Caffyns Share Discussion Threads

[eezymunny] 10/12/2015 15:12

Hmmm, well VW sales down 20%



and CFYN heavily exposed

hxxps://www.caffyns.co.uk/volkswagen/

I guess the VW thing will blow over but maybe one or two poor sets of results to come at CFYN first? Who knows?

[ntv] 10/12/2015 15:05

share price dropping away again despite strong half year results

[ntv] 09/12/2015 10:26

share price still falling despite all the assets and the dividend yield

[ntv] 27/11/2015 10:08

another good set of results, pumped full of assets, a small increase in the dividend as well
they really should start a share buyback at this discount to nett assets

[prop_joe] 14/10/2015 13:14

I have copied below a section from Vertu Motor's results announcement regarding the impact of the VW emissions scandal. Early days, but seems that with a bit of luck any downside will be limited. It will be interesting to see what CFYN have to say. In the spirit of full disclosure I hold CFYN but have no holding in Vertu.

"The Group operates all four core brands of the Volkswagen Group in the UK, which have been subject to much press comment over recent weeks with regard to diesel emissions and testing. After the most recent acquisition announced on 1 October 2015, the franchises will represent approximately 9% of Group revenues. The manufacturer and retailers are currently working together to ensure that any impacted vehicles are identified and issues resolved. In the near term this is likely to boost aftersales revenues. The Group has to date witnessed no significant decline in total vehicle sales volumes or used car valuations above normal seasonal variations, in the four Volkswagen Group brands."

[lanzarote666] 06/10/2015 16:53

I see that September UK car sales were at record levels and maybe encouraging for buyers at this lower level.



But my patience is exhausted and I have sold recently. It is difficult to understand fully how the VW episode will effect future sales and perhaps margins will fall reducing profits. I think second hand car values will definitely fall and VW may have to offer special prices on new vehicles to win back doubting customers. This must impact on CFYN's Brighton dealership.

This was published this morning;



Caveat emptor.

[prop_joe] 30/9/2015 09:41

re: post 334. Isn't it worth taking the risk (personally I think the only dealership risk is a temporary dip in sales as this is a manufacturer issue) as the current share price is around 50% of book value, the company has a good consistent record of profitability, and people can always buy petrol cars?
All IMV only of course!

[shanklin] 30/9/2015 05:58

Why take the risk that the dealers are affected? IMHO, the CFYN share price is unlikely to rise until we have same idea of the industry fallout.

[3800] 29/9/2015 18:43

As the primary focus of VWs problems were in the US I haven't heard of any US car dealers being sued there it's much more likely that a BP type of witch hunt will be carried out to shaft any foriegn firms (VW). Just my opinion but I don't think this will be a dealer problem.
3800

[simon templar qc] 28/9/2015 23:13

Because the dealerships could be sued despite the manufacturers at fault. It might not affect future cars but the damages awarded for past wrongs could be significant.

Gets more complicated as if manufacturers go bust it would also effect the dealerships.

In consumer law first call for legal action is the dealer not the manufacturer.

As an example if you buy a Panasonic telly from Dixons and there is a manufacturing defect its Dixons that is liable under consumer law.

[3800] 28/9/2015 19:07

Onjohn I'm not sure why you think that this news is so dire for car dealerships. Do you believe car drivers are just not going to buy any more and just use public transport in the future? It's the manufacturers who are going to take a hit. (probably ALL of them when the truth finally comes out)
3800

[capricious71] 10/9/2015 18:12

I found this share by accident, whilst looking at details for REDD (I strongly recommend them!)

;)

This one looks so quiet yet the chart looks encouraging. A shame that a good company like this is getting ignored.

[ed 123] 03/9/2015 18:33

You make good points, Beazer2. I'm not a shareholder here any more. Seemed to be going nowhere, while the directors rewarded themselves handsomely.

On the positive side, Caffyns weren't as extended as other listed car dealers when the last downturn came, so avoided a rights issue. However, performance since has not been good. As you say, scale matters. Also, the costs of the listing and of the Board haven't helped shareholders. Perhaps patient shareholders will eventually get their reward?

[beazer2] 03/9/2015 17:41

ED 123

Having been involved in a number of takeovers of family controlled businesses I can assure you that everyone has their price. Long- term employment contracts for working family members in the continuing business are standard and the Caffyns will be aware of the risks of having so much of their capital tied up in one basket, in a trade where scale is all- important and car manufacturers can sever dealership rights quite brutally. The changes they made to the pension terms resulting in a very large gain and consequent increase in nav together with recent revaluations of properties being well- highlighted( revaluations cost money and one questions, given they are not included on the balance sheet, why they carried them out) give me the sense that they are making transparent the potential to any bidder, whilst ensuring that any bid would have to be north of £10 per share.

All IMO

[ed 123] 03/9/2015 10:56

beazer2.

Turkeys don't vote for Christmas.

[beazer2] 03/9/2015 10:09

LOOK purchase of Benfield at a premium to nav could be an interesting read across to CFYN with a nav including property revaluation of £12 and a current share price of 588p. PDG indicated it is examining acquisition opportunities in the south - east.

All IMO

[sirhedgealot] 06/8/2015 14:40

They are one of the last businesses in the U.K to have prefs in the capital structure. A testament to an older time gone by. Plenty of value here. I still hold.

[sirhedgealot] 06/8/2015 14:38

The Caffyn family have been collecting the large dividends on those preferred stocks for years. Shame they withdraw so much value in dividends.

[ed 123] 04/8/2015 10:07

beazer2.

Imo, no chance of Caffyn family selling out. If they were to sell out, where would they invest the cash to get the same return?

[beazer2] 04/8/2015 09:30

After its stunning results today PDG is on the hunt for other sites. It could pay up to £11-12 for CFYN at current nav and have no goodwill to write off. Surely tempting for PDG. Will it be tempting for the Caffyn family?

[ed 123] 24/7/2015 22:21

Coolen.

It doesn't have to be like that. Have you checked Caffyns rules for the conduct of agms? The rules should state the circumstances in which a poll can be called. A poll will give you the full voting figures.

[coolen] 24/7/2015 21:50

Re the AGM result, what do guys think of the rule that only Proxy votes are announced ?

Any objectors who turn up in person are excluded from those figures, however substantial their holding.

The likes of you and I may never know how many revolting shareholders Caffyns has.