B.p. Marsh & Partners Share Discussion Threads

[danielbird193] 11/12/2018 14:28

Good old Simon, there has been a nice 6% bump today on publication of his article online.

[retsius] 11/12/2018 14:20

Answered my own question as commented on by ST in today's IC .
'Good entry price.. buy'
R.

[retsius] 11/12/2018 14:09

Excellent rise today!
Any news in the press apart from yesterday's statement on Lebc?
R.

[danielbird193] 10/12/2018 22:05

Great update from LEBC. This is one of the biggest positions in BPM's portfolio and could be a game changer if the much talked-about "liquidity event" comes to fruition in 2019.

Share price was above 300p over the summer so look decidedly good value at 260p. Next trading update expected in February along with another nice write up from Simon T in Investors Chronicle.

[discodave4] 10/12/2018 21:04

Investee Company doing very well:"During the year LEBC's revenue grew 13.1% to GBP20.5m (2017: GBP18m) and trading profit grew 43.0% to GBP4.3m (2017: GBP3m). These figures do not include Aspira, the acquisition that LEBC completed in January 2018."And a little (£2k) share purchase by the MD.

[danielbird193] 30/10/2018 12:03

As well as the repurchases (which continue apace - 8,980 shares now bought, circa 0.2% of market cap!), Brian has splashed out £2.5 million for a further 1.9% of Nexus Underwriting.

RNS suggests Nexus is heading towards £15 million EBITDA for this financial year. The implied valuation of £131.6 million means the additional shares were bought at an 8.8 x EBITDA multiple which seems like decent value. Would expect this to float at circa 10-11 x if the much-vaunted "liquidity event" happens next year.

Come on Brian, keep plodding.

[steve3sandal] 23/10/2018 22:18

Transaction in own shares....£5k.
That should put a floor under it Brian.

[peter27] 23/10/2018 21:41

On the basis that repurchases are made if the discount is over 15% it follows that today's news confirms NAV is 333.

[skyship] 23/10/2018 07:58

"currently" - ie a contingent liability until grant...so should be part of the calculation.

Obviously they amended post discussion with ST! 321p remains the correct figure.

[spob] 22/10/2018 16:58

from the website...

NAV per share as at 31 July 2018: 333.00p*

*It is to be noted that the updated NAV per share figure is calculated on the basis of the Company’s enlarged issued share capital figure excluding the 1,461,302 shares held under the JSOP arrangements (announced on 13 June 2018) as these are currently non-dilutive.

[retsius] 22/10/2018 15:21

Skyship

Please check web-site again as it has now been updated from recent figures to :

NAV: 333p
R.

[skyship] 22/10/2018 14:58

retsius - you refer to ST comment 3 days ago - to which I replied:

"Incidentally, even BPM's own website now states the NAV as 321p - so all very confusing..."

[retsius] 22/10/2018 14:26

ST in IC

Detailed explanation of current NAV. 333p

End of.
R.

[spob] 19/10/2018 12:30

if so the wording below is incorrect, and needs correcting

"Our NAV has increased to GBP120.1m from GBP88.8m as at 31 July 2017 including GBP16.6m raised from the Placing and Open Offer in July 2018. This represents a NAV per share of 333p"

[skyship] 19/10/2018 11:58

To put this to rest, the company's website states adjusted 321p

Equity = £120.1m; issued shares now total 37.48m = 320.5p, rounded to 321p

[spob] 19/10/2018 10:32

unless there is an uncorrected mistake in the wording

[spob] 19/10/2018 10:24

looks like 333p to me

"adjusted NAV post July 2018 Placing: 321p" refers to what the nav in Jan would have been if the placing had occurred before that date. It's just for comparison purposes to show the underlying performance

[skyship] 19/10/2018 09:47

"..adjusted NAV post July 2018 Placing: 321p"

Couldn't be more explicit IMV; and if there were a mistake it would have been rectified by now.

[peter27] 19/10/2018 09:06

I queried this with ST (see comments on IC website). I think it's badly phrased but he interpreted it (and I expect confirmed with the co) that the rights issue adjusted the Jan NAV to 321 on a proforma basis and therefore July increase NAV was 12p.

[skyship] 19/10/2018 08:33

retsius - if ST says 333p then he is wrong. Clearly the post-placing NAV is 321p:

"Our NAV has increased to GBP120.1m from GBP88.8m as at 31 July 2017 including GBP16.6m raised from the Placing and Open Offer in July 2018. This represents a NAV per share of 333p (31 Jan 2018: 339p; adjusted NAV post July 2018 Placing: 321p)."

[retsius] 18/10/2018 20:34

Skyship

Thought NAV you quoted was incorrect, but was not sure.
ST had the same question addressed to him in today's IC column and he said the figure was 333p, not 321p .That was the figure after the placing.

R.

[danielbird193] 18/10/2018 15:55

Share price always gets a little bump on ST's positive comments. Climbing nicely back towards 300p so the downturn appears to have been short-lived.

Graham Neary also covered this in the Small Cap Value Report on Stockopedia this week. Link below, with the most salient comment being:

"I have a positive impression and I reckon that this ought to trade at or above NAV, like most insurance shares, instead of trading near to the 15% discount where buybacks are possible."

hxxps://www.stockopedia.com/content/small-cap-value-report-tue-16-oct-2018-g4m-foot-dotd-bpm-smrt-igr-408999/

[retsius] 18/10/2018 13:20

Positive comment from ST in th IC today,always wellcome for a share.
R.