Billington Share Discussion Threads

[value hound] 11/12/2024 21:24

I don't really see why these aren't around the £86m / £7 mark - ????

At the same time, it's never been there before - so I must be missing something beyond its cyclical nature.

[herbert0] 11/12/2024 17:50

Billington shares were over £5.5 in the spring with the profit upgrade by 16.5% they should be 15% higher which is £6.3

[taylor20] 11/12/2024 11:09

Over 10% of my portfolio now, really shouldn't buy any more, but...

[rimau1] 11/12/2024 10:18

Thanks for posting Dave. That is some 2024Fy upgrade 57p to 64p. So cash adjusted 4.5x, i agree with the price target and have this as a long term buy and hold. This is in the context of challenging markets, Imagine when end markets improve.

[davebowler] 11/12/2024 08:53

Cavendish. The group has posted an upbeat year-end trading update, which highlights that the positive momentum seen in the first half has continued through the second half, resulting in FY24 PBT ahead of current market expectations. It has a strong order book spanning into 2026, many of which are more complex projects in energy from waste, data centres and high-tech manufacturing. While markets remain tough, it is encouraging to see BILN trading robustly, and – in contrast to some of its peers – enhancing its capabilities through efficiency-enhancing capex. We raise our FY24E EPS forecast 16.2% to 66.2p, keeping our existing FY25E forecasts. Our TP remains 610p, offering significant upside to the current attractive FY25E P/E of 7.6x while also offering a premium 5.0% dividend yield.

[rimau1] 11/12/2024 08:12

They are exceeding 57p eps with 146p of net cash so pre coffee i reckon we are valued at cash adjusted 5x current year. Silly and mispriced

[chester9] 11/12/2024 08:09

Looks like a good bounce in

[chester9] 11/12/2024 08:08

Or adjusted EBITA. :)

[rimau1] 11/12/2024 07:45

Tough crowd Chester9 lol. At least they use PBT and not EBITDA

[chester9] 11/12/2024 07:30

They were not exactly abundant with facts though. Was H1 revenue a success, or more reflecting better than expected in tough conditions. On my watch list. Should see a bump up today but needed figures.

[rimau1] 11/12/2024 07:23

Phew. Priced for a warning and we get an earnings beat.

[rimau1] 26/11/2024 19:35

Possibly but the derating in Sevr today was mainly due to the potential remediation liabilities due to poor non compliant work.

[rossco] 26/11/2024 19:06

Current trading at Severfield may mean that Billington is finding trading more difficult than their latest announcement suggested.

[herbert0] 18/11/2024 16:46

Severfield reporting next week. share price still might get to net assets of £3.9 but with about 30p already in for this year they are at net asset value already. Will be buying if they get to £3.9

[taylor20] 14/11/2024 08:45

I'm not expecting one, but from the interim results:

"The Group continues to benefit from significant projects in energy from waste, high-tech manufacturing, infrastructure and data centre facilities, achieving a record order book at 30 June 2024. In addition, some of the other markets in which Billington operates such as large office developments, industrial warehousing development, film studio and leisure facility construction are seeing projects restarted and are providing a growing pipeline of opportunities. These growth areas are expected to more than offset any impact on the Group from any deferment of government expenditure and the slight softening of the structural steel market this year....

...I am very pleased with the performance across the Group in the first half of 2024 and I believe that Billington has continued to be seen as the steelwork contractor of choice. The Group's investment in efficiency improvements, the latest capital equipment and skilled people, coupled with the Group's strong market position and increased offering, is enabling the Group to grow market share, achieve attractive margins and to focus on those sectors that can deliver better returns.

Despite some softening in the market this year compared to 2023, the large contracts secured in the first half of the year and a strong pipeline of opportunities provides confidence for the 2024 full year and into 2025, with FY24 profits now expected to be ahead of current market expectations."

[rica] 14/11/2024 07:19

This time last year there was a trading update. Anyone know if there's one likely this year?

[herbert0] 30/10/2024 16:13

National Insurance going up, but this will affect all suppliers

[serratia] 15/10/2024 08:49

Opportunities.

hxxps://dailysceptic.org/2024/10/14/open-ai-wants-to-build-data-centres-that-would-consume-more-electricity-per-year-than-the-whole-of-the-u-k/

[herbert0] 11/10/2024 12:10

Net assets £3.90 per share

[herbert0] 11/10/2024 11:21

It might be better to let the sellers take the price down and buy later. Perhaps the institutions on the share register are desperate to get some cash in.

[tag57] 09/10/2024 18:17

P/e based on last annual accounts and excluding cash is about 4. Any acquisition around that would be great.
Edit: I see 2023 had some additional margin so not to be expected in 2024 so sustainable P/e higher, say 6 if just doubling H1 earnings.

[herbert0] 09/10/2024 07:26

They are carrying £20m while they await finding and buying a suitable acquisition on a similar PE, (about 8). Of course they could purchase their own shares.

[tag57] 08/10/2024 23:50

I have just come across Billington and initially it looks like a decent small growing company with decent metrics, successful management team and a solid balance sheet.
Is there any reason why they are carrying such a large cash balance ~30% of MC?
With ROCE running at 25% I would have thought they would be looking to deploy more cash into growing the business , especially with each business segment running at near to full capacity.

[herbert0] 23/9/2024 10:48

BASH will be an interesting "compare and contrast" with SFR which has £100m goodwill on BS

[davidosh] 23/9/2024 09:14

Billington are on the Mello show tonight as they will be featured on the BASH session

Programme
5.00pm Paul de Gruchy with ‘DG19: Everything’s gone wrong. Who is responsible?’
5:30pm Company presentation from Warpaint
6:00pm Company presentation from Windward
6.30pm Educational Presentation
6.50pm Company presentation from Van Elle
7:20pm BASH Panel – Kevin Taylor The Property Franchise Group (TPFG) and Mark Simpson Billington (BILN)




Get 50% off your ticket with code MMTADVFN50
More info: