Biffa Investors - BIFF

Biffa Investors - BIFF

Stock Name Stock Symbol Market Stock Type
Biffa Plc BIFF London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 410.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
410.00 410.00
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Posted at 31/7/2021 12:04 by marktime1231
Oh dear. I thought overseas waste dumping was a two-sided contract crime between exporter and receiver companies, but this sounds like calculated fraud by Biffa to export ugly waste disguised as paper, presumably in concert with parties in India and Indonesia.

Not the first time. A shame the fine is so small, since it tarnishes the whole image of Britain as being at the forefront of environmental stewardship. Wonder how widespread are infringements which waste handlers are still getting away with.

Biffa are reported as being without apology. I wonder how this affects their "green" score and whether investors are happy with the prior conduct and the current attitude of the executive. Was this raised at the AGM a couple of weeks ago?

"A familiar name on the country’s bin collections has been fined £1.5 million for breaking export law, in what the judge called “reckless, bordering on deliberate.”

Biffa Waste Services Ltd has been at the centre of the second legal action of its kind in as many years, as the company found itself outside the law on which materials can be exported to developing countries.

Judge Shane Collery QC told Wood Green crown court Biffa had shown no contrition. He found the company’s previous comments about being picked on by the Environment Agency and no public interest served in being prosecuted a second time as “aggravating and unattractive.”

Posted at 04/3/2020 11:58 by la forge

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Posted at 10/11/2017 13:18 by buying
Good mention in Investors Chronicle today
Posted at 02/2/2008 09:02 by peterz
From above article:

Biffa's shares were pushed up as well, gaining 6.25 per cent to 323p after Altium Securities, pointing to the stock's bid potential, advised investors to "buy".

Posted at 28/12/2007 07:42 by johne1
I would guess that some are bailing because: -
1. The dividend is in the bag - we are XD
2. The books are being looked over and we await the outcome
3. The deal is not done - there is no certainty that the takeover will happen - as yet - due dilligence etc...
4. Some investors/traders will take profits to place elsewhere
5. Some jump ship anyway - nervous holders

I'm going nowhere at this time - no adding - no selling

Posted at 26/10/2007 21:12 by mr.oz
Bid hopes lift Biffa and Shanks (I.C. Week in reveiw)

Created: 24 October 2007 Written by: Algy Hall

Shares in waste management companies Biffa and Shanks plunged during the summer as market turmoil destroyed the perceived takeover potential that had buoyed them.

However, news from the US of a private equity-backed management offer for Waste Industries USA has rekindled investors' bid hopes and sent Shanks shares 8 per cent higher on Tuesday.


IC View
GoodValueThere have been some issues with Biffa's local collection business but its strong asset base makes it the most likely takeover candidate. Shanks and Biffa are good value at 264p and 256p respectively.


Posted at 10/9/2007 10:14 by markinthepark
I saw this...not sure what the point of it was though.....

Share Centre picks up the ball and runs with it...


WITH the 2007 Rugby World Cup having kicked off yesterday, team managers are carefully choosing the players to form their strongest squads.

But thinking about who makes the best prop or flanker may also help people decide which stocks and shares may be worth investing in.

For example, if you are looking for a heavyweight prop, with "vast amounts of experience and physical strength, not afraid to get involved", then Tesco could be the company of choice.

The Share Centre, which helps people to invest in the stock market, has come up with the "Rugby World Cup dream team", with each position being filled by what it sees as the best company to put your money on - as the diagram above shows.

For example, in the front row, opposite Tesco, it has chosen Biffa, a waste services company, as the other prop and BHP Billiton, one of the world's largest mining companies, as hooker. It describes Biffa as "a strong, tough, robust company, always looking to clear up or support any mess. Not frightened of getting dirty".

On BHP it says: "Always exploring and willing to excavate. Perfect for digging around in the scrums and rucks."

These stocks have not been picked at random but from ongoing research by the Share Centre. Nick Raynor, an investment adviser at the Share Centre, said: "There are about 40 or 50 stocks we constantly monitor and carefully research. From these we've picked the better ones which have all been on our recommended share list for six months at least. All these stocks rate as 'very good' and are on our core list.

"We've looked at the current performance of companies, financial results and how we expect them to perform.

"For example, Speedy Hire, which we have chosen as a flying winger, is constantly making acquisitions."

In the team, Speedy Hire is referred to as being able to "provide excitement and equipment required to ensure the job is completed in normal time".

