Begbies Traynor Share Discussion Threads

[wcjan26] 17/12/2010 16:57

big four?

they have a long way to go. they are what, 12th now in scale and less than 10% of E&Y at #4?

that's just on scale. quality of fees is another matter

merger with rsmtenon or reversal into baker tilly is the only way to get anywhere close

[bonio10000] 17/12/2010 16:52

Maybe he should stop buying small practices then.

A large firm of small practices is just that - a large firm of small practices.

Not a large firm able to compete on big contracts.

Also - if insolvencies are not rising, no idea why you would staff up and increase exposure to that market by buying more practices.

I also find anyone called "Ric" a bit disconcerting.

All imho and no investment advice intended.

[spaceparallax] 17/12/2010 16:14

No doubt that's what Ric T would like.

[bonio10000] 17/12/2010 16:13

I thought this was going to become a competitor to the big 4?

[spaceparallax] 17/12/2010 16:08

Sadly, that could easily happen - a real mix of trades today.

[wcjan26] 17/12/2010 15:52

looks like 40p next if the low from july goes

[spaceparallax] 17/12/2010 14:08

Today's sharp dip is worrying - likely to trigger stop-losses and could even fall through support. We need a Director Buy.

[spaceparallax] 16/12/2010 12:46

I won't be selling, but equally see no reason to add atm

[gb904150] 16/12/2010 12:38

Yes, insolvency still weak and as that accounts for £27m of their £34m total revenue that remains the problem area.

Given that BEG's share price is unlikely to improve much until/unless we see the economy dive, i still figure it pays to wait and see on this one. BEG's share price would probably be stung by general market malaise and then they can be picked up as one of the earliest recovery prospects.

That said, they're currently trading below their stated NAV of 75p/share so for the patient a buy and hold strategy should work as the impact of all those acquisitions boosts earnings.

It still seems that BEG has ramped up operations and stumped up a lot of cash to acquire practitioners to benefit from mass insolvencies that haven't happened. That leaves them having to do things like 'internal restructuring to align resource base with current activity levels' which may be called 'rightsizing' or just plain making people redundant.

So i guess BEG is still just a play on if/when you think a UK downturn is going to happen. Perhaps 2011 will bring the great inflation clampdown with large interest rate rises and that will be the catalyst.....who knows....

[spaceparallax] 16/12/2010 09:57

Results pretty much as expected from the TS. An enigmatic company

[spectoacc] 13/12/2010 13:02

Not that it necessarily means much, but just noticed a tip confirmation from the IC from Fri:

"Shares in BEG fell 7% to 63p after warning pre-tax likely to be £700k lower than previous year's £4.2m...etc etc etc...The shares are now back down to where we suggested buying them, and for investors willing to be patient there is an attractive yield as comfort."

[spaceparallax] 08/12/2010 16:17

ta - they secured a big chunk of work.

[shuisky] 08/12/2010 12:46

Thanks spaceparallax, You'll find a small piece on SQS on it today.

[spaceparallax] 07/12/2010 15:36

An intriguing write-up that appears to share many of the points raised over the years on this thread. I for one won't be adding unless the share price dips ridiculously and that's not likely to happen despite the recent retracement in response to the frustrating TS.

[shuisky] 07/12/2010 10:52

Fellahs there is a bit of a write up on BEG here...

[spaceparallax] 06/12/2010 12:15

It is pretty poor when BEG can't flourish in these tough times.

[bonio10000] 06/12/2010 09:06

Oh dear.

Bet the house on insolvencies and ad finitem issue statements quoting jam tomorrow.

[spectoacc] 06/12/2010 08:58

It's not great; still, they're forecast to do just over 8p EPS for the full year, if that turned out to only be 6p for eg (& that t/s says they still expect to meet), it wouldn't be a disaster - a lot priced in already. Though still possible the upturn in insolvencies never comes; post-Christmas usually a key time.

[wcjan26] 06/12/2010 08:43

the beautiful irony if BEG had to use its services on itself

another very poor update.

[gb904150] 18/11/2010 19:13

bonio - fwics spectoacc was trying to have a sensible discussion with you and your response was to say 'you're an idiot' and filter him.

Is that what you do to anybody who disagrees with you? I was going to take your opinion seriously as you 'work in the industry', but your opinion suddenly holds less weight now I can see how you handle criticism and debates.

Oh go on then....filter me too....

[thickasmince] 18/11/2010 19:04

And speaking of ROK, interesting to see late todasy BBY picking up some of their business. As for the big 4, I am aware that one of them in my area would at times use BEG for some smaller work they were not interested in although they do not use them now.

[spectoacc] 18/11/2010 16:12

"bonio10000 - 18 Nov'10 - 16:11 - 1136 of 1137

With all due respect, you're an idiot.

SpectoAcc - 18 Nov'10 - 16:09 - 1135 of 1135 (Filtered)"


Eh? I'm just pointing out your mistake - but if you read the website, you'd see that for yourself. Eg

Fwiw I'm ex Big 4 myself.

[bonio10000] 18/11/2010 16:11

With all due respect, you're an idiot.

SpectoAcc - 18 Nov'10 - 16:09 - 1135 of 1135 (Filtered)

[spectoacc] 18/11/2010 16:09

@bonio - there's a huge difference between BEG and the Big 4, you just can't compare them, they're totally different animals. Have a look at the website - they're not interested in "audits".

[bonio10000] 18/11/2010 16:04

Specto - I work in the industry.

BEG are nothing special. Dreams of them competing on a large scale, and especially via small acquisitions, are just that - dreams. imho of course.