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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
  -1.90 -1.33% 140.90 155,653 16:35:02
Bid Price Offer Price High Price Low Price Open Price
139.00 142.80 142.80 139.40 140.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 110.00 4.05 -0.30 217
Last Trade Time Trade Type Trade Size Trade Price Currency
16:04:09 O 1,412 141.1242 GBX

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Date Time Title Posts
07/2/202308:34Begbies Traynor Grp3,521
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 (BEG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-08 16:04:09141.121,4121,992.67O
2023-02-08 15:58:19139.00250347.50O
2023-02-08 15:56:34139.812,4213,384.90O
2023-02-08 15:42:31140.10643900.86O
2023-02-08 15:32:19142.8022.86AT
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Begbies Traynor (BEG) Top Chat Posts

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Posted at 08/2/2023 08:20 by 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 142.80p.
Begbies Traynor Group Plc has a 4 week average price of 135.40p and a 12 week average price of 130.20p.
The 1 year high share price is 156p while the 1 year low share price is currently 97p.
There are currently 153,788,749 shares in issue and the average daily traded volume is 149,216 shares. The market capitalisation of Begbies Traynor Group Plc is £216,688,347.34.
Posted at 13/12/2022 15:15 by kalai1
Begbies Traynor Group plc announced HY results for the 6 months to 31st October this morning. The Group recorded strong H1 performance with double digit revenue and profit growth in both divisions. Overall growth in revenue was 12% and adjusted profit before tax 13%. Management announced an increase in interim dividend to 1.2p (2021: 1.1p), which builds on the 10% compound annual growth in the dividend since 2017. The balance sheet is strong with net debt of just £2.4m, after £7.4m of acquisition related payments in the six months and also significant levels of headroom within committed bank facilities. In short the Group is well placed to continue to invest in its successful organic and acquisitive growth strategy. Valuation is not particularly helpful and the share price is roughly flat over 18 months and lacks positive momentum. BEG is a solid and growing company, but it remains a share to monitor for now...

...from WealthOracle

hTTps://wealthoracle.co.uk/detailed-result-full/BEG/634

Posted at 13/12/2022 09:27 by this_is_me
Over the last 18 months or so there has been selling when the share price gets close to 150p.
Posted at 13/12/2022 07:34 by edmonda
Another strong half reflects the benefits of an increasingly diverse base of cyclical and counter-cyclical revenues, built progressively via a series of strategic acquisitions and organic investment. The double-digit revenue and profit growth delivered by both divisions in H1 puts the group on track to achieve full year forecasts. The detail reveals consistent growth derived both organically and from a series of acquisitions which have added to the breadth of professional expertise and BEG’s coverage of its key target markets.

We have held our full year forecasts and plan to review them when BEG reports its Q3 trading update in late February 2023. Our current estimates underpin a retained 175p/share fair value, with upside potential if UK insolvencies, particularly administrations, continue to gather momentum, and the group secures further acquisitions which continue to build expertise and capacity. We have reflected on BEG’s rating vs the broader market and its intrinsic value vs its peers in this note.

https://www.equitydevelopment.co.uk/research/resilient-income-streams-drive-h1-result

Posted at 02/12/2022 12:03 by adipsia1
Interesting to see BEG approaching 148p resistance level again. Given that K3C broke out yesterday and FRP is also trending, it looks probable that BEG will break through soon.
Posted at 17/11/2022 07:38 by rimau1
Reassuring update. Trading in line with expectations so we can still expect £20m pbt this year which puts BEG on about 13x earnings versus a historical average of 15x as we begin to see efficiency savings and operational leverage from the recent acquisitions. Evidenced by being No1 in the national insolvency market. Moved to a net debt position due to earn outs on 2021’s acquisition spree so no surprises there. Steady as she goes with a useful 3% dividend yield.
Posted at 03/11/2022 16:57 by daneswooddynamo
The share price performance relative to frp is a bit dull, ripe for a catch up imo
Posted at 29/10/2022 18:31 by chessmaster10
Hi route1,

Thanks for the reply, and I appreciate your bullish take.

To be fair, I've had another look at the major shareholders and Ric Traynor holds 17.63% of the shares issued, so he does have significant skin in the game.

It seems no other director holds more than 3.4% of the shares, and the last outright buys were in 2020, although some options have been exercised since.

They do seem to be on an upwards trajectory, increasing revenues at an accelerating rate - but that needs to convert to consistently increasing operating profit and EPS for the share price to really take off IMO.

Looking forward to the half year report on Dec 12th.

Posted at 23/10/2022 16:38 by chessmaster10
Hi all. Been holding begbies for a while now, and I'm expecting this to do well over the next couple of years.

