Ffi Share Discussion Threads

[ultimatewarrior] 03/12/2018 15:02

Needs news being walked back down

[petersinthemarket] 29/11/2018 18:28

last interims were 21 december 2017

[tsmith2] 29/11/2018 17:09

Shake a few grab a few

[ultimatewarrior] 29/11/2018 16:13

News coming ? Big drop ?

[parob] 29/11/2018 16:04

All these sales will be mopped up...

[buywell3] 29/11/2018 15:52

blimey that was quick ... am I on crime watch ?

[ultimatewarrior] 29/11/2018 15:50

see the idiot buywell is back suspect all filter him imo

[buywell3] 29/11/2018 15:47

it's not me

[parob] 29/11/2018 12:24

The 39p buyer is back!

[the big fella] 28/11/2018 16:58

Yes someone still happy to mop up in the auctions I see.

[tsmith2] 28/11/2018 13:29

Less than a month to results

[dave4545] 23/11/2018 19:39

buywell

Reckon next news is crucial. Recovery on the way and we'll see 50-60p, any more issues and back to 30p.

I still hold a few but not as many as I once did due to poor market conditions.

[momentum1] 23/11/2018 13:02

Undervalued

[stemis] 23/11/2018 11:34

advfn have the P/E for this stock at 53

This is because earnings are after the costs of listing the company, costs of acquiring businesses they bought during the year and share option costs. Excluding these the company made an operating profit of $19.8m. It also has net cash of $19.4m. At 40p the company is valued at $80.8m; so 3.1 x EBIT. The company is forecasting that operating profit for this year will increase to $20-22m.

Re the share price fall total liabilities are increasing bigtime V falling earnings and cash flow from 2017 into 2018

Well firstly profit isn't falling. Adjusting for the items I listed above, operating profit increased from $12.5m to $19.8m.

The reason total liabilities increased from $72.41m to $106.05m; an increase of $33.64m is due to

1. increase of $19.9m in 'Payables to Production'. As described in note 22

" The Group acts in a fiduciary capacity on behalf of certain financiers of films. The Group receives cash, which is restricted in use for the production of films. The Group is required to fund the production of the related films according to the production funding agreement. The amounts are recorded in restricted cash with the corresponding payable recorded as payable to productions. "

That cash sits in current assets and is not included in my calculation of net cash above.

2. an increase in contingent and deferred consideration of $16.6m relating to acquisitions during the year.

As disclosed in note 32 the majority of this ($16.6m) relates to Reel Media of which it says

"Under the contingent consideration arrangement, the Group is required to pay Reel Media, LLC an additional 8.6% of trailing EBITDA at 6 times multiple over the next 5 years. Reel Media, LLC has generated an EBITDA of $2 million for the trailing twelve months. The fair value of the contingent consideration arrangement was estimated by applying the income approach. A range of $11,724,000 to $19,682,000 was calculated for the potential liability using the Monte Carlo simulation. The Group recorded $16,610,000 as the contingent liability. This fair value estimate is based on an assumed discount rate between 2.1 - 3.2 per cent and assumed EBITDA in Reel Media, LLC of $6,800,000 - $11,700,000 for each of the next five years. The liability will be adjusted within the measurement period if any new information is obtained about facts or circumstances that may affect these calculations. At 31 March 2018, $3,457,000 is recorded as a short term liability in trade and other payables and $13,153,000 is recorded as a long term liability in other payables on the balance sheet. "

I've underlined a relevant section. If this contingent consideration is paid, then Reel Media will contribute an additional $4.8 - 11.7m to profit for each of the next 5 years.

Generally it is better to go to the original source of data, such as the accounts, rather than rely on sites like Advfn, if you are going to use the data for valuation

Hth

[momentum1] 23/11/2018 10:03

Chart looks good again

[ultimatewarrior] 23/11/2018 09:25

Buywell please eff off you melt

[tsmith2] 23/11/2018 09:06

Want to discourage buying here?

[buywell3] 22/11/2018 21:00

I also look into a few things before I buy in as some have posted

advfn have the P/E for this stock at 53 which is probably wrong according to the LSE



London Stock Exchange have the P/E at 103




Re the share price fall total liabilities are increasing bigtime V falling earnings and cash flow from 2017 into 2018

FFI ............. 2016.. 2017.. 2018


Total Liabilities 69.25 72.41 106.05 in GDP Millions

Reported EPS ..... 0.01 0.04 0.01

Operating Cash Flow 1.60 8.75 2.52


Major Shareholders
Name Type Amount Holding %

Golden Sun Capital Management, LLC - 48,068,122 shares 30.46%
The Crystal Court Trust UDT - 47,476,547 shares 30.08%
Mr. Steven Arthur Ransohoff - 40,063,750 shares 25.51%



Golden Sun Capital Management shown as biggest holder,and Voyageur Industrial Minerals Ltd

As of March 2, 2017, Golden Sun Capital Inc. was acquired by Voyageur Industrial Minerals Ltd., in a reverse merger transaction.

Golden Sun Capital Inc.: Private Company Information - Bloomberg

As of March 2, 2017, Golden Sun Capital Inc. was acquired by Voyageur Industrial Minerals Ltd., in a reverse merger transaction.

Voyageur Minerals
Headquarters: Calgary, Canada
Founded: 2008
Subsidiary: Voyageur Industrial Minerals Ltd


Voyageur Industrial Minerals Ltd
Company
Parent organization: Voyageur Minerals

Take a look at the Mkt Cap of Voyageur Minerals









note similar name now has changed of biggest holder

Golden Sun Emerging Fund 48,068,122 30.46%



This is an overseas based fund

Golden Sun Emerging Fund Limited | ICIJ Offshore Leaks Database

Sep 27, 2016 - Bahamas Leaks Entity: Golden Sun Emerging Fund Limited.



Another development also re share price drop as reported recently...

FFI HOLDINGS SHARES DROP AS CHIEF FINANCIAL OFFICER LEAVES ROLE




FWIW IMO the chart for this share looks very grim indeed since it started over 2 year view




The moving averages tell the tale




dyor

[parob] 22/11/2018 18:21

And another delayed buy of 150K from yesterday.

[momentum1] 22/11/2018 14:56

Seems to be a background buyer. Has been a relatively solid stock given the wider market volatility.

[parob] 22/11/2018 12:54

50K sale well above the bid. I bet we see another large delayed buy appear tomorrow having mopped it up.

[parob] 21/11/2018 18:45

And another large buy - 119K at 40p - now showing from yesterday.