheet - I thought it would be useful to refresh my memory on the most recently reported balance sheet. It looks excellent, here are a few key measures as at 28 Feb 2017; Net Asset Value (NAV): £25.2m Net Tangible Asset Value (NTAV): £24.5m (there is only £729k of intangible assets to be deducted) Current Ratio: 2.27 - very strong, and this includes net cash of £18.6m - that's almost 25% of the entire company's market cap. Overall then, this is a really strong balance sheet with plenty of surplus working capital. So there should not be any issues over solvency, even if trading deteriorates a lot more. My opinion - based on the information provided in Sept 2017, and more recently today, I see this as a good buying opportunity. So I've currently got a buy order in, to increase my existing position size. My main worry is that the price could fall further - my broker reckons that sellers have not finished yet. It's usually a mistake to buy on the day of a profit warning. However, when the price is falling, then you have better liquidity - so it's often the only time you can actually buy a stock like this in decent size. I've no idea what the exact low point will be in the share price, and don't really care particularly - because the price now looks sufficiently cheap on (revised) earnings forecasts, and with a very attractive yield, that it's cheap enough for me. I accept the risk that there could be another profit warning - that risk is why the share is now so cheap. The key points for me are that the main reason for the profit warning seems to be a one-off factor outside their control - the insolvency of Toys R Us. Also, the new products in the pipeline give good grounds for optimism in H2 of 2018 and into 2019. Therefore I see this as being a possibly bumpy ride, but where I should be paid nice divis, and see a decent capital return in say 1-2 years. It should be said that I generally tend to be a bit too willing to give companies the benefit of the doubt! Also note that the stock market has never really attributed a generous valuation to this company - it always looks cheap. As always, please remember that I'm only giving a personal opinion, and reporting what I'm personally doing with my portfolio. I might possibly add some to BMUS, but haven't decided yet. The onus is on readers to do your own research, and take responsibility for your own trades. Hence why I never give recommendations. If something in your portfolio goes wrong, you're to blame, not me! That's why I never give recommendations - because I don't want the responsibility or hassle of people blaming me for stock ideas that go wrong, as inevitably many will. I'm particularly keen to hear from anyone who's bearish on CCT - it's vitally important to consider the negative case on a share. Obviously I reserve the right to change my mind at any time, on any share.
27/9/2017
08:08
simso: Thanks Carcosa. I understand that TRU in USA and Canada make up less than 3% of Cct total business, and that is the part which has gone into Chapter 11. Total TRU worldwide is 8% of CCT business. Cct total debtors are around 25m, so 3% of that might imply a write off of £750k, which would hardly be annoying but hardly the end of the world. It is also very possible that suppliers may refuse to supply TRU going forward unless they are paid what they are owed first, and in extremely fast terms for future supplies. I think TRU will work hard to get every supplier possible on board, as if they lose too many, even smaller ones, their range will have holes and be imbalanced. They appear to have the firepower with this new financing to really sort their supply base out. If the problems are contained to US and Canada, then any impact on CCt may not be bad at all as outlined above. The danger is if the whole TRU worldwide becomes infected, and suppliers struggle to get Credit Insurance and will therefore not supply. This could cause short term disruption. The behaviour of credit insurers will be key, and these are people who usually take flight at the first hint of trouble, and are like umbrella salesmen who only want to work on hot sunny days. Plenty of uncertainty, but I have a sizeable stake and remain a buyer on weakness here. Plenty of uncertainty still, but I think the share price is already discounting the worst outcome on TRU.
20/9/2017
08:35
dan_the_epic: RTJ - I honestly believe that Paul's comment helped the share price move down to -10%.. He has thousands of readers.
06/9/2017
07:54
dan_the_epic: Superb and very exciting. Easily can become a core brand - would expect the share price to be up materially on this.
24/8/2017
20:15
dan_the_epic: Special does increase in likelihood if: A) the results are in line with expectations with a muted outlook and so nothing to drive the price and liquidity higher to enable the buyback to properly take off, B) they can't find anything to buy, whether that be attractive licences (unlikely to be big enough) or another company. Does look increasingly likely, I would say. Again, that's the beauty of lowly rated companies trading well - there are many possible levers to provide share price upside.
28/7/2017
14:40
mcartdon: share price is lower than three years ago on average this year look at 18 years virtually no change in t/o since 1999 99m then operating profit 10.6m cash 9m so what have they been doing for 17 years why should it change
26/7/2017
21:21
dan_the_epic: The buybacks are limited by regulations about quantities vs. liquidity. They did some when liquidity allowed (2015), but that has tailed off again. I personally wouldn't say a near 4.5% rebased dividend is a low percentage return, though would agree that I wouldn't buy here if I solely was after a dividend (after accounting for the spread, it's not worth it). I think growth kickstarts on from here. Look, I totally agree, and in that article admit that holding a large cash balance doesn't look great, but at the same time, I'm not going to penalise them for having a very cash generative model. There are a multitude of things they could do with that cash, and barring some bizarre decision, it's hard to see that it wouldn't enhance the share price. A special dividend, a la Avesco, wouldn't be a bad idea. This valuation is crazy for the value on offer. Run any basic DCF on this and the intrinsic value here is hugely different to the current price. Reckon the first leg of that was realised in 2015, but expectations and metrics have rebased again and catalysts for a rerating are back in play. Time will tell. In reality, if any suitor did swoop on Character (and I'm definitely not saying that there is one), I'd have thought they'd have to play a pretty hefty premium on this (north of 40%).
26/7/2017
21:11
mcartdon: there really have been no buybacks for 5 years now that is a myth the number of shares has remained the same out of treasury, so no gain for ordinary shareholders they have just bought the free shares for directors etc. the dividend has a low percentage return for the share price, the cash is wasted where is it deposited (they have no bank income). and they dont borrow much. so they arnt saving on borrowing. they have not deposited it sensibly in euros or dollars? so where is it it funds the cycle of stock but no sign of that growing the buisness
02/5/2017
15:44
h1a3: Hi Fido, The Share price recently has been rather subdued and when I saw these buys, I wondered if it is CCT buying them? It will be good to know and if it CCT then we should hear soon.
27/4/2017
12:42
mcartdon: If you look back historically they were turning over 100 m many years ago 1999, the cycle of growth and collapse is going nowhere.this is the growth i refer to. the dividend is 2.7% inflation is 2% and rising rapidly. a real return is in order of 5-7% with dividend and share price. over the last two years shareholders have received no share growth a low return on dividend with respect to earnings. the shares are 98m less 18 m cash 80 m in prudential bond made 5-6% last year returned to owner. why take the risk for 2.7% nullified by share stagnation
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