This recent drop looks like a technical drop to fill a gap, and to retest the last breakout level. With that done, and insolvencies increasing, we should start moving higher. My target is 180p+, possibly a retest of historical highs at 200p.

However, I have some doubts.

The lack of director buys and collectively their low share ownership seems like a red flag. Any thoughts on this?

I also think sentiment could turn quickly negative here, if it looks like the economy is recovering faster than expected and inflation comes down. Conversely, if we drop into recession it could give the share price a boost.

On balance, I'm bullish, but with some caution.

Posted at 21/7/2022 08:08 by tomps2
Begbies Traynor (BEG) Full Year 2022 results presentation - July 2022

Begbies Traynor management Ric Traynor, Executive Chairman and Nick Taylor, Group Finance Director, present results for the year ended 30 April 2022.

Watch the video here: www.piworld.co.uk/company-videos/begbies-traynor-beg-full-year-2022-results-presentation-july-2022/

Or listen to the podcast here: piworld.podbean.com/e/begbies-traynor-beg-full-year-2022-results-presentation-july-2022/

Posted at 26/5/2021 14:21 by wcj
iii piece yesterday:


Over the next six months, this company should attract more and more momentum buying.


Last December at 87p, I set out a ‘buy’ rationale on AIM-listed corporate recovery specialist Begbies Traynor Group
BEG
0.15%

. Its interim results to 31 October had cited the biggest quarterly leap in UK financially distressed businesses since 2017 – up 6% to 557,000 despite a legal backlog thwarting wind-up petitions.

Acquisitive firms usually enjoy a near-term boost
Operating margins had also re-rated to 15% after databases have shown annual mid-single-figure percentages. Mind however, there is scope to take radically different views as to profit, hence price-to-earnings (PE) multiples also.

When a group like this is acquisitive (four already this year) transaction costs will be significant but are stripped out of ‘normalised217; profit. Amortisation of goodwill (the premium paid to tangible value, which is usually big for a successful ‘people business’) is also deducted, albeit chiefly an accounting convention.

It does mean such listed companies can report dramatic uplifts in performance, but you may not know exactly how successful are the deals for a few years. With earn-outs typically taking up to five years, these can also weigh on profits by way of contingent liabilities. Personalities may clash as people businesses integrate. Once vendors have completed their earn-outs, they and other staff may move on.

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10 shares set for earnings growth
Such concerns are brushed aside, however, amid current ‘risk-on’; sentiment towards equities. Begbies has progressively re-rated over 60% and now tests 140p a share, which capitalises it at around £200 million.

Management says results for the group’s year to end-April will show revenue of £83.7 million versus expectations for £77-79 million, and adjusted pre-tax profit will be £11.5 million versus £10.5-11.5 million. Encouragingly, this is before the 2021 acquisitions kick in.

A mercurial, if potentially very rewarding, business to project
Various factors conflate, if not conflict. The broad sense of owning Begbies shares is as a play on more challenged times – its quarterly ‘red flag’ alert reports of UK businesses showing a trend of rising financial stress in the year or so. This may get worse as government support measures taper off to leave vulnerable firms exposed.

A curiosity has been such red flag reports showing a 42% year-on-year increase in ‘significant’ financial distress since the first quarter of 2020. Yet the actual UK insolvency rate has plunged 34% to 11,081 firms in the year to end-March 2021 – due to financial support measures.

Management says it raised UK market share from 8% to 10.4% over two years from October 2018. This, together with an increase in the average case size, has mitigated weakness in the overall market.

The sense that insolvencies are poised to rise – Begbies cites an expected 50% increase during 2021 – grates with economic messaging that the UK economy is already experiencing its strongest recovery since the Second World War. Although it could be that an overdue clearance of ‘zombie’ firms (over-reliant on debt) is about to happen.

Also blurring projections on Begbies’ revenue/profit is how insolvencies often have a deferred element, paid out of the administration process, which may take years. Potentially this could enhance Begbies’ numbers on, say, a three-year view.

You can therefore entertain varying scenarios, possibly with a median even base-case outlook for ‘normalised217; net profit of £10 million – or higher, if synergies arise from the takeovers. Mind, better performance will increase earn-outs, hence temper profits growth.

Modest dilution from deals helps a low PE scenario
With near 151 million shares issued (the deals have not involved onerous dilution and the group has circa £3 million net cash not debt) a £10 million normalised net profit scenario implies a forward PE sub 7x – hence the stock has justifiably tweaked up from about 125p before a 20 May year-end trading update.

As AIM stocks go, Begbies is a quality operation in essential business services and with a proven earnings/dividend record. It offers a radically better risk/reward profile than many that are more speculative.

