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% 425.00p 400.00p 450.00p 426.00p 425.00p 425.00p 0 14:00:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 213.7 1.2 38.2 11.1 11.45

Caffyns Share Discussion Threads

Showing 501 to 525 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
08/8/2018
18:15
some big trades been going through this week
ntv
30/7/2018
15:22
If it does, I imagine the yield will increase over time.
value hound
30/7/2018
14:48
charles stanley back over 5% Mr Perloff over 9% He appears to have voted with the board on the resolutions proposed at the recent agm maybe this going to go private
ntv
21/7/2018
08:25
several recent sales of 2,000 @ 401p presuming these are all sales and not crossovers at the same price i wonder who the purchaser is?
ntv
02/7/2018
17:49
Zoolock, yes indeed. Perloff provides cash for the company to make a tender offer to the minorities. Once private, Perfloff buys the development-potential sites and cancels the debt, leaving the family to run a car business without the hassle of being public. Co-incidence perhaps that Caffyn's is effectively controlled by high-voting unquoted Preference Shares ? Some years ago, did Perloff acquire Beales Department Stores through some deal involving their privately owned Preference shares, and then offering only pennies for Beales Ordinary shares ?
coolen
02/7/2018
16:11
Slight. What would be in it for him? And why would they need him?
cjohn
11/6/2018
09:48
What are the risks of Perloff doing a deal with the family to fund it going private?
zoolook
11/6/2018
09:36
And if they could be persuaded to see that relinquishing the preferences was in their own economic interest…... It's the very fact they wish to keep control that holds back the share price and means that their own large stake is grossly udnervalued compared to a similar stake in peer car companies.
cjohn
07/6/2018
16:38
Hi NTV, On the surface, the likelihood of a successful (or profitable bid for minority shareholders) is remote. A number of parties have built decent stakes and then gone away - I seem to recall that even BTEM were here at one time. At least Andrew Perloff looks to be building a more substantial stake and presumably Armstrong are also activist investors. However the prefs do appear to make a hostile takeover impossible, presumably one reason why the family don't appear to control a majority of ordinary shares. Perhaps the only possible way forward would be if the family itself were divided about retaining control. I see that the president has recently passed away and only two of the family are presently on the board.
strathroyal
07/6/2018
14:50
Hi NTV, My memory is that the prefs definitely can't vote on certain types of resolution: notably to de-list the shares or to transfer them to another market/listing. This gives protection to minority shareholders. The situation on takeovers is more complicated. In a simple takeover situation, I think they can still vote. But in some more complex transactions (class 1)I believe they are barred. Sorry not to be more specific.
cjohn
07/6/2018
14:49
i would suggest there would significant proceeds from the various dealerships they have keeping hold of the freeholds is a good solution rental income from those would mean a substantial increase in dividends hopefully a pretty good analysis CJohn
ntv
07/6/2018
13:11
sadly i do strathroyal !! and feeling happier each time Mr Perloff adds to his holding can he block some of the resolutions if rebel shareholders get to 25% not sure what restrictions there are on prefs and voting guess he has purchased rest of the GAM holding now
ntv
07/6/2018
12:36
Looks like Andrew Perloff means business, anyone here old enough to remember Jack Petchey (Trefick) who had a similar liking for asset rich car companies?
