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Share Name Share Symbol Market Type Share ISIN Share Description
Creston LSE:CRE London Ordinary Share GB0004440284 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 124.00p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 82.65 -7.58 -16.66 72.8

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Date Time Title Posts
23/11/201213:57Proposal to remove renumeration committee13
06/12/200511:19Creston gets REAL1,084
14/9/200518:42Claude Resources: "Treat mining like a business"4
19/5/200414:27Where is Creston Heading?32

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Creston (CRE) Top Chat Posts

rivaldo: 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.... Http:// "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%."
rivaldo: New note from Edison: Http:// 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: From 160p..would be 60p loss minus ~5p divi Nett loss 55p. Conclusion Share price move is imo more important than the divi.
rivaldo: New note from Edison - they go for 12.4p EPS this year, with a 4.4p dividend. Good to see CRE back in a £1m net cash position too: Http:// Extracts: "Strong cash performance Creston’s brief year-end trading update indicates that FY16 revenue and earnings figures will be in line with indications given in January and our expectations. However, the cash performance is significantly better than we had anticipated at over £1m. FY17 should benefit from more focused recent attention to overhead management after the less consistent trading in H216, with no trading improvement currently factored in. The valuation remains at a significant discount to other smaller marketing agencies and the shares carry a premium yield on a well-covered dividend." "Valuation: Significant discount The combination of a lower share price and the better cash position means that Creston’s EV has reduced since our last note in January, increasing the discount to the agency sector on which the shares trade. Its valuation now stands at 5.6x CY15 EV/EBITDA, a 34% discount to the marketing services sector; a 32% discount a year further out. 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 28.0%."
rivaldo: The two latest forecasts average at what will soon be a historic 11.1p EPS, with 11.95p EPS to March'17. The dividend yield of more than 4% should also nicely support the share price: 2016 2017 Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p) N+1 Singer 27-01-16 HOLD 9.50 10.90 4.40 10.17 11.50 4.70 Edison 27-01-16 None 9.50 11.30 4.20 10.50 12.40 4.40 Liberum have a new 150p target price (down from 170p): Http://
rivaldo: Typical bloody CRE! Disappointing once again....I had hoped the new management would deliver, and in some ways they have, with hugely impressive new client wins, but the outlook for Q4 has stuffed them. The share price is now just above my average in-price, but I think the fall is overdone given a likely £9.7m or so PBT to 31/3/16 against a £57m m/cap and a blue chip client base with average 20 year lifetimes. Hopefully DBay will continue to top up at these levels, right up to 29.99%.
rivaldo: Good to see others recognising the buying opportunity: Https:// "The City expects Creston to chalk up earnings growth of 6% and 5% for the years to 2016 and 2017 respectively, leaving the business dealing on ultra-cheap P/E ratings of 10 times and 9.5 times. When you factor in chunky dividend yields of 3.2% and 3.4% for these years, I believe current share price weakness could represent a lucrative dip-buying opportunity for patient investors"
penpont: Thanks for the info rivaldo. Also reviewed by ST in the IC on 10/6 'On the crest of another run Shares in small-cap marketing communications company Creston (CRE:135p) have reacted positively to yesterday’s full-year results and have passed through my original target of 135p, a price level that was also achieved at the end of last year after I initiated coverage at 118p in the late autumn (‘Buy the break out’, 4 November 2014). However, I still feel that a run up to the 150p level is on the cards as I noted when I last updated the investment case (‘On the acquisition trail’, 23 April 2015). If this target is achieved the rating would still only be 10.5 times conservative looking EPS estimates of 14p for the fiscal year to end March 2016 based on forecasts from brokerage N+1 Singer. For the fiscal year just ended, the company delivered 11 per cent EPS growth and diluted earnings of 13p a share beat analyst expectations by around 4 per cent. In turn, this supported an 8 per cent hike in the dividend to 4.2p a share. A further hike to 4.7p is predicted this year to give a prospective dividend yield of 3.5 per cent. At the end of March the company had an £8.3m cash pile, since when the board have been deploying these funds wisely. In April, the company acquired a 51 per cent stake in How Splendid, a London-based digital design and development consultancy, a deal which I analysed in depth at the time (‘On the acquisition trail’, 23 April 2015), and has just announced another strategic investment alongside yesterday’s results: a 27 per cent stake in 18 Feet & Rising, a London based advertising agency. Established in 2010, 18 Feet & Rising works with brands including Allianz, Cuprinol, Nando's, House of Fraser and ŠKODA, for which they created the world's first ad campaign to use eye-tracking technology. Half of the £1m cash consideration will be invested in the business to help accelerate its growth. In 2014, 18 Feet & Rising grew revenue by almost a quarter to £2.7m, so the business is being valued on a reasonable 0.7 times’ sales. This means that Creston has now deployed virtually all its net cash after the period end, but with annual operating cashflow of around £8.6m and credit lines of £35m in place, the company is well funded. The bottom line is that with the company posting organic revenue growth for the first time in four years, and utilising its cash position wisely, then investors are likely to continue to warm to the strong investment case which I outlined when I initiated coverage at the end of last year. Offering a further 11 per cent share price upside to my new target price of 150p, and underpinned by a 3.1 per cent historic dividend yield, I continue to rate Creston’s shares a buy on a bid-offer spread of 133p to 135p.'
