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Share Name Share Symbol Market Type Share ISIN Share Description
Facilities By Adf Plc LSE:ADF London Ordinary Share GB00BNZGNM64 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  2.50 4.46% 58.50 130,775 16:27:51
Bid Price Offer Price High Price Low Price Open Price
58.00 59.00 58.50 56.00 56.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 27.80 2.80 44
Last Trade Time Trade Type Trade Size Trade Price Currency
17:08:22 O 10,000 58.50 GBX

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Date Time Title Posts
01/2/202312:11ADF Ramp Free50
01/2/202309:17Facilities by ADF PLC; Ambitions to grow its business to Ј100 million revenue680
24/6/200118:40PBB TOTAL LOAD OF CRAP DO NOT WASTE YOUR MONEY130

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Facilities By Adf (ADF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-03 17:08:2258.5010,0005,850.00O
2023-02-03 16:28:0058.001,724999.92O
2023-02-03 16:00:1258.005,0002,900.00O
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Facilities By Adf (ADF) Top Chat Posts

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Posted at 04/2/2023 08:20 by Facilities By Adf Daily Update
Facilities By Adf Plc is listed in the Media sector of the London Stock Exchange with ticker ADF. The last closing price for Facilities By Adf was 56p.
Facilities By Adf Plc has a 4 week average price of 51p and a 12 week average price of 50.50p.
The 1 year high share price is 88.50p while the 1 year low share price is currently 41.50p.
There are currently 76,000,000 shares in issue and the average daily traded volume is 28,382 shares. The market capitalisation of Facilities By Adf Plc is £44,460,000.
Posted at 01/2/2023 09:17 by rivaldo
More Location One expansion announced with new branches at ADF's baes in Longcross and Bridgend, which should help with cross-selling, operational synergies etc:

Https://uk.advfn.com/stock-market/london/facilities-by-adf-ADF/share-news/Facilities-by-ADF-plc-Location-One-opens-Longcross/90106694

Hopefully a trading update coming soon, perhaps the week commencing 13th February given last year's date. The acquisition of Location One on 1st December will have complicated matters as regards the year end figures, so may have pushed back the finalisation somewhat.

Posted at 24/1/2023 09:12 by rivaldo
Good to see ADF's Location One expanding into Scotland's "newest and largest film studio", where ADF are already established:

Https://uk.advfn.com/stock-market/london/facilities-by-adf-ADF/share-news/Facilities-by-ADF-plc-Location-One-joins-ADF-at-Pi/90041500

Posted at 10/1/2023 18:11 by yasx
DD,

I think it is overly harsh to state that given various risks were outlined in the admission document it follows that these must therefore be certain (or even likely)to occur. If you look at any admission document for any Co., many risks, general and specific are highlighted which never materialise nor were they ever likely to. For instance, ADF highlight cyber attacks as a specific risk ,but we can't suggest that this implies they have or are likely to be hacked. They also indicated that failure to get a suitable acquisition is a specific risk, but have gone on to make an acquisition as they had intended; the point being that just because a risk is mentioned does not translate to it happening.

The risk of a protracted downturn in the economy is not a risk specific to ADF but applies to any Co, and especially to those in the service/retail sector and so on. If you were to adopt the strategy of avoiding any Co. unless it is immune from a contraction in spending, then right now you ought not to be investing in anything except, say, the oil/energy plays etc. If that is your stance, then, in that case, most shares would not be suitable for you to consider at this point in the cycle - that would lead to you holding cash which would erode at the rate of inflation just by sitting there. Of course, my approach is to have a diversified portfolio, not just equities but different instruments which takes into account hedging strategies and includes cash. i agree that most shares almost invariably track the trend of the market as most previous bear markets make clear.

ADF has held up well relative to others which have suffered more due to reductions in consumer spend - this is because it has a diversified customer base and although Netflix might be scaling back to some extent, there is competition in this space form other entrants which helps ADF.

I have not met nor spoken to management and so at this stage am simply judging them on official statements - I await the next update and will review matters then. I agree if they suggest a slowdown then it will get hit hard since it would show a lack of visibility and question their recent statements. However, I do not see the risk factors in the IPO document as a canary in the coal mine.

Posted at 09/1/2023 16:33 by disc0dave45
For those interested Lord Lee's declared share holdings. Interesting to note he sold his ADF shares 21/9/22. The share price that day was between 47p and 51p. Don't know if he bought at the IPO (50p) or whether he sold on the back of their H1 results.HTTPS://members.parliament.uk/member/1132/registeredinterests
Posted at 02/12/2022 16:07 by rivaldo
Cheers gswredland.

