Share Name Share Symbol Market Type Share ISIN Share Description
Cenkos Securities Plc LSE:CNKS London Ordinary Share GB00B1FLHR07 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 46.50 108,535 08:00:22
Bid Price Offer Price High Price Low Price Open Price
44.00 49.00 46.50 46.50 46.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 25.92 0.15 -0.20 26
Last Trade Time Trade Type Trade Size Trade Price Currency
13:18:46 O 100,000 48.00 GBX

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Date Time Title Posts
04/8/202010:00Cenkos - Racing to the top?3,460
11/7/201614:04*** Cenkos Securities ***3
31/3/201513:18CNKS Cenkos228
23/11/201408:31$CNKS.L – investing is never easy-
04/7/201111:59Cenkos Securities7

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Cenkos Securities (CNKS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-08-04 16:15:0048.00100,00048,000.00O
2020-08-04 12:10:2544.306,0562,682.81O
2020-08-04 09:16:1444.302,000886.00O
2020-08-04 07:01:5144.30479212.20O
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Cenkos Securities (CNKS) Top Chat Posts

Cenkos Securities Daily Update: Cenkos Securities Plc is listed in the General Financial sector of the London Stock Exchange with ticker CNKS. The last closing price for Cenkos Securities was 46.50p.
Cenkos Securities Plc has a 4 week average price of 45p and a 12 week average price of 41p.
The 1 year high share price is 66.50p while the 1 year low share price is currently 29.50p.
There are currently 56,694,783 shares in issue and the average daily traded volume is 119,076 shares. The market capitalisation of Cenkos Securities Plc is £26,363,074.10.
albert zog: That is brilliant analysis speedsgh. Well done. Would be interesting to see the average annual share price over this timeline
quepassa: Not really with Edison who have very high standards in my opinion. Edison DO NOT GIVE SELL/BUY/HOLD Recommendations nor do they give SHARE PRICE valuations/targets (unlike some). They give professional and detailed analysis and leave it up to you to make your own mind up. There are indeed other non-independent research companies which shall remain nameless and which provide paid for research and which may or may not operate differently. My personal opinion of Edison is high. Have you read it? What do you think? ALL IMO. DYOR. QP
quepassa: Pretty much a confirmation by the CEO that a final dividend will be paid. The recent interim divi declared in September 2019 was 2p. Taking an educated guess that final dividend will be the same as last year at 2.5p, Cenkos is now trading at a prospective yield of some 7% at a share price of 65p. Of course, the final divi may be higher than 2.5p. Combined with a very buoyant outlook indeed, this is beginning to look very encouraging again and a clear sign that the sector has rapidly become much more favourable. The grave uncertainty which had shrouded the market for so long due to Brexit has lifted and the pent-up demand for M&A, IPO's and cash-raisings for business investment is now coming on stream fast. An excellent update. In my view, there is significant upside in the short and medium-term for the sector, for Cenkos, and for the share price. ALL IMO. DYOR. QP
spob: Cenkos shares leap after founder takes fresh stake Https:// Andy Stewart left the board of the London stockbroker almost a decade ago In recent months Cenkos has completed IPOs of companies including MJ Hudson and Brickability despite some of the worst conditions in UK equity markets for a decade Cat Rutter Pooley yesterday Financial Times Andy Stewart, the founder of two of the City’s highest profile independent brokerages, Collins Stewart and Cenkos Securities, has taken a fresh stake in Cenkos nine years after he left the broker. Mr Stewart has picked up a 7.4 per cent stake in Cenkos, the company said on Monday, partially reversing a series of share sales since 2010 that cut his holding from almost 23 per cent to zero. Shares in Cenkos jumped 12 per cent to 49.9p after his return to the shareholder register was disclosed. Cenkos’s share price has suffered in recent years from a dearth of UK IPOs, the area in which it specialises. The broker’s early success was driven by a close relationship with fund manager Neil Woodford, who backed many of its deals after Mr Stewart founded the company with colleagues from Collins Stewart in 2005. At its peak in 2007, a year after it floated on Aim, shares in Cenkos were worth more than 270p and Mr Stewart’s stake was valued at more than £40m. However, a decline in the number of deals since 2016, as well as heightened competition between small brokers with firms such as Numis and Peel Hunt coming to dominate the mid-market, has hit the shares of Cenkos as well as rivals such as WH Ireland and Arden Partners. Before Mr Stewart’s share purchase was announced, Cenkos’s market capitalisation on Friday was just £26m. A year ago Cenkos announced the return of co-founder Jim Durkin as chief executive in an effort to reverse a 90 per cent decline in profits during his 18-month absence from the company. Recommended Analysis UK politics & policy Emphatic UK election result stirs talk of a revival in dealmaking Mr Stewart was supportive of that move. But Mr Durkin on Monday said there had been no discussions with Mr Stewart about his return to the shareholder register of Cenkos. “It is nice to have him back on the register . . . [But] this decision is entirely his,” Mr Durkin told the FT. His own return to the helm was only confirmed in August, after the regulator took nine months to approve his appointment. But he has since sought to return Cenkos to its focus on dealmaking and has engineered a board reshuffle. In recent months Cenkos has completed IPOs of companies including MJ Hudson and Brickability despite some of the worst conditions in UK equity markets for a decade. Mr Durkin said the company’s performance during the second half of the year was likely to be better than the first half, when revenues fell from £18.1m to £10.6m and the broker reported the first loss in its 14-year history.
