||EPS - Basic
||Market Cap (m)
Real-Time news about Forth Ports (London Stock Exchange): 0 recent articles
|flintoff: Very new to all this, but as long-term holder of Forth Ports am astonished at both near silence on Bulletin Board and in press after approx 13% rise in share price in last week or so.
|alanrussell: According to the Independent talk is of an offer as much as £20.50 per share, however talk is just that. Historically a spike in FPT share price on takeover rumour has proved a very profitable time to sell. Sooner or later it is likely to be taken out but is this the time????????????????????????|
|alanrussell: Not a pile of poo at all! A sound company, well run. Granted the share price has not been too exciting of late but that's because, IMHO, it had risen too high in late summer.
Indeed during some of the recent days when the market dropped sharply the price held up well showing impressive strength. So much so that I was beginning to doubt if I had done the right thing selling at the start of October. But then today, with the FTSE250 up 2%, the price remains stationary. Hard to figure which way this is headed.|
|alanrussell: From the Independent 2-7-10
Our view: Buy
Share price: 1141p (-38p)
after a tempestuous half-year, Britain's only listed ports company published a pre-close trading statement yesterday forecasting results well ahead of last year. Forth Ports which owns and runs seven facilities including Grangemouth, Rosyth and Tilbury is still smarting from the collapse of takeover talks with major shareholder Northstream, a consortium which includes Arcus European Infrastructure, Peel Holdings and RREEF. It upped its bid twice before walking away at £14 per share, valuing the group at £640m, in late May.
Forth's management maintained that the offer undervalued the business and specifically the potential of a 400-acre plot the group owns on the Edinburgh foreshore. But the share price plunged by more than £1 nonetheless. The good news is that Northstream still owns more than a quarter of Forth's shares, so the door cannot be completely closed. In the meantime, progress is good.
Although short sea containers at Tilbury are still behind last year's levels, and container volumes at Grangemouth are flat, forest products tonnage has "increased substantially" with animal feed also on the rise. The group has slashed costs and boosted efficiency as well. Perhaps most important of all, enquiries for additional dry and liquid bulks and offshore renewables have increased markedly.
Better still, Forth's Nordic recycling business has seen a boost from improving commodity prices. Plans for the development of Leith Docks were approved last week, and plans for a biomass power station, in a joint venture with Scottish and Southern, have been submitted. Notwithstanding a forecast multiple of 21.1 times 2010 earnings, Forth looks well-placed with good earnings certainty, increased new business, a big surplus land bank and a fledgling but exciting renewables business. Acquisition or not, Forth Ports looks strong. Buy.
I would rate FPT a solid hold but necessarily a buy at present IMHO. The market generally is likely to take a lurch or two down over the coming months so a better price may well present itself. Equally it is hard to see any great upside in the immediate future. No need to hurry to buy.|
|highland terrier: Thank you alanrussell.
The reports i have read suggest that they will get it for £15 per share, although i don't believe they will get it for that amount.
One of the analysts valued the shares at between £16.50and £17 per share and i think they will at least have to go to somewhere around that figure to have a chance of securing the company.
I don't know if you noticed but they tried to buy Forth Ports before the Annual results where announced and now they have tried to buy it before the AGM.
I would imagine that with the Olympics being less than two years away (more traffic) and the banking and housing markets improving that the market value of Forth Ports will increase significantly over the next year, also if you look at the share price for Forth Ports over the last twelve months there has been occasions when the share price has been at least as high as the money that Peel are offering per share (twelve months ago the recession was at it's peak).
The AGM might give reasons why Peel are so anxious to do a deal so cheaply.
One of the articles in the Scotsman newspaper stated that at one time the landbank was valued at five billions pound (an exageration) but nonetheless the land is worth a lot more than the figure mentioned in the Annual Results|
|alan russell: Gosh! Did you ever think you would see the share price at this level. Perhaps the market suspects B&B may go under. If I was a man with even a shred of courage I would buy a bagful. However.......|
|gateside: 5 directors bought a good number of shares each today, after an upbeat trading statement and announcement of an interesting joint venture.
Should help lift the share price back up.|
|kettlety1: Dunno why the sudden share price fall (against the market movement).
To comment on Post No 740, I live in Edinburgh and my son currently rents a flat in Leith. Also, the son of one of my neighbours also bought a warehouse conversion flat in Leith about 3 years' ago, so I can speak with a little knowledge of the area.
Many 'New Flats' are advertised at a fixed price with 20% or more discount below the current developers' prices. As regard the 'traditional' flats, no matter what 'environmental improvements' and restoration that is offered, the main problem with Leith is the high number of DHSS-funded, Council or Housing Association-owned property, that is let out to a load of state-funded druggies and alcoholics. Vandalism, car theft and anti-social behaviour is rife and there is no way that anyone with any sense would 'buy in' to the area until these problem Leithers are dealt with.
My son is almost at the end of his 6-month tenancy (which he took so as to consider a flat purchase in the area), and tells me there is no way he will stay in the area (two vehicle window breakages, one wing mirror 'removed', plus two attempted muggings experienced in the past 5 months - plus being awakened many times by locals experiencing the 'screaming hab-jabs'). My neighbour's son? His flat has been on the market for 3 months and the price reduced twice, with very few viewers so far.|
Go to Forth and it could multiply - especially once it attract bidders
Shares: £21.00 +10p
Questor says Buy
What's wrong with Forth Ports? While Associated British Ports, Mersey Docks and PD Ports have all been taken private, bid target Forth remains just that.
Judging by yesterday's full-year results, the business is in reasonable shape, even if underlying profits from the port operations, at £37.3m, went nowhere last year.
The issue for a prospective bidder is not just a share price already containing a bid premium, but the fact that, unlike its rivals, Forth is two distinct businesses: ports and property.
The cargo operations at Grangemouth, Dundee, Rosyth and Tilbury share all the characteristics beloved of the infrastructure funds that battled for ABP or PD Ports - scarce capacity, long-term contracts with shipping customers and regular, predictable cash-flows.
The value of the ports' investment properties keeps going up - last year from £137m to £164m - due to such things as a 35-year lease with Cemex for a new Tilbury cement facility.
By contrast, the property wing - broadly 400 acres of prime Edinburgh waterfront - appeals not to infrastructure funds but property developers.
As our chart shows, property chipped in negligible profits last year, but it is here the real value lies.
Forth is having the estate independently valued each year, with its "market value" - the sum if sold tomorrow - up 6pc to £277m and the longer term "calculation of worth" up from £362m to £402m.
Even the latter is likely to prove conservative, assuming that Leith property prices keep rising and Forth wins permission to build more luxury flats than social housing.
All this means that Forth is really a target for break-up bidders. Analysts' sum-of-the-parts calculations range from around £21 per share - close to the current share price - to £25, depending on assumptions over property development.
With a yield of just 2.2pc, the shares are not cheap, but for patient investors they're a buy.|
|alanrussell: Looks like Mersey is going to go to Peel at £771M. Should help FPT share price over the summer as ex MDK shareholders with cash in hand, and well disposed towards docks, look for new investment opportunities.|
Forth Ports share price data is direct from the London Stock Exchange