Assuming ADF meet expectations of 4.6p EPS for this year, then with 6.3p EPS forecast for the year about to start then they will look very cheap on a current year P/E of only 10.

One could then see the share price advancing to around 85p-90p and towards Cenkos' implied valuation at 15 times earnings.

Of course ADF have a lot of work to do in H2 from the H1 numbers. They stated in mid-September that they're trading in line with expectations, and the house broker should have been guided as regards their forecasts, so investors have every right to believe in the forecast numbers. If that turns out not to be the case, which is always possible in the current inflationary climate, then the share price will obviously be marked down to some extent immediately. If the forecasts for the coming year were reduced to say 4.5p-5p EPS then hopefully any markdown wouldn't be too much below say 50p.

In the short-term, prior to a year end trading statement, apart from major news like this week's excellent acquisition all else is just noise.

Posted at 01/12/2022 07:17 by masurenguy
Good synergetic acquisition which should immediately be earnings accretive. Funded out of existing cash resources despite the constant troll BS that they haven't got any ! 👍

Acquisition of Location One Limited

Complementary services create an expanded Group offering as investment in the UK Film and TV industry continues to accelerate

Facilities by ADF, today announces the acquisition of Location One Limited the UK's largest integrated TV and film location service and equipment hire company. The Facilities by ADF and Location One businesses are well known to each other, with a successful history of working together on a wide variety of productions since Location One's conception.

Highlights

-- Acquisition of integrated equipment hire company providing complementary services to that of ADF, having worked together since 2008.
-- Location One customer base includes Amazon Studios, Netflix, Warner Brothers and the BBC.
-- Moves ADF towards becoming a one-stop-shop to the UK TV and HETV industry.
-- Initial consideration of GBP4. 43 million paid in cash alongside issue of 3,407,419 new ADF ordinary shares, subject to lock-in agreements.
-- Additional contingent earn out consideration of up to GBP2.66 million, payable in cash instalments subject to business performance thresholds over a 36-month period.
-- Acquisition to be immediately earnings accretive.

Location One is an integrated TV and film location service and equipment hire company supporting location and production companies across the UK with its high-quality equipment and customer service levels. Location One's offering includes generators, water bowsers, lighting equipment, environmentally friendly battery-stores/other renewable solutions and other capital light consumables, all highly complementary products to the Group's existing premium serviced production facility offering.

Founded in 2008, headquartered in Barking and with locations in London, Surrey, Bristol, Newport, Manchester and Newcastle, Location One and its team of 80 employees service a customer base that includes organisations such as Amazon Studios, Netflix, Warner Brothers and the BBC. Productions that Facilities by ADF and Location One have worked on together include: The Crown, Top Boy, Lazarus, Becoming Elizabeth, Embankment, My Lady Jane, and The Gentleman. For the year ended 30 September 2022, Location One generated unaudited revenues of £9.24m and an adjusted EBITDA of £2.08m. The Acquisition is expected to be immediately earnings accretive. Location One's talented executive management, led by founder MD Crispin Hardy, will be joining the Group.

Consideration

Total consideration for the acquisition is £8.86m, with 50£ payable in cash on completion, 30% payable in cash equally over 3 years, subject to EBITDA performance conditions, and 20% payable in ADF ordinary shares and subject to a 12 -month lock in. The cash consideration will be funded from ADF's existing cash resources. The acquisition is expected to be immediately earnings accretive.

Posted at 04/11/2022 08:27 by rivaldo
Been away on family hols for nigh on three weeks, so nice to see yesterday's news and the share price now back above 50p.

Cenkos's comments in their post-results note haven't been posted before, so here's some extracts FYI - they forecast 4.6p EPS for the year about to end, and 5.9p EPS next year, with very respectable 1.4p and 1.8p dividends as well:

"Healthy Half-Year Results

Facilities by ADF have released interim results for the period ending 30 June 2022 and in-line with their prior trading update. ADF achieved record revenues in H1/22A and has continued to grow their fleet to support future growth. The current trading and outlook remain in-line with our expectations, and we leave forecasts unchanged. The valuation remains attractive with an FY23E P/E ratio of 10.1x and a normalised FCF yield of c15%."

"The second half of the year is more heavily weighted towards large productions and
is fully booked, hence providing excellent visibility and confidence of meeting the
full-year expectations of record adj EBITDA levels in FY22E. The typical lead time for booking productions remains c7 months and FY23E order book continues to fill up
strongly. Cash balances at the end of H1/22A were £16m (H1/21A: £5m), providing
dry powder for further organic or acquisitive growth. An interim dividend of 0.46p
per share has been announced and is in-line with our expectations.

