|Next Fifteen Communications
||EPS - Basic
||Market Cap (m)
Next Fifteen Share Discussion Threads
Showing 276 to 300 of 300 messages
|Sell any shares you hold in opinion pollsters!
Buckle up; it's going to be a bumpy ride.|
|No worries leading, easy mistake. Fair play for your post.
What about Trump?! Bloody hell!|
|Alphabeta4 - You are quite right about the organic revenue point. I am not sure how I missed that as it was quite clearly highlighted in the results statement, but I did. Apologies.|
|mfhmfh - Stale bulls maybe? Has happened here before.
Btw each to their own leading but I'm not sure where you're getting that organic growth is being manipulated by currency effects. From the half year statement:
Organic revenue growth
Organic revenue growth is defined as the revenue growth at constant currency excluding acquisitions made since the start of the prior reporting period.
On the statutory profits then yes I can see how you would get a fully diluted PE of around 50 (as half year eps 3.5p) but under the 'A reconciliation of segment adjusted operating profit to profit before income tax is provided as follows' section (I won't include the whole thing here as this would look untidy) you've got lines such as a £1.883m share based payment which seems reasonable as a non-recurring item as these will drop out, amortisation of acquired intangibles £2.378m which again would drop out (and of course is non-cash). I won't go through all the lines but they seem to relate to one off acquisition costs/adjustments which seem reasonable to me.
Finally, on the financing headroom concern you have from the statutory cash flow section net cash generated from operations is 15.430m, add back finance expense of 2.469m (for 17.869m EBITDA) gives interest cover of 7.24x (17.869/2.469). If net debt is 12.2m then if we double the EBITDA figure to turn into a full year then we have 35.738 for 2.93x. From my days in the banking sector we were quite happy down to 1.75x so this doesn't look a big deal to me.
Just my take of course, but I'm happy with the numbers here.|
|any reason for the fall today/recently?|
|I have held these shares for some years and had a great ride. However, I am starting to have a few doubts.
Things that concern me include directors remuneration. Tim Dyson (MD) received remuneration of £815,000 in y/e 31/01/2016 from a business that made £5,578,000 pre-tax. He is a substantial shareholder, so I would like to see a better alignment of his rewards with the interests of the other shareholders. This is a bit of a distraction though; the main thing I am struggling with is the market value of the company.
The company's growth is coming mainly through acquisitions. It's financing headroom must be getting limited now. Its organic growth in H1 2017 was 2.9% yoy in UK, 4.0% in Europe 6.6% in Europe and a claimed 17.2% in USA, but this appears to include the effects of currency depreciation which has not been split out as far as I can see, so perhaps the true organic growth is nearer 10% in USA here.
Meanwhile the company trades on a PE of around 50 on a fully diluted basis using statutory profits rather than the "headline" numbers that the company likes to bandy about. I don't see why a company showing organic growth of 5-7%pa or so should be on such a high rating. It is valued at 2 x turnover.
The interim statement outlook said that the Board is confident of meeting expectations for the year because of movements in foreign exchange. So I read that as saying that without a major one off depreciation of sterling, they would miss.
And another thing! No amortisation is charged against goodwill. This means that whenever a recession comes along, once every ten years or so, it all has to be written off in a kitchen sink exercise, where the directors cheerfully advise shareholders that it is a "non-cash" matter.
It's still a good company so far as I can see, but the share price seems to me to have become unrealistic, so I have sold my holding.|
|as expected, the share price always drops on good news :-)|
|great results today|
|received this email today from Capita Asset Services:
'We have been informed that the companies interim results are due next week.'|
|top-up opportunity. IMHO.|
|I think we're all just waiting for interims. Sometimes concerns me when the price falls like today when results are due. Do we know when results are due? Sometime in Sept I believe according to NFC website. If results due in next few days then can get you thinking someone knows more than we do and is selling. Let's wait and see. :-)|
|All quiet on the thread.|
|Tipped in IC this week. Very quiet board for such a quality business|
|A couple of massive buys earlier on today by the looks of it.
Helping price move up to new highs.|
|Strong USD earning steam should protect against Brexit with the company benefiting due to re-translation impact into GBP. With mid and small caps taking a hit, could be worth a small investment - what do others think?|
|Yes excellent results, great client list, going great guns stateside. Long term hold for me!|
|Great set of results and good progress.|
|back in this.
New Acquisition, Increased broker rating and consolidation through February madness as well as good fundamentals
|I see Slater has marginally topped up - always a good sign. Also Liontrust have lifted their holding to over 17% - that's confidence for you!|
|Hi Gargle,It hit my SL so I git out with a 10% profit. I do like the look of them so will keep an eye for a reentry point.I only use brokers to track the movements of a share and not to recommend one.|
|ULINBAC - yes you are right - although looks a bit strange. Peel Hunt have downgraded it to add rather than buy, but have increased their target price from 225p to 290p!
It appears that a day earlier (10th of December) Investec reiterated their buy recommendation and increased their target price from 238 to 300p.
Make of it what you will - I don't pay too much attention to broker recc's!|
|It has been downgraded too though|
|I suspect just a bit of profit-taking after a stellar run.|
|Why the drops these days?|