Bisichi Share Discussion Threads

[bozzy_s] 24/8/2018 20:02

Yes I wonder how much they've paid themselves in H1. It's already in the P&L figure, so the 22.25p EPS is after those costs.

Looks like interim divi is always 1p, and final divi is significantly more, so not bothered about that.

[topvest] 24/8/2018 18:07

Well the results are very good, but a 1p dividend on EPS of 22p is ridiculous. No comment on the fact that shareholders are voting against the board because of their greedy remuneration policy. No doubt another big bonus for the CEO on the way.

[bozzy_s] 24/8/2018 17:10

50% higher would be roughly net tangible asset value (i.e properties and cash in BISI's case). Still absurdly cheap. You're right callumross, it has to be because of the board ownership and remuneration. Still, someone commented on here a while back BISI has done nicely for them over the years, despite those factors.

Last year's FY dividend was 5p against EPS of 7p

This year's FY dividend ?? against EPS 44p


It's cheap on every metric. Been on my monitor for donkeys years. I've posted on this board in the distant past. First thing I read today before market opened was BISI's RNS. Saw that H1 EPS was up ~ 10 fold. Half year P/E a ridiculous 5! Expected the shares to open in the high 100s. Never imagined I'd be able to buy at 119p.

The spread automatically makes these a medium term hold. Happy to do that with a bit of newsflow due re UK properties. Someone clearly got bored after 37 minutes this morning. Bought at 125p, sold at 115p. One born every minute!

Now these results are out the way, and the share price has barely appreciated them, I wonder if we'll see director buying? At today's price it's like going into a corner shop and paying 66p in exchange for a £1 coin and a lottery ticket!

[callumross] 24/8/2018 16:03

1p interim presumably to conserve cash to fund the recent property joint venture. To be fair they did pay a final of 4p just a few weeks ago. On any metric these shares are ridiculously undervalued caused by the board having majority control and the essentially lumpy nature of mining profits. But also underpinned by strong assets. For all the grumpiness about director pay (fully justified to shine a light on this, by the way) these should in honesty be trading at least 50% higher which would still only put the shares on a prospective P/E for this year of about 5.

[bozzy_s] 24/8/2018 15:48

Ok, results finally more in line with previous board costs (not sure how much of a raise they've given themselves for these results).

Absolutely stunning, with positive current trading they could feasibly double up for the full year. Net cash and properties above current market cap. P/E of under 3. Got to have a few of these even with expensive management.

Interim divi of 1p does seem a bit stingy!

[callumross] 24/8/2018 08:30

Wow - these are very strong results indeed, exceeding even my expectations - a price earnings ration of under 3 for this year even with the share price increase!

[my retirement fund] 23/8/2018 08:03

What ever happens you can assure they will be giving themselves increased wages. Corporate corruption on full tilt here.

[ntv] 23/8/2018 07:32

Their results should be due soon and things should have improved despite the Heller's taking a lot of the profit in remuneration
I think they are becoming more famous for that than for the businesses they run or the charitable work they have done
Depends on the legacy they want to leave i guess

[topvest] 10/6/2018 18:07

Not yet. Suspect the Heller’s are giving it some thought though. With Perloff snapping at their heels at LAS, I think we are closer to something happening.

[my retirement fund] 10/6/2018 17:59

Thats not going to change anything is it ?

[topvest] 10/6/2018 12:49

29% voted against the remuneration report and 2 special resolutions not passed. A groundswell of disquiet. Something needs to happen.

[callumross] 24/5/2018 14:29

Flicking through the accounts again I have just realised just how cash generative this company has become with the current metrics, turning a deficit of £1m at end 2016 to a positive cash balance of £4m at end 2017 which is pretty impressive stuff for a company with a market cap of only £10m. Hence they can fund their share of yesterdays acquisition out of cash. Whatever we think of director remuneration this is one cash cow of a business. Pity the market makers have basically closed down trading in the stock by increasing the spread from 5p to 10p.

[ntv] 23/4/2018 21:19

excessive is an under statement callumross

if the Heller didn't get the obscene pay package of nearly a £m a year just think what the balance sheet would really look like
Las manage the property so they only looked after the mine
i do hope someone comes in and knocks over the apple cart so minority shareholders get something out of it

[topvest] 23/4/2018 19:40

Well the totally obvious shareholder value release at LAS is to dividend en specie the Bisichi shares to shareholders as its ridiculous to consolidate the mining group into LAS. It would probably improve the BISI and LAS valuations in one go.

[callumross] 23/4/2018 15:19

Not sure how much this activism can achieve given the iron grip the Hellers have on these companies. I have never held LAS but over the years have been fairly happy with the way BISI has been run, with the caveat that the remuneration packages are excessive.

[ntv] 23/4/2018 14:07

in theory they could be out voted here

[ntv] 23/4/2018 14:07

maybe someone will turn up here too topvest
now that would be funny

[topvest] 23/4/2018 12:31

There is an activist shareholder. Perloff has just requisitioned a vote at LAS!

[ntv] 23/4/2018 09:53

that is why there there isn't that much interest in the company
pity there isn't an activist shareholder here
LAS HOLDS TO MANY TO BE GOOD FOR EITHER COMPANY
RUN LIKE A PRIVATE COMPANY

[ntv] 23/4/2018 09:50

makes you wonder where the share price would be if Heller didn't cream off so much

[callumross] 23/4/2018 08:56

Pretty impressive results, especially the operating profit. EPS reported as 7p but would have been 21p for a P/E of 4 had it not been for the write off on the mining investment. 160p NAV to boot.

[topvest] 25/2/2018 08:28

The Heller's used to be fairly prudent. Over the years they have got a bit greedy. They are still competent at running the businesses, but they should be run for all shareholders and not just the family. I too haven't lost money in this one, but it could have been much more successful.

[callumross] 24/2/2018 20:00

They are a very poor example of corporate governance, I will give you that, but strangely I have done pretty well out of this over the years when you take the dividends into account