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 Shares Traded Last Trade
  0.00 0.0% 420.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
370.00 470.00 420.00 420.00 420.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 165.08 1.42 52.40 8.0 11
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 420.00 GBX

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Date Time Title Posts
03/6/201907:27*** Caffyns ***6

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Caffyns Daily Update: Caffyns Plc is listed in the General Retailers sector of the London Stock Exchange with ticker CFYN. The last closing price for Caffyns was 420p.
Caffyns Plc has a 4 week average price of 400p and a 12 week average price of 350p.
The 1 year high share price is 425p while the 1 year low share price is currently 250p.
There are currently 2,693,257 shares in issue and the average daily traded volume is 553 shares. The market capitalisation of Caffyns Plc is £11,311,679.40.
cjohn: The results were surprisingly strong with Basic EPS of 52.4p per share, putting the shares on a PE of 8, in spite of sales down from £198m to £165m. Bank debt was down from £16.2m to £10.3m, with strong free cash flow. PFCF of around 1.6!! Based on the balance sheet, tangible book value was £27.6m, so the shares are on a PTBV of 0.42. However, this doesn't include the off-balance sheet revaluation surplus from their freehold properties of some £12.3m. So a total TBV of about £40m, putting the shares on a PTBV of about 0.29. These are really cheap and a bid would be expected, if the Caffyns' family didn't have de facto control over voting through preference shares.
1tx: The reason I mentioned the pension fund is not just the deficit which is not vast in terms of Caffyns assets;but rather the size of the fund @ presently £90m which is huge.Very low interest rates have magnified potential liabilities of defined benefit pension funds because they are measured against the yield on "blue chip" bonds even though pension funds have a balanced range of investments and in reality these earn a higher return.The funding presently being put into the plan,about £500k plus costs, is probably enough to fund it but whilst the headline shortfall remains I think a return of capital will be limited to reasonable dividends based on profits.The interesting event next year is the future of the Lewes Land Rover site which is rented to Harwoods and is due for lease renewal next year.Will they renew or not.If not will it be sold or if they do renew will it be retained for investment or sold on to another investor.It is a valuable site.Finally with regard to the pref shares although on paper these could block a takeover,under Stock Exchange listing rules a buyout of ordinary shares cannot be blocked by pref share votes.....Truthfully I don't see a takeover as very likely however.
jaf111: so why don't they increase the price then to attract sellers??????
1tx: 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: The NAV value is £11.5m understated due to the property undervaluation. Never seen such an under valued share as this one.
value hound: 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.
spob: wonder what price he paid for them ?
mike_miikke: Net Asset Value on this site is over £10.00 per share but not sure if accuracy of that price. Big institutional holders may not be pleased at the moment. Their assessment of the future could influence events.
ed 123: Not quite, Roquefort. It went ex-dividend yesterday. Payment is 15p on 2nd August. The share price sometimes doesn't move on going xd. There is a wide spread, so discouraging dividend trading. Also, the value is in the high tangible net asset value and 15p is not material to that. Having said that, if you were to sell a few now you'd get the dividend and probably nudge the share price down a tad too.
cjohn: 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.
Caffyns share price data is direct from the London Stock Exchange
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