Frp Advisory Share Discussion Threads

[bluemango] 29/8/2021 13:00

Thanks Tole.

Anyone know where the Motley Fool writer gets his 4.37p dividend figure from? Thought it was currently 4.10p annually.

[tole] 29/8/2021 11:23

https://www.fool.co.uk/investing/2021/08/29/3-aim-stocks-id-buy-for-passive-income/FRP AdvisoryA final AIM stock I'd buy would be FRP Advisory (LSE: FRP). The company specialises in corporate finance, debt and restructuring. In its own words, FRP gets "under the skin of businesses in complex and difficult situations". Thanks to Covid-19, I don't think there'll be a shortage of clients once government support fizzles out.Trading is already going well. Back in July, FRP reported a 25% jump in revenue to £79m in its last full year. As one would hope, the firm's balance sheet also looks robust with a net cash position.That said, it's worth mentioning that the dividends are the lowest of the three mentioned. A 4.37p per share distribution equates to a 3.7% yield. That's only slightly more than I'd get from buying a FTSE 100 tracker.So, while I like the defensive nature of this business, I'd need to question whether it's worth the hassle if truly passive income were my primary objective. It helps that FRP is the cheapest AIM stock mentioned here (16 times earnings).

[adipsia1] 27/8/2021 17:07

A good write-up. The share-price has softened but it looks like a great buying opportunity to me.

[tole] 20/8/2021 07:11

https://masterinvestor.co.uk/equities/the-dogs-of-aim-2021/FRP ADVISORY GROUPHaving a relatively high yield doesn't mean that a company isn't growing any more. In fact, this company has been growing strongly since being founded just over a decade ago and has plans for further growth.FRP Advisory Group (FRP) is a professional-services firm established in 2010 which offers a range of advisory services to individuals, companies, lenders and investors. These cover the whole range of the corporate life cycle, with the core restructuring and insolvency-advice activities supported by areas including corporate finance; mergers and acquisitions; raising and refinancing debt; pensions and forensic services.Over the years, FRP has grown organically and by acquisition to become one of the largest restructuring-advisory firms in the UK by number of corporate-insolvency appointments. Notably, despite year-on-year declines in the number of formal, UK company insolvencies between 2009 and 2016, FRP successfully managed to expand and increase profits. While they grew again in 2016, insolvencies have slowed recently due to government support introduced during the pandemic. However, the latest figures from The Insolvency Service show UK company insolvencies up 7% in May this year to 1,011.FRP joined AIM in March last year, raising £20m for itself along with £60m for prior shareholders that added their shares to the offering. The money was earmarked to fund further opportunistic acquisitions and the organic-growth strategy which involves opening offices in new regions, attracting new fee-earning staff, taking on larger deals and attracting more overseas clients. Like most listed, professional-services firms, FRP has a high percentage of shares owned by its employees, with around 50% held by its partners following the initial public offering (IPO).Solvent businessThe year to 30 April 2021 was another good one for FRP as revenues grew by 25% to £79m. Of this, 15% came from organic growth and the rest from acquisitions, with four deals completed during the year. This was completed in the context of a total, formal, company-insolvency market which saw a 26% fall due to the government support available. However, FRP grew its own market share from 11% to 13%. Helping the organic growth, the team was expanded by 106 employees to 457, with the corporate-finance business expanded to offset any challenges in the insolvency market.This remains a highly profitable business despite large partner fees, with pre-tax profits for the year reported at £16.6m. The balance sheet showed net cash of £16.4m at the period end, remaining strong but down from £24.4m after spending a net £10.6m on acquisitions and paying down £15.4m of IPO liabilities relating to profits owed to partners and related tax.Trading since the period end was said to be in line with expectations, with several initiatives expected to boost growth this year. Adding to the increase in headcount, two new international alliances have been formed, which will enable FRP to access new networks of highly experienced international advisers and support the UK component of international transactions.Good administrationFRP has had a good start on the markets, with the shares rising from the IPO price of 80p to a current 122.5p. At that level the historic price earnings multiple is 17 times ? on the high side but reasonable in my view given the historic growth and expansion plans. What's more, at IPO FRP set out a policy to pay out a generous 70% of its net profits as dividends, with quarterly payments being made. That target was met for 2021, with the 4.1p payment equating to a modest yield of 3.3% at the current price. Analysts at Liberum have a 180p target on the shares, suggesting 47% upside from the current price.

[adipsia1] 04/8/2021 19:39

Interesting to compare and contrast the three non-audit accountancy firms in the UK insolvency/turnaround and M&A space; BEG, FRP and K3C. All firms win their work based around individual 'transactional' income rather than relying upon steady audit fees. Whilst all three have crossover in the restructuring space, a closer analysis of their accounts and market data indicate three very different businesses based upon value vs volume, and advisory work vs insolvency.BEG - have the highest volume of insolvencies in the UK in terms of liquidations, however when you look deeper the individual value of their appointments is likely to be the lowest. They seem to be growing sales based upon bolt-on acquisitions around valuing assets and M&A activity with smaller companies.FRP - appear to be operating on a value vs volume model, focussed upon winning more profitable restructuring work from larger SMEs and quoted companies that would previously have gone to Big Four accountancy firms were it not for conflicts of interest. They're also clearly growing their M&A side which is focussed upon themid-market.K3C - have traditionally operated in the low-value business sales arena, and have clearly made a reputation in M&A for selling small businesses. Last year they acquired Quantuma, an Insolvency turnaround specialist who have grown well over the last few years and now probably sit somewhere between FRP and BEG in terms of case value vs volume.There's much that can be gleaned from the accounts of these three companies. Hopefully this will help to differentiate them in terms of business fundamentals.

