Corin Share Discussion Threads

[rampmeister] 19/4/2011 13:55

Nice write up in latest MoneyWeek. Paul Hill posts this as a speculative Buy mainly based on the distribution agreement with Mako Surgical in US - home to half the global orthopaedic spend. Going forward Corin's full range of non-metal joints is expected to be rolled out by 2012. Fair value 80p.

RM

[ca5hworth] 28/3/2011 16:40

really weird ... I guess I dont understand the markets and know thw buys and sells are just guesses but look at the large buys (the prices look right)
anyone shed any light?

[rs2ooo] 25/3/2011 20:27

I'm a chartist so to speak.

Had a buy signal on this in November 2010 based on my own system rules. I then purchased at 49.25p. This was a risky purchase as a wide stop was required (34p).

Difficult to confidently define S/R on the daily chart. However, a weekly close above 58.8p would give me confidence in continuation of the "breakout". I don't define the current price action as a technical breakout as such, but from a volume perspective it can be classified as such.

Ideal price targets range from 84p - 114p.

A weekly close below 58p next week would have me slightly concerned that we wont see follow through in the short term.

[ca5hworth] 24/3/2011 12:32

.... seems to be abreak out ... ? hopefully even chartists will have a look at this as well as value investors..!

[trixter] 24/3/2011 11:02

Seems to be well-liked :)

[trixter] 24/3/2011 09:01

Thanks smarkmmm. Potentially promising products coming through in next 1 - 2 years. If they make it, there could be a significant re-rating.

[smarkmmm] 23/3/2011 21:45

Interview: Best foot forward at Corin



"I don't think you can put the share price gain purely down to the MAKO deal," Huntley said. "I think part of it is a recognition by the market that our strategy is paying off. We can now see that reaction to the new products being rolled out is positive and this is coming through in the numbers."

Huntley seemed particularly keen on the group's new advanced highly cross-linked polyethylene liner, ECIMA, which is a cutting edge (figuratively speaking, not surgically) product which is generating lots of interest. "I'll spare you the full medical details," Huntley told a grateful Sharecast journalist. "I'll just say that it is one of the few vitamin E polyethylene liners on the market anywhere in the world, and is expected to give long term stability and very low wear rates."

[trixter] 23/3/2011 17:24

Positive reaction to results...good to see..

[ca5hworth] 22/3/2011 20:02

Quite a positive annual report ... not read in detail as yet but new distribution deal looks good too!

[trixter] 22/3/2011 07:14

Good progress...this is cheap IMO. Happy to continue to hold and add.

[rainmaker] 20/3/2011 01:44

Hi Ca5hworth,not sure about Supergroup but just compared it to French Connection(FCCN)to show FC's extreme undervaluation.Supergroup had a rating 30 times higher than FC, if I remember correctly.I know one professional Investor very well who cleaned up(sorry slang phrase for those outside the UK-made a lot of money) "pairs trading"selling Supergroup and buying French Connection ie trading the differential. He was unwinding this position on friday ie buying Supergroup and selling French Connection with large volume.

If I did not own shares in all of them I would buy all four now but be prepared to add to all at lower levels. You may get the opportunity to buy Titon at slightly lower levels but I doubt the other three will fall.
Mallett(MAE), Titon(TON) and Northamber(NAR) are all trading at less than their minimum liquidation levels and Bloomsbury Publishing(BMY) are trading at an unwarranted less than 20% premium to that level.

Each of these shares has a strong and compelling story but I think the clearest and most convincingly undervalued, on the basis of known facts and definite prospects, are International Antiques Dealer,Mallett(MAE).Trading at 74.5p, minimum liquidation value is 84p a share(as measured by net working capital) and tangible net asset value is 134p so almost a 50% discount.Forecast loss of £680k this year and a small profit next year(I personally believe that a good chance of Mallett turning a profit this year) but at forecast loss this year, a 17 year "margin of safety" in their stated £12mln stock.Good reason to believe that this stock is fairly valued as written down in value by £3mln/17% in 2009 then £700k worth of five year old stock sold at auction for book value since when markets have improved.£10mln market cap but £4.4mln of Property assets+£2mln lease free of charge at current price,£100k net debt with a £2.5mln overdraft facility(plus a further £1mln line of credit which they decided not to renew),the lease of their New Bond Street showroom is on sale for £2mln(14p a share)-see DEJ Levy's site and it's value is not in their books.Once sold,realistic prospect of saving £800k a year from their £1.2mln annual rent at their NBS site(NBS rents fantastically expensive some 60% more expensive than their nearest high rent rival and are also the highest in Europe) as per their stated intention to move to a smaller premise in a lower rent street elsewhere in Mayfair. Antiques are a cyclical business and current turnover of around £12mln, in a depressed cyclical trough, is £3mln down on the average of last five years and £5.5mln below peak of that period. However good news is that arch rival and neighbour for almost 100 years, Partridge Fine Arts folded in late 2009 so Mallett will increase both market share and margins since they both enjoyed a virtual monopoly at the very top of the antiques market. As the antiques market is lacklustre Partridge's absence has yet to make much of an impression on Mallett's trading performance as yet although they have picked up some +£8mln of antiques to sell on consignment ie commission(previous years figure was just £250k). However there are definite signs that the cyclical upturn in the antiques business has already started see Royal Institute of Chartered Surveyors(RICS)quarterly Antiques Surveys for Q3 and Q4 which showed a large percentage of Sellers reporting rising prices at the top end of the market(over £5,000) although Mallett's last trading update at the middle of Nov said there was only a slight improvement. Of course, rising prices are the first sign of a recovery and an increase in volume of turnover.Mallett with four other equally prominent Partners are the founders of the annual "Masterpiece" exhibition which showcases the "best of the best" in Antiques and Arts, Wine,Jewellery,Vintage Cars etc which I believe will be a very lucrative business venture for them. Last year at the inaugural event there were 18,000 visitors and for this year's event in the grounds of Royal Chelsea Hospital in late June/early July they have added a further 37 stands taking the total to 150 and adding at least £440,000(minimum stand is 4x4m at £750psm-last year's rate so £12,000).I don't doubt this year's exhibition will be a profitable one for Mallett as well as giving them plenty of valuable exposure to many very high net worth individuals. I expect this Fair to make Mallett several hundreds of thousands pounds of annual profit for Mallett shareholders. Certainly this event in terms of both largesse and grandeur with sumptuous catering from top restaurants such as the Holly and the Ivy IMHO is way above anything else rivals are doing. They also have a steering and vetting commitee-you apply to exhibit. At one time Mallett(from whose Offices the event is run)were receiving three/four applications a day and the event was sold out many months ago.I firmly believe it will replace the premier Grosvenor House event which ended in 2009 after 75 years as THE fine arts and antiques annual exhibition.

