Share Name Share Symbol Market Type Share ISIN Share Description
Fairpoint Group LSE:FRP London Ordinary Share GB0032360280 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +0.74% 68.00p 67.00p 69.00p 68.00p 67.50p 67.50p 33,900 12:55:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 54.1 -5.7 -14.3 - 28.84

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Date Time Title Posts
14/10/201612:51A new lease of life? - that's a fairpoint ! !538
22/8/201317:05*** Fairpoint ***5
25/6/201209:38Fairpoint - Pointing in the right direction4
28/9/201110:50Fairpoint - Fair point, well made-
13/9/201114:31Fairpoint Group - Fighting the Head Winds-

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Fairpoint Group Daily Update: Fairpoint Group is listed in the General Financial sector of the London Stock Exchange with ticker FRP. The last closing price for Fairpoint Group was 67.50p.
Fairpoint Group has a 4 week average price of 73.51p and a 12 week average price of 94.71p.
The 1 year high share price is 193.50p while the 1 year low share price is currently 65.50p.
There are currently 42,415,179 shares in issue and the average daily traded volume is 61,694 shares. The market capitalisation of Fairpoint Group is £28,842,321.72.
speedsgh: From John Rosier's Private investor’s diary on the IC website... "...The other stock to cause damage was Fairpoint (FRP), which has nearly completed the transition from a debt servicing company to a legal services group. It fell 22.6 per cent during September, with most of the fall coming after the half-year results on the 15th. Those results led to earnings estimates for the full year being reduced by around 12 per cent. It said it expected the second half profitability to be in line with the first half’s and as well as maintaining the dividend it reassured on its commitment to paying a rising dividend in the future. On current consensus forecasts the shares are valued at 5.0 times 2016 earnings, falling to 4.7 times 2017 with a prospective 2016 dividend yield of 9.9 per cent. Clearly the market does not believe these figures. There is a risk that 2016 earnings estimates will be reduced again if a recovery in its conveyancing business, which is dependent on UK housing turnover, fails to materialise. At current levels I think the share price reflects the disappointment from earnings downgrades this year rather than the company’s potential. Although it is difficult to see a catalyst in the short term, it will not need much good news to get the share price moving..."
carcosa: It's the future impairments that are of concern. However, now that people are selling out at a low (recently historical) share price and mentioning so on BB's then perhaps that's a buy indication ;-)
speedsgh: Spouse of Peter Watson, Managing Director of Simpson Millar LLP, a wholly owned subsidiary of Fairpoint Group Plc, has sold 13,889 shares at 89.4p. Notification of Transactions of Directors / Persons Discharging Managerial Responsibility and Connected Persons - HTTP:// Whilst not the largest amount, it's certainly not the best vote of confidence in view of where the share price currently languishes! Would expect notification rns from larger instis in due course as would seem to be a large seller in the background continually forcing the price down.
adamb1978: Given how the share price has tanked, a flat H1 year on year isnt a bad result. The company is now trading on such a low multiple that its implicitly factoring in a sharp falls in profits. The c6% yield is covered 2x - 3x so is rock solid. This isnt an exciting hod, but I'm struggling to see much downside from here
rndm355: Hi folks, I have provided some analysis of FRP at ShareProphets:
rivaldo: Yep, good post GHF. Must admit to reassessing and coming to the same conclusion, so I sold my small initial stake on Friday. Nowt particularly wrong, but as GHF says perhaps not too much upside, especially given the lack of EPS progress over the next couple of years. Cue a large earnings-enhancing acquisition and large share price rise :o))
glasshalfull: Courtesy to say that I've sold out this morning...sorry it dented the share price. Hopefully short lived for holders. I'm not a day-trader and at 2- days, this has proven to be one of my shortest lived holdings for a while. I cut my position on the back of listening to yesterday's webinar and also reviewing forecasts. Both Shore Capital & Panmure have shaved profit forecasts for the current year marginally, by 3% & 2% respectively. Equity Development have also done likewise with a 2% reduction in their case. All fairly small beer but essentially it washes out that expectations for the Debt solutions business are reducing further than the upgrades coming through for the Legal side. This leaves forecasts for the year ranging between EPS 19.3p & 19.6p. Therefore negligible growth in overall earnings this year, notwithstanding any contribution from acquisitions which I'm certain will materialise. Lower margins are also forecast this year at 18% (vs 21% in 2015) due to margins falling back slightly in the debt & claims side. Debt is however higher than I'm comfortable with, especially with management reiterating the acquisition strategy that is summarised in rivaldo's post above (post 445) & confirmed via yesterday's webinar. Net debt was £13.6m at yr end & is only forecast to fall to £10.9m by end of 2016 given the contingent consideration due following the Legal business acquisitions. While I recognise they have a £25m facility to support acquisitions, should they deliver on the two types of acquisitions proposed, then naturally debt will climb further & may require some form of fundraise down the line. See there's already been debate on the thread today centring on dilution. Factoring in current debt also highlights that the shares aren't quite as cheap as the headline PER of 8 suggests. Market Cap of £71.7m & therefore an EV of £85m, which I now believe fair value given my concerns over debt & commentary highlighting lower forecasts for the Debt solutions side; muted concerns over the small claims limits/ whiplash claims & fairly static earnings progression forecast for the next 2-years due to the potential contingent consideration requirements. These earnings forecasts of course discount any earnings enhancing acquisitions. Essentially once I considered all factors the risk/reward wasn't as appealing. Best wishes to holders. Kind regards, GHF
nehpets81: Good question, there is a maximum amount payable if the acquisitions hit their targets and a fair value scenario. The fair value situation as I understand it is a contingent consideration of £4.5M for the Colemans acquisition and a further £2.3M relating to the Simpson Millar acquisition so if we halve these we get £2.25M and £1.15M respectively. The issue share price for the Colemans consideration is 132p and Simpson Millar 141p. So, the total number of shares likely to be issued for these is about 2.5M. For the maximum possible it is 3.7M shares. Given the total number of shares in issue is currently about 46.8M, this represents a maximum dilution of nearly 8% with a fair value dilution of nearer 5%. This is not ideal, but the debt levels are at the upper limit of what I would be comfortable with and given the decline in all of FRP's other markets, this dilution is necessary in my view. The above is all fairly quickly worked out so may contain errors!
adamb1978: A1PAPPADINGDONG The way to think about it is that the company has an equity value for 100% of the company (which is equal to the enterprise value minus net debt). And that equity value then translates into a value per share by being divided by total number of more shares should mean a lower share price (again, in theory, for options there is an option value which an optionholder has to pay to exercise the option, which therefore would reduce the net debt and hence an offsetting effect). In theory, the market knows about these potential shares being issued so should already discount them being issued by looking at the fully diluted number of shares. Whether or not that in fact is the case is debatable and probably varies from company to company but I wouldn't be expecting the share price to fall when they are issued (partly also because them being issued will be accompanied by an announcement that the acquisition has performed well). adam
a1pappadingdong: Hi Shauney Thanks for your reply. I thought that any amount of shares being issued would dilute the share price, regardless of whether or not they are sold? Anyway, I dont see any reason to sell at all, especially if they keep growing and making acquisitions such as this. The information about the share options being directly related to the share price being above 200p is also very useful. Thanks again
Fairpoint Group share price data is direct from the London Stock Exchange
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