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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| The Character Group Plc | CCT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 311.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 311.00 | 311.00 | 311.00 | 311.00 | 311.00 |
| Industry Sector |
|---|
| MEDIA |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 09/05/2024 | Interim | GBP | 0.08 | 11/07/2024 | 12/07/2024 | 26/07/2024 |
| 12/12/2023 | Final | GBP | 0.11 | 11/01/2024 | 12/01/2024 | 26/01/2024 |
| 11/05/2023 | Interim | GBP | 0.08 | 13/07/2023 | 14/07/2023 | 28/07/2023 |
| 22/12/2022 | Final | GBP | 0.1 | 12/01/2023 | 13/01/2023 | 27/01/2023 |
| 12/05/2022 | Interim | GBP | 0.07 | 14/07/2022 | 15/07/2022 | 29/07/2022 |
| 15/12/2021 | Final | GBP | 0.09 | 13/01/2022 | 14/01/2022 | 28/01/2022 |
| 29/04/2021 | Interim | GBP | 0.06 | 15/07/2021 | 16/07/2021 | 30/07/2021 |
| 10/12/2020 | Final | GBP | 0.03 | 14/01/2021 | 15/01/2021 | 29/01/2021 |
| 28/05/2020 | Interim | GBP | 0.02 | 16/07/2020 | 17/07/2020 | 31/07/2020 |
| 04/12/2019 | Final | GBP | 0.13 | 16/01/2020 | 17/01/2020 | 31/01/2020 |
| Top Posts |
|---|
Posted at 19/7/2024 15:21 by brucie5 A bit of a sleepy board. Just picked this up for an income folio. If you're happy with the 6% + dividend the metrics on Stocko look good: over 97 with three positive value screens including two Dremans (low p/cf & PE.PE Ratio (ttm) 10.8 PEG Ratio (ttm) 0.24 EPS Growth (ttm) 42.1% Dividend Yield (ttm) 6.27% This was Paul Scott's last write up in May: He notes generous divis and strong balance sheet, which I like. But I also like the chart, which looks primed for recovery. Surprised there isn't more interest? -------------------- Character (LON:CCT) 276p (pre-market) £52m - H1 Results - Paul - GREEN Designers, developers and international distributor of toys, games and giftware I’ve followed this toys company for many years, and my preconception is that shares usually look cheap or very cheap, but it has a rather erratic track record, and disappoints with profit warnings every now and then. It’s been a generous dividend payer in the past, and is doing buybacks too. There might have been question marks over management remuneration too, I vaguely recall. H1 results are much improved on last year - Revenue flat at £57.6m Adj PBT (profit before tax) up 320% to £2.1m (from a low base last year) Adjs are only small, and actually reduce profit this H1 by £154k. Adj diluted EPS up huge % from almost nothing last year, to 8.7p this H1. H1 dividend held at 8.0p, almost all of earnings, and uncovered by earnings LY. Outlook - positive news here - "The Group has a strong portfolio of products, underpinned by a strong balance sheet, and has a net cash position with substantial unutilised working capital facilities in place. On the back of our first half-year's performance and these signs of the Group's robust health, we anticipate profit before tax and highlighted items in respect of the full year to 31 August 2024 will exceed current market expectations. The Board is comfortable that the Group is on course to meet its targets." Balance sheet - looks healthy to me. Inventories have reduced by £6m to £11.7m, with the benefit flowing half through to increased cash of £13.4m, and reduced trade creditors. Working capital looks very comfortable, with £25m net current assets. Put another way, the cash pile of £13.4m almost completely covers what they owe suppliers (£13.8m). There are no significant longer-term liabilities. So my verdict is that CCT is in rude financial health, meaning that there’s no solvency or dilution risk, and it has ample dividend-paying capacity, as it demonstrated last year with divis still paid despite not being covered by earnings. It’s not fashionable at the moment (where everyone seems to chase high ROCE), but I like the safety that a strong balance sheet provides investors with. Cashflow statement - all looks fine to me, no issues. Note that share options charge is very low at £55k in H1, and £204k in FY 8/2023, certainly not excessive. Broker update - thanks to Allenby for crunching the numbers this morning. It increases FY 8/2024 PBT by 10% to £6.6m. In EPS terms that is: OLD: 23.3p, NEW: 26.1p. CCH shares historically have tended to only attract a high single digit PER. Is that fair though? I think a PER of about 12x seems fair here, so that gives me a share price target of 313p. That’s a bit above the current price, so there’s likely to be some upside here. A 10% rise in forecast earnings usually flows straight through to a 10% rise in share price on the day, so I imagine (I haven’t looked yet, as it’s funt o guess!!) we might end today c.300p, which would certainly not be a stretched valuation, especially when you take into account the very strong balance sheet, and generous divis, plus it has authority to do substantial buybacks - which I approve of where a share is cheap on fundamentals, and is not a diversion to cover up excessive management share options (as we saw recently at Trainline for example). -------------------- |
Posted at 13/5/2024 11:28 by dan_the_epic Paul Scott positive on CCT on hid latest podcast |
Posted at 10/5/2024 17:35 by dan_the_epic An extra £68k of stock bought back today. They should throw another £1m into the buyback kitty once this one runs throughSunny weekend everyone |
