Laird Share Discussion Threads

[grahamburn] 13/2/2017 19:33

No dividend in the upcoming results on 28 February - just the prospect of a rights issue to raise £185m and even then it will be close to its banking covenants.

Surprised at the strength over the recent past as until the rights issue is formalised, there must be some doubt over the direction of the share price.

[sutherlh] 13/2/2017 17:48

Big gap up to 300. Not going to fill it in one go or near term. Bought below 150p and put in bottom drawer to take out in a year of so. Not sure if it is still paying a dividend although it may be around 8% if still paying out

[gordo58] 13/2/2017 14:42

a close above 168 would be a positive sign, i think, if anybody is interested?

[gordo58] 08/2/2017 12:59

7 days and counting ........

[gordo58] 01/2/2017 08:48

168p resistance - could be here for a while. but you never know ;)

[kunama] 26/1/2017 18:39

Thanks for the confirmation Gordo.

Currently deciding whether to sell a portion now in advance of the rights announcement or wait until it happens.

[gordo58] 26/1/2017 14:56

There are 271.45 m shares in issue
they would like to raise 185 million
so I suppose, they need to raise about 68p per share.
slice it any way you want, but pretty much as kunama called it
"I would expect that, at a smallish discount (say 20%),it may well be 1 new share for every 2 currently held."

[kunama] 25/1/2017 19:50

Hi Lucky

I don't think it's been announced yet. However they have said they want to raise £185M and their current market cap is 442M. I would expect that, at a smallish discount (say 20%),it may well be 1 new share for every 2 currently held.

Any other views on this as it may be that a substantial investment is needed and requires planning.

[luckymouse] 24/1/2017 16:42

what is the rights dilution ratio?

[analyzer] 24/1/2017 13:12

The Group's full year results for 2016 will be announced on Tuesday, 28(th) February 2017.

[bakunin] 24/1/2017 10:26

Is it just me?
Doesn't the T/U read "more or less back to normal trading patterns in Q4" after the blip in Q3?
Annual PBT of £50m in a bad year and a MCAP of £400m.
Annual revenue of circa £800m and a more usual P/S between 1 and 2 ought to give it a MCAP north of £1bn.
Good management ought to be able to reinstitute the £80m+ PBT to further justify a £1bn+ valuation.
Previous takeover attempts were at £1bn+ when the group was far smaller (and also less endebted).
The delayed rights issue seems to be sending the message that the old CEO has gone and they are now open again to suitors. Anybody interested should make a move before the rights issue goes through.
Take off the £180m rights issue from a £1bn valuation (the rights issue is aimed at leaving them with a more usual debt situation) and takeover offers from well-run companies that can raise margins through efficiency and synergy should quite easily be in the area of £800m, ie a share price around 300p.

Why negotiate more covenant headroom when a rights issue is imminent? Unless the rights issue is just a red herring.
In any case, I have not seen a rights issue yet that is not a give-away. In fact, some brokers, eg one beginning with a B, try their hardest to make you lose out on your rights, sending emails/letters that give you just 1 day to opt for your rights.

[wynmck] 24/1/2017 09:15

t/s out today

[churchtower] 18/1/2017 16:02

Cobham may well be renamed Cobcordia as it too is heading for the rocks. CH.

[meijiman] 18/1/2017 15:47

Indeed he did. He is now performing his 'magic' at Cobham. These ceo's seem able to jump from one ship to another even if useless.

[churchtower] 18/1/2017 15:23

Sadly as a long term supporter of Laird my recommendation would now be to get into the lifeboat. Your Captain left in his several months ago with not a thought for any passengers or crew. CH.

[square1] 13/1/2017 15:15

Interesting that Investec have upped their TP to 235p

[churchtower] 13/1/2017 08:27

"The Board recognises the high level of leverage (including the impact on reported net debt of the weakness in sterling) and the limited covenant headroom. It has determined that it is in the best interests of shareholders to proactively address the Group's financial position• Proposed rights issue (the "Rights Issue") of up to £185 million expected to be undertaken in Q1 2017 together with the full year results; underwritten on a standby basis by J.P. Morgan Cazenove• Discussions will commence with debt providers to seek appropriate amendments to the operation of the covenants to ensure that the Group remains in compliance with the terms of its debt facilities."This is best avoided until these matters are resolved.

[gordo58] 05/1/2017 11:57

yes, I think last years buyer is back from festive holidays. Its been at least two weeks since we have seen this sort of volume :). happy new year to everyone with Laird shares - lets hope its better than last year (ouch)

[sh1984] 05/1/2017 11:48

Big increase today, something is up? news leak?

[gordo58] 16/12/2016 17:25

nearly 4 million shares traded in fridays closing auction - this must mean something but I don't know what that could be hmmmm.. might be news out over the weekend I suppose

[bakunin] 05/12/2016 08:55

Surely you don't read that robotic rubbish

[mj19] 03/12/2016 00:26

Traders might also be keeping an eye on the Piotroski Score or F-Score. The score is named after its developer Joseph Piotroski who created a ranking scale from 0-9 to help determine the financial strength of a company. Laird PLC (LSE:LRD) currently has a Piotroski Score of 2. To arrive at this score, Piotroski gave one point for every piece of criteria met out of the nine considered. In terms of profitability, one point was given if there was a positive return on assets in the current year, one point if operating cash flow was positive in the current year, one point for higher ROA in the current period compared to ROA for the previous year, and one point for cash flow from operations greater than ROA. In terms of leverage and liquidity, one point was given for a lower ratio of long term debt in the current period compared to the previous year, one point was given for higher current ratio compared to the previous year, and one point if no new shares were issued in the last year. In terms of operating efficiency, one point was given for higher gross margin compared to the previous year, and one point was given for a higher asset turnover ratio compared to the previous year. In general, a stock with a score of 8 or 9 would be considered strong while a stock with a score from 0-2 would be considered weak.Investors may also be watching company stock volatility data. Laird PLC (LSE:LRD)'s 12 month volatility is presently 73.112600. The 6 month volatility is 102.895800, and the 3 month is noted at 136.422200. Stock price volatility may be used to identify changes in market trends. When markets become very volatile, this may point to a change in investor sentiment. Watching volatility in combination with other technical indicators may help investors discover important trading information.Diving in a bit further, we can take a quick look at the Q.i. (Liquidity) Value. Laird PLC (LSE:LRD) has a present Q.i. value of 17.00000. This value ranks stocks using EBITDA yield, FCF yield, earnings yield and liquidity ratios. The Q.i. value may help spot companies that are undervalued. A larger value would represent low turnover and a higher chance of shares being mispriced. A lower value may indicate larger traded value meaning more sell-side analysts may cover the company leading to a smaller chance shares are priced improperly.Investors keeping an eye on shares of Laird PLC (LSE:LRD) may be examining the company's FCF or Free Cash Flow. FCF is a measure of the financial performance of a company. FCF is calculated by subtracting capital expenditures from operating cash flow. Currently, Laird PLC (LSE:LRD) has an FCF score of 1.173542. The FCF score is an indicator that is calculated by combining free cash flow stability with free cash flow growth. Typically, a higher FCF score value would indicate high free cash flow growth. The company currently has an FCF quality score of 3.616243. The free quality score helps estimate free cash flow stability. FCF quality is calculated as the 12 ltm cash flow per share over the average of the cash flow numbers. With this score, it is generally considered that the lower the ratio, the better.