[bluemango] 27/7/2021 09:20

Very decent results, revenues up and increase in market share despite overall insolvencies down 26% due to extended Government support for businesses.

Full dividend is slightly more than expected, I had pencilled in 3.9p but it's 4.1p. Strong outlook.

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Oh, and to save others from looking - the supposedly earth-shattering issue with Koovs doesn't even merit a mention.

[adipsia1] 23/7/2021 12:00

Boring. If Koovs shareholders had been more diligent in their stock-picking, perhaps they wouldn't be looking for a scapegoat now.Looking forward to results presentation next week. The market is looking increasingly favourable for FRP, BTG and K3C.

[investographer] 21/7/2021 13:22

Some Wally has filtered me for posting factual articles about Geoff Rowley & FRP Advisory They have been investigating Koovs Directors for over 18 months.They extended the investigation due to shareholders concerns but did not cooperate with shareholders who provided them with damning evidence. They have done very little. Slowly being exposed by mainstream media.

[bluemango] 21/7/2021 11:07

Final results due next Tuesday 27th, with Q4 dividend declaration.

[stevieweebie2] 21/7/2021 08:46

Investographer20 Jul '21 - 16:53 - 569 of 570 (Filtered)

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Investographer20 Jul '21 - 16:55 - 570 of 570 (Filtered)

[investographer] 20/7/2021 16:55

https://www.thetimes.co.uk/article/mike-ashley-heads-to-court-over-debenhams-collapse-x0f0hc9kg

[investographer] 20/7/2021 16:53

https://www.retailgazette.co.uk/blog/2021/07/mike-ashley-takes-debenhams-battle-to-court/

[bluemango] 29/6/2021 21:30

Uncrossing trade after the close, at a 5p premium over the prevailing offer.

[investographer] 28/6/2021 14:29

Do not worry about Lawyers fees son.Organisations are queuing up to fund this scam, as are the journalists.Www.redmist.com

[southcoastbather] 28/6/2021 12:43

The case is the latest in a series of examples of alleged conflicts of interest for restructuring advisers as the industry gears up for an expected wave of company collapses when Covid support schemes are wound down. A cross-party group of MPs is investigating concerns that insolvency practitioners’ relationships with lenders, directors and buyout firms create conflicts with their duties to creditors of collapsed companies.

Open your eyes guys there's a bigger picture here - the whole industry is now being investigated.... the conflict is real and will be exposed.

Don't say you weren't warned when this tanks - may not be today may not be tomorrow.... but it will.

[bluemango] 28/6/2021 12:22

Alter ego; I do entirely take your point about not giving this individual the oxygen he craves.

Tricky balance, but it's a dilemma when he's making serious allegations like this - and should you let outright lies just stand, unchallenged? Anyway with the FT printing the story, he's had his moment of fame which will perhaps partly compensate for the lawyers' fees he'll be liable for.

[bluemango] 28/6/2021 12:14

To the contrary, they have commented thus: "In response to the lawyers’ claims, a person briefed on FRP’s decision-making regarding the administration and sale said SGIK was the only bidder for the company meaning the only alternative would have been to shut down the business with no value recovered"

Sounds like our obsessive poster is going to compound his losses in Koovs by chucking more money away on lawyers' fees. One of the biggest problems of our times is the blame culture; failure to take responsibility for bad decisions (especially financial ones) and instead seeking to pass the blame for their own lack of judgment (and sometimes just sheer bad luck) onto others.

Sad. Anyway the lawyers will be delighted; a nice little earner for them.

[investographer] 28/6/2021 11:52

If these allegations were false, the press, shareholders & Seth Freedman would have been sued by now.Why have Alli & FRP refused to comment- think about it ; )

[southcoastbather] 28/6/2021 10:50

I have no time but make a long response anyway lol.

[alter ego] 28/6/2021 10:19

I have no time for people who invade a message board and dominate it with their obsessive opinion ( whether correct or not). Having made your point, why is it necessary to continually repeat the issue to the extent that it drowns out any other opinion? My solution, use the filter button and do not respond. Response is their oxygen, giving them the opportunity to come back again and again. Deprived of oxygen, there is no satisfaction to be had.

I haven't seen any of the recent posts and will continue to filter the multiple identities that pathetic folk mistakenly think will allow them to reach me.

[southcoastbather] 28/6/2021 09:18

I am not investographer - I guarantee that an Administrator being removed for misconduct is far from tedious !

Yes legal matters take time but that is par for the course sadly.

Lets see if FRP close the administration or attempt a further extension hey?

[bluemango] 28/6/2021 08:50

Yes it's in the FT. Now perhaps you and your various aliases will be happy to let due process occur without obsessively going on about your single issue, which clearly you have a financial interest in but is relatively minor and tedious for the rest of us?

Probably too much to hope for but we shall see.