Cenkos Securities Share Discussion Threads

[kenmitch] 22/3/2021 13:51

From memory (so please point out if this is wrong) Director pay is relatively low compared with others in the sector with bonus payments and big dividends in the past being the main way their pay got boosted. I.e Cenkos did and still will pay out a lot of their profits via dividends.

If that’s correct and assuming CNKS has now really turned the corner that would bode very well for dividend increases ahead. And as QuePassa has pointed out, 5% now isn’t bad!

I’m a bit surprised at the muted share price reaction so far, with the share price still well below the recent peak.

[fenners66] 22/3/2021 12:09

I sincerely hope the share price has bottomed and they have more excellent years ahead.
The numbers above throw into question just how much of any potential will get passed on to shareholders.
What is the bonus calculation?
Is it capped?

[topvest] 22/3/2021 12:02

The staff are on low annual salaries but with high bonuses. That's why Cenkos never makes a loss. Results fairly positive. Outlook encouraging. H1 results will depend on Round Hill Music and US Solar Assets in my view as together they could raise £200-300m.

[fenners66] 22/3/2021 11:02

Since historically the dividend as shown above was at a 10 year low, the 17% increase on so a low payout is meaningless
A large % of sweet FA is still sweet FA.

[speedsgh] 22/3/2021 10:40

A comparison of today's finals against previous years.



REVENUE
2011: £37.4m
2012: £43.2m
2013: £51.3m
2014: £88.5m (AA IPO)
2015: £76.5m (BCA Marketplace IPO)
2016: £43.7m
2017: £59.5m
2018: £45.0m
2019: £25.9m
2020: £31.9m

PROFIT BEFORE TAX on continuing operations
2011: £5.1m
2012: £7.0m
2013: £10.7m
2014: £27.0m (AA IPO)
2015: £19.9m (BCA Marketplace IPO)
2016: £4.4m
2017: £10.0m
2018: £3.2m
2019: £0.1m
2020: £2.3m

BASIC EPS on continuing operations
2011: 5.2p
2012: 12.1p
2013: 14.2p
2014: 35.2p (AA IPO)
2015: 27.2p (BCA Marketplace IPO)
2016: 4.7p
2017: 13.2p
2018: 4.4p
2019: -0.2p
2020: 3.7p

FULL YEAR DIVIDEND PER SHARE
2011: 5.0p
2012: 7.5p
2013: 12.0p
2014: 17.0p (AA IPO)
2015: 14.0p (BCA Marketplace IPO)
2016: 6.0p
2017: 9.0p
2018: 4.5p
2019: 3.0p
2020: 3.5p

SIZE OF CORPORATE CLIENT BASE (as at 31 Dec)
2011: 111
2012: 119
2013: 125
2014: 130
2015: 124
2016: 116
2017: 117
2018: UNDISCLOSED
2019: 100
2020: "almost 100"

[fenners66] 22/3/2021 10:30

Lets put that "mighty, amazing" dividend rise in perspective.
It costs £283k

As pointed out above to get that rise WE as owners spent £5.5m
That's 5500k in bonuses

Or since percentages rather than actual numbers mean so much to some

5.1% of the increase in the bonus to staff

So by comparison a slightly higher dividend.

[fenners66] 22/3/2021 09:56

That's it in a nutshell
If they fail to raise any money its because of "market conditions"
If they raise a lot of money its not because they have been doing their jobs - but they have exceeded their roles and "deserve" massive bonuses on top of their wages....
In other words when there are bad times the shareholders will lose and there will be no need to make anyone redundant..
When times are good the employees will be rolling in it and the shareholders , join the back of the queue may get a slightly higher dividend ....

[trident5] 22/3/2021 09:41

BWM - well spotted. Thank you. I'll have a deeper look later.

But my superficial response is that profits for the shareholders have gone from £0 to £2m and profits to staff up by over £5m!

[bwm2] 22/3/2021 09:34

trident5
Page 13 of report refers to staff pay up £5.5m due to accrued variable pay for staff which would make up a big chunk of the £6.9m inc in accruals on page 77 of accounts.
Agree, results looking good. Only niggle is limited forward guidance so its time for more teenage scribbling

[trident5] 22/3/2021 08:52

Looks good.

But do we know why Payables at year end are up to £24.5m when costs for the year were £29.5m? (Just looking at the massive hike in Cash misleads - net current assets are only up by c£1m).

[Edit: seems Accruals are up £7m to £13m - but accounts do not explain this].

[cheshire man] 22/3/2021 08:11

Results looking good :-)

[martomarto] 18/3/2021 20:44

And we have two more major shareholders retiring soon with no obvious exit route.A better plan needed.

[martomarto] 18/3/2021 20:34

Good news and better activity. Chase the Hodges backlog in sales. Lots more to go. Why don't cnks buy them in? They have the cash?

[topvest] 18/3/2021 19:46

Marlowe have been a lucrative client for Cenkos, although they are having to share the spoils as they get bigger. It looks like 2021 is starting to kick-off now for Cenkos. There's always a lull in January and February, after a peak of transactions closing before their year-end in December.

[tanneg] 18/3/2021 17:04

Cenkos, Berenberg and Goldman Sachs are acting as lead bookrunners in connection with the Placing and Stifel is acting as bookrunner to raise £100 million for Marlowe plc

[speedsgh] 18/3/2021 12:55

Cenkos are acting as joint broker (alongside Arden Partners) on a placing/subscription to raise up to USD10m for Plant Health Care (PHC)...

[stevenlondon3] 18/3/2021 09:06

Joint book runner to raise £20m for XLM.

[topvest] 16/3/2021 20:29

Two big potential fundraises being worked on:
US Solar Fund

Round Hill Music