 Operational Overview – ADF had a busy first half, supporting 46 productions
(compared to 39 in the whole of FY21A) including: The Crown, Sandman and Slow
Horses. Customer concentration has broadened out with Netflix now representing
c20% (FY19A-FY21A average: c25%), Disney-related companies roughly doubling
their revenue share to c18% and Amazon Prime more than trebling its revenue share
to c6%. This is a trend we thought likely to take place and one we believe will
continue as Disney and Amazon scale their content offering."

" Acquisitive Growth – The IPO has raised the Group’s profile in their industry and has naturally led to a greater number of acquisition opportunities being presented. ADF has c£16m of cash balances which could be deployed on potential targets such as national competitors to increase scale, regional operators to broaden reach and complementary service providers to make their offering more holistic."

" Valuation – We believe ADF is materially undervalued for a number of reasons. Following a successful IPO and a strong FY21A, there is currently c£16m of cash on the balance sheet that could be deployed into potential acquisitions or investment opportunities, none of which are included in our current forecasts and therefore presents significant upside potential. ADF currently trades on an FY23E P/E ratio of 10.1x; we believe they should trade closer to 15x, which is at the top end of the equipment hire peers and more in-line with streaming peers given it has superior earnings growth and higher net margins. Furthermore, the normalised discretionary FCF yield is a healthy c15%."

Posted at 13/9/2022 09:06 by rivaldo
Cenkos retain their forecasts today:

this year - 4.6p EPS
next year 5.9p EPS

They state ADF are "materially undervalued". ADF should be trading on a P/E of 15, which would give a share price of around 89p looking forward.

That of course also excludes the impact of any earnings-enhancing acquisitions from the £16m of available cash.

They summarise (extracts):

"Facilities by ADF have released interim results for the period ending 30 June 2022 and in-line with their prior trading update. ADF achieved record revenues in H1/22A and has continued to grow their fleet to support future growth. The current trading and outlook remain in-line with our expectations, and we leave forecasts unchanged. The valuation remains attractive with an FY23E P/E ratio of 10.1x and a normalised FCF yield of c15%."

"Valuation – We believe ADF is materially undervalued for a number of reasons. Following a successful IPO and a strong FY21A, there is currently c£16m of cash on the balance sheet that could be deployed into potential acquisitions or investment opportunities, none of which are included in our current forecasts and therefore presents significant upside potential.

ADF currently trades on an FY23E P/E ratio of 10.1x; we believe they should trade
closer to 15x, which is at the top end of the equipment hire peers and more in-line with streaming peers given it has superior earnings growth and higher net margins. Furthermore, the normalised discretionary FCF yield is a healthy c15%."

Posted at 09/9/2022 08:13 by rivaldo
ADF are featured nicely in today's new Shares Magazine discussing recent IPOs, stating:

"And though the shares have fallen from February’s 83p peak a recent 60.5p, Facilities by ADF (ADF:AIM) remains 21% above its 50p issue price and hasn’t disappointed since becoming the first company to come to market in 2022.

Facilities by ADF, which provides premium serviced facilities to film and high-end tv sets in the UK and counts the likes of Netflix (NFLX:NASDAQ), Apple (AAPL:NASDAQ) and Disney (DIS:NYSE) as clients, made quite the entrance with strong maiden annual results (26 May) as a public company and posts first half results on 13 September.

In its pre-close update (4 Aug), Facilities by ADF insisted ‘market dynamics remain strong, with continued robust demand for film and high-end television the UK and the group’s 2023 order book continues to grow. Therefore, the group remains
confident of further success.’

Reflecting on the annual results, Cenkos said: ‘In our view, ADF represents a unique investment opportunity, due to a lack of alternative UK publicly listed companies offering exposure to the rapidly growing UK Film & TV industry. Whilst facility vehicles represent a small proportion of overall production costs (circa 2%), they are essential for a successful production, and a critical timeline
element in the production supply chain.

‘Mega-cap US streaming companies are responsible for much of the demand-side of the
equation, but most are not pure-play investments on the theme. On the supply-side, none of ADF’s competitors are listed.’"

Posted at 20/4/2022 09:28 by ramlamb
Netflix subscribers falling dramatically, the Netflix business model has issues with password sharing among subscribers so less income. Stands to reason ADF share price will suffer as 25% of their income is via Netflix, probably less work in the future.
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