markt: GHF Well, we can agree to disagree. Note 12 of results say that the total debt is 7M pnds. (whether it is 7M or 6M or 4M or....doesn't affect the logic of the subject; and the amount will change from year to year until actually becomes due to be paid. The logic from the posters with opposing view to me (everyone !) seem to think that debt that is reduced or cancelled by future profits is in fact not debt !; and I completely disagree. You would not use the same argument to argue that bank debt did not in fact exist now because future profit will (or could !) pay it all off. (or maybe you would !). But you do use the argument for deferred liabilities which are deferred payments for acquisitions. (bank debt is a deferred liability as well !). One has to assume that the future deferred payment will be fair, (or the "minimum" that the seller would agree to in order for CRE to buy their company !). If acquisition co. profits fall to zero then almost no future payments will be needed, but in that case the CRE share price would suffer since the acquisitions would have proven themselves to have been duds. So it would not be a benefit to CRE I think. The acquisition price has already been reduced, see recent accounts, by around 5M I believe. ---- The 7M is not a large amount relative to the current CRE profitability. (but it is noticeable relative to CRE cap. value). (the 7M is not a determining factor for the CRE sp, but it is something to input to any evaluation, in my view; but not in yours). Although there is not so much cash left after pay the large divi cost and deferred payment costs. So, the cash in CRE accounts may not increase by much in future years...... whereas if CRE was in fact debt free, as you/Riv/Mag/CRE ! claim then it would build up a cash pile which would benefit shareholders ...the operating cashflow has benefitted this year by one off factors in order to help generate cash to pay this year's deferred payments, ref. past post. (reducing bills not received relative to payments to make; ie. debtors were pushed to pay up and/or CRE was reticent to pay its bills, to free up 2M of cash; if that reverses next year then CRE will see 2M reduction in free cashflow generation) ----- ...I'm only trying to have open/correct discussion and evaluation of the recent results. And maybe someone else could make some other comment about the results !. Conclusion that I seem to be the only person that thinks that the total debt from note 12 , of 7M , actually exists. Everyone else seems to think that it does not exist ! We agree to differ, no problem.
markt: JIMBOWLER ...I will try to take note of your post/opinion ...but...I think your post is a load of rubbish ! I asked if anyone can explain/detail the future expected amortisation cost...and whether it will apply to the deferred payment for the acquisition as well as perhaps to the cash amount paid So, you are moaning that I have asked such a question ? Ridiculous imo. It's a very valid question imo. "...would that make 1.5M total ?...quite large % charge against the EBITA." 1.5M ...a high % of the PBT... If you already know the answer perhaps you can explain for the rest of us !. (please note that free ADVFN message boards are for the general public interested in shares.....not just for accountants who already fully understand the full rules for things like amortisation) ==== I may have posted some -ve comments about CRE.(such as poor share price performance over last 10 years and high MD/CEO pay)..and may do again in the future...always +ve and -ve points to all shares much info and opinions as possible is the best thing imo... ==== posts are not moving the share price....big institutions for example have bought and sold shares....and they take no notice at all of my posts, they have qualified analysts and accountants etc to analyse company accounts....they don't base their buy/sell decisions on posts on ADVFN. the summary for short term prospects for the CRE share price that I gave in my post - 8 Nov'11 - 17:48 - 3123 of 3135 was and still is ...100% spot on imo !! (ie. that, imho, CRE shares are cheap (JIM, you happy now ?!)...but the share price will probably depend in part on DE comments at the next results for current and future trade.(noting that European and UK economy are spluttering, so some concern ref. marketing cos) and confirmation that expect to achieve year end EPS result...otherwise the share price would imo already be higher.....) (future price may also depend on how much notice the market takes of headline adjusted PAT and official PAT...since the 2 numbers will be quite different imo..ref. my amortisation question) ==== You say my posts are negative for CRE. Recently I posted that I thought that CRE shares were cheap. So, I don't see why you are complaining. ==== A share make like agree with some posts and not agree with is the nature of a forum. ==== I prefer that you don't reply....a squabble does not improve the message've given your opinion and I've given mine. It is a forum...for different opinions. Suggest we leave it at that....and move on.
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