Gateley (holdings) Share Discussion Threads

[jonwig] 15/11/2016 07:06

Trading update, brief:

Gateley (AIM:GTLY), a national commercial law firm and complementary business services group, is pleased to announce an update on trading ahead of its interim results for the six months ended 31 October 2016.

Trading for the first half of the year has been good with growth in revenue and operating profit supported by good cash generation in line with the Board's expectations.

The Board looks forward to the second half of the financial year, with further organic growth in the Group's core legal services, augmented by the contributions from our recently acquired complementary businesses of Gateley Capitus and Gateley Hamer combining to deliver on Gateley's diversification strategy.


The Board expects to announce the Group's half year results in early December 2016.

[qs99] 08/11/2016 17:51

hi there

yes looked at last year and should be due some form of update IMO over next few weeks. Let's see. My experience is that lawyers make hay whether rain or shine, so hoping this is still the case!

good luck

[jonwig] 08/11/2016 17:23

QS99 - not really, I tend to ignore sharp price movements these days! I've been looking to bed-and-isa my holding here (and add a few more at the same time) but haven't got a decent spread to do it.

As for what's happening, there are a few news items about new appointments, office expansion, etc. which is reassuring, and the recent big partners' sale might happen again, putting a damper on the share price. But they seem to have managed the transition from partnership to PLC very well and should benefit from increased housebuilding activity which the govt desperately needs.

They gave a trading update last year mid-November. Maybe next week, then?

[qs99] 08/11/2016 16:11

jonwig anythoughts?

[qs99] 08/11/2016 15:31

nice move northwards again IMO

[jonwig] 25/10/2016 14:43

More detail on yesterday:



And Liontrust announce a holding of 8,877,935 shares.

Calm resumes!

[jonwig] 25/10/2016 09:18

As expected, the sale of shares by former partners never went near the market. They could only shift that many because institutions were willing to take them. And they, in turn, wanted a discount.

[jonwig] 24/10/2016 17:14

The share price didn't budge, so most likely a share transfer off-market at an agreed price. This would normally be the mid-price, so I'm a bit puzzled.

The largest trade was 7.4% of the equity, so I would expect at least one RNS tomorrow.

[davr0s] 24/10/2016 16:55

No idea - biggest vol since IPO?, but given the price seems to be a sale. I got stopped last week. Price could go anywhere from here

[trewinney] 24/10/2016 15:59

Anyone know what is going on?

[qs99] 19/9/2016 16:21

looks like a nice add on IMO...

[jonwig] 19/9/2016 14:58

Cantor Fitzgerald now at 145p tp after the acquisition.

[jonwig] 19/9/2016 07:32

Aquisition of Hamer Associates:



This looks an interesting addition: if the volume of infrastructure spending rises significantly, Hamer will get lots of business! Crudely, paid on a maximum earnings multiple of 8.8x.

Cantor Fitzgerald (separately) has a tp of 125p.

[jonwig] 20/7/2016 07:37

IC summarises the results and includes:

Broker Cantor Fitzgerald expects 2017 adjusted pre-tax profit of £13.2m for the year to April 2017, giving adjusted EPS of 9.8p, up from £11.9m and 9p in FY2016.

Conclusion:

Management has confirmed it will continue to return the same proportion of after-tax earnings. With profitability expected to grow, we continue to see the shares as a good income buy.

Last IC view: Buy, 105p, 15 Dec 2015

[jonwig] 19/7/2016 11:00

ganthorpe - yes: their typo and my straight copy.

Get out more? I've been out in the midday sun too often lately.

[ganthorpe] 19/7/2016 10:06

I reckon the total divi for the year adds up to 5.659P not 5.639P but maybe I should get out more.
Nobody bothers to check such boring detailsthese days ?

[penpont] 19/7/2016 07:51

Adjusted eps stated as 8.98p. Would have liked at least a passing comment re Brexit.

[jonwig] 19/7/2016 07:46

tsmith - I was assuming the forecasts were up-to-date and included Capitus - not sure how that is consolidated after just a couple of weeks' contribution.

As I said, I'm not fussed about that.

[jonwig] 19/7/2016 07:26

FY results:



It's possible they were just short of the forecasts in Digital Look of eps 8.95p and div 5.69p - actual numbers 8.18p, 5.639p. That doesn't really trouble me as the outlook statement is pretty confident. Their emphasis on construction and real estate might hold the share back until the outlook gets clearer: dunno.

[speedsgh] 19/5/2016 10:56

Dividend Policy -

"Gateley, (AIM:GTLY) a national commercial law firm, announces that the Board has formalised its dividend policy and is adopting a traditional twice yearly approach, paying in aggregate, up to 70 per cent. of profits after tax."

in today's rns they state EBITDA not less than £12.6m which equates to earnings of c£10m (assuming full tax charge) or EPS 9.47p. If they were to pay the full 70% of EPS, this would indicate DPS 6.6p. However their policy only states "up to 70%" so they have plenty of wriggle room. DPS 5.75p would represent a payout ratio of c60% of earnings based on above figures.

All speculation for now, we will of course find out in due course when they release the finals.

[imranawan] 19/5/2016 10:28

Stocko are forecasting a total dividend of 5.75p for 2016. Given that they paid an interim of 1.895p, I've therefore assumed that the final dividend will be 3.85p. They are expected to grow the dividend by 20% for 2017.

[speedsgh] 19/5/2016 09:40

"The Board expects to recommend a dividend in line with market expectations in the Group's results for the year ended 30 April 2016, which will be announced in July 2016."

What are market expectations? I had 6.30p pencilled in from somewhere but note that Digital Look is showing a consensus DPS of 5.73p for the year ending Apr 2016, rising to 6.83p in the current FY. TIA

[eezymunny] 19/5/2016 09:19

Indeed jonwig. It's hard to be bullish on house prices when they're insane but one wonders if they'll just get more and more insane. As you say it's volumes that matter and they should remain OK given housing shortage etc but in a real meltdown volumes could drop off. We can only guess....

My numbers earlier were bunkum. Sharescope is showing the numbers to Apr 2015 as a forecast for some reason, so I got the year wrong. Apr 2016 revenue was f/c at £64.5m so actuals are coming in 2-3% above forecast rather than 8-9% as I suggested. imranawan's numbers look right.