Cenkos Securities Share Discussion Threads

[jbat] 21/4/2016 10:04

I'll second that. Brilliant research from speedsgh.

Although it's still to early to tell, the feeling is that the naysayers who saw this going sub £1 and a collapse in business might have to eat crow pie.

[keith2006] 21/4/2016 08:57

Your a star speedsgh with all this good information i don't know what we would do without you . probably the thread confined to history. LOL
Thanks

[speedsgh] 21/4/2016 08:51

Newly-appointed Cenkos acting on £8m placing at Corero Network Security (CNS)...

Placing & Subscription, Open Offer & Notice of GM -

"We have been extremely encouraged by the investor response to the fundraise, which was significantly oversubscribed and also introduces a number of new blue chip institutions to the Company's shareholder register."

"Cenkos Securities, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting solely as nominated adviser and broker to the Company in connection with the Firm Placing..."

New institutions have presumably been introduced by Cenkos so their appointment (announced yesterday) has obviously been in the pipeline for a little while.

[speedsgh] 20/4/2016 12:13

New mandate. Cenkos replaces FinnCap as Nomad/corporate broker at Corero Network Security (CNS)...

Appointment of Nominated Adviser and Broker -

Corero Network Security plc, the AIM listed network security company, announces the appointment of Cenkos Securities plc as its Nominated Adviser and Broker with immediate effect.

[speedsgh] 19/4/2016 14:32

Intresting little news piece on results from one of Cenkos's competitors, Zeus Capital.

Zeus Capital records pre-tax profits of £11m -

Of particular note re current trading conditions...

"I have a high degree of confidence that against the background of the strategy we are pursuing and in EVEN MORE CHALLENGING trading conditions, our people will continue to perform well."

[speedsgh] 18/4/2016 14:26

Cenkos acting as joint bookrunner alongside Macquarie Capital on £52.1m placing for Hurricane Energy (HUR)...

£52.1 million Placing and Subscription -

[gary1966] 18/4/2016 13:36

Another 20K in total picked up by two directors on Friday. They seem keen and I wonder how many they would have committed to if there was a bigger free float in the shares. I am beginning to wonder what the wider implications of the Aberdeen appointment are going to be as the directors have been very keen since the announcement was made.

GLA

[cwa1] 15/4/2016 12:31

Director's Dealing

The Company has today been notified that Jim Durkin, an executive director of the Company, yesterday purchased 16,410 ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of 135.20 pence per Ordinary Share.

As a result, Jim Durkin is now interested in 4,974,456 Ordinary Shares, representing 8.77% of the Company's issued ordinary share capital.

[speedsgh] 15/4/2016 11:17

Salpara - Last 2yrs figures have been flattered by 2 large deals: AA in 2014, BCA Marketplace in 2015. I suppose the market is currently guessing that this year will be a normal year for Cenkos with no large deals. If that is the case, 2012/2013 figures may give a better guide of what to expect in the current FY rather than the last 2yrs? Uncertainty caused by Brexit will certainly not be helping their cause at present either.

With a longer term investment in Cenkos I think one has to accept that i) they operate in a very cyclical market with little forward earnings visibility; ii) revenues/EPS/DPS are likely to be lumpy depending on whether they manage to land larger deals (e.g. AA/BCA) which help to skew numbers to the positive side. One of their main challenges is to win deals with larger clients on a regular basis so that these large deals are no longer viewed by the market as one-offs. If they manage that, they will then be afforded a higher rating. Aimho

FY2015 (includes BCA Marketplace fundraising)
Revenue - £76.5m
PBT - £19.9m
EPS - 27.2p
DPS - 14p

FY2014 (includes AA fundraising)
Revenue - £88.5m
PBT - £27.0m
EPS - 35.2p
DPS - 17p

FY2013
Revenue - £51.4m
PBT - £10.7m
EPS - 14.2p
DPS - 12p

FY2012
Revenue - £43.2m
PBT - £7.0m
EPS - 7.4p (12.1p)
DPS - 7.5p

[speedsgh] 15/4/2016 10:49

dlku - see posts 1827/1836/1851

[salpara111] 15/4/2016 09:47

I am still holding.....probably the most confusing holding I have!
It really comes down to how bad you believe this year is going to be.
Markets have a habit of overreacting in both directions.
When you exclude directors and a small number of institutional investors the remaining free float is pretty small so it does not take a lot of buying or selling to have a dramatic effect on the share price

[dlku] 15/4/2016 09:42

topvest 14 Apr'16 - 21:00 - 1856 of 1862 1 0

Great appointment to Aberdeen Asset Management in my view. Very good news.





Where u see that?

[imranawan] 15/4/2016 09:33

Are you still invested here Salpara - or have you sold out now?

[salpara111] 15/4/2016 09:16

My main concern is that the directors and a few of the biggest holders just decide to take the business private given the pretty awful rating that the market gives the stock and I guess I cant say that I would blame them.
For a business that made £20M last year to trade on an enterprise value of less £40M is rather harsh unless you believe the wheels are going to completely come off the wagon this year.

[imranawan] 15/4/2016 08:03

That's a better ratio of director holdings than all of my other investments!

[speedsgh] 15/4/2016 07:50

imran - yes, according to this website, between them 5 executive directors would appear to account for over 25% of the issued share capital.

[imranawan] 15/4/2016 07:41

Well you can't accuse directors here of not having "skin in the game"

[speedsgh] 15/4/2016 07:31

Another director buy announced late yesterday...

Director's Dealing -

[topvest] 14/4/2016 21:00

Great appointment to Aberdeen Asset Management in my view. Very good news.

[keith95] 14/4/2016 16:36

..... anyway ... good day ... average price down nicely bailed those bought between 126-116

GLA

:) :) :)

(and even the boo boys).

[keith95] 14/4/2016 12:56

"Shorters don't go after illiquid small cap stocks." - Rubbish.

[salpara111] 14/4/2016 12:39

Of course you could read the big articles in todays financial press about how the FCA is going to curb the powers of big investment banks when it comes to IPOs. Apparently it is not unusual for the big guys to agree to a cut price IPO as long as the client signs up to use them exclusively for all their banking needs over a period of several years afterwards. Clearly that puts the little guys at a greater disadvantage. It looks like the playing field is going to be levelled somewhat which is good news.

[garycook] 14/4/2016 11:21

Scrach my back and I will scrach yours comes to mind.But to have ADN on board is a good scalp,and money in the coffers,for shareholders to benefit.

[speedsgh] 14/4/2016 11:06

Some insight into possible reason behind Aberdeen Asset Management (ADN) taking on Cenkos as joint corporate broker. As often appears the case, it's not what you know but who you know...

Cazenove connection helps Cenkos win Aberdeen AM broking slot -

The 2014 hire of a Cazenove veteran has helped Cenkos Securities win a broking spot with Martin Gilbert's £290 billion funds group Aberdeen Asset Management, which has used Cazenove – now part of JP Morgan – as its broker for two decades...

[salpara111] 14/4/2016 10:08

Shorters don't go after illiquid small cap stocks.
It was heavily oversold that is all.
I don't expect to see it back at 200 any time soon but do expect to see it rebound back to the 160 area