Lastly it makes sense for Mallett to bring together their internationally recognised brand,their 146 years of knowledge base and archive history along with their £8mln of stock to launch an "on line" auction site. They've spoken before of their "underexploited brand" and opportunities but it remains to be seen whether this will materialise. The very top end of the market is a difficult one for on line auctioneers-see article on Mallett thread but I firmly believe they have a unique set of attributes and circumstances to make it happen and make it a success.

regards

[ca5hworth] 19/3/2011 17:01

what do you reckon to Supergroup ... just bought in again at 1400? also whats your favorite from the list?

[rainmaker] 09/3/2011 08:56

For the dedicated hard core Value Investor looking to tuck away shares in an ISA there're aren't too many main market Companies that even come close to qualifying for purchase. Mallett(MAE), Titon(TON), Bloomsbury(BMY) and Northamber(NAR) do but I'm already holding all those.

regards

[rainmaker] 09/3/2011 08:25

C-I don't think it's going to get cheap enough for me to buy but good luck.I'm very disciplined when it comes to opening new positions and I won't chase the share price

regards

[ca5hworth] 09/3/2011 07:51

Yes it is ISAable ... I emailed on Monday about results posting and it was referred to the finance department - I got a response yesterday after the RNS about anuall results.

Looking forward but I dont expect anything differnt to the interim message of better growth and reducing debt.

[rainmaker] 07/3/2011 20:48

Trading at over £6 in 2007.I'm going back some 12 years in my research but the period 2007 and 2008 particularly interests me.

regards

[rainmaker] 07/3/2011 20:45

Someone correct me if I am wrong but Corin has a main market listing as a member of Small Cap index so fully Isable and CTFable?

regards

[rainmaker] 07/3/2011 20:41

If you read the interview with eminent Value Investing Tutor Professor Bruce Greenwald from Columbia University on the Value thread(VAL)he advises Investors to look for boring, unglamorous Companies. There surely can't be a more suitable candidate than Corin.

My research is ongoing but would like to buy at around half current levels, if at all. IMHO no problems with solvency here but that final £2.4mln instalment due 2012 may have cause some Investors some nervousness in the context of a falling share price and no news.

regards

[ca5hworth] 07/3/2011 13:12

am just waiting for an answer to my email before I call, I dont see it as a big issue - this is a very professional company in my view so will reserve judgement for now.

Agree with rainmaker about solvency and assume that loans can be extended or negotiated with other parties providing bills are paid as it seems they are under current arrangements.#

These are negative aspects (Which you can find with all companies!) but I am also interested in the potential of this company to delivery regional growth leading into new product launches next year ... thats why I want to see the results .. to check on sales position.

[rainmaker] 06/3/2011 17:38

Hi Cashworth, currently researching this Company. Net Working Capital is around 26p which where I become seriously interested. There is the final instalment of a loan repayment for £2.4mln due May 2012 which could be spooking a few Investors.But IMHO no potential solvency issues. Z score is 3.5


regards

[ca5hworth] 06/3/2011 14:00

well ... there are questions and I will be phoning tomorrow if no RNS about results - however they did post end of march in 2009 vs last years early march. I know they said results likely to be early march but doesnt necessarily mean that much.

company has cash, is reducing debt (OK at £4.5m), increasing sales so what's the problem~? (if any) ... and what is the genuine opportnity here?

be interested in other views?

[nick rubens] 03/3/2011 09:48

Strange how the shares have fallen. On the face of it doesn't look good.

[joeblogg2] 01/3/2011 14:25

I have sent e-mails but no reply to find out when results and why the downtrend and if events different to IMS.

[mctmct] 01/3/2011 14:22

Either there's some bad news about, or this is seriously undervalued.

[ca5hworth] 24/2/2011 18:43

any ideas what that 100000 lat trade was?