Cornerstone Fs Share Discussion Threads

[dlewis1] 24/1/2024 08:37

Shorters have come from nowhere and teamed up in full force today. Seems like Pwhite has recruited an army.

[purchaseatthetop] 24/1/2024 08:34

Adam. It was very clever. Take the entire P+L aspect into essentially one year so you can then show higher EBITDA but the cash is going to exit as that is balance sheet based.

[clocktower] 24/1/2024 08:33

Brokers notes 🤣🤣
This was 38/40 soon after 8 am yesterday and for most of the day stood at around 36/38

That’s a big slide already.

Good Luck buyers.

[clocktower] 24/1/2024 08:31

Thank you Adam for clarifying what was previously posted, it was misleading I grant you.

However let the trend be your friend and see where it goes as profit taking, and banking a certainty in these turmoil times leaves one with peace of mind even if you top slice, as I think many will do.

[qs99] 24/1/2024 08:27

So 3 months out, broker is saying it expects to "re-evaluate" its fair value on the upside of 50p, so possibly a double today's share price and people are selling?

interesting "investing" thesis!

DYOR

[adamb1978] 24/1/2024 08:25

This one's been on my watch list so started to look into the allegations above.

See below from the 2022 annual report, and particularly read the final line, which I think helps clear this up:


In the second half of the year, the Company
reached an agreement with Robert O’Brien, the
General Manager APAC and Middle East, and
the Asia team to vary the terms of their
incentivisation agreement, as a result of
performance being ahead of expectations. As a
result of the agreed se&lement, the Group
recognised an accelerated charge for the year
ended 31 December 2022 such that the full
value of the total charge estimated upon initial
recognition of £6.1m has been cumulatively
expensed (£4.3m for the year ended 31
December 2022 and £1.8m for the year ended 31
December 2021). Accordingly, there is no further
share-based compensation to be recognised in
future periods in respect of Mr. O’Brien and the
Asia team"

[someuwin] 24/1/2024 07:56

Shore Capital...

Cornerstone FS+ (CSFS, House Stock at 35p)

Card scheme agreement with Mastercard

Summary. Cornerstone has announced a long-term agreement with Mastercard to launch a corporate card scheme. Under the scheme, due to launch in Q3 2024, CSFS will issue commercial cards co-branded and supported by Mastercard to the CSFS’s corporate customers. The agreement is further substantiation of the company’s ability to establish major commercial partnerships and extends the payment methods available to customers globally. We anticipate more colour on the potential commercial and economic impact to CSFS of this agreement at the upcoming FY23 results in May, leaving our forecasts unchanged for now. The valuation remains attractive, and despite recent share price strength, we think there’s plenty more to go for. HOUSE STOCK.

Valuation: Our prevailing 50p fair value suggests further share price upside, despite the >4-fold increase over the past year. We anticipate upside to our fair value estimate when we reappraise forecasts, most likely next in May. On our prevailing (prudent) forecasts, we estimate FY24F P/E at c.23x and FCF yield at c.5%, with FY25F at c.11x and c.11% respectively.

[purchaseatthetop] 24/1/2024 07:53

Why would it be a scam. Nobody involved has been involved in one before. Have they?



It’s not a scam. It is a legal fleecing.

[clocktower] 24/1/2024 07:52

Are you suggesting that purchaseatthetopR17;s post is a false statement QS99?

If so please correct the numbers of set out the misleading information.

[qs99] 24/1/2024 07:45

Given broker comments and its recent trading update and EBITDA statement and future growth, some of the posters on here de ramping need to explain in detail why they think that is a “pump” or fraud which is IMO what they are trying to insinuate

DYOR

[purchaseatthetop] 24/1/2024 07:39

Clock tower. I thought that the peak was days ago but was waiting for the signpost ridiculous jump the shark RNS. Yesterday was that. Sadly I was on my ambulance yesterday pm so could not try to open the sell. Waiting for 8am now.

[clocktower] 24/1/2024 07:31

You should have started your sell order yesterday purchase….

Today expect piles of positive noises as those holding bundles will try to shore up the sinking ship I expect.

[clocktower] 24/1/2024 07:22

No tips for the cash from sales nico?

[purchaseatthetop] 24/1/2024 07:20

The company is basically just Atlantic Partners Asia and CSFS use their platform



Robert O’Brien works for AP Asia and all of their salaries and compensation is excluded from EBITDA figures quoted in the RNSs.

4/8/22 RNS “Under the new arrangements Mr O'Brien will now be entitled to £2,940,000, paid over the next three years, to be satisfied by:”

8/3/23 RNS “Additionally, Mr. O'Brien has agreed to vary and extend certain elements of his compensation package, decreasing his commission share on certain established revenue streams and increasing his share of the profitability of the Dubai office. This is expected to be immediately cash flow beneficial for the Company. Depending on performance, the changes may result in increased commission payments to Mr. O'Brien over the life of the extended package.”

So, by Oct 24 (end of first three years deal) Robert alone will have earned some figure north of £3m and none of the EBITDA figures will show that. Let alone his team.

And “The Company now has the option, at its discretion, to satisfy one or both of the earn-out payments in cash as opposed to one half of the first tranche being payable in ordinary shares and the other half in convertible loan notes and the second tranche to be payable in ordinary shares.”

So basically all the cash can walk. And will.

[dupont56] 24/1/2024 07:17

Sell on news day yesterday. Reckon we have a strong up day today.

At the £100m sales target the share price will be 350p on just a 2 times sales multiple.

That is a 10 bagger.

Very hard to get stock when rising.

[nico115] 24/1/2024 06:41

Wow why are you paying 69p when kino were 50p not long ago ?I love kino but surely bit toppy short term without news? I've not sold a share as I think ultimately triple digits .

[66fingers] 23/1/2024 20:21

I wouldnt be surprised if there was some downward drift in the share price until the update in early May when the update hopefully confirms continued momentum in signing up clients and increasing transaction values.

[nico115] 23/1/2024 19:42

Today was always a sell on news esp as we all knew a card was coming along .

[clocktower] 23/1/2024 19:22

I guess the questions are coming up because some are looking for another investment that can grow from under 8p to over 30p as they sell and look to make good use of their cash profits.

At the moment they are very hard to find but maybe nico115 might give some guidance as he sold some at 32p and no-doubt has or is looking to reinvest it, and as his success record is high, I think he will be the most qualified to point you all in the right direction.

[qs99] 23/1/2024 18:31

Well off topic, I have bought Everyman cinema today and more Kino..

DYOR won't go ot here again, but as others have I thought I would cheekily join in.

Cheers and good evenings all

[z1co] 23/1/2024 17:41

Apologies for ot.

[z1co] 23/1/2024 17:40

Duds

OBI has lots of potential and will also do well in 2024.

PIP has been trading really strongly over the last 3 quarters the next interim results will confirm that.In fact they might even be trading ahead of their expectations.

I have been buying at these prices.

[clocktower] 23/1/2024 17:06

I know nothing about OBI but I would not tip BBSN Dud.

[dudishes] 23/1/2024 16:59

I thought |I might con you into giving me a tip!

BBSN/OBI?

TBO, I am on the lookout for new ventures. Just sold VOD, got bored.

cheers

[clocktower] 23/1/2024 16:57

I must have misread a post nico my apologies.

Still will it slide again tomorrow as more take profits rather than risk just watching it slide as others sell.

Good Luck