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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Formation Grp | FRM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.75 | 1.75 |
| Top Posts |
|---|
Posted at 13/11/2020 18:34 by crescenter Whilst there are serious concerns surrounding the lack of liquidity and the 90% controlling interest I do wnder if this is due a windfall under the profit share from the development of mahatma gandhi house.Since lockdown ended the housing market has been on fir and from enquiries made with estate agents marketing these properties they are and have been flying off the shelf. mahatma gandhi house is well located just off from Wmbley Stadium so investors have been snapping them up. |
Posted at 01/12/2016 12:14 by barnetpeter "Formation is: i) a governance nightmare, with the Kennedy family owning a 60% stake & activities devoted primarily to related-party deals/JVs, and ii) essentially, a construction management company (a perpetually unattractive business for most investors)"Here it is......all those millions in cash in the bank will go to whom exactly? |
Posted at 28/4/2016 15:58 by wexboy 2016 – The Great Irish Share Valuation Project (Part I):Company: Formation Group (FRM:LN) Last TGISVP Post: Here Market Cap: GBP 14.3 M Price: GBP 6.5p At 2.05p per share, I tagged FRM as a ‘penny stock, which…could rally very nicely if it catches investors’ attention’. Little did I see it trading sideways for a year…only to transform, in a mere eight months, into a bloody six-bagger (hitting a 12.7p high). A typical case of small PIs losing their friggin’ minds! Formation is: i) a governance nightmare, with the Kennedy family owning a 60% stake & activities devoted primarily to related-party deals/JVs, and ii) essentially, a construction management company (a perpetually unattractive business for most investors) that still can’t turn a profit, despite the ramp-up in revenue…and risks. Granted, the Kennedy Show works both ways, as FRM earned a quick £2 million on this related-party deal & the construction business arguably covers an otherwise substantial overhead burn for such a small company. [Though if we exclude the sweetheart profit, FRM’s actually made zero progress vs. my £6.9 million adjusted equity estimate from two years ago]. But overall, considering the improved investor sentiment & likely near-term news/profits from its Iverson Road development, a 1.0 Price/Book ratio now seems appropriate (based on adjusted equity, to reflect the post year-end write-back of non-recourse Dunbar Assets loans): (GBP 7.6 M Equity + 1.0 M Neg Equity Reversal) * 1.0 P/B / 221 M Shares = GBP 3.9p PIs got well ahead of themselves here…despite being sliced in half since the Jan high, FRM remains substantially over-valued. And if 6.25-7.25p support breaks, we’ll probably see another nasty shake-out. But the elevated share price may still be good news for management, as a substantial fundraising might be possible, which would help close the value gap here (as NAV would increase) – and with two well-known Irish politicians appointed since as directors, a new focus on Irish investors/projects wouldn’t be surprising, though Greater London residential also remains attractive. Price Target: GBP 3.9p Upside/(Downside): (40)% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog. |
Posted at 23/9/2015 07:45 by ten bag man Looks like yet another ten bagger if the stock hits 11P today.Well done to all investors .!! |
Posted at 08/7/2015 15:44 by amrishbhim There have several other projects lined up but I read somewhere that Aidi may also do business with them regarding development of new stores , not sure where I read this , but if true this is certainly going somewhere , I'm surprised at the price coming down and very few investors , market seem very weak today |
Posted at 07/7/2015 16:22 by ten bag man Very please for anyone investor who bought after reading the header post at 1P two years ago.It goes to show buying shares others donot not want can make super profits. |
Posted at 06/7/2015 21:28 by mylands Nice to see that there are investors buying stock, in size, at these 'lofty' levels. Must help the share price to maintain the current price and maybe move it upwards even further. |
Posted at 01/7/2015 07:28 by mylands I've been holding FRM since 2004, not one of my wisest decisions, though when they soared to 30p in 2007 I thought I was backing a winner. Little did I know what was about to unfold, a disastrous collapse in the SP, all the way down to below 1p.So, to see the recent re-rating has gone someway to mitigate my losses and reward me for my perserverence. Ever since the collapse in 2007, I can't remember seeing a trade as big as yesterday's, which has just been posted, of 563k at 4.6p. The good news for me is that there are investors out there who want to pick up a seller's stock, in size. If you had tried to move that amount a few months ago, the share price would have suffered under a huge overhang for months! |
Posted at 30/5/2014 07:50 by p@ Jonc-Thought it would be interesting for new investors,to see where this is progressingand that it is not just a one shot outfit. Results- |
Posted at 22/4/2014 03:30 by wexboy Company: Formation GroupPrior Post(s): None Ticker: FRM:LN Price: GBP 2.05p A reader alerted me to FRM it's a London-focused construction & property development/manageme Formation actually started out as a sports management & marketing agency, founded by footballers Kevin Moran & Jesper Olsen, and agent Paul Stretford. [Moran & Stretford still have an 8.8% stake in FRM]. All sporting related assets & litigation, plus other non-core assets/activity, are now gone the company operates close to break-even & the main asset's a GBP 6.2 million stake in the Aldgate East development. The balance sheet needs some adjusting actually: i) Inventories of 3.9 M (investment properties in Bristol & Bradford) are funded by 4.3 M of non-recourse debt. These are being sold (or handed back to the bank), so 0.4 M of negative equity will be wiped shortly from the balance sheet, ii) the Aldgate East investment will be settled (for 6.7-6.8 M, presumably in cash) in the next few months let's presume a 0.5 M uplift from the current balance sheet value, and iii) 16.5 M treasury shares have just been sold to the Kennedy Family (increasing their aggregate stake to almost 60%), raising 0.3 M of cash. [NB: As of the final results, the company had 0.2 M of cash. And receivables & payables basically net off, though 0.8 M's been received since (as a reduction in payables & 0.3 M of parking spaces)]. However, it would be prudent to adjust for a further 0.2 M of operating losses in the next year. [It will probably require at least another 50% revenue increase for FRM to break-even - fortunately, the business appears to have momentum, with 2013 revenue up almost 150% yoy]. Worrying about the Kennedy control is a little pointless here because virtually all revenues come from Kennedy development projects also (plus the family's the other shareholder in the Aldgate investment)! This shouldn't come as a surprise, as this unusual set-up's been in place since day one when Columbia Design & Build was originally acquired from the Kennedys. Though I'm a little astonished to see it's business as usual in the UK, considering the Kennedy loan issues in Ireland... But FRM's a small company there's far more upside for David Kennedy to try raise new equity/rebuild the company (vs. screwing existing minority shareholders). It's also a penny stock, which will soon be debt-free/cash-rich so it could rally very nicely if it catches investors' attention, particularly if there's a whisper of getting involved in the Dublin market again. Reinvestment of the Aldgate proceeds will obviously be a key driver here... A 0.8 Price/Book multiple seems reasonable at this point: (GBP 6.0 M Equity + 374 K Neg Equity Reversal + 500 K Aldgate Gain + 313 K Treasury Cash 240 K Operating Loss) * 0.8 P/B / 221 M Shares = GBP 2.5p Formation Group's somewhat under-valued. On one hand, it's a governance situation many investors wouldn't touch with a barge pole. On the other hand, it's on the verge of being a small, cheap & cash-rich situation just as many investors will find it an easy stock to hold while they await the possibility of interesting news/deals to come... Price Target: GBP 2.5p Upside/(Downside): 23% |
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