Share Name Share Symbol Market Type Share ISIN Share Description
Fletcher King LSE:FLK London Ordinary Share GB0003425310 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 48.50p 46.00p 51.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 4.6 1.4 11.5 4.2 4.47

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Date Time Title Posts
18/10/201615:26Fletcher King - why the rise? any holders here?632

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Fletcher King Daily Update: Fletcher King is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker FLK. The last closing price for Fletcher King was 48.50p.
Fletcher King has a 4 week average price of 48.60p and a 12 week average price of 49.84p.
The 1 year high share price is 59.50p while the 1 year low share price is currently 0p.
There are currently 9,209,779 shares in issue and the average daily traded volume is 1,000 shares. The market capitalisation of Fletcher King is £4,466,742.82.
churchill2: Blimey are they still at it Go back to post 339 in 2007. The share price was near £1 then.
churchill2: I warned investors in 2007 that the only winner was David Fletcher see my post 339. The share price was just below 100p then.
profdoc: I've been asking myself the question whether now that FK no longer qualifies as a Net Current Asset Value share because its NCAV is below its MCap, it now qualifies as a Warren Buffett type strong economic franchise company. I set down my thoughts on paper and in a series of Newsletters (ADVFN will not allow me to post them here). Do you agree with me that the company does not quite make the grade to be a strong franchise? It remains a cyclical play, with, it has to be acknowledged, sound and experienced managers, and a very strong balance sheet. It lacks sufficient customer captivity or a strong enough extraordinary resource to qualify as a Buffett and Munger share. I have put into my watch list to buy if the share price falls to a threshold level set at NCAV. Do you agree?
longinthetooth: Is the current weakness down to market sentiment generally or simply the case of more sellers than buyers?On a prospective yield close to 7% and with net assets(mainly cash and property) only a little below the current share price it is surely a strong buy.
profdoc: FLETCHER KING: A Classic Benjamin Graham Net Current Asset Value Share? Do we have a company here that is trading below its net current asset value, NCAV, while also meeting Benjamin Graham's criteria of (1) good management (2) good prospects for the business, and (3) stability? (see The Financial Times Guide to Value Investing for summary of criteria) Any light you can shed will be welcomed. What have I missed? Market capitalisation is £2.7m. Current assets are £4m (which includes £2.6m of cash). If we deduct all the liabilities we arrive at a NCAV of £3.1m, significantly greater than Mr Market currently values the company. A further adjustment might be to reduce the receivables as recommended by Graham. Let's remove 20% of receivables which amounts to £0.29m bringing NCAV to only slightly above market capitalisation. However, an argument can be made for adding to the NCAV the £0.5m classified as non-current 'available-for-sale investments' (actually stakes in three property investment syndicates run by FK). A further consideration is that the NCAVs shown on recent balance sheets have consistently been above £3m for at least three years. What about the indicators of a well-run stable company? (1) Good management. There are 18 members of staff. The three leaders have been with the company for a minimum of 14 years. They each have decades of experience in commercial property management. They have seen recessions come and go. David Fletcher, founding director and chairman, has 40 years of experience. He also owns 14.6% of the shares. The managers have formed good relationships with clients, some over decades. Seemingly honest and realistic appraisal of the business prospects through the recession years: using words/phrases such as 'challenging', 'keep a steady eye on overhead costs' 'it will take all our ingenuity and resource to maintain turnover' (2) Good prospects Profits before tax for the last three years have not fallen below £0.29m pa and dividends have consistently been 1.5p. With a share price of 31p the dividend yield is just under 5%. This performance has been achieved at a low point in the property cycle. At the last high point (2007) dividends amounted to 4.75p pa. Given the company's balance sheet strength there is every reason to believe that what remains of the current recession will be survived. Could dividends then go back to 4.75p? If they do then the Mr Market might push up the share price. Of the reasons Benjamin Graham gives for a turnaround in the prospects of a NCAV company perhaps the most compelling for this case is that the earning power will be lifted to the point where it is commensurate with the company's asset level. This will not come about through either the benefit of competitor exit from the industry nor from the replacement of the senior managers, but by an improvement in the property market combined with tight management practices (honed in the recession). FK has high operational gearing: with high fixed costs, small percentage increases in revenues should feed through to large percentage increases in eps. Another possibility is a merger, as another firm may value the brand name and the long-standing relationships with property fund managers, but this is unlikely given the sense of continuity of the existing managerial team. The final alternative of liquidation would be wasteful given the profitability and the reputational competitive advantage enjoyed by this firm. (3) Stability Positive profits have been achieved year-in-year-out through a difficult period (satisfying Graham's high average past earnings power requirement) and the balance sheet has remained robust. Much of the income comes from collecting rents on buildings for client quarter-after-quarter, providing a solid source of revenue. I cannot detect manipulation of earning numbers and sense that such a conservatively run firm is unlikely to play accounting tricks. Some negatives 1. Much of the value created is taken by staff. Of the £3m of so of annual revenue more than half is taken in employee benefits. Two directors each take about 10% of annual turnover in remuneration. While experienced and capable executives in the City can expect high rewards a Board that takes 25% of revenue and 250% the profit before tax can legitimately be asked: Are you really operating this business for the benefit of all shareholders? 2. Are they too small? Will the larger property investors consider using a firm with so few surveyors? 3. Illiquidity of shares. Might shareholders be trapped? It is important in investments of this type to buy on a portfolio basis – see Testing Benjamin Graham's Net Current Asset Investing in London by Glen Arnold and Xiao Ying published in the Journal of Investing, obtainable at
knigel: Got a feeling the results will be next week - and might be a tad better than expected (judging by the share price today) ?
ar4plcscom: Rather sad that a sale of 2663 shares for £666 causes the share price to fall below 25p. But happy to wait patiently for the interims recents in mid December which will hopefully provide an uplift interim dividend.
ar4plcscom: Agree. The improvement in the first half has continued though to April with profits up over 40%. The increase in the dividend to 1.50p for the year is a nice reward. With cash of £2.7m the share price is well supported.
rossco: The interims are usually out in December so hopefully they will show progress and lead to an uplift in the share price.
battlebus: I suspect the market believes we are near the bottom of the property ladder as all signs at present look encouraging. Clearly a cheap stock with a healthly balance sheet and a 1p dividend which goes xd on August 28th. The rumours around British land have caused a markup in most property stocks. Although FLK isn't a typical property stock a couple of small buys pushed us up by nearly 30% on Friday. I can see 50p fair value mid term so now's the time to invest. I've held these for a couple off years principaly for the divi but may add now for a strong rise in share price.
Fletcher King share price data is direct from the London Stock Exchange
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