Share Name Share Symbol Market Type Share ISIN Share Description
600 Group LSE:SIXH London Ordinary Share GB0008121641 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 14.25p 13.50p 15.00p 14.25p 14.25p 14.25p 26,357 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 47.0 3.2 2.0 7.2 14.87

600 Group Share Discussion Threads

Showing 1751 to 1774 of 1850 messages
Chat Pages: 74  73  72  71  70  69  68  67  66  65  64  63  Older
DateSubjectAuthorDiscuss
07/7/2017
10:02
Just finished speaking with the FD.Will have a piece out early next week for those interested.Happy to be holding.
hastings
06/7/2017
00:27
A lot of UK manufacturers now looking to source more parts/products at home, the biggest being JCB how many are aware of them recently receiving their biggest ever order, for the US army 1600 machines worth $142mln on top of 4000 machines delivered to armed forces in 57 countries
mike24
05/7/2017
16:44
I don't really know Simon. The industrial machinery subsector looks like a sensible place to look : http://uk.advfn.com/p.php?pid=morebysector&sort=10&sort_ord=A&sectorid=22&subsectorid=1&sscf=uk but with so-many of the small caps not turning a profit it's hard to judge what the benchmark might be. (Maybe you have to look at PSR or Price:Gross Profit to get some kind of benchmark). Would be interesting to know who they think their peers are!
kazoom
05/7/2017
13:45
kazoom, I know that SIXH's management reckon they are rated well below their peers. But who are their peers? And what are their PE ratios? Simon Cawkwell
simon cawkwell
05/7/2017
11:49
Ahh my error regarding pension fund. I seemed to have hotten confused.I think someone would need to offer above 25p to take this out and it will be very palatable to a suitor given how easy the pension liability could be dealt with.
my retirement fund
05/7/2017
10:56
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.
kazoom
05/7/2017
10:24
kibes, I have just spoken to the FD. I have no doubt that SIXH is far too low. It should be more like 25p. Simon Cawkwell
simon cawkwell
05/7/2017
10:04
Bought some of these yesterday just following Evel Knievel's tip. Results look quite encouraging to me.
kibes
05/7/2017
09:50
Hi Buywell, much of the debt is dollar denominated and hence the drop in the pound post the Brexit vote has inflated the sterling value of that debt. Debt was down over 700k in the second half and edged down for the year, in spite of inventory increases to support the increased trading and order book. It's worth noting that payables ie creditors also decreased markedly again, as per last year. This is not likely to continue and will probably reverse, so we are likely to see continuing drops in debt, assuming trading holds up. Tnagible gearing was down markedly meanwhile. This was no surprise, given the increase in tangible assets, resulting from the 2m or so profit and the increased value of the PPIX shares. (Worth noting that PPIX has gone on increasing in value since the year end.) The company now has nearly 6 million sterling of positive tangible asset value. There have been some over optimistic comments on here regarding the pension surplus. This cannot be included in any serious measure of asset value, as the surplus can not accrue to the company except in certain vanishlingly unlikely circumstances. The pension schemes are now in considerable surplus on the conservative technical provisons basis. However, should the company try to sell off the pension scheme to an insurance company, for example, they'd have to pay a significant premium over the tehcnical provisions calculation. This might happen at some future point - for example, if discount rates rise, This would be a positive move, insofar as the pesnion schemes are, in view of their size, a millstone and msut give pause to any potential buyer of the company. The future order books look very good. However, a note of caution: visiblity is never high or long in this business!
cjohn
04/7/2017
22:29
A lot of AIM stocks have generally weakened since May. Company looks to be moving in the right direction now at least. Needs even more patience in the present market.
noirua
04/7/2017
21:53
Yep, I used to get the FT daily. Not even interested in web subscription now......
napoleon 14th
04/7/2017
21:40
For interest, they also today produced the full AR document which has more detail on some points of interest. Available here hTTp://www.600group.com/home/ @hastings - If it hasn't been asked before; in your chat, would you be able to explore the rationale behind the ProPhotonix investment? "Despite the group owning greater than 20% of the share capital of Prophotonix, the directors have accounted for it as an investment as opposed to an associate. This is because there is no representation from the Group or the Company on the board of Prophotonix and therefore significant influence may not be exerted over key strategic decisions." Seems like a slightly strange thing therefore to have done, but maybe the rationale was covered at the time?
kazoom
04/7/2017
20:50
Lined up for a chat with the FD at the end of the week, so will write something in due course. Despite closing up on the day, the shares remain very lowly rated, even taking into consideration the sector where discounts can be the norm. A PER for the current year of 7 falling to 6 with debt also set to make a more marked reduction certainly looks attractive enough, while the NAV according to FinnCap is expected to move from the current 48p per share to 55p by 2019. Little exposure to Europe isn't a bad thing either and I will be interested to hear more on prospects further afield such as away from the core US market.
hastings
04/7/2017
15:38
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.
varies
04/7/2017
10:48
Yeah not 8p. 9p I think. Estimated Mar-17 surplus on the uk scheme 10.8m Deficit on the US scheme 1.03 Net 9.5m 104.4m shares in issue. But don't forget this would be taxed @ 35% if returned to the company.
kazoom
04/7/2017
10:19
Thanks zho just read his comment. The statement about the pension fund I feel is wrong. I wish it was an 8p surplus!
my retirement fund
04/7/2017
10:17
Someone must have placed a large sell order fir this to be falling back like this. Good opportunity to accumulate tho.
my retirement fund
04/7/2017
10:12
Comment from Simon: hTTps://masterinvestor.co.uk/evil-diaries/crashingly-obvious-decision/
zho
04/7/2017
10:03
Buywell : "A small profit against the written down value of the Letchworth property of £0.1m was achieved on the sale in July 2016. "
kazoom
04/7/2017
09:56
I have just read the results The Lechworth ptroperty was sold for £2M I assume this results in the special item of £1.1M in the financials Without this item the profit would have been under £1M less than 2016 Comments please
buywell3
04/7/2017
09:28
Well it should do Varies, added a few more myself and I don't usually average up!
hastings
04/7/2017
09:12
This is all very encouraging, especially the big rise in orders in both divisions compared with 12 months ago. I am surprised to see no reference to the holding in ProPhotonix and cannot identify this in the balance sheet. Could one of you posting here kindly point me to it ? The shares continue to look cheap on about 7.5 x EPS. I do bear in mind the £8 million of loan notes with warrants attached for subscription at 20p due for repayment in 2020 but hope that the share price will pass 20p long before then.
varies
04/7/2017
09:00
Good progress here better than expected imo
my retirement fund
04/7/2017
08:47
If I start buying it , it might. I have been looking at SIXH A couple of things bother me though 1. The debt level which has grown in the last year , and which according to CJohn is US dollar strength related: My comment to that is , if so then do you expect the $US to weaken against a stronger GBP ? 2. With Brexit and a weak pound , how much of SIXH earnings are from abroad ? 3. I like Surgical Innovations (SUN) BUT only because Nigel Rogers came on board there. He is regarded as 'Mr safe hands' by the institutions and joined SIXH in 2012 as CEO. He joined Surgical Innovations in Dec 2015 and has transformed the way the company is run. My question is , why did he leave SIXH ? My rationale here is that the guy running a small cap company is more important than the company he is running .... he makes it or breaks it.
buywell3
Chat Pages: 74  73  72  71  70  69  68  67  66  65  64  63  Older
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