 Markets seem happy with today's news. Still a long way to go I hope!
Interim results:-
Commenting on the results, Brian Marsh OBE, Chairman, said:
"This is a good set of results for the Company, and the continuation of a long trend of strong portfolio growth.
"We continue to believe in our strategy of investing in people with ambition, and a track record of delivering within their sectors, and this again has been borne out by these results. The Group has also demonstrated its flexibility with our most recent exit from MB Prestige Holdings PTY Limited, highlighting the agile nature of the business and its ability to extract value from its investments.
"Looking forward, we continue to seek investment opportunities into new businesses, to diversify our portfolio further, and increase investor returns."
and investee company update:-
Commenting on the refinancing, the Group's Chief Investment Officer, Dan Topping stated:-
"B.P. Marsh were delighted to be able to introduce CBC to Coutts.
This is part and parcel of our investment ethos and an example of how we support portfolio companies as they go through their various stages of development.
With the ongoing support of the Group, alongside Coutts, we look forward to seeing CBC continue to grow over the coming years. " |
Yes bpm at massive discount to nav buying nexus shares at discount to their nav / or last valuation at least. Where will it end? A premium listing one day. Nexus is becoming quite a significant business now with plenty of growth ahead. Market asleep to this for now. |
Bpm definitely undervalued |
If my maths are correct it looks like these nexus shares were purchased at a significant discount. Fairly shrewd hopefully and fairly standard as nexus shares are not openly traded, limited buyers etc , rather than any indication the value of nexus has fallen. Should see an immediate uplift on the purchase. |
Got to move closer to 400p soon. |
Yes , it looks a very positive move, could be material down the line, Nexus clearly doing well with management/staff well incentivised to strongly grow the business and its equity valuation. |
Investee Company Update & Further Investment- Nexus Underwriting Management Limited
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early-stage financial services businesses, is pleased to announce that Nexus Underwriting Management Limited ("Nexus"), the independent specialty Managing General Agency ("MGA"), has successfully completed a refinancing exercise which sees GBP4m of loans repaid to B.P. Marsh over two years earlier than expected. Simultaneously to this refinancing, B.P. Marsh has acquired a further 2.49% shareholding in Nexus, from a founding shareholder. |
Today's update seems very positive and given high growth acquisitive nature of most holdings bpm should keep delivering and some if nexus comes to market, has to happen at some point. Lebc picking up could add nicely as well over next few years possibly. Still massively under nav so next results will be interesting. |
I hold here and am very happy with progress. My only slight worry is with the small amount of deals they do each year - can we expect them to keep delivering say 10% annual compoudned growth ? I guess thats my choice to make as the company certainly have delivered everything on the tin when i bought and have been consistent in what they do for many years - albeit i was (still am) kinda hoping when i bought that a Nexus listing might give me a decennt route to exit if that unlocks some of the disoount to tangible book value? |
Trading Statement... |
Thanks, here it is ... htTPs://www.sharesmagazine.co.uk/events/event/shares-investor-webinar-080921 |
Presentation via A J Bell - registration required - 1800 Wednesday |
ii "analysis":- |
Small director purchase:- |
Yep, and remains way undervalued here. |
sweet deal and uplift. |
ATC has agreed to acquire 100% of MB for a total consideration of AU$17m (c. £9m), with the consideration being paid in a combination of cash and equity in ATC. The cash proportion of the transaction was financed out of ATC's cash reserves.
B.P. Marsh has agreed to sell its 40% equity stake in MB for AU$6.8m (c. £3.57m), for which the Group will receive newly issued shares in ATC.
The Group currently has a 20% shareholding in ATC, which will increase to 25.5% following ATC's acquisition of MB.
As at 31st January 2021, B.P. Marsh valued its 40% shareholding in MB at AU$5.7m (c. £3.2m). Therefore, this transaction represents a circa 20% uplift over the Group's latest published valuation of MB.
Additionally, it represents an Internal Rate of Return of 29% since the Group's original investment in MB in 2013 (inclusive of all income and fees), and a multiple of equity invested of almost 9 times.
This takeover has valued ATC at AU$76m (c. £40m), resulting in a post transaction valuation for both businesses of AU$93m (c. £49m). This implies an increase of AU$5.8m (c. £3m) over the Group's combined valuations of ATC and MB, as at 31st January 2021.
Daniel McNamara, the current Managing Director of MB, will also receive shares in ATC as consideration for his 7.5% shareholding in MB. He will join the management team at ATC, whilst also remaining Managing Director of MB.
Daniel Topping, the Company's Chief Investment Officer, will remain as the Group's nominee Non-Executive Director on the Board of ATC. |
Yes I also tried to buy more at 316p but HL would not give a price so left it. Got most of what I want already so not too bothered. Unusual though. |
I re-joined the club this morning too. Wasn't easy to pick up stock |
PE 8, Discount 25% to NAV, Growing 10% each year. I wish all my investments were this good. Bought 1000 today. |
Bought a few sub 310p. Results in Oct should see a higher nav and no good reason for these to be close to 300p. |
Still way too cheap here , trading statement Sep, and results Oct not that far away , and expect bpm to be much higher by then. |
Simon Thompson (IC) has a 375p target ("could prove conservative") in his writeup this week. |
Been some steady buying since results, still thinking 350p very soon. |
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