Smart (j.) & Co. (contra... Share Discussion Threads

[mw8156] 17/11/2017 14:40

You're right; there is now a 3m pension surplus as well as 18m net cash and 64m of property so the share looks remarkably cheap as ever.

[russman] 17/11/2017 08:52

Read the Annual Report.Pension appears to be in surplus.Contributions are going up a couple of %.Dont see it as a problem.

[mw8156] 29/10/2017 22:14

also good to see they treat their employees well by sticking to the terms of the pension scheme even though it was closed in 2003; seems like a decent outfit with old-fashioned but excellent sort of Calvinist culture to do the right thing by employees and shareholders.

[mw8156] 29/10/2017 10:57

The Chairman and family are good to the other shareholders, though; they do not take too much out of the company and waive the divi not taking it for themselves.

[topvest] 27/10/2017 18:09

Blimey this Chairman has to be the most glass "half-empty" Chairman on the LSE. Doom and gloom every time! Still a value play.

[russman] 27/10/2017 09:56

Cannot see the last triennial valuation.
Have to wait for the annual report.

[mw8156] 26/10/2017 13:40

seems they have 45m shares and 21m net in cash but there is a pension deficit?

[russman] 26/10/2017 11:59

There is 26m in cash.Just make a tender offer to the minority.

[russman] 20/10/2017 11:25

The share price moved.

[sirhedgealot] 07/2/2017 11:11

Results continue to improve.

[little beaker] 18/12/2015 09:58

Please note that the market cap on the advfn quote page is incorrect. Their market cap is actually a couple of percentage points lower than quoted due to the fact advfn hasn't rebased it following share buybacks.

Fingers crossed more buybacks to come if the market opportunity arises

[prop_joe] 11/12/2015 17:05

Hi Glassboy, if they are listening to me then we should probably be worried!

Agree it is one to be patient with and if they can mop up shares at these levels then we should do alright in time. From their website they have a couple of sizeable housing projects underway which will hopefully help things along this year.

[glassboy] 11/12/2015 13:26

Seems they are listening to you Joe, 50000 bought back today. Will be interesting to see how the proposed boost to Housing Association builds develops over the next few years. And whether the healthier construction / property sector finally helps Smart get turnover and profits back up. One to be patient with.
Gb

[prop_joe] 08/12/2015 11:00

Thanks Russman,
Shows what a prudent bunch they are to keep so much cash on hand. I'm hoping that they use some of it to buy back more shares. Cash isn't earning much interest and reducing the number of shares in issue increases net assets attributable to each remaining share.
Regards

[russman] 08/12/2015 10:39

I read the Annual Report & you are correct, "monies on deposit" are cash balances on deposit longer than 3 months. It all helps.

[prop_joe] 02/11/2015 08:34

'Monies on deposit' could well be cash placed on long term deposit (i.e. greater than 3 months) or amounts invested in money market funds in order to get a better interest rate than is available for immediate access.

Accounting rules require that these sort of balances are identified separately from cash and cash equivalents (which should only include amounts that are available to spend either immediately or without much of a delay).

[russman] 02/11/2015 06:25

Don't quote me but I thought "monies on deposit" were the deposits held at the solicitors in respect of buying and selling future developments / properties. I presume the market is warming up, more transactions so this amount was significant this year. Maybe the timing meant at the year end, there was a transaction(s) pending completion.

[little beaker] 30/10/2015 10:18

Good point, I have no idea why there is a separate entry for "monies held on deposit" vs cash and cash equivalents... this item didn't exist in last year's accounts. Perhaps it's something that isn't immediately accessible; I'm not an accountant and don't really understand the distinction.

They do warn that contracting margins are still under pressure, so I wouldn't expect a fast return to pre-recession operating margins. However, I think a gradual increase might be expected, and with a benign property market we should see good sales in residential, and hopefully an uplift in commercial.

The updates they give the market make me smile... there's so much spin and optimistic bluster in most financial reports, whereas Mr Smart (the chairman) just tells it exactly as it is! There's no smoothing of profits and revenues to try to maintain a constant growth trajectory.

As an aside, I have no idea why they waived 50% of the dividend.

[glassboy] 30/10/2015 08:41

With £3.5m "monies held on deposit", cash is £16.8m... which only reinforces your point. Operating profits back to £2m, looks like the corner is finally turned as recession and referendum recede into the past. Operating margins were double this level in better times. Property values should start rising again.

51k trade yesterday, buybacks may have restarted.

Gb

[little beaker] 29/10/2015 10:56

For the full results, see

The ADVFN report is truncated for some reason, missing some of the accounts.

Note the cash position increasing by £5million to £13.3 million, not bad on a company with market cap of approx £47m.

Strip the cash from net assets and market cap and you would have a market cap of £34m with asset backing of £75m.

My opinion is that these shares are undervalued. I would hope to see further share buybacks.

[sladdjo] 29/10/2015 10:45

Good timing LB.

Results seem fine, trading picking up and divi small inc (tho board still not taking any.) Good to see BV increasing for the 1st time in a few years as well

[little beaker] 25/9/2015 09:12

Results are normally released last Thurs in October, so this year should be 29th October

[little beaker] 04/8/2015 09:51

Just bought a few of these for my mummy, who has some savings sat earning nothing.

Don't really see what's to dislike - 50% discount to NTAV, 3%+ divi yield. Concentration of power to the board but they've been trading for decades with no sign of misappropriation. Scottish commercial and residential outlook fairly positive.

Not expecting much movement, just a return of a few percent over base rate works for me. No alarms and no surprises, hopefully!

[sirhedgealot] 15/6/2015 11:09

I agree the are challenges. Pure asset value play IMO.