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Lighthouse Share Discussion Threads
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|Not much stock available.|
|I am surprised this has not gone a bit better this morning ? It was up at 14-15p ten months ago, and they are delivering. Balance sheet is fine, affinity contracts continue, costs are lower.
The big issue is the lack of top line growth......they must start to convert the affinity connections and fund management into decent ( profitable) revenue growth ?|
|Thanks for posting GHF|
|Smashing results. I took a small position on the back of the Affinity renewal news a week ago & delighted to see the company exceeded finnCap's 2017 EBITDA forecast a year early!
finnCap have raised forecasts by +10% for this year & say,
"The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017.
If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term.
Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
EBITDA of £2.2m was up 37% (2015A £1.6m) and 15% ahead of our expectations (£1.9mE): in fact, it was in line with our 2017 estimates.
PBT of £1.9m was up 119% (2015A £0.9m) and 46% ahead of our expectations (£1.3m). This is against a revenue number that was £1m behind last year as the network reduced and £2.1m of platform-based trail income was removed under the FCA's ‘sunset clause' change.
Recurring revenue has now reached 50% of revenue. Fully diluted EPS was 1.97p (2015A 0.68p) although if a full tax rate was applied this would reduce to 1.19p (2015A 0.54p), and the dividend for the year is 0.27p (2015A 0.24p).
Net cash at December 2016 was up £200k to £8.1m (2015A £7.9m).
We upgrade our 2017 EBITDA estimate by 10% to £2.4m (2016A £2.2m), PBT estimate increases by 31% from £1.6m to £2.1m and on a fully taxed EPS basis we estimate 1.2p EPS where previously we estimated 1.1p on a 9% tax basis. In reality, the Company is likely to pay little or no tax in 2017, which would result in stated EPS of 1.6p.
We introduce 2018 and 2019 estimates reflecting 17% EBITDA growth followed by 6%.
The operating margin of 14% will grow as the three drivers in LFA, network and wealth management increase scale and the new investments of Luceo and Workplace Solutions start to generate profits. For now, we use a multiple of 14x fully taxed earnings to derive a price target of 17p; however, we expect to upgrade this as further margin enhancement is delivered.
Conclusion. Lighthouse is gaining momentum and is uniquely positioned to access the assets of Middle Britain, a feat that eludes most Financial Planners and Wealth Managers. Increasing scale and growth in the investment areas of Luceo and Lighthouse Workplace Solutions will improve the margins, which in turn will improve the rating further."
|Cracking results. But, as you say Trader, probably bonuses all round !|
|Still a business that is driving increased profitability through reduced cost - and not increased revenues. A strategy can that only take you so far! But... the increased profitably shows a business in far better shape than it was. Recurring revenues of 50%. 13% increase in divvi. Wonder how this compares to increase in Board remuneration?|
|Results tomorrow. Let us hope this evening's strength was a
Leak of good news !|
|The extension of the USDAW contract for three years announced today.
A couple more of these partnership agreements would help...|
How do they get to 11.8% - what a precise figure?
|Graham - typo?? Possibly I suppose. Type "O" trade of 10.8m which did not seem to move the price. Has a broker picked this up? Way above NMS. Guess we will see a counter party trade posted shortly.|
|I assume that trade is a typo ? There are only two holders of over 10m shares, Alan Rosengren and Helium. Helium I am sure are not sellers.|
|Revenue flat, eps gains due to reduced operating costs - and you can't keep cutting your costs. Need some revenue growth.
Outlook - The Group believes that its individual business units have a positive future and that operating profits should continue to grow.
Is this credible? Not on the basis of these interims.|
|Good rise today. People will soon be able to take £500 out of their pension tax free as long as they spend it on financial advice. The search website "unbiased" claims that people who take advice can receive an extra £3,500 per annum from their pension pot....great news for LGT.|
|Half year results for the six-month period ended 30 June 2016, on 20 September 2016|
|Another penny rise on no volume. 14.25p bid for no reason.
Is this now seen as "in play" ? There does not appear to have been buying ( from say Helium) that might be pushing it up ?
Not complaining !!|
|9% rise on naff all volume - wassup?|
|See that the LSE trading volume of AFHP amounted to 14.2K shares today.|
|AFH (AFHP) sh_are price went down today as well! I would have expected a rise in a bidders share price after they pulled out of a take over. Not sure how much due dilligence was done but I understand other potential bidders can go over the findings and mull an offer:)
Agree though that LGT is one company who's share price realy could moon shot with its B-2-B/C potential.|
|I don't think the meagre takeover bid was worth the hassle of putting to shareholders.All this has been a bit of waste of time for AFH and LGT, but has hopefully been good for us with a higher support point.Next move is for LGT to keep steadily growing.|
|Certainly agreed that AFH are bitter. LGT Board seem old time arrogant to me - evidenced in that they didn't put the bid to the shareholders. Also, they have small stakes. They will do better by continuing to pay themselves hansomly.|
|It's evident from the tone of today's RNS that AFH are bitter, especially after LGT pushed the share price up above their takeover bid price within a few hours of trading (effectively two fingers up at AFH). Nice move LGT.|
|AFH offer withdrawn. As above - Couldn't myself see how AFH was going to fund the acquisition. LGT was too big - too much of a stretch.|