Share Name Share Symbol Market Type Share ISIN Share Description
Begbies Traynor Group Plc LSE:BEG London Ordinary Share GB00B0305S97 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -1.15% 86.00 68,883 15:45:35
Bid Price Offer Price High Price Low Price Open Price
84.50 86.50 86.00 84.00 84.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 60.06 3.53 2.20 39.1 108
Last Trade Time Trade Type Trade Size Trade Price Currency
15:45:35 AT 4,820 86.00 GBX

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Date Time Title Posts
12/11/201910:06Begbies Traynor Grp2,446
08/7/201821:50Begbies Traynor (BEG) One to Watch on Monday -
17/7/201711:57Begbies Traynor Group plc76
11/10/201419:41Is the UK going into RECESSION?50
15/11/200615:48Begbies with Charts & News3

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Begbies Traynor Daily Update: Begbies Traynor Group Plc is listed in the Support Services sector of the London Stock Exchange with ticker BEG. The last closing price for Begbies Traynor was 87p.
Begbies Traynor Group Plc has a 4 week average price of 84p and a 12 week average price of 69p.
The 1 year high share price is 89.50p while the 1 year low share price is currently 56p.
There are currently 125,563,923 shares in issue and the average daily traded volume is 85,977 shares. The market capitalisation of Begbies Traynor Group Plc is £107,984,973.78.
aleman: Another acquisition. Https:// I'm now guessing adjusted PTP of maybe £9.6m this year and £11.0m next year.
aleman: This acquisition should take adjusted PTP to maybe £9.2m, with a half-year contribution, and probably £10m or more next year. More acquisitions are likely, though.
aleman: It's not very high for such a cash generative company that has little demand on the cash it generates so it just keeps making small acquisitions and paying a growing dividend. The answer to your question is yes, the share price is up with events if there isn't a recession coming, but no it's still cheap if there is. (I think it's already here. Checkout Claimant Count - already up by half the total increase of the last recession, yet the B of E does not even look like cutting interest rates yet. Until they cut, I think BEG will keep getting busier.) Https:// But don't forget they're expanding quite quickly now from the cash they're generating. 44 offices in Feb 2017 and 75 now plus cross-selling from the acquisitions. Recent years' forecasts have turned out to be slightly conservative.
aleman: Does the RNSing of the new partners express frustration at the share price drop or does it actually suggest it will bring significant revenue increases? A question for the AGM maybe.
magic: 2pm of shareprophet posting coincides with start of fall of BEG share price also around 2pm. hxxps:// An Open Letter to Begbies Traynor - please don't make me go to your AGM, just answer my damn questions 2 2019-09-11 14:02:57 I have serious questions relating to corporate governance and related party deals at Begbies Traynor (BEG). I have communicated these to the company today and hope for answers. If I do not get them by next week I shall have to attend the AGM in Manchester and kick up a stink. None of us want that so over to Begbies...answers please. The letter is below.
topvest: Yes, all looks very good. One of the few businesses which are well placed for BREXIT and economic gloom. For that reason, it's a strong hold for me. I've held for quite some time, but at last business momentum is building. Think we should see continuing highs in the share price over the next few months.
cravencottage: I'm no chartist but glancing at the graph it does appear BEG has the look of a "Coiled Spring" It's taken more than 5 years to regain traction with the share price and given the economic indicators falling into the lap of BEG it's only a matter of time before the "Coiled spring" is let loose.. There's been several chunky buys going through over the last week or two but how long can the MM's keep a lid on the SP? Just over 2 weeks to results and with a minimum of 4.7p of EPS in the bag for 2019 and current forecasts suggesting 5.4p for 2020 it's fair to say that the momentum has some way to go given the almost inevitable broker upgrades post results and the healthy dividend policy the directors are expediting.. Time will tell but if you go back to the last recession of 2007/2008 and the share price got quite close to £2. Coupled with the fact Ric Traynor is knocking on 60 I think ultimately we're going higher than the "Cup and Handle" of £1. These are very interesting times.. Good luck all CC
aleman: Another small acquisition - too small for an RNS. I gather assets are about £400k (almost entirely cash and debtors) and increased about £15k in the last accounting year. Employees rose from 4 to 5. I gather this deal went through at the start of March but has only been announced now, presumably once changes to a BT format have been completed satisfactorily. Https:// Begbies is not on a cheap rating but it is very cash generative and is using that cash to make these regular small acquisitions. The growth in its market seems to be accelerating and it is acquiring market share on top of that. I think we should be due a nice upgrade to forecasts when the results arrive in 4 weeks. The recent rise in the share price may have covered that or not - we shall soon see.
