B.p. Marsh & Partners Share Discussion Threads

[its the oxman] 01/9/2021 23:38

Yep, and remains way undervalued here.

[shaker44] 01/9/2021 08:07

sweet deal and uplift.

[cwa1] 01/9/2021 07:37

ATC has agreed to acquire 100% of MB for a total consideration of AU$17m (c. £9m), with the consideration being paid in a combination of cash and equity in ATC. The cash proportion of the transaction was financed out of ATC's cash reserves.

B.P. Marsh has agreed to sell its 40% equity stake in MB for AU$6.8m (c. £3.57m), for which the Group will receive newly issued shares in ATC.

The Group currently has a 20% shareholding in ATC, which will increase to 25.5% following ATC's acquisition of MB.

As at 31st January 2021, B.P. Marsh valued its 40% shareholding in MB at AU$5.7m (c. £3.2m). Therefore, this transaction represents a circa 20% uplift over the Group's latest published valuation of MB.

Additionally, it represents an Internal Rate of Return of 29% since the Group's original investment in MB in 2013 (inclusive of all income and fees), and a multiple of equity invested of almost 9 times.

This takeover has valued ATC at AU$76m (c. £40m), resulting in a post transaction valuation for both businesses of AU$93m (c. £49m). This implies an increase of AU$5.8m (c. £3m) over the Group's combined valuations of ATC and MB, as at 31st January 2021.

Daniel McNamara, the current Managing Director of MB, will also receive shares in ATC as consideration for his 7.5% shareholding in MB. He will join the management team at ATC, whilst also remaining Managing Director of MB.

Daniel Topping, the Company's Chief Investment Officer, will remain as the Group's nominee Non-Executive Director on the Board of ATC.

[its the oxman] 26/8/2021 18:17

Yes I also tried to buy more at 316p but HL would not give a price so left it. Got most of what I want already so not too bothered. Unusual though.

[cwa1] 26/8/2021 13:12

I re-joined the club this morning too. Wasn't easy to pick up stock

[tresham] 26/8/2021 12:57

PE 8, Discount 25% to NAV, Growing 10% each year. I wish all my investments were this good. Bought 1000 today.

[its the oxman] 25/8/2021 13:52

Bought a few sub 310p. Results in Oct should see a higher nav and no good reason for these to be close to 300p.

[its the oxman] 28/7/2021 13:55

Still way too cheap here , trading statement Sep, and results Oct not that far away , and expect bpm to be much higher by then.

[yf23_1] 22/6/2021 19:20

Simon Thompson (IC) has a 375p target ("could prove conservative") in his writeup this week.

[its the oxman] 22/6/2021 09:15

Been some steady buying since results, still thinking 350p very soon.

[its the oxman] 11/6/2021 11:28

Should be capable of 350p near term, and go higher with time. Plenty to like here.

[davebowler] 10/6/2021 09:41

-- Total Shareholder return of 10.1% for the year including the dividend paid in July 2020
-- Net Asset Value ("NAV") increased by GBP13.0m to GBP149.9m (31 January 2020: GBP136.9m), a 9.5% increase net of dividend paid in July 2020

-- Net Asset Value per share increased by 36.3p to 416.4p (31 January 2020: 380.1p)
-- Consolidated profit after tax of GBP13.7m (31 January 2020: GBP12.5m)
-- One new investment; Sage Program Underwriters Inc. in Bend, Oregon, United States
-- Proposed dividend of 2.44p per share payable in July 2021 (2020: 2.22p)

[speedsgh] 10/6/2021 09:25

@retsius. Spot on...

Targeting a major chart break-out -

...So, with multiple profit drivers for investee companies in place, and BP Marsh’s share price closing in on the 2018 and 2019 record highs of 314p, then there is a strong likelihood of a major chart break-out and one that should gather momentum if there is a liquidity event in the coming months to spark a significant narrowing of the unwarranted 27 per cent share price discount to NAV...

...My 375p target price could prove conservative if assets disposals are at a premium to carrying value. Buy.

[shaker44] 10/6/2021 09:24

Yes. Long detailed analysis. New tp of 375.comments about unwarranted large discount to nav

[retsius] 10/6/2021 09:10

Tipped by ST?

[tresham] 08/6/2021 16:36

The discount is too much for a diversified safe share.

[its the oxman] 08/6/2021 07:21

Looks like your right Tresham, 10% growth, very respecatble given covid. 2.4p div to come as well.

[its the oxman] 24/5/2021 10:57

Yes, see my previous post re nav, discount has narrowed to 10-15% in past , so arguably plenty of upside and more if one of the larger holdings lists, has been talk in the past. Very much ignored by the market this one until newsflow comes along or it gets tipped which I think will happen again.

[tresham] 24/5/2021 09:56

What are you expecting for NAV per share?
I think NAV will have increased 10% over the year, PE=10 at £3 and future growth of about 10% in this year. Discount of about 25% doesn't stop me buying.

[its the oxman] 24/5/2021 09:31

June results not far away now, could spike higher at any time.

[thrugelmir] 28/4/2021 15:16

I've been buying back in. Used to have a considerable holding in the past.

[its the oxman] 28/4/2021 14:12

Last nav was 396p, should be a big uplift to 31st Jan. Say 450p. c.20% discount and we could be 350p in early June. Probably won't happen like that but you never know.

[its the oxman] 28/4/2021 13:51

290p, been a long time coming, but break above 300p now in sight.