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Murgitroyd Share Discussion Threads
Showing 151 to 170 of 175 messages
Agreed, 'disappointing' rather than catastrophic but obviously it does nothing to answer the question at to where future growth might come from.
According to my data, the largest previous share-price fall was circa 12% in June 2008 so today's market response is unlikely to go unnoticed by the board, not least due to the large family shareholding(s).
Given that cash apparently continues to roll in, then I would wonder if a limited buy-back programme might now merit consideration, which along with the mooted dividend increase ought to help underpin the stock price whilst the growth issue is being addressed.
Considering a top-up at these levels, but will wait for the results announcement before committing any further capital I suspect.
|Not sure about that tsmith.
Seems like they've ramped up sales & mktng costs but that hasn't delivered the growth they'd budgeted for.
They say "lower than anticipated revenue growth". So doesn't sound like sales have fallen off a cliff.
Time will tell.|
|It's the outlook statement that's worrying|
|Yes. First warning in donkey's years (ever?) for MUR. Shame. I haven't suffered a warning in my portfolio for a few years. Happens to us all, alas!|
|A disappointing update today. A mild profit warning so not the end of the world by any means. Dividend still going up. Braemar yesterday, Murgitroyd today. Not a good week so far!|
|eps growth has indeed been illusory despite consistent top line progress, jg, but the balance sheet, as you say, has strengthened and is now IMO strong enough (£3m net cash and rising, c. £13.5 net current assets) for further acquisitions, cash returns etc.
Currency headwinds of recent years are now tailwinds, a reduction in US corp tax rates will boost eps as well (if The Trump's promise is delivered).
MUR is, IMO, a very reliable cash machine (may not always be so!), and given the balance sheet (£13.5m nca, £2m property etc) I can make a case that it's very cheap here! You only pay c£30m over and above current NTAV for a company that chucks off c. £4m cash p.a.
3.4% yield here, twice covered is pretty good.
Had a few for the EEZY3 portfolio a week or two ago FWIW
|haven't followed this share closely for years. Just for fun, I looked at growth between 2012 and 2016. eps was 36.76 in 2012, and 35.35 in 2016. revs grew from 35.7, to 42.2m. Profit after tax grew fractionally from 3.14 to 3.3 (incl FX and reval gains). Over that time, debt has reduced, and cash on hand is up. The number of employees at 234 is unchanged.
Over the time equity (book value) has increased from 21.3m to 30.4m. What additional earnings has that increased equity investment produced?
It seems to me - and in contrast to beta-adjusted and 100rich's comments - that MUR is failing to grow. As such, current PE might be about right? Why hold?|
|Thank you Topvest.
I think you are entirely correct. I performed a google search today, putting in the text of resolution 9 and a number of similar instances were thrown up (Next and SSE were two such situations).
Appears that it is largely a 'procedural' correction rather than anything more substantive, so I am reassured.
Still, this is a firm of lawyers...but mistakes do happen, so my mind rests easier.
Many thanks again,
|Looks to me like they paid an illegal dividend. Maybe they forgot to file interim accounts at Companies House?|
|Would someone be kind enough to explain the following AGM resolutions to me:
9. To ratify and confirm that any and all claims which the company has or may have in respect of the payment of the dividends against its shareholders who appeared on the register of members on 2 October 2015 (being the record date for the final dividends, the "record date") be released, and that a deed of release in favour of such shareholders be entered into by the company in the form of the deed produced to the meeting and signed by the Chairman of the meeting for the purposes of identification.
10. To ratify and confirm that any distribution involved in the giving of any such release in relation to the dividends be made out of the profits appropriated to the dividends as aforesaid by reference to a record date identical to the record date for the dividends.
11. To ratify and confirm that any and all claims which the company has or may have against its Directors (whether past, present or future) arising in connection with the payment of the dividends be released and that a deed of release in favour of such Directors of the company be entered into by the company in the form of the deed produced to the meeting and signed by the Chairman of the meeting for the purposes of identification.
12. To ratify and confirm that any prohibition under the Articles of Association of the company or elsewhere on interested Directors voting in respect of any contract, transaction, arrangement or proposal, or proposed contract, transaction, arrangement or proposal, in which they may be interested shall be suspended to the extent necessary to enable the execution and delivery of such deeds of release on behalf of the Company.
I don't ever recall seeing such items in a company's AGM resolutions before and am just curious as to what they actually mean in practice.
Thanks in advance,
|I've bought an initial small stake. A quality business with a very good record. Not expensive.|
|gist of it is that eps has grown from 4.2p to 35.8p in 10 years thanks to mainly organic growth inc. opening new offices, plus occasional acquisition. Forward PE just 11.5, partly because under the radar with market value still just c. £40m.|
|Tipped at the weekend in the Momentum Investor|
|I'm in the same situation. Company looked cheap, great business/sector, but share liquidity and corporate governance + nepotism put me off a little (forget precise details, but executive chairman and his son is also on the board as part of business development).|
|Anyone know about today`s rise? Missed the boat with this onee. Been thinking of buying for the past three years.|
Broker upgrade to BUY|
|MUR update note -http://www.stockopedia.co.uk/document/view/43630/activity-levels-satisfactory|
|Quiet here. Paul Hill put a prospective value of 350p when tipping them in December.
Murgitroyd, a UK-listed patent lawyer, should have a field day as scientists come up with more ideas that have to be protected across numerous jurisdictions. These services span many industries, including engineering, electronics, chemistry and biotechnology. This is a growth market, regardless of how government stimulus plans pan out. The industry has doubled in size over the past decade (with an average growth rate of 7% a year), on the back of greater corporate R&D investment, together with a growing number of patent disputes between owners and copycat rivals......Turnover for the year ending May 2010 will come in at £30.4m, with underlying earnings per share (EPS) of 27.9p, rising to £31.2m and 30p respectively in 2011, reckons research group Hardman. On the current share price of 257p, that puts the stock on p/e ratios of 9.2 and 8.6, while paying a 3.5% dividend yield. I would value the group on a ten-times operating profit (Ebita) multiple. After adjusting for the £7m in net debt, that generates an intrinsic worth of more than £3.50 a share 35% above today's level.
The price subsequently rose by 10% without any news so it was probably on the back of that tip. Seems to have topped out and could retrace back to 278/280p.
On my watchlist.|
|tipped in money week 11 ddecember page 26|
|Tipped on http://www.4wm.co.uk - Tenth Episode|