Conduit Share Discussion Threads

[rivaldo] 06/9/2016 10:32

New note from Edison - they keep forecasts unchanged at 12.1p EPS with a 4.6p dividend.

They also forecast a £4.2m cash pile at the end of this period. Hopefully CRE will be on the acquisition trail soon....



"Valuation: Continued discount

When compared with agency peers, Creston’s shares are trading on a discount of more than 30% on an annualised 2016 EV/EBITDA basis at 5.1x. A DCF under varying conservative assumptions on WACC and terminal growth rates also indicates a share price in a range of 114p to 130p. With a (comfortably covered) dividend, the yield is well in excess of market and sector levels. DBAY Advisors, which is represented on the board, holds 28.0% of the equity, with Artemis holding a further 15.6%."

[madengland_] 06/9/2016 08:45

Riv yes good to hear about efficiencies improvement. If Cre can finally have a period of improving efficiency and revenue growth....... Lots potential.

[rivaldo] 06/9/2016 07:23

Today's AGM statement includes the crucial statement:

"Group Headline PBT is well ahead of the comparative period reflecting the benefit from the ongoing implementation of operational efficiencies commenced in the prior year and some benefit from the weakening in UK sterling"

Looks like EPS may be nicely ahead of the forecast consensus 11.9p EPS (and 4.65p dividend) if this continues, as H1 PBT is "well ahead" of last year's 4.98p H1 EPS.

Hopefully EU uncertainty will clear as per recent surveys and accelerate the marginal growth in revenues:

[qs99] 05/9/2016 15:35

hi

if you like CRE then CLL is worth a look IMO....finally gone bonkers today as apparently Simon T has tipped in IC....DYOR

[rivaldo] 31/8/2016 14:08

The aims of the Argonaut Fund are:

"The Argonaut Fund aims to produce substantial capital growth, by investing in micro capitalization mis-valued companies quoted on European stock markets. The fund focuses particularly on little-known or poorly followed smaller companies and situations that have been ignored by mainstream investors (often because they are considered to be too small to be of interest). The fund is managed with a rigorous “Value Investing” philosophy, aiming to limit potential downside in the selected shares, ensuring a “margin of safety”. As a result, after more than 10 years since launch the fund has showed itself to be counter-intuitively resilient during market falls. This “Long Only” fund is alternative by nature, but traditional by structure. It is not tied by country, index or sector weightings and invests opportunistically as situations arise."

[rivaldo] 31/8/2016 10:37

Nice - RNS out showing a new major shareholder. The Argonaut Fund has 1.926m shares and has increased to 3.19%:

[madengland_] 30/8/2016 12:24

Yep nice to see things looking up for you Riv

[rivaldo] 30/8/2016 12:12

..and again.

[rivaldo] 26/8/2016 14:56

Up again, following a 250,000 buy at 102p today and various other buys including a further 50,000 at 102p.

[rivaldo] 24/8/2016 13:16

Nice move up - I'm guessing this is partly prompted by WPP's good results this morning and strong North American performance (plus CRE's extremely cheap fundamentals and sound Balance Sheet).

[rivaldo] 22/8/2016 08:43

News - CRE's Health Unlimited form a partnership with a social network used by 40 million people every year:



"Health Unlimited forms partnership with HealthUnlocked

Aims to drive organic and new business for the agency and social network

Health Unlimited has formed a partnership with HealthUnlocked, the world's largest social network dedicated to health, to bolster its consumer insight and engagement services.

The UK-based marketing communications group said the tie-up would drive organic and new business for both sides and enable clients to access best practice patient recruitment, retention and engagement programmes.

HealthUnlocked is used by more than 40 million people each year and has over 600 health-specific online communities, which are owned and moderated by patient organisations across the world.

Nicky Walsby, executive director of Health Unlimited, said: “HealthUnlocked occupy a unique space in the healthcare market. The importance of direct-to-patient engagement will only increase as market access challenges continue to prevail, particularly in the costly chronic diseases area.

