Share Name Share Symbol Market Type Share ISIN Share Description
600 Group Plc LSE:SIXH London Ordinary Share GB0008121641 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.15 -1.65% 8.95 25,095 11:32:38
Bid Price Offer Price High Price Low Price Open Price
8.50 9.40 9.10 8.95 9.10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 65.17 4.35 3.75 2.4 11
Last Trade Time Trade Type Trade Size Trade Price Currency
11:31:53 O 25,095 8.60 GBX

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600 Daily Update: 600 Group Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker SIXH. The last closing price for 600 was 9.10p.
600 Group Plc has a 4 week average price of 8.95p and a 12 week average price of 7.75p.
The 1 year high share price is 21.60p while the 1 year low share price is currently 7.08p.
There are currently 117,473,341 shares in issue and the average daily traded volume is 86,432 shares. The market capitalisation of 600 Group Plc is £10,513,864.02.
varies: Whilst this news is unwelcome, it is not altogether surprising. The Chinese shutdown is obviously of great consequence to many industrial businesses all over the world and we will be reminded of this again and again in the coming results season. Besides a reasonable holding in SIXH I have a small one in Tekmar, a company concerned with sub-sea cabling, that I wrongly assumed to be unaffected. It put out a statement a few days ago referring to the shutdown which knocked the share price about 30%. Whilst I would like to have had the sense and the courage to sell many such investments a month ago, I cannot help feeling that the effect of this shutdown will be temporary and that in 3 or 4 months time business activity in China will recover to its previous levels and that the current weakness in such stocks as SIXH will prove to have offered a profitable opportunity for those with strong nerves.
battlebus2: Apologies. I wasn’t saying they would convert them just pointing out 20p is the conversion price, I don’t believe they will take any up given the future prospects of a substantially higher share price over the medium term. I’m also long here.
cjohn: Hi Asagi, It works a little bit like a long-dated call option. (The main difference is that debt holders are being paid to hold the "option".) You'd expect the debt holders to convert to shares when the share price went above 20p and seemed likely to stay above 20p. In view of share price volatility therefore, they'd be unlikely to convert at merely 20p. What's more, as the holders of the debt are receiving a juicy 8% in interest, you'd expect them to have a still higher strike price for converting the debt to shares. For example, if there was a firm takeover approach at a price above 20p, then they would convert. Another example, say in the ordinary course of events, the share price rises to 23p, it would only make sense to convert if you knew you could off-load all your shares at above 20p, which would be unlikely in view of the illiquidity of SIXH.
cjohn: Hello Buywell 2, you say PPIX hit 20p. Yes, it did hit 20p, but in 2011, three years before SIXH acquired their stake!!!!! SIXH acquired their stake in PPIX in August 2014! They sold out for a price not too far below the market price in August 2017 at 7.25p. Subsequent to that sale, the share price hit a high of just below 11p.
cjohn: Hi Buywell, 1. the highest price I can see for Prophotonix shares up until mid-2018 was below 10p. SIXH sold up for 7.25p. Where did that 20p figure you're using come from? 2. What has your post got to do with Perloff's involvement ? Are you saying HE'S responsible for the drop to 13p?
someuwin: "It’s heart-warming stuff By Evil Knievil 20 November 2017 600 Group (LON:SIXH) this morning report their six months to 30th September 2017. These figures are not stellar but they are very encouraging. There are a couple of exceptional items but, allowing for these, EPS is at 0.8p per share. Doubling this to 1.6p for a full year gives a PE of 10 at 16p. At 16p SIXH is capitalised at £17 million in contrast to tangible net asset value of the order of £38 million. This share price is far too low. 25p would be more in point."
