Shed Media Share Discussion Threads

[grigor] 16/11/2005 12:12

Thanks WJCCGHCC

Confused by fully diluted and even more fully diluted eps!

Still 15% better than forecast

[wjccghcc] 16/11/2005 12:05

The adjusted proforma EPS assumes the number of shares issued at flotation were in issue for the whole year. The statutory EPS is meaningless since it uses 23.7mm as the average shares in issue, when there are actually 50mm after the flotation. The 7.3p figure is what is relevant and what the brokers forecasts relate to. Puts them on a PE of 14.

[grigor] 16/11/2005 12:05

Shed Productions Prelims Exceed Expectations

Wednesday, November 16, 2005 4:23:30 AM ET
Dow Jones Newswires

0901 GMT [Dow Jones] Shed Productions' (SHDP.LN) interim results for the year to August '06 have exceeded expectations by a "comfortable margin," says Bridgewell. Attributes improved profit performance to better margins on Bad Girls 7 and a budget underspend of GBP276,000 on Footballers' Wives Extra Time 1. "We believe that the company has successfully delivered on its promises and has laid the foundations for a strong FY2006," it says. Says stock doesn't look expensive relative to peers on FY 06 PE of 12.7x, and 11.5x in '07. Trades +4.1% at 101.5p.

[grigor] 16/11/2005 11:16

You're up early wormcatcher!

Good Results and positive outlook

Diluted EPS of 12.4p equivalent to PER of 8.2
(I don't know how the proforma eps of 7.3p is calculated!)

Increased earnings, sales and margins

Greater earnings in H2 - Seasonal Factor or Accelerating Earnings?

Positive Cash Flow, Surplus Cash, No Long-term Debt and unexpected Maiden Dividend

The capital expenditure is high - Payments to acquire film = £21.5m - but this sounds like a one off payment. Is this related to the flotation?

Selling their shows to American Networks is one of the benefits of the new Communications Act and could be extremely valuable. The New York Times favourably compared "Footballers' Wives" to "Desperate Housewives".

Preliminary Results
"Shed is also making headway in the US following a successful launch and
strong reviews for Footballers' Wives on BBC America with Bad Girls due to air
in the US later this year. Shed is in active discussions with US terrestrial
and cable networks and we expect to conclude development deals in the near
future."

[omalaha] 16/11/2005 10:34

spread 4% despite those 2 large buys - could be a slight stock overhang from the recent drift down - once thats cleared this should motor.

[omalaha] 16/11/2005 10:24

i think we should expect some press buy recs this weekend and more buying next week. Maiden div is a v.good sign, journos will feel more confident about punting it.

[cravencottage] 16/11/2005 10:21

Don't fret Wormcatcher by the looks of some of the trades going through it seems the institutions are hot on the trail of SHED's rising share price

And long may it continue!

CC

[wormcatcher] 16/11/2005 10:02

I thought there might be more interest in these this morning.

[omalaha] 16/11/2005 08:24

14k sell - someone taking profits early doors, a tad hasty i feel.

[wjccghcc] 16/11/2005 08:23

Bit dissappointing about bombshell though. Still on the shelf at ITV. May well be shunted off to ITV2. Looks like they'll have to look elsewhere for the next series franchise.

[cravencottage] 16/11/2005 08:11

These are stunning results and with over 3/4's of 2006 revenue in the can already it wont be long before the market realises this.

The maiden divi should get the institutions licking their lips too.

This all bodes very well for the future of SHDP's share price IMO.

CC

[omalaha] 16/11/2005 08:04

bloody good results - regretably I had'nt been paying attention to this one,
just dived in this am.

[wormcatcher] 16/11/2005 08:04

Have you had a chance to read them Grigor?

[wormcatcher] 16/11/2005 08:03

...and on a second glance look very good.

"Less than three months into our 2006 financial year, we already have visibility
of 76% of budgeted commissioned hours and with more productions in funded
development than ever before, Shed is well placed for continued growth in 2006.


On a pro forma basis and excluding exceptional items earnings per share were
7.3p. Shed carries no long term debt and at the year end net cash had increased
from #2.5m to #5.6m.

Dividend

At the time of the flotation, Shed stated that it did not intend to pay a
dividend in its first year as a public company. However in the light of its
strong financial performance and its confidence in the future prospects of the
business, the Board recommends the payment of a maiden final dividend, of 1p per
share.

[wormcatcher] 16/11/2005 07:43

First glance looking pretty good - and a dividend 1p per share

[grigor] 15/11/2005 20:24

Royal Bank of Scotland buying before results

[grigor] 10/11/2005 20:12

TV Corp receives Tinopolis offer

[wormcatcher] 07/11/2005 13:37

Let's hope the 16th brings good news and we can reverse the slide.

[wormcatcher] 27/10/2005 10:01

Not very nice today - new lows.

[grigor] 24/10/2005 21:52

The show's popular and critical success has belatedly spread from Britain (where it completed its fourth season earlier this year on ITV) to the United States, where Virginia Heffernan of The New York Times called it "a trashier, more suspenseful, more intelligently conceived 'Desperate Housewives.'

[wormcatcher] 13/9/2005 08:12

Aegon UK plc Group of Companies - 6.4%
Standard Life Investments - 3.6%
The Royal Bank of Scotland Group plc - 3.6%

Just for the record.

Grigor,
This does seem cheap overall - good time to get in with run up to results. Will top up hopefully soon, but am fully invested elsewhere at the moment (along with having to retain money for the dreaded taxman - that time of year is approaching)

[grigor] 12/9/2005 22:28

Welcome to the thread wormcatcher

Based on the brokers' forecasts (6.3p to 6.41p), I make the forward PE roughly 17 which is not unreasonable for this sector (see Post 1).

The interim EPS of 3.08p is for only six months and this is a little under half the brokers' forecasts. I don't know if their earnings vary between H1 and H2.

Their record is good and I also look forward to new success.

[wormcatcher] 12/9/2005 10:23

Grigor,
Have been meaning to set up a thread for this one for some time but never got around to it - was surprised that there wasn't one already. Well done for saving me some time!!!!
Have a reasonable holding in Shed and am happy to hold.
What would get this one going is if they can release another hit series rather than just renewing Bad girls and footballers wives - this will keep them going for now but would like to see they can demonstrate the ability to develop new ones.
Based on EPS at interims the current p/e is about 35, which feels quite high? Would expect EPS has grown since so next set of results should be interesting - may even get a divi.
Based on date of interims would expect Finals late Nov/Dec.

[grigor] 05/9/2005 22:26

New 3.6% holding for The Royal Bank of Scotland

[grigor] 03/9/2005 16:33

Footballers' Wives creator Shed Productions has won its first commission from
the BBC, with a new drama series set in a secondary school.

The newly floated company is making a gritty new BBC1 drama about a school
called Waterloo Road.

24th August 2005