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Share Name Share Symbol Market Type Share ISIN Share Description
B.p. Marsh & Partners Plc LSE:BPM London Ordinary Share GB00B0XLRJ79 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 262.00 5,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
256.00 268.00 262.00 262.00 262.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 16.70 12.27 34.90 7.5 98
Last Trade Time Trade Type Trade Size Trade Price Currency
10:13:34 O 2,500 258.551 GBX

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Date Time Title Posts
02/12/202012:17B.P.Marsh & Partners -- Growth Potential638
20/6/201818:19*** B.P. Marsh ***3

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DateSubject
05/12/2020
08:20
B.p. Marsh & Partners Daily Update: B.p. Marsh & Partners Plc is listed in the General Financial sector of the London Stock Exchange with ticker BPM. The last closing price for B.p. Marsh & Partners was 262p.
B.p. Marsh & Partners Plc has a 4 week average price of 241p and a 12 week average price of 225p.
The 1 year high share price is 269p while the 1 year low share price is currently 139p.
There are currently 37,423,138 shares in issue and the average daily traded volume is 15,798 shares. The market capitalisation of B.p. Marsh & Partners Plc is £98,048,621.56.
15/10/2020
11:33
speedsgh: I see Simon Thompson (Investors Chronicle) has been plugging BPM again... HTTPS://www.investorschronicle.co.uk/comment/2020/10/15/exploiting-valuation-anomalies/ Apparently "all time highs beckon. Buy". Target 350-360p.
11/6/2020
10:33
its the oxman: Just a dodgy price posted at close yesterday, don't think it really fell. Looking good for a move toward 300p at some point over the next few months bar main markets completely tanking.
11/6/2020
08:47
bscuit: Bizarre share price movement late last night – all the way back to 220, but this morning straight back up again. MMs playing games?
10/6/2020
11:27
jgh03: It's just been tipped by Simon Thompson in IC, though as I don't have a subscription I don't know what he's said or what his target price is.
09/5/2020
13:02
its the oxman: Do not necessarily see bpm creating fireworks short term, and had hoped we might see one or two of it's holdings listed at some point with uplifts to nav. Those opportunities are pushed back now but still seems well run enough and cheap = at sizeable discount to nav. A move back toward 300p would be nice and it could easily see substantial gains if wider market ever moves up and breaks through 7000 again. In the new world of covid 19 there are probably many worse shares to be exposed to.
30/4/2020
13:43
skyship: Its the OXMAN - NAV tba in June. What do you think that will reveal? After all, one only buys BPM for the NAV discount; most certainly NOT the yield! What the bulls have to bear in mind is this extraordinary deception rolled out with every set of figures: "From its inception in 1990 until 31 July 2019 the Group has maintained an average annual compound increase in NAV of 11.7%." The major part of that growth was aa a private company pre-IPO. Far more relevant is the post IPO growth - a mere 7.5%pa - Brian Marsh always omits to reveal that unvarnished truth... Also bear in mind that that growth would be halved if they paid out a realistic dividend. The stock is a con in my eyes; though you can still make trading profits if you time the Simon Thompson tip well.
16/10/2019
08:42
pavey ark: Simon Thompson certainly didn't trigger my purchase here. Having bought quite a few at the silly price of 208p I now find myself pondering my next move. The write down on LEBC is substantial (33%) and certainly more than the loss of business mentioned (20%)yet total company NAV still rose by 3%. 50% of business outside the uk. Once the dust settles there is certainly potential for an upgrade on the LEBC figure but it looks like they don't want to risk having to do a further downgrade. At the current NAV of 361p a share price of 290p would still be at c. 20% discount. I think I'll hold for now. If they maintain their record of more than 11% asset value growth/year then the year end NAV would be 388p
16/9/2019
22:08
pavey ark: Doesn't today's announcement boost BPM's carrying value of XPT significantly? I would have thought that longer term holders would have run the calculator over this but I make it a fairly substantial increase. Could be way out here but would like to know one way or another. My figures are :- EV now $54m and they now have a 32% share. The value as 31st Jan this year was c. £7.7m to PBM As I said,I could have the wrong end of everything here. Edit: Given the recent turbulence in the share price I would have expected the company to make more of this IF my figures were correct so I have doubts.
