Share Name Share Symbol Market Type Share ISIN Share Description
Norish LSE:NSH London Ordinary Share IE0006447985 ORD EUR0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 45.50p 45.00p 46.00p 45.50p 45.50p 45.50p 0.00 07:50:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 27.5 0.6 1.6 28.4 12.98

Norish Share Discussion Threads

Showing 26 to 49 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
18/3/2016
15:12
was a profit made on the disposal seems unlikely
resourceful
14/12/2015
10:59
what happened at the EGM Paper says motion approved
resourceful
30/11/2015
16:06
Spoke to new CEO. Interesting times coming
drmaccers
18/11/2015
05:43
Interesting to get such a big placement away at that price in these market conditions? Miton hopefully to a big extra pile. I smell a blog post coming
drmaccers
17/11/2015
18:32
Having a look :)
drmaccers
18/8/2015
08:55
intervention good for norish
resourceful
29/7/2015
15:31
hello life out there who is buying why
resourceful
02/7/2015
15:36
still dormant
resourceful
19/6/2015
15:50
I am the only shareholder in the universe
resourceful
05/8/2014
15:19
100000 traded
resourceful
31/7/2014
08:39
there is life... a deal
resourceful
25/7/2014
09:19
is that a spark of interest in the share
resourceful
18/6/2014
13:20
18/6/14: Http://www.whatinvestment.co.uk/financial-news/funds/2465517/gervais-williams-how-iand39m-turning-round-the-investment-company.thtml Gervais Williams: How I'm turning round The Investment Company ....The manager is a long-term fan of AIM stocks, and one company which he has recently added to the trust is chilled warehouse operator Norish. 'There is a heavy emphasis on those companies with strong balance sheets, including plenty of tangible assets, along with growing turnover and profits. We believe that the new holding in Norish is especially attractive on these criteria. It has recently raised new capital to acquire the lease on one of its chilled warehouses from a forced seller, which doesn't just enhance its asset value but also greatly increases its ability to grow its earnings going forward.'
simon gordon
22/5/2014
08:24
poor mgmt the only out is a sale but they have been trying for years
resourceful
19/5/2014
04:39
Company: Norish Prior Post(s): 2012 & 2013 Ticker: NSH:LN Price: GBP 39.5p I've been consistently bullish on Norish, and equally scathing of its management for the past two years. This bullish view was rewarded early in 2013, with the share price doubling in the space of 7 months. But bad management almost inevitably wins out, and here we are again...the share price is back trading in the 30-40p range it's mostly occupied for the past 5 years. Clearly I had a rush of blood to the head last year, when I highlighted the stock was potentially a triple. Not an incorrect analysis, necessarily, but that kind of upside presumes management's at least willing to consider unlocking (and/or increasing) the company's intrinsic value. But when you're faced instead with apathetic management, and (it seems) shareholders, that upside may never be realized... Obviously one has to presume a binary perspective & outcome here. On the one hand, we should simply consider the equity tied up in the business. Each year management inevitably promises things can only get better (due to their hard-working efforts, of course), but nothing ever materializes – savings always seem to end up absorbed by another set-back. The numbers tell the real story, as usual – cold storage revenue's up a pathetic 6.5% in the past 4 years, while profitability's consistently declined vs. a paltry 2009 profit of GBP 0.8 million. [I tell a lie - profitability's stabilized now at GBP (79) K pa in both 2012 & 2013!]. A 1.0 P/B multiple (on equity of GBP 8.3 M) seems more than adequate – in fact, it's damn generous when you consider Norish's negligible returns on equity. But management has again promised a decent return next year (and the 2013 continuing ops profit seems to confirm it), and fortunately equity's mostly composed of land & warehouses which should be fairly valued & readily saleable. On the other hand, the company's worth far more if the cold storage business was simply liquidated & the commodity (meat) trading business was run (or sold off) as a stand-alone business. Let's simplify the liquidation & assume total PPE of 15.4 M can be sold off (for book value) & used to retire net debt of 7.8 M – that's a realized NAV of 7.6 M. We also need to value the Townview Foods meat business: Unfortunately, 2013 was the year of the horse meat scandal (er, what's wrong with horse meat?!), so revenue fell (say) 35% to 11.4 M (from an estimated 17.5 M in 2012) & the operating margin fell to 3.7% (compared to an historical average of about 6.7%). I think it's fair to presume the most recent figures are distorted, so let's presume an average operating margin of 5.2% – this deserves a 0.45 P/S multiple. In similar fashion we'll apply this multiple to an average revenue figure of 14.5 M. Now, let's average the two approaches – which seems the only fair way to nail down a valuation here. It also reflects my renewed ambivalence regarding management. When the 2013 interims were published, I was enormously encouraged by the plan to sell the York & Leeds facilities. Surely this was sanity & a first/tentative step towards liquidation... But since then, we've seen two dilutive share issuances (at 40p & 35p) & a purchase of the company's Birmingham site – certainly not the actions of a management team which seems at all interested in protecting & realizing shareholder value. Finally, before we lay out our valuation, we should note the latest 2.2 M placing/open offer is still in process – but it's obviously dilutive, so we'll assume it gets completed & include it in our valuation to be conservative: ((GBP 8.3 M Equity * 1.0 P/B + 7.6 M Cold Storage NAV + 14.5 M Meat Revenue * 0.45 P/S) / 2 + 2.2 M New Equity * 95%) / (11.2 M Old + 6.3 M New) Shares = GBP 76p Norish remains substantially undervalued. But remember this upside's only an average: If management's really that dreadful, they'll continue to pour good money after bad into cold storage & the superior Townview business is sure to end up caught in its clutches too. On the other hand, the upside may be much higher, if management: a) finally realizes the only value in cold storage is the actual sales value of the underlying property portfolio, and b) focusing all investment on Townview, which I suspect is capable of delivering on a multi-year high growth revenue strategy. An aggressive share buyback programme wouldn't bloody hurt either..! Price Target: GBP 76p Upside/(Downside): 93%
wexboy
17/4/2014
13:50
nowe we know why push the price to get a placing away
resourceful
19/3/2014
17:23
creeping up why
resourceful
06/3/2014
11:14
results good
resourceful
06/2/2014
08:57
stirrings of life?
resourceful
21/1/2014
11:07
still alone
resourceful
10/9/2013
13:19
still the only one
resourceful
15/7/2013
08:42
Why am I the only one intertested in this company
resourceful
09/7/2013
08:21
guys whats going on price rises but no shares trade whats in this
resourceful
07/5/2013
14:25
Well, the share price jump came before, so it wasn't their results. I guess somebody was a buyer, and didn't mind paying up to get shares. Unfortunately, this has always been a terrible spread/volume share, and management don't really seem to care. If you were a buyer, you'd probably also have to pay the offer & higher, or choose to be v patient in building your holding (and risk the price running away from you). Obviously, you may then face the same problem (and the spread) if you wanted to get out... To compensate, Norish is one of those shares you should either avoid, or you should treat it as a potential long-term holding. Demanding a higher upside potential than usual also improves your margin of safety with shares like this.
wexboy
Chat Pages: 2  1
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