strathroyal
06/6/2018
11:58
Hello Walbrock 82, I read your analysis of CFYN with interest. I am guessing that you are in learning mode. And that publishing lengthy analyses is a way of diving in the deep end. Please do not be offended by the below. You've made several errors. For example, you say the following: "Unsurprisingly, the company’s debtors’ days have risen to their highest in six years to 17.4 days vs. the average 14.5 days. The rise in receivables from £7.8m to £10.2m is a larger percentage increase than 1.2%! Receivables grew by 41%. Does it even matter, given sales is a mammoth £213.7m? It does because net profit is around £1m and a favourable movement of debtors of £2m or £3m makes a HUGE difference to how much profits are recorded." In fact, collecting receivables makes NO difference to PROFITS. It does improve operational CASH FLOW however. 2. Because you're confused on the difference between profit and cash flow, you overlook the fact that operational cash flow BEFORE working capital changes was some £3.148m. CFYN looks cheap on these grounds. 3. You then go into a long analysis of what might happen in a wind-up situation. And come to some very pessimstic conclusions that poor CFYN shareholders might not even get the current MCAP back in cash in such a situation. I find this unconvincing. Current MCP is £10.2m. NET tangible assets - ie after subtracting debt and pension déficit - are around £37m. For reasons that escape me, you have done the whole calculation through EV and lost your way. Whilst you include payables, you forget to include INVENTORIES. This is unfortunate, given that the level of inventories in car dealers is closely related to the level of payables. thedealer buys stock on credit - payables - and gains inventory: the cars. There is some £30.4m of inventory on CFYN's books. The lion's share of this is cars. the rest is parts. Whilst it's conventional to discount inventory in wind up calculations, it's not a 100% discount; and arguably the discount should be much less than normal given the inventory in question. (Stock turn of about 7 per year.) including inventory produces a much more favourable outcome for long suffering CFYN shareholders. What's more there is scant chance CFYN will end up in straitened circumstance, given the strength of its balance sheet, and initiate a fire sale. a wind up would be orderly then and likely to achieve book value or close to it for inventories. 4. Your analysis of wind up payouts means you miss thinking about what CFYN's current strategic position is and where value lies for shareholders. CFYN has just under £47m property on balance sheet and a £10.3m surplus off it. We now have a well-known property investor with a significant stake in the Company. There are various ways forward for realising value. This is where analysis WOULD be worthwhile. An example: . a couple of years ago, CFYN sold their Land Rover dealership. As well as getting FULL value for inventory and other assets, they also got a very decent price for the business in itself. Overall, the settlement came to a decent PREMIUM over book value. And CFYN retained the freehold. So value could be realised through the sale of individual dealerships. This is just one possiblity.
cjohn
05/6/2018
17:29
looks like charles stanley upped their stake
ntv
04/6/2018
11:23
Yes, the share structure impedes corporate change. Let's see if this can be changed: the prefs need to go. The results seemed OK to me; on an unadjusted basis, the shares trade at a PE of 10. So profitability supports the current very humble share price. The shares look positively cheap compared to operational cash flow of over £3m before working capital changes. However, cash flow is being used to expand the company - increasing the asset base - rather than pay down debt, which would be preferable in my view, given the meagre returns on assets. Obviously, they continue to trade in bargain territory compared to tangible asset value; the extensive freehold property. So it's good to have a property investor activist with a significant holding in the company. Can things be shaken up?
cjohn
31/5/2018
13:36
interesting but you forgot to mention the prefs in your analysis from memory the company pension fund also owns shares in caffyns that's all old school like the company share structure too scared in case they lose control imho
ntv
31/5/2018
13:21
Here is my analysis on Caffyns: http://bit.ly/2J2Thk8
walbrock82
31/5/2018
10:48
that is interesting ALS think he could be debsdowner now though
ntv
31/5/2018
09:47
I noticed a few posts ago people were talking about Simon Templar who tried to get the capital structure changed here. He's still about last seen on the DEB's thread slagging them off. I presume he's shorted them. I know his Court case against EKT failed and he got declared bankrupt. He's his own worst enemy, he thinks he knows the law inside out but also thinks he can use article 3 of the Human Rights Act in his never ending case against EKT.
arthur_lame_stocks
31/5/2018
09:17
lol on self drive cars what happens when yourcomputer does an update? how many computers last a year or need to be refurbished how long does a tesla car burn for? how many times are electrical goods returned because they don't work? put that in a car and self drive down a country lane or a minor road or a busy town? NO CHANCE in 10years !! anyway i think we get the convoy lorry first, that should interesting at a roundabout!!!
ntv
31/5/2018
08:59
I thought the results were respectable and the divi yield is still pretty good. The balance sheet is underpinned by very large property assets although debt has crept a bit high for my liking. I wonder if their business has a limited life now? I did read recent predictions that in ten years time we'll all be using self driving cars and I imagine it'll make a substantial difference to how cars are owned and used. I've no idea how likely that is though.
arthur_lame_stocks
31/5/2018
08:51
GAM have 88,000 left or so it says on the website guess they not the only seller
ntv
31/5/2018
07:35
from a business point of view, CJohn they get to keep their Vauxhall franchise (i thought they might lose it)Trouble is Vauxhall now owned by PSA so quality may drop further as Vauxhall brand reduces sales in the UK. still at least the service department will be busy!! yield is good and the sale of the soon to be former Audi dealership should help reduce debt i presume going forward lets hope for corporate action by you new shareholders may bring some good news on that front looking forward to that
ntv
30/5/2018
10:15
Hi NTV, that was the right call, selling out. I had a small position at the time, but didn't sell. Much much larger postion now. At least I can't see it going that much lower, given the steep discount to tangible asseta ........
cjohn
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
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