13/9/2019
19:16
spob: Exploit BP Marsh and Partners anomalous discount to NAV Simon Thompson Investors Chronicle September 9, 2019 Https://www.investorschronicle.co.uk/comment/2019/09/09/takeovers-tenders-and-taking-profits/ Financial markets should operate efficiently, embedding all known information into asset prices. However, if they did so then the share price of insurance sector investment company BP Marsh & Partners (BPM:216p), a company that has delivered 11.9 per cent average annual compound growth in net asset value (NAV) since 1990 by backing the management of its investee companies, would not have fallen by a fifth last week. The share price reversal was prompted by news that LEBC, a financial advisory group in which BP Marsh holds a 59 per cent stake, agreed voluntarily to cease providing defined-benefit (DB) transfer advice following a market-wide review by the Financial Conduct Authority (FCA). The DB segment of the business accounted for a fifth of LEBC’s annual revenue. The stake in LEBC has a carrying value of £35.5m (98.6p a share) in BP Marsh’s accounts, implying an enterprise value of 13 times LEBC’s operating profit after adjusting for net cash on its balance sheet. The stake also accounts for over a quarter of BP Marsh’s last reported net asset value (NAV) of £126.2m (350p a share). LEBC has performed well to date, but clearly there will be an impairment charge on the holding when BP Marsh reports its interim results on Tuesday 15 October. But what investors have ignored is that BP Marsh’s board have said that “the strong performance delivered by a number of our investee companies in recent months means that the company will emerge in a satisfactory position as regards its financial results.” In other words, expect valuation uplifts on the rest of the portfolio to largely offset the write-down on the LEBC investment. In fact, the directors brought forward a pre-close trading update to highlight just how well some of the investee companies have been performing. For instance, BP Marsh holds a 44.3 per cent stake in CBC, a retail and wholesale Lloyd's insurance broker, that has a carrying value of £4.9m, implying an equity value of £11m for CBC as a whole, or 11 times last year’s annual operating profit. But the directors has revealed that CBC’s cash profit is on target to increase by 40 per cent in 2019, the same rate of growth as in 2018. It’s not the only high-growth company that BP Marsh is invested in either. For instance, BP Marsh has a 20 per cent stake worth £6m in EC3 Brokers, an independent specialist Lloyd's broker and reinsurance broker. The business was founded by its current chief executive, Danny Driscoll, who led a management buyout to acquire EC3's book of business from AJ Gallagher in 2014. BP Marsh invested £5m in EC3 in December 2017, since when it has grown revenue from £9m to a forecast of almost £14m this year, while maintaining a good underlying profit margin. I also note that BP Marsh’s 40.5 per cent stake in Walsingham Motor Insurance, a niche UK fleet motor Managing General Agency, looks set for valuation uplift, too. The holding is in the books for £1.37m, implying an equity value of £3.3m. However, Walsingham has already generated £21.5m of premium income in the first 10 months of the 2019 financial year (£19.8m for the whole of 2018) and is expected to “report cash profits significantly ahead of the 2018 result (£0.6m)”. I could go on highlighting other portfolio companies that are set for a valuation upgrade, but I think I have made my point. Namely, the steep fall in BP Marsh’s share price since its annual results (‘BP Marsh posts record net asset value’, 11 June 2019) means that the shares are now trading on a 38 per cent discount to the company’s last reported NAV even though the board is guiding shareholders to expect a satisfactory first-half NAV performance. Markets are not working efficiently here. Shares in BP Marsh have produced a 175 per cent total return including the recently paid final dividend of 4.76p a share for the 2018-19 financial year since I first advised buying at 88p ('Hyper value small-cap buy', 22 Jan 2012), a performance driven by the strong investment performance of its holdings. I expect that outperformance to continue, making the deep share price discount to NAV not only anomalous, but well worth exploiting. Buy.
18/7/2019
19:12
steve3sandal: Hope you find what you’re looking for. I do quite like these owner managed VC/PE collections bought on discounts though they are particularly shareholder friendly. I’m surprised the recent share price has been quite so weak but with the restated BB policy I’m hoping we are near a medium term low though it would be daft to fund anything like 10% BB with the money they raised around 250p last year. Relatively small volumes and News seems to drive the share price but if you look back over several years the NAV and share price have tracked higher and I’ve been in throughout. The mostly privileged fund raise raise last year around 250p did stick in my throat but it did provide funds for continued investments and they have a good portfolio track record. Nexus and LEBC will surely be exited at the right price one day and shareholders might be offered a tender, dividend, special, whatever suits Brian’s tax planning best. I’m staying on the basis boredom, NAV margin of safety, and jewels in the crown are reasonable places to hide.
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