There are some big names in the line up, such as Easyjet as a back: "When a quick break is needed, speed and reliability is always there in abundance with this player. Vast amount of European experience and travel throughout its career." And BP is a second row because this "always demands the largest bodies, so it's only right one of the UK's largest companies take its place. Will be looking to explore and win balls at the line-out alongside its counterpart."

While this alternative look at the Rugby World Cup may inspire investors to think where to put their money, a chat with a financial adviser would be recommended before placing all your cash on one team or player.



1 Biffa: Tough company.

2 BHP Billiton: For digging around in scrums.

3 Tesco: The heavyweight.


4 BP: To explore and win balls at the lineout.

5 Royal Dutch Shell: Will look to win the line ball.


6 Prudential: Used to facing foreign opposition and challenges.

7 GlaxoSmithKline: To tackle the issues head on.

8 Hunting: Keeping the pack together.


9 Vodafone: Good communication skills and ability to link up the play.

10 Ladbrokes: In any team, there is always a punt taken on a couple of fringe players.

11 Rentokil: A strong individual able to stop any breaches or infestations of the back line.

12 SSL International: For extra protective cover.

13 Easyjet: Speed and reliability.

14 Speedy Hire: Ensure the job is completed in normal time.

15 Punch Taverns: Can provide the post-match sustenance.

This article:

Last updated: 07-Sep-07 00:43 BST

Posted at 24/8/2007 15:51 by awe430save132
Scratchy you know about chart patterns what actually is a Depeche?
Itchy it`s based on the principle of Everything Counts in large amounts
I see but Scratchy People Are People they need to Get The Balance Right
I know that Itchy but investors Just Can`t Get Enough and they want a New Life. But,at the end of the day, if they lose they`ll have to Leave in Silence.
Right got you........I`ll put the kettle on

Posted at 07/8/2007 11:04 by ialwayswinatmonopoly
Found this on iii website. Article is dated 3rd August 2007.

With markets generally pressured, it is worth being alert for well-established companies whose shares are taking a pounding. Genuine investment value may exist where there is a sound track record of earning power but the company may have lost short-term growth appeal.

Furthermore, when the overall market is jittery, stop-loss selling and short selling may extend a sell-off. Hence, the risk/reward profile is potentially attractive, so long as you are confident of long-term prospects.

Biffa (BIFF), the FTSE 250 waste management group, is an interesting situation to follow. At you can learn more about its activities, which show a prudent aspect of integration, yet also diversification. Since the spring, Biffa shares have plunged over 30% to about 240p, with 235p recently attracting buyers. This represents a chart reversal back to market levels last autumn when Biffa demerged from Severn Trent (SVT), the water and waste management group. So-called 'spin-offs' can be worth backing if the seller is in a hurry to change strategy, although it is worth questioning why the parent group has decided to divest.

Biffa started life reasonably well as an independent quoted company: last December's maiden (interim) results showed a 20% rise in pre-tax profit to £41.6 million, although a modest 6% rise in revenue to £377 million did not exactly smack of a growth business. A company's revenue context matters, not just profit/earnings, especially if a demanding PE applies. Biffa shares soared to 355p by the New Year but since then Company REFS have shown mixed broker opinion with the consensus erring to 'sell' - which has proved correct. There may not be anything fundamentally wrong with Biffa's strategy and operations, just that its shares were over-priced. The directors appear to believe in value: four of them bought a total £183,805 worth of shares at prices between 285p and 290p on 13 June. This looked like more than just a propping-up gesture.

Investors may still be wary of a demanding price-earnings multiple. Even at 240p, if Biffa achieves the consensus £78 million pre-tax profit forecast for the year to end-March 2008 and £84 million in 2008/09, the shares' prospective PE is in the late teens when analysts project moderate earnings growth, longer term. Moreover, Biffa shares yield only about 2.8% prospectively, which does not exactly lend support relative to say a 4-5% yield. This has been a dilemma for the shares while news flow has somewhat deteriorated. It is possible investors continue to shun Biffa, yet this is how a buying opportunity could arise.