kenmitch: Have checked and there is not going to be an update. They tend not to issue updates unless it's if results are likely to be ahead or behind expectations. Companies have to issue an update then. Recent transactions strongly suggest the worst is over and well and truly priced in too. It was looking much more optimistic for 2020 too, what with clear cut Election result which meant no more cliff edge Europe votes, and Johnson could revert to traditional One Nation Toryism. But no sooner thought that and it was back to possible cliff edge later next year. The last thing business needs is yet more uncertainty over Europe. Even so 2020 looks very unlikely to be as bad for the sector as 2019 and fingers crossed Cenkos continue to win new business. Note too (as Edison note showed) how very cheap Cenkos share price is compared with Numis. Yet Numis has done well since the Election whereas Cenkos continues to bump along at multi year lows. So it wouldn't need much for Cenkos share to recover fast.
seagreen: Historically when conditions are better they have paid out a very healthy dividend yield as a lot of the Directors and employees are shareholders. In a healthy market it is not too ridiculous to see a 20% return on the current low share price in a years time.
quepassa: For followers of the financial theory of Mean Reversion, Exhibit 15 on the Edison Research note today is fascinating. It details and graphs the ten year history of share price to book value for Cenkos. The ten year average is 2.4x, having peaked near 4x on a few occasions. The current ratio is just 1x which is a ten year (if not all-time) low. Edison comments: "Cenkos’s current rating at 1x book represents a low point over this period reflecting the difficult market background, but also suggesting an opportunity on a medium to longer view given the potential for a substantial recovery in earnings and return on equity." And The Employee Trust just keeps on buying.... ALL IMO. DYOR. QP
speedsgh: Further to posts #3205/3209, a recommended offer has today been announced for Brady (BRY). This is very much a fire sale. Possibly directors (and their advisers?) attempting to brush a sorry tale under the carpet. Recommended Final Cash Offer - HTTPS:// The offer is pitched at 10p per share which "represents a premium of 50.8 per cent. over the closing middle market price of 6.63 pence per Brady Share on 11 October 2019, being the Business Day immediately prior to the date of this announcement, and 31.1 per cent. over the closing middle market price of 7.63 pence per Brady Share on 3 October 2019, being the Business Day on which Hanover Bidco made the approach to the Brady Directors regarding the Offer." For any unfortunate shareholders it also represents a loss of 82% on the share price on 20 August, the day before the Trading Update which contained the profit warning. However, as the announcement makes clear, 10p per share is better than 0p... "Should either the Offer not become Effective or additional third party funding not become available, in each case, before Brady requires additional working capital, there is a risk of the offer lapsing and Brady Shareholders receiving no or little value." Cenkos are financial adviser & Nomad to Brady... "The Brady Directors, who have been so advised by Cenkos as to the financial terms of the Offer, consider the terms of the Offer to be fair and reasonable and in the best interests of Brady and Brady Shareholders as a whole. In providing advice to the Brady Directors, Cenkos has taken into account the commercial assessments of the Brady Directors. Cenkos is providing independent financial advice to the Brady Directors for the purposes of Rule 3 of the Code." It has been alleged that Brady, "in part with the collusion of Nomad Cenkos", withheld damaging price sensitive information from the AIM Market and investors. So maybe a small fee for Cenkos for financial advice on the deal but some possible mud to go with it?
