Benchmark Share Discussion Threads

[nw99] 21/9/2014 21:22

Should be worth it ..

[hannahh] 17/9/2014 14:46

Hi, if you're interested in meeting the management of BMK, there is an opportunity on the 25th September, full details here:

Thanks, Hannah

[opodio] 15/9/2014 13:38

moving up now

[opodio] 01/9/2014 08:34

watching closely and ready to pile drive in

[nw99] 01/9/2014 08:32

Looks attractive here

[opodio] 01/9/2014 08:24

very nice deal

[opodio] 14/8/2014 13:17

going northwards

[simon gordon] 14/8/2014 10:51

PUG,

Yes, very fair analysis.

Still early days, best to wait and see if their new products come to market as they expect and how demand materialises.

[pugugly] 14/8/2014 10:31

Popped in to have a first quick look as tipped this morning by a private research house.

Initial reaction very fully priced even if Cenkos (house broker) forecasts are met.

With a market cap of £113 million revenue to market cap (assuming interim revenue annualised) is 3.7 (expensive) EBITDA to market cap is astronomic

However if even if house brokers eps estimate of 1.9p for 2015 is met forward p/e at current offer price of 87 is a challenging 45.

(IMO) If Woodford had not taken up the Invesco stock the current share price would be significantly south of the curent level.

In addition while animal health is a very attractive market in terms of growth potential there are too many cases of failure to meet expectations in terms of revenue and share price To name but 2 EAH and ABTX.

If profits/revenue fail to meet or exceed expectations I suspect there could be a very significant decline in the share price

Very much on the side for the moment but on watch list pending further research.

Fair analysis ???

[lozler] 23/7/2014 20:31

Not currently a holder here but I'm sure this will be an appealing article to read if you haven't done so already:

Benchmark reported maiden interims with sales up 43% to £15.2m, principally driven by a strong performance by the Group's animal health products (up 76% to £14.2m). EBITDA before r&d and one off costs increased 60% to £2.6m.
The keynote was that there was little sign that sales in its key biocide, Salmosan, were impacted following the launch of a generic rival in Norway. The product was also boosted by a six month contribution from sales in Chile against one month last year and Chile is the second biggest producer of Salmon. Speaking to the company, they talk of 45 other new biocides and vaccines being developed, which are at various stages of undress. £1.1m was expensed on further development (up four-fold year on year) – including treatments for infectious salmon anaemia (a virus carried by sea lice) and infectious pancreatic necrosis - and as new products are launched in late 2015, which really isn't a long way off, the company should be on a strong growth trajectory.

Good progress was made on the animal vaccine manufacturing side with one of the big contracts beginning this month at Braintree. Investment in vaccine manufacture is ongoing with £5m to be invested at Braintree and £10m at Biocampus in Edinburgh, for completion in 18 months time. There is hardly anyone else carrying out such investment in this area and with gross margins of 40-50%, payback should be swift.

The other smaller areas saw investment continuing. On the publishing side, new titles were launched and old ones are now being translated in new languages and the company expects a turn up in profits this year as it begins to monetise its large readership. The sustainability side, which also provides technical consulting, has also seen a headcount increase as Benchmark invests for the future.

Cenkos forecasts sales of £29.4m for the full year, lifting to £42m and £54m over the next two. Ebitda profit is expected to climb six-fold from £1.6m for eps of 1p (after almost £4m investment expensed) to £9.2m and 5.6p. Lots to play for. Buy on a two year view.

[dr biotech] 01/7/2014 11:34

Well that makes sense. How much of Woodfords money has come from former Invesco investors? Must admit I am starting to buy his fund - £1200 a month for the wife's ISA. His record is better than mine.

Got an email via HL from him today which I thought was a good idea. It would be nice to get some regular communication from all the fund managers. What would be even better was if he was to be active in voting against excessive remuneration.

[simon gordon] 01/7/2014 10:43

Isn't Woodford just buying some of his original stake from Invesco who held 22.5m shares, 16.5%?

Seems Woodford has been doing this on numerous small caps.

What Investment - 30/6/14:

In cash terms, the largest amount of capital deployed in an AIM stock is the £12.5 million Woodford spent on shares in RM2 International, a company that manufactures and sells shipping palates.

Through his fund, Woodford holds approximately 7.5 per cent of the shares in the firm. This company has a market capitalisation of £199 million at the time of writing.

The second AIM stock which Woodford has invested is Revolymer, a company which develops chewing gum products. Through his fund Woodford speaks for approximately 19 per cent of the shares. This company has a market cap of just £27 million today.

E-Therapeutics, a pharmaceutical company with a market cap of £72 million, is another AIM-quoted stock to have found Woodford's favour recently. He currently holds 17.7 per cent of the business.

The final AIM stock in which Woodford has invested is Benchmark Holdings, a biotech company which has a market capitalisation of £117 million and in which he has a 6.2 per cent stake.

As Woodford has been buying up stakes in the above companies, his previous employer Invesco Perpetual has been selling them.

[aishah] 01/7/2014 10:07

Detailed coverage in SCSW May issue. They had this as a 2014 Nap @105p but had not written up anything until May. Woodford's involvement should flag this up to a wider following

[envirovision] 01/7/2014 09:53

Taken a few.

[masurenguy] 29/6/2014 12:47

Woodfords 6% stake should stimulate some interest in this stock over the next few weeks, particularly when the NISA becomes available. Currently sitting at around 15% above the realistic buying price on the first day of trading back in December.

[sammy_smith] 27/6/2014 08:52

Listen: Benchmark Holdings - Half year results 2014

Click the link below to listen

[scottishfield] 26/6/2014 16:26

v welcome rise today.

[aishah] 26/6/2014 13:13

Leading aquaculture health provider opens for business in Asia

Speaking from Bangkok, FVG Asia Operations Director, Don Griffiths, commented: "World aquaculture production is currently in excess of 80 million tons and Asia produces ninety per cent. However an estimated 20 per cent of world aquaculture production is lost to disease. By supporting aquatic health, FVG will contribute both to food security and to supporting livelihoods."

[aishah] 26/6/2014 12:51

ShareSoc Seminar write-up:

[exbroker] 25/6/2014 09:10

Morning All
I had lunch with the company yesterday after the figures. I bought at the IPO and have not sold any.
All seems to be going to plan, yes its expensive on a short term view but they are on course to build a world class life sciences company that is a leader in its fields. The number of new drugs under development has risen to 45 from 35 since the IPO.
The investment in R&D and the upgrading of Braintree and Edinburgh seems to be on course.
The publishing and websites business could be a real hidden gem, think Metal Bulletin for those of you old enough to remember them.
The shares live in an old tin chest at the end of the bed marked open in 2020, I think I will have a very full chest by then!!

[scottishfield] 25/6/2014 08:21

tks simon gordon

[simon gordon] 24/6/2014 11:27

Paid for research note available on today's interims:

[thorne3] 23/6/2014 15:50

john09-Can I recommend that you read the prospectus;the rollout of new products over the next 5 years could be extremely profitable.