Frp Advisory Share Discussion Threads

[jeff h] 29/5/2015 19:36

Snadgey - Gateley seemingly have been successful in getting the IPO away with a market cap for the company of £100m:-

[lennonsalive] 18/5/2015 12:44

Nice move up

[snadgey] 16/5/2015 09:09

Thanks Jeff. Had previously scanned the note but failed to recognise the potential valuation anomaly here. Worth keeping an eye on the Gateley IPO..!

[jeff h] 14/5/2015 11:57

Equity Development also on the case re Simpson Millar / Gateley valuations:-

"The announcement that Gateley, a Birmingham law firm a bit less than three times as big as Simpson Millar, is planning to float on AIM was accompanied by press speculation that it would be valued at £140m from which one might infer that Simpson Millar is worth more than Fairpoint group’s market capitalisation."

[snadgey] 13/5/2015 21:52

Simon Thompson reiterates the buy case and his £1.90 price target. Equity Development suggest company conservatively valuing recent acquisitions estimating NAV at £1.50.

[speedsgh] 13/5/2015 10:10

Appears Schroders have been holding FRP back. Confirmation that they have more than halved their holding. Now below 5%.

Holding(s) in Company -

[snadgey] 13/5/2015 06:58

Useful info thanks Jeff. Nice spike in volume yesterday ahead of next week.

[jeff h] 12/5/2015 21:09

I've been adding recently before the dividend hawks come to scoop up the final divi as it goes xd next week.

Interesting to see law firm Gateleys intend to float and are looking for a valuation up to £140m....SM cost us a max of £15m and if you look at its growth rates and profitability you would think it would be valued at a lot more if Gateley is worth £140m, though a lawyer friend cautioned that rule changes for PI claims may make those cases far less profitable though areas such as Medical Negligence that SM are also in would not be affected.

Some info on Gateley:-

[snadgey] 03/5/2015 10:53

Re-rating due. Company is in better shape going forward than when in £1.50s. Don't think the "market" has faith/awareness of it's diversification away from debt management. Consistently good numbers may be required to provide more wider recognition of this company. Shares remain pretty illiquid. All the best.

[topvest] 01/5/2015 19:57

Yes, very good news. Time for a re- rating?

[snadgey] 01/5/2015 07:15

Nice trading update.

[cwa1] 01/5/2015 07:14

Morning

AGM Statement:-

AGM statement - trading update

Fairpoint Group plc ("Fairpoint" or "the Group"), one of the UK's leading providers of consumer professional services, announces the following update on the Group's performance for the first three months of 2015, ahead of its Annual General Meeting being held later today.

Overall Group trading is materially ahead of the same period last year and in line with the Board's expectations. This reflects a strong contribution from the Group's new consumer legal services business, which was not part of Fairpoint in the first quarter last year.

Simpson Millar LLP, the Group's consumer legal services business, is performing well and we continue to develop a good acquisition pipeline of opportunities which are either complementary and/or synergistic to further enhance this established legal platform.

As expected, although market conditions in the Group's debt solutions market remain challenging, with the volume of new IVA solutions in England and Wales falling by 23.5% in the first quarter of 2015 compared to the same period last year (source: The Insolvency Service), the Group continues to focus on delivering good margins and not writing uneconomic business.

Our claims management activities are continuing to develop through our expanded debt management client base, whilst claims activity relating to existing IVA clients reaches maturity.

The Board anticipates providing a further update in July following the half year end, with the half year results announcement scheduled for September 2015.

Chris Moat, Fairpoint's Chief Executive said:

"We expect the full year benefit of our legal services platform will provide an important growth stimulus for 2015. In addition, we have the capacity and finance to continue to pursue selective acquisition opportunities, with particular focus on this market."

[snadgey] 31/3/2015 17:53

Schroders still reducing...

[cwa1] 23/3/2015 07:39

Link to article:-

[manrobert] 23/3/2015 07:32

we should get a boost today as tipped in m.o.s.yesterday

[speedsgh] 18/3/2015 18:11

nhb - "They have been sellers over the past 6 months and have another 6.4 Million on their books so I guess that will be a drag going forward."

I hope so. Haven't got my full allocation yet so would be grateful of further weakness in the short term :o)

[nhb001] 18/3/2015 17:01

I bought my ticket today largely on the basis of the writeups by Paul Scott & IC. I see Schroders plc sold 600K today. They have been sellers over the past 6 months and have another 6.4 Million on their books so I guess that will be a drag going forward.

[aspex] 17/3/2015 07:25

No surprises, excellent progress in H2

[jeff h] 13/3/2015 11:24

Yes Snadgey the company seemed quite pleased with the Legal side in its trading update of 20/1/15:-

"Legal services: Simpson Millar LLP ("Simpson Millar"), acquired in June 2014, delivered a strong performance in the second half, with growth in both revenue and profit margin. This strong performance was boosted by the acquisition and integration of Fosters and Partners in July 2014, commencing the Group`s stated programme of consolidation in the legal services market. Good progress has been made on integration activities."

....so yes could easily surprise on the upside as you say.

If all going well with Legal I'd expect more acquisitions in that side soon.

[snadgey] 12/3/2015 17:23

Agreed Jeff. IVA profit may remain stable if they manage to improve margins through cost savings and limiting themselves to higher margined cases. Have a view that legal may surprise on the upside. All the best.

[jeff h] 12/3/2015 15:58

Results next Tuesday.

DMP side should produce a very good result after the acquisitions.

IVA and Claims far tougher.

How Legal is performing should be very interesting. If other parts of Simpson Millar are performing anything like the Travel Claims dept there then they should be very good!:-

[snadgey] 27/2/2015 15:16

Yes, nice bounce, though it's done this before and then dropped. Needs a sustained rise above 120p. Seriously undervalued imo.