Share Name Share Symbol Market Type Share ISIN Share Description
Benchmark Holdings LSE:BMK London Ordinary Share GB00BGHPT808 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -1.23% 40.00p 39.00p 41.00p 40.50p 39.75p 40.50p 11,500 14:00:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 109.4 -22.4 -4.4 - 208.95

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Date Time Title Posts
19/9/201717:53SALMON prices 30 year high and CAT VACCINES are Go-Go106
27/1/201714:29Benchmark Holdings Plc389

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DateSubject
23/9/2017
09:20
Benchmark Holdings Daily Update: Benchmark Holdings is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker BMK. The last closing price for Benchmark Holdings was 40.50p.
Benchmark Holdings has a 4 week average price of 39.75p and a 12 week average price of 39.75p.
The 1 year high share price is 109.50p while the 1 year low share price is currently 39.75p.
There are currently 522,365,034 shares in issue and the average daily traded volume is 15,660 shares. The market capitalisation of Benchmark Holdings is £208,946,013.60.
11/9/2017
11:38
jaknife: Buy note out from Kepler Cheuvreux this am. Target price 68p. One thing that I noted is that the total market cap at £230m is now pretty much what they paid to acquire Inve back in Dec 2015! ---------------------------------------------- With FY trading in line and assuming a 65% YOY recovery in EBITDA in fiscal 2018E, the share price has overreacted. We therefore upgrade our rating to Buy. This remains a high-risk, high-return investment case: Benchmark combines a lack of focus and capital discipline, with a unique growth portfolio exposed to high value added, early life stages of fish. FY trading update: no further deterioration FY trading indicated for EBITDA of GBP8.7-9.3m for fiscal 2017, versus our GBP9.2m. This implies that H2 results did not deteriorate further after a disappointing H1. H2 trends were broadly in line with expectations, including ongoing strong performance in Breeding & Genetics. Animal Health continued to see operational losses in H2, due to lower sales in Salmosan and investments in new products, but we assume these to be less severe than in H1. Also, WC and capex were under control. Upgrade from Hold to Buy We upgrade the stock from Hold to Buy. The share price has more than halved since January. We believe that current valuation levels have more than factored in the operational setbacks in fiscal 2017, as the trading update indicates that downside to our estimates for 2017/18 is limited. Moreover: 1) we project EBITDA to increase by 65% YOY in 2018E, with consensus assuming an increase of 100% YOY; and 2) prospects for the key AAN division (55% of group sales) have improved, as the worst in global shrimp production seems to be over. This is largely driven by strong growth in Ecuador and India, while production in China and Thailand is still under pressure, due to diseases and adverse weather conditions. Still we perceive that global shrimp output might grow by low-to-mid single digits in 2018, whereas the recent contract renewal with the GSL-Coop provides stability. TP and key risks The share price has proven be very volatile since 2015, which we believe is a reflection of low earnings visibility and the unrestrained expansion into new products and territories. We lower our TP by 8% to 68p by applying a slightly higher WACC of 9%, with our long-term growth rate still at 5%. Do note that our TP does not include the NPV of the product pipeline, which we estimate at 65p per share. The key risks to our investment case relate to: 1) a further broadening of the portfolio into new products, services and territories, whereas we prefer to see proof of success of all the existing initiatives first, before entering into new adventures; and 2) higher-than expected investment and start-up costs for new product introductions.
08/9/2017
07:46
napoleon 14th: Hmmmm, I'm certainly not buying back in on that TU. Not bad per se, but has a warning stitched in the lining IMO, & "share price down into the 30's is feasible" indeed if they need to wait before getting sales of their anti sea-lice product.
08/8/2017
11:32
simon gordon: What's fair value? Numis forecast it to do c.£11m PBT to 9/19. Market cap now £269m. Probably got some debt now, not sure how much. Give them 15x 11m = £165m market cap. So share price down into the 30's is feasible unless they start meeting their numbers and upgrading forecasts. They might want to consolidate the share so it doesn't look like a penny dribbler.
31/1/2017
07:32
multibagger: Aha Janeann - we meet again ! I thought our investing styles were similar so I guess our paths cross frequently and I am pleased that we are doing well (atleast for now in a bull market). BMK is another of my decent sized holds - I think that the company has developed a great IP portfolio with multiple revenue streams, in different countries, across a range of sectors and this de-risks the company massively IMHO. I think that there is a real possibility of a takeover in due course given the barriers to entry by one of the agri giants. It was a steal when I started buying in the late 50s price range. I am confident that we will see a multipound share price over the next 3-5 years. Good luck :) Good decision re BOO - our values and principles are more important than a few pieces of silver !
