Dfs Furniture Share Discussion Threads

[stegrego] 03/10/2011 17:59

The only possible reason for this being at this level is greater fools buying off of fools.

So someone paid over the odds for some shares... But that was way below this level. On fundamentals this is worth less than half.

Clearly the aim crazy brigade has been let loose on this. Should come crashing down anytime soon I'd say.

Mentalists!

[olivercromwell] 03/10/2011 13:25

Small Talk: Chinese shipbuilder sets course for a listing on Aim (Nikhil Kumar)

Monday, 15 August 2011

Alternative investment market (Aim) investors have a host of options when it comes to putting money in oil and gas and mining. Up to now we've not been able to think of any shipbuilding options. But that is about to change: China's Dongfang Shipbuilding Company is due to announce its intention to float today, with dealings expected to commence on Thursday.

The company – named as one of China's top 500 manufacturing companies last year – makes a variety of small and medium-sized vessels at its shipbuilding yards in the country's Anhui and Zhejiang provinces. So far, it has focused on chemical tankers, bulkers and multi-purpose container ships.

Between 2008 and 2010, it built 12 chemical tankers, ranging in size from 5,000 to more than 9,000 dead weight tonnes, and five multi-purpose container ships. The company seems to be on a promising course as its order book stood at around $89m at the end of June.

Encouragingly, the local industry is vast and growing. A recent OECD report showed that, in terms of annual output, China was the world's third largest shipbuilder in 2007, "a rank that it has held for over a decade".

The same report highlighted statistics from the Commission of Science, Technology and Industry for National Defence, which showed that China had more than 2,000 shipbuilding companies in 2005. These firms employed about 400,000 people, and 315,000 of these worked for the 480 largest companies.

In terms of growth, the OECD pointed to figures published inChina. The data showed that during the period of the country's 10th national five-year economic plan (which ran from 2000 to 2005) the industry booked an impressive average annual growth rate of 29 per cent.

It's also important to note that the Government has been vigorous in supporting the industry, whose growth has been "closely linked to the Government's macroeconomic policies", according to the report.

Turning back to Dongfang, it's not all about making ships. The company is also active in the shipping business itself. It expanded into this area in 2009, after the cancellation of some contracts left it with five vessels on its books. This was the result of the global economic crisis, which meant that the customers in question could not pick up the ships.

Rather than selling them, it decided to make the most of the fleet, which was bolstered with the two new vessels, and moved into the shipping arena. A further two ships are under construction and are scheduled to join the fleet this year, taking the total to nine.

Taken together, the two businesses – shipbuilding and shipping – employ around 530 people.

"The group's admission to Aim is a significant step in our development, as it will raise Dongfang's profile to potential customers across Europe and enhance the group's standing with its partners," the firm's chief executive, Chen Tongkao, said.

"There are considerable opportunities in our sector, and with access to capital markets the group will be well placed to make acquisitions in the future."

[olivercromwell] 03/10/2011 13:20

Someone enjoys buying this very much.

Not a bad return from 22p

[tipodochus] 06/12/2005 14:43

Any recent news on these. I have tried to chech my holding at computershare but can't find a listing for them although they are shown on the certificate.

[waldron] 01/11/2004 08:03

LONDON (AFX) - Shares in DFS Furniture Co PLC have been suspended from the
Official List pending an announcement.
bam







D.F.S.Furn.(DFS)

[xyllyx] 10/10/2004 16:24

The market appears to be putting a value of about 4p on the Primback entitlement units. Seems low to me (even if there is a risk they could be worth nothing). Anybody out there with a reasoned stab at min/max potential in these units? And will there be an unofficial market in them?

[grupo] 12/7/2004 07:50

LONDON (AFX) - DFS Furniture Company PLC said the House of Lords has refused
HM Customs & Excise leave to appeal against the Court of Appeal decision of
March 16.
The Court of Appeal had previously found in favour of DFS in respect of VAT
assessments totalling 14.6 mln stg. DFS will also be entitled to claim interest
and costs.
The case relates to certain VAT assessments made by HM Customs & Excise in
respect of the period 1993 to 1996 associated with the Primback case.
The sum of 14.6 mln stg, plus interest, will be treated as an exceptional
item and will be subject to corporation tax at the appropriate rate.
Other VAT disputes relating to the Primback case continue, said DFS.
acb/rn

[maywillow] 11/4/2004 16:31

Ikea soars to top of profits league
Simon Watkins, Mail on Sunday
11 April 2004

IKEA has become Britain's most profitable shopping chain with margins often twice as high as rivals, according to figures from the retail research group Verdict.