speedsgh: Hi QP. I am not qualified to make a qualitative comparison between WHI & CNKS. However the CNKS TU of 19/12 was backward-looking (and I am guessing largely as a result of the fees earned on the ESUR takeover which completed in Dec) whereas the WHI statement today is forward-looking so of potential relevance to all sector peers. AFAICT CNKS have been involved in just 2 fundraisings in Jan/Feb 2019: a £1.15m subscription for Personal Group (PGH) & a £21m placing/open offer for Kromek Group (KMK). Whilst 2 months does not make a year, it is interesting to compare Jan/Feb performance to recent years (based on fundraisings announced): Jan/Feb 2016: £270m Jan/Feb 2017: £163m Jan/Feb 2018: £54m Jan/Feb 2019: £22.15m Numis AGM Update on 5/2/19: "Since the start of the financial year [on 1/10/2018], UK equity indices have suffered material declines and the domestic political situation has significantly impacted investor sentiment in the UK. As a result the market backdrop has been particularly challenging for our corporate and institutional clients, which has ultimately impacted our trading performance in the first four months of the year... ... We have a good pipeline of opportunities, and would expect to see a meaningful increase in revenue, as and when there is greater clarity regarding the UK macro-economic and political landscape." All this would suggest that times are tough for the sector. AFAICS possible short-term drivers of CNKs share price: > Corporate action > Removal of Brexit uncertainty allowing UK plc to start investing again which would be beneficial for the sector AIMHO
speedsgh: Just some thinking out loud... Intriguing situation with Cenkos. Activist investor, Crystal Amber (CRS), notified Cenkos that it held 7.14% of the company in Feb 2018. No further update in their holding has been made since so one assumes they hold around the same level today (the Monthly NAV release for Dec 2018 on the CRS website actually shows them as owning 6.9% of Cenkos share capital). In their final results released on 7/9/18, Crystal Amber made the following comment: "The Fund has been a shareholder in Cenkos since late 2010 and increased its holding significantly during January 2018 at a share price which we believe ascribes little probability to the company being able to secure any further exceptionally large deals. Given the pressing need to deal with forthcoming retirement/succession issues relating to a number of Cenkos’s founders and the evident strategic interest in this sector (2017 takeover of Panmure Gordon and 2016 Kuwaiti investment in WH Ireland), we have now proposed to the board that it undertakes a strategic review of the company." Following this: CNKS rns dd 9/10/18 - CEO Anthony Hotson to stand down from the Board on 31/10/18 but remain an employee until 31/12/18. CNKS rns dd 31/10/18 - Anthony Hotson to remain an executive director & CEO until his successor has received FCA regulatory approval. CNKS rns dd 5/11/18 - Former CEO, Jim Durkin, to be appointed executive director & CEO upon receipt of regulatory approval; Antony Hotson to remain CEO in the interim. CNKS rns dd 12/12/18 - CFO Philip Anderson (appointed by Anthony Hotson in Jan 2018) to step down from the Board & leave Cenkos on 31/3/19. Anthony Hotson is still interim CEO today & regulatory approval of Jim Durkin remains outstanding. By way of comparison Anthony Hotson was announced as CEO on 5/7/17 subject to regulatory approval which was subsequently received less than a month later on 2/8/17. Regulatory approval of Jim Durkin's reappointment as CEO would therefore seem to be taking some time i.e. more than 3 months so far. I believe another poster has previously suggested that they have been unable to find evidence of Jim Durkin's application having been lodged with the FCA. If this is correct, what (if anything), does this indicate? Cenkos have lost their position as broker to no less than 10 clients since Aug 2018. AA (AA.), Michelmersh Brick Holdings (MBH), IG Design Group (IGR), Restore (RST), Comptoir Group (COM), Mercia Technologies (MERC), Science in Sport (SIS), Verseon Corporation (VSN), CML Microsystems (CML), Frontier IP Group (FIPP). Some of these would appear to be from the 'better quality' end of the Cenkos client portfolio. Over the same period Cenkos have independently acquired 3 new clients - Falcon Oil & Gas Ltd (FOG), Venture Life Group (VLG), Landore Resources Ltd (LND) - as well as the 12 Smith & Williamson clients upon completion of the acquisition of its Nomad & Corporate Broker business in Dec 2018. Clients acquired would appear to be lower quality than those lost. Crystal Amber "increased its holding significantly during January 2018 at a share price which we believe ascribes little probability to the company being able to secure any further exceptionally large deals." The share price in Jan 2018 was north of 100p so one would assume that they are not overly happy with the current share price. Having said that their stats as an activist investor would suggest that they have a plan in place & will be actively engaging with the Cenkos board in order to create longer term value so they may be less concerned over the share price in the short term. Whether the objectives/strategy of the Cenkos board aligns with those of Crystal Amber remains to be seen. Notwithstanding their involvement as adviser to esure Group (ESUR) in their £1.2bn takeover by Bain Capital (first announced in Aug 2018 & completed in Dec 2018), Cenkos fundraising activity would appear to have been pretty thin on the ground since Sept 2018. How much of this is company specific remains to be seen, although it is without doubt that the handling of the Brexit process by UK parliament, the uncertainty that this has created and consequent postponement of investment decisions by UK PLC has been unhelpful to the UK fundraising market in general. It will be interesting to note any commentary on Cenkos by Crystal Amber in their Interim Results which are scheduled to be released on or after 7/3/19.
Cenkos Securities share price data is direct from the London Stock Exchange
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