The stock is down a penny or two this morning, but on a six months’ view I would not be surprised if it continues overall to attract momentum buying. The chart, underlying potential and valuation all look attractive, assuming insolvencies do rise.

So while it is tricky to confidently assert ‘buy’ on a longer-term view, the company’s credentials do look stronger than ever. I adjust stance to ‘hold’, simply reflecting wider uncertainties and a re-rating, but this should not be interpreted as a downgrade. It is just more speculative now to assert a conviction of ‘buy’.

Busily acquisitive this year, with the two biggest-ever deals
January saw the £21 million (including earn-outs) acquisition of CVR Global, a leading insolvency practitioner, which added the group’s first overseas office. A significant overlap of operating locations was said to enable £750,000 of annualised operating synergies.

Then in February came the £1 million purchase of a small London-based firm of chartered surveyors, to integrate with Eddisons, the group’s property advisory side.

Underlying group trading also appeared to improve by this point: on 23 February it was said the annual results would be “at least” in line with expectations.

In March, another key insolvency practice was bought: David Rubin & Partners, in London/Guernsey, for £25 million (including earn-outs). This was Begbies’ largest acquisition, intended to boost its presence in the UK business recovery market especially in London. A £22 million equity placed at 105.5p incurred 16% dilution.

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May has seen the addition of MAF, a Midlands-based finance broker for up to £12 million with earn-outs. Working with banks and specialist funders, MAF arranges finance for firms in a wide range of industries towards buying equipment, vehicles and property. It is hoped to complement other Begbies services, especially debt advisory, and should also extend the group’s relationships with lenders.

Begbies Traynor Group - financial summary
Year ended 30 Apr

2015 2016 2017 2018 2019 2020
Turnover (£ million) 45.4 50.1 49.7 52.4 60.1 70.5
Operating margin (%) 0.7 3.7 2.9 5.3 7.3 5.5
Operating profit (£m) 0.3 1.9 1.4 2.8 4.4 3.9
Net profit (£m) -1.6 0.5 -0.3 1.4 2.3 0.9
EPS - reported (p) -0.6 0.4 0.2 1.3 1.9 0.7
EPS - normalised (p) 1.4 0.9 1.3 2.0 2.9 2.4
Price/earnings ratio (x) 57.4
Return on equity (%) -1.0 0.7 0.4 2.5 3.9 1.5
Operating cashflow/share (p) 3.9 6.2 5.2 6.6 4.9 1.3
Capital expenditure/share (p) 1.3 0.5 0.3 0.4 0.9 0.6
Free cashflow/share (p) 2.6 5.8 4.9 6.2 4.0 0.7
Dividends per share (p) 2.2 2.2 2.2 2.4 2.6 2.8
Yield (%) 2.1
Covered by earnings (x) -0.3 0.2 0.1 0.5 0.7 0.3
Cash (£m) 9.2 7.6 6.7 3.5 4.0 7.3
Net debt (£m) 12.8 10.4 10.3 15.7 14.6 11.1
Net assets (£m) 61.0 60.2 58.1 56.2 58.1 65.6
Net assets per share (p) 55.7 54.3 54.4 51.1 50.8 51.3
Source: historic company REFS and company accounts



Pattern of rising distress levels in UK business
If Begbies’ red flag reports are portentous than a rear-view mirror, the UK insolvencies market is now primed.

The fourth-quarter 2020 report had cited a 13% increase in businesses in significant distress – the largest since the second quarter of 2017 – albeit unsurprising as lockdowns tightened once again after a relatively easy summer. Each of the 22 sectors monitored showed an increase in significant distress, with 18 experiencing double-digit increases in the final quarter of 2020.

Moreover, it was said likely “these figures are the tip of a very large iceberg” given Covid-19 had reduced court activity and winding-up petitions.

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The first-quarter 2021 report proclaimed a 15% increase in firms in significant distress over the previous quarter alone: “This is a very concerning for the UK economy and highlights the deteriorating financial situation for many companies.”

That is a reality check for optimists who reckon on a Roaring Twenties period ahead – as disposable income conflates with demand now unleashed. Begbies’ reports are effectively saying raised consumer demand is vital to offset potentially lower corporate demand within the overall economy. But it could just mean a vigorous restructuring lies ahead.

Quite a tough call then, with fresh money
It depends how disciplined you want to be, and how speculative. Unless Begbies’ reading of the insolvency market is flawed, and its expansion has come at precisely the wrong time, profit-taking looks premature. If broadly correct, then analyst targets of 165p a share are well justified and will get raised again in due course. Hold.

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