19/11/2016
17:24
multibagger: Thanks for the info Miss Womble - that could well explain the share price rise and agree that there could be more to come in the short term... hxxps://theferret.scot/fish-farm-firm-kills-175000-salmon-accident Good luck all :)
05/8/2016
07:37
multibagger: It would be interesting to see how the market reacts as the headline is about increasing equity and diluting EPS in the short term. The good thing is that the placement is at a decent premium to current share price. I agree that this is a very shrewd move in terms of increasing IP, getting into new areas and scalability, but won't be surprised if the share price is marked down a few pennies. Personally, I am not too bothered, as my investment horizon is about 3-5 years - I am confident that BMK will be taken out in due course at a good premium. Till that happens, the increasing share price and possible dividends will be most welcome !
10/3/2016
16:47
pugugly: simon gordon:> imo Think of a figure and then halve it. Heavily loss making and integration of new merger not yet proven. Share price in free fall and probably big overhang from vendors - Do you have any knowledge of whether there is a "lock-in" period ? Also salmon in Chile I hear are suffering from disease (source from memory Bloomberg) PLUS of course my concerns (expressed above) as to whether this had been boosted too much by th e"Woodford effect" and is now suffering withdrawal symptoms. Very much on the side for the moment until profitability considered (by me) as likely in the foreseeable future.
01/5/2015
14:44
briangeeee: The downgrade is massive, and worst of all it's in comparison with figures issued only a few months ago to support a huge acquisition and fund raise. At that point the Salmosan business was said to be going surprisingly well. In my opinion this huge downgrade totally destroys management's credibility, and I'm amazed Woodford has supported the share price. Perhaps he's trying to protect his large holding, and sees value in the pipeline. However, given that not only has the Salmosan been extremely disappointing, but it's replacement now being delayed by 15 months is another huge black mark. I don't see how anything they say can be believed. Obviously the new fish breeding business may be a success, but is it enough?
25/11/2014
11:37
exbroker: This is the front page of a note from the broker Cenkos. Industry Transformative Deal Announced Benchmark is undertaking two highly transformative acquisitions that will, when blended together, create the foundations of a global business at the forefront of salmon genetics and primary breeding. We believe the opportunity for Benchmark to become a world class player across several animal health segments is readily achievable led by a highly capable management team. Our valuation of the enlarged company suggests a share price of 140p based on 2016 industry EBITDA multiples (including Zoetis) applied to our forecasts. We have therefore set our price target at this level. BUY.  Forecasts The year ended 30 September 2014 has been a year of strong delivery led by robust sales of Salmosan. We are upgrading our revenue forecasts for the base (pre-acquisition) business from £42.2m to £44.4m in 2015E and present revised forecasts for the new group (post acquisition) driving trading EBITDA from £11.8m to £21.9m in 2016.  Consolidation in salmon genetics Combining Stofnfiskur (FY14F T/O: £6.6m based Iceland) and SalmoBreed (FY14F T/O £9.8m Norway) will produce a global number 2 player. The key here is not strengths of the individual companies, but the strong synergies created by combining them. Marrying multi-decade development of male genetics with multi-decade development of salmon eggs, and leveraging the combined qualities on land-based bio-secure salmon farming to produce very high quality salmon ALL year round, is a unique global proposition. With salmon consumption growing at 7% per annum and supply barely achieving 3% - there is an opportunity to grow both pricing and volume dynamically in the near-term.  HypoPet opportunity compelling We have created a model to reflect the potential for the HypoPet cat vaccine and see £15m peak sales in the UK valuing the business at £55m (which is not included in our valuation as it is outside the forecast period). The potential sales for the product could significantly exceed the forecasts in our model with international sales likely to be in multiples of those achieved in the UK.  Pipeline progression and Outlook Benchmark has an industry leading pipeline (47 small molecules and vaccines – compared to 30 a year ago with the addition of the Zoetis vaccines business); a sector leading sustainability business and strong foundations in science (publishing) – coupled to salmon egg production using leading genetics, we see a strong future for the business.
23/9/2014
09:55
thorne3: For the time being the share price is clearly being managed at 85p on the offer side.A number of institutions who bought in at the original placement price of 64p are gradually taking a modicum of profit;nothing wrong there.In due course this selling will be absorbed as the potentially exciting newsflow unfolds.At that stage the share price could move quite materially as the market as a whole begins to appreciate the attractions and very considerable potential of this amazing company.
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