It estimates that profit margins at Ikea's UK business are about 18%. The closest rival, DFS, makes just 11%. No other furniture store margins are even into double figures.


'Ikea in Britain is the envy of its rivals and of other Ikea stores around the world,' said Steve Gotham, senior analyst at Verdict.


Ikea's total sales in the UK are estimated by Verdict at about £917 million. An 18% margin would bring operating profits of £165 million.


Since it opened its first store in north London in 1987, Ikea has captured a huge market, typically of young homeowners looking for designer style at bargain prices. Its trademarks are its flatpack products, which have to be put together at home, and a catalogue of Scandinavian names. This Easter month, about 3.5 million people will visit Ikea stores in the UK - more people than regularly attend church.


The spectacular success of Ikea's 12 UK stores helps to explain how the Swedish firm with the strange sounding products has become one of the global brands of the 21st Century, and how its founder, Ingvar Kamprad, was last week dubbed the world's richest man by a business magazine.


The report said that as owner of the group, valued at €44 billion (£30 billion), Kamprad was the world's richest man. The decline in the dollar means his fortune eclipsed that of Microsoft chief Bill Gates in dollar terms. Kamprad is worth $53 billion (£29 billion) against Gates's $47 million (£25.7 billion).


Ikea flatly denies the claim, arguing that Kamprad, who founded the firm in 1943, gave the ownership of Ikea to a charitable foundation based in the Netherlands in 1982 and so should not be regarded as the owner. But to most observers, this is academic. Kamprad is clearly among the world's super-rich - he lives in tax exile in Switzerland - and Ikea is clearly very big.


One of the few figures published by Ikea is its total global sales - €11.3 billion (£7.5 billion) in the year to August 2003. While its other stores are not thought to match the massive 18% profit margin achieved in the UK, they are likely to be high.


Verdict's Gotham said the group had high margins because the products were the same worldwide, which allowed it to keep its costs low and make large profits while still appearing to offer value for money.


In Britain, it quickly usurped the position once held by Habitat and in fact it took over that business in 1992. Growing resistance among planning authorities to large out-of-town stores has recently hampered the group's plans to expand its British base to more than 30 by 2015.


A spokeswoman for Ikea in the UK said: 'It's not going as quickly as planned, but we've just had confirmation that we can go ahead with a site in Edinburgh, so we hope that is a sign that things are getting moving again.'


There are still plenty of parts of the world to be conquered by Ikea. It opened its first store in China in 1998 and its first in Russia in 2000.


Next year, it aims to open in Japan - possibly the toughest test yet of whether its cool northern European styles can appeal in any culture.

[spob] 05/3/2004 00:23

DFS Chairman May Offer 444 Million Pounds for Company (Update6)
March 4 (Bloomberg) -- DFS Furniture Plc, Britain's largest upholstered-furniture retailer, said it's talking to Executive Chairman Lord Graham Kirkham about a possible offer that would value the company at 444 million pounds ($809 million). The shares gained 8.6 percent.

Kirkham said on a conference call he may offer 415 pence a share for the 90 percent of the shares not owned by his family. The Doncaster, England-based company's stock rose on speculation he will have to make a higher bid.

DFS has said it expects first-half profit to fall after a slowdown in consumer spending and more price competition caused a decline in orders. Rival sellers of furniture are charging less amid competition from stores such as GUS Plc's Argos chain.

``The fight has become more competitive than I've ever experienced,'' said Kirkham, 59, who founded DFS 35 years ago. ``We're not going to be able to deliver the growth we've delivered. We really need to halt our growth and consolidate our business.''

The stock rose 35 pence to 443 pence in London. Almost 18 times as many shares changed hands as on an average day in the past six months. Stock in Courts Plc, which sells furniture on four continents, gained 4.1 percent.

450 Pence

``It's not enough, is it?'' said Nick Bubb, an analyst at Evolution Beeson Gregory in London with an ``add'' recommendation on DFS shares. Kirkham ``may be looking to put it into play and attract a trade buyer or venture capital buyer.''

Kirkham said he would consider selling the family's shares if another party were to make a higher offer. He wouldn't specify the price that would tempt him. Bubb said 435 pence a share would be a fair price, while Merrill Lynch & Co. called 450 pence ``realistic'' in a research note.

``If somebody thinks I'm taking it out on the cheap, maybe somebody else will want to pay a bit more for it and they'll be able to buy my shares,'' Kirkham said.

