Caffyns Share Discussion Threads

[jaf111] 30/11/2020 09:14

so why don't they increase the price then to attract sellers??????

[clemo69] 30/11/2020 09:00

Mms massively short of stock at the minute

[coolen] 28/11/2020 18:04

To what extent, if any, might the Pension Fund deficit alter were the family to transfer to the Fund their 2 million 6% Preference Shares ?

[cjohn] 28/11/2020 12:36

These were really excellent and surprising results, 52.3p eps basic, in spite of COVID.

If they could repeat that in the second half, at 350p, they'd be on a PE of 3, PTBV of about 0.3, including the off-balance sheet property surplus.

Absurdly cheap.

In view of the first half, it looks like they may well ride the COVID 2nd wave; it won't be a knock out blow, in any case.

But there is political uncertainty regarding Brexit import arrangements, which could be another serious short-term hit.

The pension deficit doesn't seem to me to be a major negative. Quite modest improvements in the discount rate would make the situation much healthier, and asset values have continued their recovery since the 30th September results date.


I first bought these shares about 5 years ago, when they were in the low 500s and have gone on buying since at lower and lower prices. One of my worst investments!

[1tx] 27/11/2020 14:03

NAV is about £12.50 per share including revaluation surplus not included in accounts.The company has a fairly large historic defined benefit pension scheme this could be expensive to buy out and the company could be restricted by pension trustees in returning capital to shareholders until the pension plan is bought by an insurance company,the cost of a buy out could be substantial.
Andrew Perloff the biggest shareholder a well known property investor must see value however.
I am a shareholder here for some years perhaps the best return might be by getting better use of capital in present business operations.

[clemo69] 27/11/2020 13:50

The NAV value is £11.5m understated due to the property undervaluation. Never seen such an under valued share as this one.

[spob] 27/11/2020 11:36

I doubt the nav figure reflects the true value of the freeholds anyway

[mortimer7] 27/11/2020 09:55

Very good trading performance under the circumstances, but the Pension deficit undermines it. NAV down 8% YoY because of it.

[rightnellie] 27/11/2020 09:54

Impressive results considering the impact of Covid. As car companies go a pretty safe undervalued investment. Shame the spread is so ridiculous

[spob] 27/11/2020 08:47

with all that cash sitting around I wouldn't be surprised to see a juicy special dividend next year to make up for the skipped interim payment

[spob] 27/11/2020 08:44

not too worried about the spread

as I won't be selling any

maybe one day someone will buy them from me

[clemo69] 27/11/2020 07:51

Wow wasn't expecting those results!

EBITDA 3.218m
Cash at Bank 5.273m
Cashflow 4.379m
Market Cap 8.3m

Thats without the property surplus of 11.8m!!

[scepticalinvestor] 27/11/2020 07:33

*investible

[scepticalinvestor] 27/11/2020 07:33

This would be investing if there wasn't such a huge spreadRidiculous imo

[this_is_me] 27/11/2020 07:32

My minuscule investment here is looking good this morning.

[spob] 26/11/2020 14:13

yes thanks

[arthur_lame_stocks] 26/11/2020 11:57

interims tomorrow if anyone is interested

[jaf111] 18/11/2020 11:27

I think we've heard the "something brewing here" before?????

But maybe, just maybe......although I doubt!

[value hound] 18/11/2020 11:06

Well it is the most undervalued share out there -= the problem is solely with the voting rights so we have to be happy with the yield which is over 7% at the buy price of 320p (massive spread always).

It would be nice if some outfit or other would deliver a knock-out blow, but it would have to be at a massive premium given the family's voting rights via the prefs.

Still, >7% aint bad.

[clemo69] 18/11/2020 10:57

Something brewing here.....

[arthur_lame_stocks] 01/5/2020 14:26

Don't the family control this through the prefs?

[cjohn] 01/5/2020 13:14

Wonder too if it will eventually lead to some action?

[spob] 24/4/2020 12:35

wonder what price he paid for them ?

[cjohn] 24/4/2020 12:21

Just noticed Perloff bought another tranche on the 7th April. He now holds 13.08%, up from 12.06%.