Posted at 09/5/2024 22:23 by pireric Some of my initial thoughts for CCT- Market cap £55.2m - Latest reported net cash £12.9m -> EV of £42.3m. Also £3m of investment property on the books, and freeholds (in use) I've long viewed CCT as more of a trading share than one to own long-term, despite the attractive dividend yield at these levels. And that is very evidence in the share price chart - lots of deep troughs and peaks periodically. Pretty obvious why; there are fluctuations around the toy industry in terms of what is in or out of fashion. But this has long been a great share to own when you're just coming of the bottom of one of those down years. I think that is where we currently are I think it's worth looking back at the last 8 years to get a better feel for what you get for the ~£42m EV: 2014: £98m revenue, 27p EPS 2015: £99m revenue, 37p EPS 2016: £121m revenue, 48p EPS 2017: £115m revenue, 50p EPS 2018: £106m revenue, 44p EPS 2019: £120m revenue, 43p EPS 2020: £109m revenue, 18p EPS - COVID 2021: £140m revenue, 40p EPS 2022: £176m revenue, 45p EPS 2023: £123m revenue, 20p EPS - Weak demand / COL squeeze The 2024 estimates from Allenby which are visible here are for 2024: £130m revenue, 26p EPS Ultimately either a revenue recovery here is key towards re-entering the 40p range or a cost slim-down. The cost slim-down one is easier to deliver I suspect with more certainty, as they have been very good at managing smaller revenue swings in the past and minimising the EPS impact. That is why the first half results this year are so meaningful; they are showing really good steps around cost management. Looking at the first half cost base and thinking about the second half, it looks very possible to me that you come out closer to 30-32p of EPS for 2024, particularly with the buybacks which are being conducted, which would be nice upside from current estimates. I would be surprised if when 2025 estimates are launched by the brokers, they aren't pointing to 35-37p+ of EPS for that year on the assumption that industry-level demand headwinds move back towards normality. Bear in mind we have a materially lower share count post the buybacks vs. prior years so like for like EPS versus many of the years in the time series is actually >5% higher. In any case, the earnings power of CCT seems to be closer to 40p than 26p currently forecast for this year, and that's even when higher management remuneration have been baked into those prior years. The EBITDA forecast on the 26p forecasts I estimate for 2024 minus ROU depreciation is £9.6m so this is trading on about 4.4x EV/EBITDA, which seems very undemanding as this is entering back into an earnings upcycle, hopefully. Hasbro and Mattel are on 9-12x. Proxy should also benefit from Euro 2024/Topps cards. On the core business, we'll see if the efforts to focus more on international markets pays off: "Whilst the UK and Irish domestic markets will always remain critical to Character, the Board recognises that opportunities for significant sales and profit growth lie in further developing the Group's international markets. We are focussing on this area of our business and we are pleased to report at this early stage that, following the recent previews and presentations of our 2024 ranges and new additions at the Global Toy Fair in Los Angeles to our retail and international distribution customers, our 2024 product offering has been very well received. Therefore, with International sales forecast to grow in the second half of the current financial year, this bodes well for the Group's strategic focus in this area." My inclination is to see fair value here is closer to 400p than 293p, which with a 6%+ dividend yield would be a very good return off these levels. When the MDs want to hang up their boots, I can see this being snapped up by a player in the industry, at a materially higher multiple, with the benefit that the directors from a shareholding perspective are well aligned. Eric |
Posted at 09/5/2024 10:14 by dan_the_epic Allenby forecasts are still too lowCCT 8.7p EPS in first half vs 0.5p last year Full year estimate is 26.1p vs 20p last year So they expect less EPS in the second half despite LOWER costs, and MORE revenue than last year. This will do 30p+ of EPS this year Buy. |
Posted at 09/5/2024 08:39 by dan_the_epic Allenby Research up their forecast to 26.1p for EPS this year still a long way up to the 40p and over days of recent years and if that happens then this will be a 500p stock againCCT should keep doing buybacks at these levels |
Posted at 01/5/2024 11:27 by linton5 Very static share price not many shares available,results next week regarding last update I’m expecting cct to read we’ll share buybacks going on but can’t get stock |
Posted at 11/4/2024 12:58 by arthur_lame_stocks I've just taken a look at the most recent results and have decided these are really very good value and generate an awful lot of cash in even the poor years. As far as I can see this last year they generated around £8m of free cash flow by my preferred measure against a market cap of ~£50m. In better years they have generated far more than this. The dividend yield is nearly 7% and the balance sheet is very strong.They've played the interest rate cycle very shrewdly, borrowing when money is cheap and paying it back when it is not. The board seem to have listened to investor concerns about their remuneration and this year have taken a far more reasonable wage. All in all I reckon this is a great opportunity at this price. |
Posted at 19/3/2024 04:12 by h1a3 Is this board dead?I have been a very long term investor but CCT appears to be drifting no where. Any thoughts? |
Posted at 06/3/2024 04:16 by h1a3 Hi All,Very quiet board. I am hoping that CCT will provide a positive update in the near future. Does any one have any views of where CCT will go. |
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