Chief Operating Officer Jonathan Massey is not involved in the buyout, though Kirkham said he would like Massey to stay on if he makes a successful bid. DFS' board said in a statement it would form an independent committee to consider the proposal.

Kirkham said his family may put as much as 150 million pounds into a buyout, and he has hired Nomura International to seek debt financing. Kirkham is being advised by Hawkpoint Partners Ltd. and Teather & Greenwood Ltd.

Peak

``For a business with profits going backward, we would not consider this to be an under-generous offer,'' Rory Codd, an analyst at Numis Securities, wrote in a research note. ``In the absence of another bidder, we would not feel there is a great deal of further upside at these levels.''

Pretax profit at DFS peaked in fiscal 2002 at 71 million pounds. Codd forecasts earnings of 51 million pounds before taxes for fiscal 2004.

Marks & Spencer Group Plc, the U.K.'s largest clothing retailer, last month opened its first home furnishings-only store, in Gateshead, England, about 100 meters from a DFS store.

Separately, Change Capital Partners LLP, a buyout firm founded by Marks & Spencer Group Plc Chairman Luc Vandevelde, agreed to buy appliances and home-improvement retailer Robert Dyas for 61 million pounds, its first acquisition.

[spob] 04/3/2004 17:45

Link -


Above is a link to the full article on Motley Fool website -part of which is shown below.

Kirkham's 415p DFS Bid: Derisory For Shareholders

By Maynard Paton

It wasn't just the Qualiport that noticed the shares of DFS Furniture were 'very cheap' last month. The furniture chain's chunky dividend yield and substantial cash hoard have proved too tempting for Graham Kirkham, the company's executive chairman. A statement this morning confirmed Kirkham was 'contemplating making a possible offer' for DFS, though the planned bid price of 415p per share is derisory. The Qualiport is holding on.


Talking down to investors


Doing his best to talk down the prospects of DFS, Kirkham made the following remarks:


"Over the last two years the market place in which DFS operates has become much more competitive, as major retailers from other sectors have entered the home furnishings market. I do not believe this is temporary, but represents a structural change in the market place. As the UK's number one upholstery retailer, DFS is more affected than others. This increase in competition combined with the prospects of higher interest rates means that conditions in our market will become even more demanding.


I believe that DFS would be better able to deal with these conditions as a private company, free from the need to continue to deliver consistent growth in sales, earnings and dividends.


Since flotation in November 1993, DFS has grown annual operating profits from £18.6 million to £55.9 million. DFS' market capitalisation has increased by approximately £166 million from £271 million at the time of flotation. In addition, DFS has returned approximately £228 million to shareholders. I do not believe this level of profit growth and value creation for shareholders is sustainable. An offer price of 415 pence per share would represent a full and fair price to shareholders."


Naturally, the comments contradict Kirkham's thoughts from October's preliminary update:


"I remain totally confident, however, of our ability to meet all the challenges in our market place and that the fundamental strengths of our brand and concept will enable us to continue delivering profitable growth for the benefit of our shareholders in the future."

[spob] 04/3/2004 17:34

Do the decent thing DK, put in a decent offer, that people will not laugh at.

[spob] 04/3/2004 17:19

He will not get my shares for 415p. Taking advantage of the current low price to put in a silly offer. Sales growth of late has not been great however this is a very profitable company with good margins and a high return on shareholders equity. The high yeild is well covered.

I would be quite happy for this offer to lapse.

The share price reaction today reflects possibility of a counter offer.

[clocktower] 04/3/2004 15:45

Not low at all..I would take current market price and run..He is doing you a favour as the current demand for upholstery is dropping and things tight in the trade.

I am not a holder by the way but have followed DFS having had certain interests for sometime.

Just a view for you, hope you do not mind me posting it.

[mpage] 04/3/2004 12:54

Er. . . surely that's the point!

[xyllyx] 04/3/2004 09:08

Surely the indicative buyout price of £4.15 p per share is too low?

[verynervy] 27/2/2004 14:44

Go to the top of this page and click on fundamentals - all the data you need can be obtained here!!!!

[fredrick james] 27/2/2004 00:08

Can anybody tell me how much the yeild is and when its paid please ?

[spob] 13/2/2004 14:09

dfs tipped in the investors chronicle today.

[mkearns] 05/2/2004 19:08

kagi, don't worry about it.
The UT price is set after market hours so it doesn't affect your trading.
The bid and offer price during the day are what you trade with.
If DFS are any good then the bid price should increase and you should
make a profit when you sell (assuming you have some).

[kagi] 05/2/2004 19:04

this does not seem fair to me. Am I missing the point