B.p. Marsh & Partners Share Discussion Threads

[skyship] 18/10/2016 10:26

elmfield - just seen yr post No. 259 above. Pls re-read my 258.

You will see that I was not knocking BPM or the sp; I was questioning their dividend policy. I still do...is that unreasonable?

[elmfield] 18/10/2016 10:06

Happy with that, so far so good.

[spob] 18/10/2016 09:48

reported NAV 253p

[spob] 18/10/2016 09:47

interims out

hit 210p this morning

[elmfield] 08/9/2016 18:28

You have been knocking these since you sold.,
Meantime up from 145p to 190 in no time and more to come!

[skyship] 08/9/2016 18:22

With the cash and profits avaialble for distribution a mere 3.76p for a 2% yield is parsimonious in the extreme. The policy reflects the tax position of the 56% controlling shareholder rather than the best interests of outside shareholders.

[peter27] 08/9/2016 08:20

I have queried share buy backs in the past. Apparently AIM rules mean they have to be proportionate to general market trading. I agree £10k looks a nonsense - but there must be reason.

[spob] 08/9/2016 07:53

1 year





All Data

[spob] 08/9/2016 07:51

Trading update this morn


Ticking along nicely

apart from the pointless 5726 treasury share buy back :)

[skyship] 27/7/2016 14:18

APEF - yes, had a good run there. Trimmed a few at just over 100p last week.

Bizarre goings-on yet again at LMS....was Westpool a similarly bad corporate governance situation. Don't recall...

[skyship] 27/7/2016 14:14

Sure has...

[elmfield] 27/7/2016 13:34

ST been at work?!

[elmfield] 26/7/2016 23:03

I like apef, but can not get excited about lms, done well for me over thirty years though.
Remember west pool inv trust?!

[skyship] 26/7/2016 11:48

Yes, well done. Missed my opportunity to buy back at 155p (or lower) after Brexit...had it in my sights, but bought more NBDG instead...gone well overweight there.

[elmfield] 26/7/2016 11:19

Skyship,
I am still here and very happy with it!

[paleje] 26/7/2016 09:56

ST covered these in June just after the results, his conclusion pasted below, obviously pre the Besso speculation:-

Needless to say, I remain positive on the investment case, having last updated the investment case at 157p (‘Primed for investment gains’, 10 Feb 2016). In fact, I have nudged up my target price from 190p to 200p a share. Analyst Barrie Cornes at broking house Panmure Gordon is positive too, having raised his target from 180p to 194p post yesterday's full-year results, implying a 20 per cent share price discount to book value. With the shares in blue sky territory, and prospects of corporate activity for its investee companies, I feel both our targets could yet prove conservative.

On a bid-offer spread of 167p to 170p, valuing BP Marsh’s equity at £49.5m, or 30 per cent below book value of £70.8m, I continue to rate the shares a value buy.

[skyship] 09/6/2016 09:44

The dividend was actually announced back on 9th Feb - so no surprise there!

The issue I took up with Brian Marsh was why only 3.42p/share - a yield of just 2%. That is a yield that suits Brian Marsh, but no way should it suit shareholders who have no hope of any capital returns, as he made quite clear in our correspondence.

The 12.4% increase in the NAV is a welcome uplift from the compound rate of just 6%pa since 2008.

All in all, a steady as she goes performance; but at 168p the share price is up with events on a discount of 30.5%. With the low yield, no capital returns and Director control, I see no reason why these should advance, so more likely to drift back to the pre-results 155p-160p level where the 35% discount might provide support.

[jimbo3352] 07/6/2016 09:49

If you strip out the unrealised gains on revaluation of equity holdings the company's financial position has deteriorated by some way over last year. The revaluations are in my humble opinion far from conservative if you have a look at the underlying financial results of the investee companies per note 12 to the accounts. I would concede that the position is not quite as bad as at first sight eg from memory LEBC writes off goodwill against profits and the accounting treatment of the employee benefit trusts leaves the balance sheets looking a bit strained. I think the discount to NAV is justified when you also taken into account Brian Marsh's holding.

[tom.muir] 07/6/2016 09:24

I don't think they will return any cash to shareholders. I expected them to when they sold the Hyp but stake for £29m but they didn't and it looks as if they have invested it wisely. I am happy for them to do the same this time.
Tom

[elmfield] 07/6/2016 08:51

Wonder if skyship thinks it worth getting back in?

[thirty fifty twenty] 07/6/2016 07:55

I was expecting NAV to be >235p,

243p is a fantastic result - underlying equity valuations growing at > 20%,
and after July share price will be supported by c.70p of CASH.
So adjusting for CASH the investment portfolio is at a discount of almost 50%!!!
Simon Thompson will defo pick up on this and I think set a price target of closer to 200p.

For me an overall discount of 25% is a minimum so today that gives fair value of 182p,
but would expect another 10% NAV growth over the next 12 months so 200p likely,
which represents >25% growth including divi (share price backed with 40% CASH!)

I wonder any chance of a CASH return when they get loan repaid in July?

[elmfield] 07/6/2016 07:39

What is not to like?