speedsgh: Nice balanced write up on the results in Stocko's SCVR report by Graham Neary today... HTTPS:// This insolvency practitioner has enjoyed a big re-rating higher over the past year. Investors are preparing for interest rate hikes and for zombie companies to start throwing in the towel en masse, driving up the demand for Begbies' services. Results for the year to April 2018 are moving in the right direction. The company made small acquisitions in February and March, and they will have contributed a sliver of the above revenues. Its financial position has improved: net debt is at its lowest level since 2007, and the total dividend has increased for the first time since 2011. Outlook Given the valuation now attached to these shares, I'm a bit surprised that the outlook statement isn't more bullish. Conditions are described as "stable". Expectations are unchanged, with continued growth to be seen from the pair of acquisitions and from organic investments being made: "Any further growth in earnings in the new financial year could be generated from a faster return on the investments we have made or an overall improvement in our counter-cyclical market conditions." Corporate insolvencies fell slightly in 2017, according to statistics quoted by the company. Q1 2018 saw them ticking back up, but the company offers the appropriate caution: "any sustained increase is likely to be as a result of either a marked change in interest rates or a change in the economic environment". My view I have mixed views on this one. I can see the argument for it playing a counter-cyclical role in a portfolio, and I agree with that. On a standalone basis, however, it's another labour-intensive professional services outfit and its margins reflect this. The operating margin in today's income statement is a lukewarm 5.3%, an improvement compared to last year's lacklustre 3.3%. Also, considering it purely on a standalone basis, higher insolvencies still haven't materialised yet. After such a long wait, there is still no guarantee that this will be occurring any time soon. While I said at the top of this report that investors should try not to place too much emphasis on macro forecasts, Begbies is an example of a stock which is heavily influenced by economic conditions. Apparently, the prospects of a rate hike at the Bank of England's next meeting have fallen from 69% to 62% in recent days. I would expect the Begbies share price to retreat, if interest rates do not rise soon. But I can see why the share has attracted some interest. Probably the main attraction for some will be the 3.5% yield, with prospects for this to improve as Begbies continues to grow market share.
aleman: BEG went up last time because it looked like the world was ending. The reality was the cut in base rate from 5.0% to 0.5% quickly made that doubtful and personal insolvencies soon peaked towards the end of 2009, with it being apparent in financial markets that the worst was over before then. Personal insolvencies, in the end, only rose from 25k to 35k and then drifted down until a couple of year ago. Corporate went from 4k to 7k in a similar trend. (scroll down for charts) Http:// That 0.5% interest rate saved loads of zombie companies and actually meant those in debt up to their eyeballs could go out and borrow more so the economy grew again. Do we see a repeat in the next recession? A 4.5% base rate cut limited the personal insolvencies rise to 40% and corporate to 75%. The question is, how far can they cut from the current 0.5% and what will that limit the rise to? Share prices don't tell the full tale. The dividend never fell below 2.2p so the share price fall to 20p was quite an extreme undervaluation. It is arguable that the shares should never have gone over 100p and never fallen below 50p. Now ask, if base rate cuts are now so limited, and actually insolvency rates are surprisingly still remarkably similar to 2007, how far can they cut base rate and how much will that stop the shares going over 100p again? If we get another recession - and I think that is very likely - and they can only cut base rate to zero before hitting problems, then I think we can go way over 200p. The last recession was cut off before it started. The GDP hit was focussed more on the financial world, with limited job losses, and did not make it onto the streets in the same was as previous recessions before ultra low interest rates saw a quick (superficial?) financial recovery. The next recession might take down the weak companies and consumers that should have gone last time. But maybe central bankers can come up with some new ingenious financial engineering to save the zombies ..... Whatever comes, I agree with topvest that BEG is a good countercyclical stock. If the recession doesn't come. my other stuff should do okay and BEG should continue to pay a respectable enough dividend. If the recession does come, the already rising trend in insolvencies should soar and so should BEG.
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