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% 14.625p 14.00p 15.25p 14.625p 14.625p 14.625p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 47.0 3.2 2.0 7.4 15.26

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DateSubject
23/8/2017
09:20
600 Group Daily Update: 600 Group is listed in the Industrial Engineering sector of the London Stock Exchange with ticker SIXH. The last closing price for 600 Group was 14.63p.
600 Group has a 4 week average price of 14.25p and a 12 week average price of 12p.
The 1 year high share price is 16.50p while the 1 year low share price is currently 8.50p.
There are currently 104,357,957 shares in issue and the average daily traded volume is 18,427 shares. The market capitalisation of 600 Group is £15,262,351.21.
22/8/2017
09:23
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.
05/7/2017
10:56
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.
04/7/2017
15:38
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.
04/7/2017
09:12
varies: 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.
01/6/2017
22:21
noirua: EK in a paragraph recently written about SIXH appeared bemused by the low share price. Said there might be something we don't know that is the reason. I think it might be just because the company is in plain old engineering which is boring for most people who see themselves with more technological minds. Years ago Alfred Herbert Engineering went to the wall and was bought by the Government - it was boring then and still is. Until of course an unexpectedly good RNS arrives and they all pile in regardless.
27/1/2017
15:31
riddlerone: Nice RNS,to sell that size holding at a Premium to the share price bodes well from this level.I currently hold PPIX as well so could be significant to both
14/3/2016
10:53
rburtn: With this share at these levels, you would think the managers in charge would be filling their boots with shares instead of displaying the miserable confidence in their labours which one has to infer. That leaves shareholders with some uncomfortable feelings about the controlling minds behind the dismal tale of consistent destruction of value. Who determined that a bid some three times higher than the current share price was inadequate only a year ago? Who blew a rarely available princely amount of cash buying a large shareholding in a company in negative equity. Who masterminded the sale of property at book rather than after a transparent valuation? I am trying to see a reason other than a case for the Old Bill in all this.
17/2/2016
10:46
gimeabreak: A bit of a shock these results and corresponding slump in the share price, however taking into account the general market conditions at the moment not to be so unexpected !-(
05/8/2014
09:58
varies: Having held SIXH shares for many years (bought at over 50p)I was struck by yesterday's announcement which I found as puzzling as all of you. For fun I bought a few PPIX on this news at 2.58p and am gratified to see this share head today's list of rises. I dare say it will be possible to buy more at about 3.5p next week by which time few punters will be interested. It will be interesting to see who the sellers of the PPIX shares were and whether there are any restrictions on the sellers selling the SIXH shares received in exchange. If not, these may have a dampening effect on our share price for some time. SIXH has a substantial laser business already and there must be arrangemts in mind for PPIX to co-operate with this. Will SIXH put directors on the PPIX board ? Perhaps the lathe business is to be sold so that SIXH can concentrate on lasers. I think that interesting developments lie ahead.
22/11/2013
12:29
cjohn: And quite decent half-year results with a real profit for once, even after discounting the pension contribution. Plus a quietly confident forecast. The trading peformance now justifies the share price.
600 Group share price data is direct from the London Stock Exchange
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