Gateley (holdings) Share Discussion Threads

[speedsgh] 28/9/2017 10:02

haha :o) Didn't think you were. I was just being up front about my (lack of) position. I am an ex-holder but could well hold again in future. Rgds

[jonwig] 28/9/2017 09:54

speeds - I wouldn't dream of trying to persuade you!

Interview with the author of the Hardman note:

[speedsgh] 28/9/2017 09:50

Thanks for the feedback, jonwig. DOI: I do not currently hold.

[jonwig] 28/9/2017 08:56

Thanks for link. A pretty fair article.

"Gateley’s annual meeting yesterday was inevitably packed with solicitors" - half right: it wasn't packed , but most there were either solicitors (staff) or 'suits'.
About twenty present, and I think I was the only outside private shareholder. At least the only one to ask any questions.
Having spoken to both directors and analysts there, I'm persuaded that it's better than a hold.

[speedsgh] 28/9/2017 08:07

Today's Tempus column in The Times includes a look at Gateley...



...HOLD. Solid business but lack of peers makes it hard to value.

[jonwig] 23/9/2017 07:47

I'm off to the AGM on Wednesday. If there are any questions anyone here has I'll try to include them.

The Hardman report is very interesting.

[jonwig] 03/8/2017 17:26

Second law firm to float on AIM, dealings tomorrow.

Gordon Dadds, MCap £40m. Seems quite acquisitive. Thread:

[jonwig] 03/8/2017 06:34

Analysts at Cantor Fitzgerald Europe have identified their highest conviction stock ideas outside of the FTSE 100 and 250, which have seen strong returns so far this year, for investors seeking alternatives to mid- and large-cap companies listed in the UK.

Financials pick - Gateley:

[qs99] 28/7/2017 12:22

yup, have bought some on the dip.

[firtashia] 28/7/2017 12:20

Reckon this morning's action was the final dump of shares by whoever has been selling, BWDIK. Fingers crossed.

[tdog1975] 28/7/2017 11:01

Looks cheap

[firtashia] 27/7/2017 12:53

Looking somewhat oversold now, hopefully will bounce soon.

[jonwig] 19/7/2017 17:38

More detail on the Dubai losses:

[jonwig] 14/7/2017 06:48

Fairly short IC comment on results. Conclusion:

So far, Gateley has proved early doubters wrong of its publicly-quoted partnership model. Indeed, with all 717 staff now eligible for the company share scheme, Gateley has effectively replicated traditional firms’ profit-sharing culture. However, we move to hold to reflect the shares’ rerating to 17 times forward earnings. Hold.

(Last IC View: Buy, 118p, 18 Dec 2016)

Is the company share scheme holding back the share price?

[jonwig] 13/7/2017 07:19

It's taken over two years, but a second law firm will likely join AIM:



About £19m, so small. (GTLY £190m.)

[jonwig] 12/7/2017 14:49

Video, CEO interview:

[jonwig] 11/7/2017 16:24

Yes, sorry. If I manage to get to the AGM I'll ask about the receivables and the error. (Birmingham or the North I can reach easily.)

[valhamos] 11/7/2017 15:00

Jonwig - Unbilled as a receivable is fine (deferred income is where you have invoiced in advance of providing the service and hence not included as revenue for the period). Receivables is over 6 months sales and this is a feature of the legal profession as well as sizeable amounts as past due (£4.6m more than 120 days overdue). This is a long-term hold for me but I would be looking for some reassurance in this area in the future.

[jonwig] 11/7/2017 14:10

I see Cantors have raised their TP to 204p today (from 175p) and reiterated Buy.

[jonwig] 11/7/2017 14:07

Valhamos - from the cashflow statement, it looks like a big increase in trade receivables (and decrease in payables) from last year, when cash conversion was 167%! They don't seem to go into any details. We'll see whether things settle down next year.

I see they count unbilled services as a receivable. I thought that had to be counted as deferred income on the balance sheet not the cash/profit accounts. But then I can't pretend to be an expert!

Note 8 - yes, it should be 107,422,749.

[tdog1975] 11/7/2017 10:34

Good for me, bought some more

[valhamos] 11/7/2017 10:23

Illiteracy is frustrating but innumeracy in a financial report is more worrying - note 8 Weighted average number of ordinary shares for calculating diluted earnings per share is 106,422,749 which is supposed to be 106,663,150 plus 759,599 !?

Good report but need to keep an eye on cash conversion at only 76% of profit.

[jonwig] 11/7/2017 10:06

monions - I don't think share issues are enough to make up the gap. I'm not too fussed, though!

FT: Almost 1,000 solicitors in England and Wales have registered in Ireland in the year since the EU referendum, at least 10 times the regular annual number, because they fear losing the right to represent clients in European courts after Brexit.



We have a Capitus office in Dublin, not a main office.

[monions01] 11/7/2017 09:20

Quite a muted response on the results. Although, they were very much inline with the May trading update, so no surprises either way.

One small issue may be that, even though EBTDA and PBT were up, the EPS actually missed the 9.8p broker targets. I think this was due to higher number of shares in issue.