Billington Share Discussion Threads

[cheshire man] 27/3/2018 07:56

Not forgetting a nice increase in the divi :-)

[this_is_me] 27/3/2018 07:45

Yes, it is a well run company making steady progress out competing its rivals.

[ansc] 27/3/2018 07:21

A quick glance through the announcement and well pleased with what I've read so far. It looks as tho' 2018 has started well too. CEO writes:

"The UK construction industry has experienced a number of developments since the beginning of the year. The UK structural steel demand is forecast to remain stable throughout 2018 and 2019 and the Board will continue to closely monitor further developments in the industry in the year ahead, along with any potential impact these may have on the Group. The expansion strategy at the Shafton facility is continuing and Billington is well positioned to adapt to changes in the wider industry, which combined with our dedication to client relationships, should help us in achieving another solid performance in the current financial year."

That'll do for me!

[ansc] 24/3/2018 11:13

Extracted from 'Simply Wall St':

[Billington Holdings Plc, through its subsidiaries, designs, manufactures, and installs structural steelworks in the United Kingdom and rest of Europe. Founded in 1989, and now led by CEO Mark Smith, the company employs 361 people and with the company’s market cap sitting at GBP £31.33M, it falls under the small-cap stocks category.

BILN’s stock is now trading at -58% below its intrinsic value of £6.05, at the market price of UK£2.55, based on my discounted cash flow model. The mismatch signals a potential chance to invest in BILN at a discounted price. Additionally, BILN’s PE ratio is trading at around 8.93x relative to its Construction peer level of, 11.65x implying that relative to its comparable company group, BILN’s shares can be purchased for a lower price. BILN also has a healthy balance sheet, as current assets can cover liabilities in the near term and over the long run.]

[ansc] 19/3/2018 10:50

Just over a week to go before the annual results announcement (27th). If my twice-weekly drive past their Bristol Structural Steel depot is any guide - still plenty of loaded HGV trailers waiting to be dispatched each time - the figures could be tasty.

I've noticed just recently that the Market Manipulators have now reduced their ridiculous spread of 16p to a more realistic 11p (257/268p), I could be tempted at that if the results are as good as I'm hoping.

[ansc] 08/3/2018 12:38

A 16p spread online these days (252/268p or 6.3%), do the Market Manipulators seriously want investors to trade or not? I don't mind them having their usual 'pound of flesh' but I refuse to give them a limb as well!

[ansc] 12/2/2018 19:00

For those BILN investors of a nervous disposition and sat on the edge of their seats chewing any fingernails left after last week's market gyrations, I'll re-post a post made following the trading statement last month:

[The Board is pleased with the progress made across the Group in 2017 and the year end results are anticipated to be in line with market expectations.]

'in line with market expectations'; should we interpret that as what the company broker is forecasting? If so, W H Ireland have predicted pbt of £4.6m, eps of 30.1p and divi of 12.0p per share.

If there has been any 'significant' change in circumstances since then, the company is required to notify the market immediately. In the meantime, I'll carry on adding quietly as and when the situation arises.

[ansc] 08/2/2018 14:33

Just got back after a few days away so missed all the excitement early in the week; relieved, of course, that the world isn't going to end (as some seemed to think on Monday/Tuesday) simply because a grossly overbought Dow suffered a long overdue correction. Such a panic-stricken reaction always makes me wonder why some are dabbling in stocks and shares at all!

On the subject of that controlling interest held in BILN, it took me a long time to initially invest here because of it (I've come unstuck twice previously) but, having spoken at length to the company on the subject, my fears were calmed and I've been adding steadily since. It also helps that they've got one of their structural steel depots a couple miles down the road from my house and have been able to witness for myself how busy it's been.

[sailing john] 05/2/2018 17:12

Always worth remembering that the Non Exec representing the interests of 60% shareholders bought shares for his own personal account last year at £2.44 and £2.59

[cockerhoop] 05/2/2018 16:37

I concur with Rhomboid that their Agm comments regarding buyout appeared genuine - that's not to say the situation is holding the share price back a little. It appeared to at ASY for a number of years before investors relaxed and it re-rated.

MRF why do you perceive the risk of a cheap buyout from a large controlling interest here is greater than say..........pulls random EPIC out of hat with large controlling stake..........HSD Hansard Global for example!

[rhomboid] 05/2/2018 12:46

I’ve discussed this issue with the BoD , the Chairman said look at the ages of the major holders, we’re more likely to be sellers of the Business than buying it out. I believed him fwiw , I also held Avesco and there are certain things here that resonate with them quite strongly

[sailing john] 05/2/2018 12:39

MRF - Avesco
SP circa 300 sold for 650
Exec Chairman held just under 30%

[my retirement fund] 05/2/2018 12:00

Everycase is of course different although I cant think of a case in example which you allude too Sailing Jon.I know plenty of examples where controling directors have cart blanche to rinse the company for all its worth as shareholders stand hopelessly by and have ti watch.BISI is an excellent example where aside from the gauling renumeration tab, the company has been forced to make eyewatering loans for free to connected private companies.

[sailing john] 05/2/2018 10:34

MRF in my experience where you have a small group or an individual with a controlling interest then a take out is easier as effectively a done deal and these are usually at a considerable premium especially where there is a very strong balance sheet. Anyway each to their own.

[my retirement fund] 05/2/2018 10:11

You've got concert parties and directors here indirectly owning for all intense and purposes a controlling stake in the company.Therefore not only is a third party bid for Billington off the table, the possibilities of engineering a full blown take over for peanuts is certainly staring you all right in the face.Im not saying thats going to happen but its there right on the table infront of you.Perhaps thats why you are disappointed with the shareprice performance?

[cc2014] 05/2/2018 09:34

Regrettably wanttowin with the Dow falling 1000pts in just two sessions or so and the FTSE falling 425pts since it's peak in December inevitably a few people are going to sell either through fear or margin calls.

Over the next period of time the value hunters will come out and scoop up the cheap shares.

Construction sector looking particularly weak today but I don't think there is any reason other than everything is falling.

[the big fella] 05/2/2018 09:15

I am with you there. I didn't expect to see these levels again.

[wanttowin] 05/2/2018 08:52

Well I am totally disappointed with my investment here, the reasonable divvi is little compensation for a stock that just refuses to make headway. Back to 2016 levels now !
I am curious to know why this stock falls 10% in the first hour of trading with no sales ??

[rhomboid] 04/2/2018 17:15

I tried to buy a few more late Friday but there was literally nothing available online, agreed this is yet again in bargain territory 🙄

[sailing john] 02/2/2018 13:04

Fall probably due to January Construction PMI fall to 50.2 (and of course the low volume at BILN)
Link to one of many stories on this subject
Not an issue for me as I see long term value here and still hoping for a take out in 2018 though perhaps Brexit uncertainty will hold off prospective bidders for a few years.

[the big fella] 02/2/2018 12:23

I have stopped they to second guess the share movements with this one. Nice 4% yield means I am not too perturbed about the short term fluctuations

[ansc] 02/2/2018 11:57

Mingy Machs being devious as usual, my 3k buy not marked yet but smaller sells all being shown. I wonder at what time they'll condescend to record it, no doubt they'd argue that they were worried a £8,000 trade could destabalise the BILN share price! (lol)

[ansc] 02/2/2018 11:11

I don't know any reason for the price dropping recently but I've taken the chance to add another 3k just now. Foolish or what!

[wanttowin] 31/1/2018 16:32

another 15k sale @ 261 doesn't help matters