Bad weather

A 4 April trading statement read firmly but appeared to present a bold face given a mild warning that 2006/07 revenue and profit would be at the lower end of market expectations. Such a revelation is hardly what investors expect, barely six months after a company has floated amid claims of an exciting new phase based on economic growth. The 26 July AGM update included a caution about increasing competition in waste collection besides the influence of bad weather. While 'blaming the weather' is often seen as a lame excuse, it was obviously fair this summer. The main concern emerging is the competitive environment for waste collection, which represents about 60% of group revenue. The Government's Waste Strategy white paper is said to offer growth opportunities; and indeed Biffa has responded to the challenges and opportunities well, via initiatives to improve customer retention levels while securing price increases. But if meaningful revenue growth is proving hard to achieve and, in addition, competition starts to affect margins, investors will remain wary. In its first quarter to end-June, Biffa achieved a modest 4% like-for-like increase in turnover to £197 million, said to be in line with management expectations. Free cash flow rose 17% to £40 million following tighter financial controls, showing how a company can deliver value despite modest top line progress. But margins can only improve so far and at some point the top line becomes critical. Most likely, this is already investors' worst fear.

More positively, in the event of economic slowdown, Biffa could prove a more dependable business than those exposed to consumer spending, due to its focus on essential services.


Biffa's interest charge needs watching. Borrowings have soared from £148 million to £385 million, although in the last financial year the interest charge was stable at about £23 million, covered four times by operating profit. Biffa may not be strained by this debt, yet it cannot have helped investor sentiment while interest rates have risen this year. At end-March, the balance sheet had shareholders' funds of £656 million and Biffa is currently capitalised near £900 million.

A more general fear that may be overdone is the sense, usually articulated by the media, that the UK will face pressure on availability of suitable landfill sites. Biffa's stance is that recycling initiatives should help reduce the volume of waste going to landfill in the years ahead. In principle, this should enhance the role of a waste-processing group although it looks harder in practice. I have seen the exasperation on the faces of Biffa personnel at my local recycling centre, as people take little notice what material to put in which skip. More positively, public motivation to use recycling centres and local councils drive to encourage this culture means recycling is here to stay.

A key determinant of the company's financial trend, hence investment value, will be the next trading update in late September before interims on 28 November. Meanwhile, if the stockmarket was to get a serious upset in August/September, Biffa may attract recovery buyers sooner as it supplies essential services

Posted at 24/6/2007 12:26 by watwungyi
For those expecting a takeover of Biffa, the bad news is it's not going to happen. First who's gonna pay over a billion pound for a free cash flow (after maintainence capex) of around 40M though cash flow from its landfill division and resource recovery should increase it. Second, what private equities are looking for is what you may call hidden assets which usually center around the property portfolio of the business. Hudson General in USA, Debenham, and likely takeover of Sainsbury or less likely of Morrissons are good examples. Asset inflation bring the prices of the real estate of these companies to a new higher value, which predators can sell, releasing cash and re-lease it back, with increase in debt while paying handsome dividends from proceeds of the released cash. Although present carry values of Biff's real estates could be worth more than what are stated in balance sheet, the sad thing is unlike department stores and retailers, its real estate, mainly landfill sites, have no multiuse. It's used only to dump the rubbish.
Thirdly, Biff is not qualifed for taper relief CGT, which is one of the criteria for private equity take over. When the prey is aim-listed or farmland or small risky business, private investors can buy, overhaul, and sell them back and the proceeds attract low CGT. That is why private equites target a smaller segment of big companies, AA, Birds Eye are good examples.
Last week Morgan Stanley sales confirmed that take over is unlikely for this share.
Should we just part company with a business simply because private equites are not interested? Of course not. Biff definitely has got a good management. I absolutely agree with selective price increase, rather than across the board correction. And despite admitting sales would be lower end of expectation, it still deliver slightly better result than what they originally announced. Collection division business should deliver higher earnings in a not too distant future due to govt's legislation which favour big integrated companies like Biff.
Second, it has some sort of barrier of entry in landfill division. Govt is not keen on new landfill sites. But in the medium term land fill will still be a key component in waste management and Biff can have some pricing power over its coustomers which include hundreds, if not thousands, of waste collectors who do not possess landfill sites. And landfill business is much more consolidated than collection. So I expect future is bright for this company. Current cash flow may not be too attractive for full-blooded value investors 'on purely valuation ground', especially bond yield are not likely to come down below 5%level, the cash flow should be improved. And more waste at landfill means more power generated which would bring slightly extra cash.
When equities are going through turbulent time, this is one of safe business to shelter the coming Tsuanmi. Prices might fall further who knows? But that would only make it more attractive to buy more.

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