Share Name Share Symbol Market Type Share ISIN Share Description
Caffyns Plc LSE:CFYN London Ordinary Share GB0001615219 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 445.00p 420.00p 470.00p 445.00p 445.00p 445.00p 0 06:33:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 212.6 1.7 186.3 2.4 11.98

Caffyns Share Discussion Threads

Showing 476 to 499 of 500 messages
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DateSubjectAuthorDiscuss
07/11/2017
15:03
Well, the bearish signals seem to have been borne out...
turbocharge
02/11/2017
11:06
Hi Value Hound, It's true that the share is trading at about 0.45 PTBV. It's worth noting though that there have been revaluations of the freehold property, which would add about 10m sterling to asset value, if the revaluation was included on the balance sheet. So the balance sheet understates value here. Including the property surplus, they are trading at around a third of net tangible asset value. Whether there will be a catalyst to out this value is another question. (The preference shares make a takover much less likely.)
cjohn
29/10/2017
13:13
it is here until they decide otherwise. pref share are effectively ord shares so best to value them that way as they count as 1 vote in the unlikely event of a deal
ntv
25/10/2017
07:23
Totally agree. The prefs are a major pain in valuing Caffyns. They are on the balance sheet at a low value however in a takeover situation as far as I can see would be worth potentially a lot making it difficult to value. However it still looks extremely cheap. If the prefs were geniunely worth what they say they are on balance sheet this would be the cheapest share I have ever seen.
clemo69
24/10/2017
10:42
This has to be just about the cheapest share out there? Of course the future may not look rosy for car dealers, but the balance sheet is rock-solid (ptbv now 0.45) so it's a share safe to average down on IMO when the markets perceive it's a bad time cyclically. If it wasn't for the voting rights of the Prefs which give the Caffyn family effective control (they own 21.4% of the ords) this would be a lot higher.
value hound
12/8/2017
13:32
Just started looking at this company, looks interesting, and good discussion going on on this forum. Thinking of possibly buying some for my portfolio long / medium term. But some of the chart signals I've seen suggest maybe I should wait a while: 11 Aug 2017 WEEKLY Intermediate-Term Bearish 490.00 Price Crosses Moving Average (21-week) 09 Aug 2017 DAILY Short-Term Bearish 490.00 Price Crosses Moving Average (21-day) DAILY Intermediate-Term Bearish 490.00 Price Crosses Moving Average (50-day) DAILY Short-Term Bearish 490.00 Momentum 04 Aug 2017 WEEKLY Intermediate-Term Bullish 500.00 Any thoughts what price would be a good entry point...?
turbocharge
07/7/2017
08:29
Coolen - Putting the above into simple language. Can the prefs stop a takeover? Say a bid of 30mil came in could the pref holders ask for 10mil say or we won't vote it through. Could the bidder just say to the preferred holders well your getting 1 mil and thats it. What sort of power would the pref holders have in your opinion??
clemo69
05/7/2017
09:33
Thanks Coolen for the informative post.
cjohn
19/6/2017
22:18
Re the voting rights in a bid situation, in my personal view: (1)The family held prefs are fully enfranchised were there to be a take-over bid; (2) A bid for the Company would not be "Class 1" transaction, unless it arose out of a complex merger or similar. To gain control, a bidder would first need to negotiate a price for the family prefs. In conjunction with that, the Panel would demand an "appropriate" offer be extended to the Ords. In practice, any bidder will need to sit down with the Panel in advance to agree how the Offer should be split. If both parties ignored the Takeover Panel it would be a unique situation. In assessing the voting rights in a bid situation the order of priorities is: 1. The Company's own Articles of Association; 2. Company law generally; 3. The rules of the Take-over Panel. Ironically, the losers in the event of a Bid would be the 7% First Preference shareholders. Under the ridiculous Panel rules, non-voting prefs can be ignored in a bid situation, leaving them at the mercy of the new private owners. This rule causes much anger amongst specialist fund managers.
coolen
19/6/2017
13:12
If you stay invested for five years maybe they could award preference shares so the main stock holders can make money too. :P
sirhedgealot
06/6/2017
08:20
hxxps://www.thesun.co.uk/motors/3458353/fears-of-uk-car-financing-industry-crash-as-claims-surface-of-loans-mis-sold-to-poorer-customers-who-cant-afford-to-repay/ Are Caffyns exposed to this?
orinocor
29/5/2017
12:04
Hi brwo, if you look back on this bullitin board to post 121 a poster with the user name Simon Templar QC who mounted a legal challenge, the details can be found in the RNS link which is included in the post. I'm not sure if he still has any holding or even if he is still alive. 3800
3800
28/5/2017
20:56
Well on looking in more detail at the prefs I've discovered the 2 million 2nd preference shares cannot vote on any resolution to delist the shares of the company or transfer the shares to another listing status. Only the premium ordinary shares can vote on that. This is very important to the investment case here and makes the shares much more attractive. These prefs pay an extremely small coupon and I question if they have much real value. Muckshifter is sceptical they can block a take-over and I tend to agree but I've no hard evidence as yet. Has anyone tried contacting someone at the company on this issue? This is a stunningly cheap stock. How does it compare with other stocks in the sector?
brwo349
26/5/2017
15:15
I took some earlier but I need to take a closer look at the accounts over the week-end before taking a bigger position.
brwo349
26/5/2017
14:39
That's completely wrong WJCCGHCC. The pension deficit has been accounted for, the property uplift has not.
jimblack513
26/5/2017
11:47
You'd have to knock the pension deficit off that amount + quite a bit if they wanted an insurer to buy out the pension fund so pension normalisation would take more than the 10mm property uplift IMHO.
wjccghcc
26/5/2017
11:03
You need to view the annual report on www.caffynsplc.co.uk
jimblack513
26/5/2017
10:24
Where does it say the properties are freehold? All I can see is the unaccounted for £10M upward valuation but no mention of the total value of the freeholds.
brwo349
26/5/2017
10:10
LOL on doing more research the question is is this a car dealership or a property company? Caffyns have booked 42 million pounds of property assets, which are of the freehold variety. That's not all because -- ''Property portfolio revaluation as at 31 March 2017 showed a £10.1 million surplus to net book value (not recognised in the accounts) ''' That is 52 million pounds of property and the net asset value per share, with the property uplift, of £13.80 per ordinary share. Whereas the share price of 515p the m/cap is not even £14 mill basic earnings 58p good yield in times of non-existent savings rates what are the forecasts for next year?
jimblack513
26/5/2017
09:16
Thanks, JAF111. :-) Also, thanks, CJohn. Yes, holds some promise. :-)
ed 123
26/5/2017
09:09
Preference shares are a form of debt and are therefore a liability. They are to be found in non-current liabilities.
cjohn
26/5/2017
09:07
Hi Ed 123, the board at Caffyns is always cautious! But I humbly take your point. They did do better in the 2nd half than the first. And there has been the uncertainty as to the impact of Brexit and the Volkswagen scandal which in the end hasn't affected trading that badly. As the VW scandal is dealt with, mmargins will rise at the service business, even if turnover dips a Little. Personally, I was expecting results like today. The rise in the size of the used car parc was bound to filter through into greater profitability from services. And the first half used car performance was itself very good. Overall quite promising. If and when interest rates trend up, there will also be yet better news from the pension fund, where the déficit shrank 3 million in the half year. all the best
cjohn
26/5/2017
09:06
Yes, Jimblack513, that's my understanding too.
ed 123
26/5/2017
09:05
how much are the property assets worth then?
brwo349
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