Benchmark Share Discussion Threads

[hydrus] 30/4/2015 15:22

I saw Neil Woodford the other day at a train station in Birmingham. He is quite short. That's the only insight I have I'm afraid.

[melf] 30/4/2015 13:14

Neil Woodford doesn't seem too concerned.

[r0n] 29/4/2015 12:21

Just means BMK have to drop their price to match the generic market price.So a small drop in profit only .imo

[dr biotech] 29/4/2015 11:24

Its not always easy to deal with generics - and its a careful balancing act - youl always want to keep your products at a premium to the generic and want to avoid commodity pricing in what is still probably a fairly niche field.

I looked at these last year after woodford bought in. I guess a lot of people did - only reason I didn't buy in was because of the high spread. Recovery will take a few months at least. Lets hope it does.

[blueliner] 29/4/2015 11:03

That's why I just bought in with a tiddler amount this morning.

Agree Woodford is not infallable, though I'm in his fund.

[phowdo] 29/4/2015 10:37

Question is, is this the first of the usual 3 profit warnings or just a blip.
The pushback on some products is a bit concerning. As is the competition from generics that wasn't corrected identified by management as a threat early enough.
Nice little bounce from the low, but Id agree with Simon that the path back to £1+ could be a long one.

[stegrego] 29/4/2015 10:22

I would suggest that Woodford sometimes gets things wrong.

[steveo18] 29/4/2015 09:22

Reckon Woodford will buy this up to 29.9%
The hypo cat launch is gonna be mega

[simon gordon] 29/4/2015 09:06

Pug,

It's the product delay news that is the worst aspect of the RNS.

Share is holding up pretty well considering BMK's main profit earner looks to be coming under harsh competition and margin pressure and their new products to replace it are facing delays and headwinds.

Looks like it will turn into a zombie share until the new products come through, 2016/7/8 ?

[pugugly] 29/4/2015 08:46

This I seem to remember was a tip sheet favourite - I suspect a significant number of stop losses being triggered - I would have expected better timing from Woodford.

simon G - Very fair comment.

[gucci] 29/4/2015 08:32

hopefully should recover some today

lots of buys atm

[gucci] 29/4/2015 08:15

l2 firming

[simon gordon] 29/4/2015 08:11

One new product pushed out to 2016, the other sounds like it's been kicked into the long grass.

Going to be a very long hard slog back to a quid.

[janeann] 29/4/2015 08:10

well Mr woodford wont be pleased!

[phowdo] 29/4/2015 08:07

Yep could be a nice opportunity to buy today.

[gucci] 29/4/2015 08:06

over reaction to the results i think

[dr biotech] 23/4/2015 16:10

Probably buying more for Woodford Patient Capital. I guess we will find out in the next few weeks.

[gucci] 23/4/2015 15:36

RNS
RNS Number : 1338L
Benchmark Holdings PLC
23 April 2015
filings with the FSA include the annex
For filings with issuer exclude the annex
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached: ii

Benchmark Holdings plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):

3. Full name of person(s) subject to the
notification obligation: iii

Woodford Investment Management LLP ("Woodford")

4. Full name of shareholder(s)
(if different from 3.):iv
Clients of Woodford

5. Date of the transaction and date on
which the threshold is crossed or
reached: v
22.4.15
6. Date on which issuer notified:
23.4.15
7. Threshold(s) that is/are crossed or
reached: vi, vii
15%
8. Notified details:
A: Voting rights attached to shares viii, ix
Class/type of
shares
if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction

Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights x
Direct
Direct xi
Indirect xii
GB00BGHPT808
32,417,094
32,417,094
33,916,604
33,916,604
15.5%
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date xiii
Exercise/
Conversion Period xiv
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price

Expiration date xvii
Exercise/
Conversion period xviii
Number of voting rights instrument refers to
% of voting rights xix, xx
Nominal
Delta
Total (A+B+C)

Number of voting rights
Percentage of voting rights

33,916,604
15.5%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Woodford Investment Management LLP as Investment Manager
Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:
Jon Webb
15. Contact telephone number:
01865 809023
This information is provided by RNS
The company news service from the London Stock Exchange

[dlku] 14/4/2015 09:43

won't be surprised to see Jim Slater buying
Mark Slater has a shed load

[miss womble] 31/3/2015 15:45

I understand that Octopus has recently bought a considerable number of shares, presumably for their Inheritance Tax Avoidance Instruments. A very good sign

[opodio] 22/2/2015 10:56

not much new


conclusion reads well

Benchmark has a September year-end and broker Cenkos expects 4.2p of earnings from trading activities for the current year followed by a 57% jump to 6.6p for 2016. This equates to a p/e of over 15 which looks very attractive.
Those earnings are from trading activities and don’t include the costs of R&D. Benchmark conservatively
writes these off as incurred, rather than putting them on the balance sheet as an asset. This investment is a key component of future growth; but depresses current earnings when we deduct it from profits. So we need to allow for this when looking at the p/e in isolation. Cenkos has a price target of 140p. As vaccines move from the pipeline into the market, this valuation will grow; so I’m comfortable with my 200p two-year target.
The deals have been funded by issuing shares at 85p which was only a 5% discount to the market price at the time. The new shares have raised Benchmark’s market cap to over £250m; so I expect the shares to get on the radar screen of more institutions. The balance sheet is strong with net cash.
I think Benchmark is building an exciting franchise in animal health and genetics and the shares are a Buy.

[analyst] 22/2/2015 10:46

hxxp://images.fleetstreetpublications.co.uk/pdfs/PSL_penny-share-guide-one-share.pdf includes review of Benchmark

[nw99] 16/2/2015 14:10

Invesco upping stake great news