buywell3: SIXH took 7.25p for their ProPhotonix shares ... they traded at 20p earlier in 2017 Many here have made much of the SIXH stake in that company Now SIXH have sold it for a £1M profit to pay down debt To me that says SIXH view debt as a problem that needs urgent attention Why? Watch Prophotonix Ltd (LSE:PPIR) Share Price Alert 7.250 Today's low: 7.250 Sell PPIR 9.750 Today's high: 7.250 Buy PPIR Last trade:8.500 Change: 0.250 (3.03%) Volume:43,701,291 Delayed price:14:51:05 Summary News Discussion Chart... Analysis... Latest trades Time Price Volume Value 14:51:05 7.25 153,198 11,107 11:03:15 7.25 1,531,982 111,069 10:44:37 7.25 4,993,492 362,028 10:37:51 7.25 14,980,476 1,086,085 10:36:42 7.25 14,000,000 1,015,000 10:36:18 7.25 22,042,143 1,598,055
cjohn: Hi Buywell, If you said SUN to me, I'd say MOON to you. All best. This is a quick one as I'm on the beach. I want to say a word about pension DEFICITS. I regard pension déficits as a potential source of misvaluation, and hence a potential buying opportunity. I've invested money on a couple of occasions in companies with large and apparently threatening pension déficits. The last occasion was about 5 years ago in Trinity Mirror. A sloppy article in the FT suggested Trinity Mirror's pension déficit was unsustainable. This article was then bandied around like it was gospel. This pushed TNI's share price down to 25p, valuing the company at less than a single year's free cash flow. A no-brainer. The share price subsequently rose to above 200p. (5 years later, TNI's pension funds are still a thorn in its side and a constant drain on cash. But the company still exists. And will probably eventually pay off the déficit.) (Of course, sometimes pension defcits are terminal.) Regarding enterprise value and pension surpluses: the usual ítem that is subtracted from enterprise value is net cash. Obviously, it's much better to have 10m net cash than a 10m surplus on a technical provisions basis. That's a no-brainer. So a discount factor must be applied. It's also better to have 10m net cash than a 10m surplus on a full buy out basis. Why? Because even with that surplus, the chance that the company will actually pull off a buy out is less than a 100% for reasons we've already discussed. Say you estimate the chances of the surplus coming back to the company in this situation is 30%,then it would make sense to subtract 3m from enterprise value, rather than 10m. So what I would be interested in is an estimate by Kazoom or Buywell of what they think is the probability of any money coming back to SIXH from the current technical provisions surplus. My sense is that it's very slight. I admit before the long discussion with Kazoom I thought the chance was negligible. Now association with Kazoom's cheery optimism and dogged plugging away has had its effect and I'd be prepared to go as high as 5%. All the best to both. Enjoy your holidays.
kazoom: Hi CJohn - I guess you are probably refering to my assessment of the pension surplus at 9p / share. (6p net of tax). I absolutely agree that it is unlikely to be crystalised and certainly not at near par. But then the same is usually true of most (non-property) non-current assets on balance sheets. So I don't think it is unreasonable to include it in an assessment of the Enterprise Value. I think it is important to consider the EV, because in taking a superficial look at the PE of 8, it is very easy to lazily think - "ah yes PE of 8, but net debt is virtually the same as market cap, so really the PE is about 16". Not true of course, but I think this kind of figure gets into the back of peoples minds. So what is the EV? (Based on yesterdays close and the figures in the AR, my take would be : Shares in issue : 104.4 m Price : 14.5p Market Cap : 15.1 Net Debt : 13.7 Pension : -6.0 (net of tax) PPIX -1.7 (held as an investment not associate) EV 21.2 Earnings PBT (underlying) 2.12 Add back net Int 0.94 EBIT 3.07 Net of tax (19%) 2.48 So an EV/"EBI" ratio (ie the "debt free PE") of 8.5 Using the mark to market SIXH share price and that of PPIX brings the market cap to 16.7 and the PPIX holding to -2.1 so an updated EV of 22.3 and a EV/EBI of 9.0 With a strong order book pressaging growth (accepting as you say that long term visibility is obscure), it might not be unreasonable to consider a ratio of say 12? This would imply a fair value EV of £29.8m translating to a share price of 23.2p - still potentially 50% upside on the current price. (And arguably this is a relatively conservative view). So will we get that upside? Not all of it any time soon I suspect, with the low market cap a "boring" business, debt and lack of dividend together with the perception of this as a "value trap" - it's not easy to see what will attract the wider market. (But a third party bid could be a possibility). There's no indication that dividends are on the managements mind ever, so that looks unlikely to be an "outer". Perhaps delivery of another strong year as the order book might lead us to hope for and the debt starting to come down will act as a trigger. On the basis that I tend to take a three year view, this is still very much a buy in my book, but I suspect it is not racy enough for many.
varies: On a closer look at the results I see the answer to my own question. Non-current assets include investments valued at £1,653,000 (cf £496,000 on 31.03.2016). This is obviously the holding in PPIX. I was surprised to see the SIXH share price lose a large part of its gain by 11am and bought some more at 14.2p This looks a sound move as I write and I think that today's figures should attract more interest if reported in the press. None of the newspapers are likely to do so but the Investors Chronicle should. It is a shame that the FT takes so little interest nowadays in smaller British companies.
600 share price data is direct from the London Stock Exchange
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