“Patients want to be engaged in decisions affecting their care in a timely and authentic manner. Our partnership with HealthUnlocked will support our strategy to build a best in healthcare consumer engagement capability that delivers real value for people living with any healthcare condition.”

Health Unlimited, which is part of the Creston Unlimited group, said the partnership would also create referral opportunities for HealthUnlocked across other areas of its parent company's operations. And it noted that the London-based social network is already working closely with Creston's full service market research agency ICM Unlimited.

Phil Golz, commercial director at HealthUnlocked, said: “Health Unlimited is a natural partner for HealthUnlocked and industry customers will benefit from our close collaboration and shared ways of working.

“Together we will support better health outcomes for millions of people, by creating further awareness of our health network and successfully supporting industry to reach highly tailored segments of patients.”"

[value hound] 09/8/2016 21:40

Don't forget it also went xd last week for 2.99pps (now yielding over 4.7% overall).

[madengland_] 09/8/2016 19:47

Maybe just maybe an inflection point but I am anything but a chartist. Watching with interest as always and good luck Riv as always

[rivaldo] 28/7/2016 12:36

Certainly is....

[madengland_] 27/7/2016 11:48

Seems to be holding up well.

[madengland_] 01/7/2016 10:03

Looks like the market not buying into the big IF anymore.Brokers do have a habit of pumping for select people. I saw nothing in the results to suggest strategy is kicking in. Reassess at 80p, buy at 60p prior to noise on divestment imo

[madengland_] 24/6/2016 17:29

Well if the strategy hits earnings this will move. Big IF mind you

[rivaldo] 20/6/2016 12:30

New note from Edison:



They go for:

this year : 12.1p EPS, 4.6p dividend
next year : 12.3p EPS, 4.8p dividend

They also have CRE with a £4.2m cash pile at this year end, moving up to £7m the next year end:

"Creston’s full year results exceeded the expectations that had been set in January, with constant currency like-for-like revenues and headline PBT flat on the prior year. The group is making good progress in leveraging its Unlimited group branding, with an increasing number of clients working with several group agencies. Good cash conversion has led to a higher year-end cash position – there is no debt, enabling a progressive dividend (up 5% year-on-year) on a yield well ahead of sector and market. The shares trade on an unjustifiably large discount to peers and market."

"Valuation: Substantial discount

When compared with agency peers, Creston’s shares are trading on a discount of over 50% on an annualised 2016 EV/EBITDA basis at 4.5x. A DCF under varying conservative assumptions on WACC and terminal growth rates also indicates a share price in a range of 120p to 130p. With a (comfortably covered) dividend, the yield is well in excess of market and sector levels. DBAY Advisors, represented on the board since February by Iain Ferguson (ex-Havas), has taken advantage of the lower price and increased its shareholding to 28.1%."

[smithie6] 17/6/2016 15:02

Anyone here a holder in Ind. & Commerc. Holdings ?
..a free bonus share issue pro rata to Creston holders back in 2000

Any views on whether or not to participate in current closed offer ?

[smithie6] 17/6/2016 12:16

From 160p..would be 60p loss minus ~5p divi

Nett loss 55p.

Conclusion
Share price move is imo more important than the divi.

[rivaldo] 09/6/2016 09:59

CRE's agency Fever win more long-term work from Sony today....



"Sony PlayStation hands EMEA PR controls to Fever
Added 2 hours ago by Sam Burne James

Fever - which already handled UK PR for Sony's gaming range PlayStation - has been appointed to represent the brand across EMEA as its retained agency."

"One of Fever's first roles will be publicising PlayStation VR – a new virtual reality system that will launch in October. The agency described the contract as "long-term". Sony Computer Entertainment Europe comms director David Wilson said: "With Fever …"

[rivaldo] 09/6/2016 07:33

Further to the above, Liberum say Buy with a 170p target:

[qs99] 08/6/2016 15:15

think this will make its way back through a quid on these as they are not IMO as bad as some may have thought.....net cash position incl defcon....let's see but if you try buying you are buying at the price which looks like not a lot of stock around. therefore like WIN/STY today which are flying, even a little demand will IMO / DYOR have a disproportionate affect....