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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| K3 Capital Group Plc | LSE:K3C | London | Ordinary Share | GB00BF1HPD20 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 349.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 349.00 | GBX |
K3 Capital (K3C) Share Charts1 Year K3 Capital Chart |
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1 Month K3 Capital Chart |
Intraday K3 Capital Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 31/1/2023 | 14:36 | K3 Capital Group | 1,485 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 12/12/2022 21:36 by adipsia1 I think that there is another reason why FRP are rated more highly than K3C and I've only just come across it after reading FRP's listing documents on their IPO. It is to do with shareholding.In the case of K3C - based upon Sharepad data - the K3C BOARD own approx. 25% of the share capital and the top 3 institutional investors only approx. 23%. In the case of FRP - based upon Sharepad data combined with a quick look through their listing document from a couple of years back - the joint major shareholder of the business alongside an institutional investor - is the company's Employee Benefit Trust, which appears to consist of nil-cost share options GIVEN to staff at the time of flotation, amounting to 7.5%. The board own approx. 6%... a significant stake, but clearly their skew is towards placing trust and rewarding their staff before themselves. I could be totally wrong and stand to be corrected, but from an institutional perspective I think I'd be far more inclined to trust a business that has endeavoured to keep all of its employees committed and onside (FRP), rather than one whose majority shareholding is totally in the control of its board. That in itself could warrant the forward PE discrepancy and explain recent K3C actions. |
Posted at 11/12/2022 08:56 by tole https://masterinvest |
Posted at 09/12/2022 12:03 by tizo100 K3 Capital Group (LON:K3C) – Bid Approach Could Spark CountersThis business sales and advisory group is in advanced discussions with Sun Capital Partners concerning a possible 350p a share cash offer from the US group. The news yesterday afternoon saw K3C’s shares rising 12% to close around 338p. Although still in the throes of hammering out the details, I wonder whether the market’s dealers are indicating a certain caution by marking the shares up by just 15p on the overnight price? K3C is currently valued at £248m, while its shares in the summer peaked out at 370p which then put a capitalisation of £272m on the business sales, recovery, corporate finance and restructuring experts. There have been other parties expressing an interest in talking takeover with K3C – perhaps that is why the market is being reticent in spooking the value just yet. Holders should sit very tight and await the outcome, which could take weeks well into 2023 to come to fruition. |
Posted at 08/12/2022 16:19 by 74tom It's pretty weird timing given discussions on here today + the fact the share price was about to break out to 320p... almost feels like their hand has been forced by share price action + the looming trading update. 10 points for anyone that can find the 'press speculation' they mention in the RNS.Ps. Unbelievable that anyone would sell their shares based on that announcement, I can only assume that they don't know why the share price has risen - either that or they don't like money... Edit. Just spotted the following in the RNS that I missed at first pass; "The other parties who previously expressed an interest have confirmed that they are no longer considering a possible offer for the Company." Baffling. |
Posted at 08/12/2022 10:44 by adipsia1 Excellent summary. Totally correct with comparisons between K3C, FRP and BEG. K3C are much closer to FRP although the K3C restructuring division does not attract as many larger cases. FRP also has an M&A element to its business but this has mainly been growing as the result of acquisition rather than organically. The fundamental difference between K3C and FRP is that K3C have evolved from a business sales background with bolt-ons in restructuring and tax advisory, whereas FRP come from a restructuring background with bolt-ons in business sales.They appear to be on convergent paths, business-wise. BEG are still fundamentally high-volume/low-valu |
Posted at 08/12/2022 10:04 by 74tom First up fair play to Shore Capital for highlighting the opportunity here and setting a positive but realistic share price target of 410p.To my knowledge there are 3 small to mid cap professional services / corporate advisory companies listed on LSE; FRP Advisory Begbies Traynor K3 Capital Looking at their financial metrics, pre tax profits for 2023 are forecast as being: K3C: £20.5m FRP: £24.1M BEG: £20.3m - Forward PE for 2023 (based on Sharepad data) K3C: 13.5 FRP: 21.2 BEG: 14.5 - Balance sheets are all similar with the three companies having net cash at the end of their last financial year of: K3C: £11.5M FRP: £18.1M BEG: £4.7M - Dividend Yield is currently 4% for K3C, 2.5% for FRP and 2.4% for BEG. To my knowledge, Begbies are a specialist corporate restructurer with less diversification / growth potential than K3C. I definitely think it's fair to say that K3C is more similar to FRP than BEG. At 410p K3C would be trading at 18.4x 2023 forecast earnings, so still around 15% below the current FRP valuation, this looks more than fair based on the metrics compared above. It's also anomalous that both FRP and BEG are trading at all time highs whereas K3C sits some 25% below it's mid 2021 level despite performing extremely well in that time period and benefitting from the same market tailwinds as those two. My suspicion is K3C have been under the radar of the wider market and are currently mispriced by between 25-50%, the dividend yield variance also suggests this, at a 2.5% yield it would trade at 460p (more in line with the YTD share price performance of FRP & BEG). Certainly risk vs reward looks excellent here ahead of next weeks trading update, we already know that Q1 delivered revenue in excess of £20m which on a run rate basis would mean they are trading ahead of expectations vs the £79.5m forecast... |
Posted at 03/11/2022 19:08 by tizo100 From the Naked Trader Robbie BurnsI added some K3C.At last there is some decent upward movement in the shares and this week received a giant dividend.The dividend is more than 6% which is rather nice.Like most shares it had a downturn over the last 6 months but it's recovering fast and looks cheap despite a bit of a rise over the last 2-3 weeks.Sharepad reckons a 65% growth in profits for 2023 and if this right the shares ought to be a lot more expensive.If I was a much bigger rival I'd be tempted to snap it up.It has used cash wisely and just bought insolvency practitioner Chamberlain.If it carries on with clever buys that push up profits then the share price should follow suit.It went down briefly this morning and I tried to get some more.However, it seemed to be just a mm shake and they proved impossible to buy at the lower price, still a good sign for the future. |
Posted at 30/9/2022 15:11 by robsy2 I went to the results presentation. All very encouraging though they didn't answer my two pronged question about whether a) they thought they'd be able to get the share price to 350p by next september so they can get their 'growth shares'? and b) if they didn't get to 350p would they reset the share price target?In fairness they said they had many questions and would answer them all in the fullness of time. Anyway my impression is very positive - same as it is every time I see them in action . I mean the figures are fantastic. My impression is exactly the same as it was last time I wrote; They look very well set. Ambitious capable management, a nice mix of businesses that complement each other, excellent data driven client acquisition process,good dividend payments coming down the line, hugely cash generative, lots of room for expansion in the markets they operate in and 40% owned by the people who work in the business, prudent accounting.Lots of positives here for me. I think they are hugely impressive. ambitious , capable and with a clear plan . The opportunity is huge and they are well set to achieve their ambitions of 25m EBITDA then 50m EBITDA and onto a billion GBP turnover. Why not? They seem very switched on and can see how they can use their in-house data driven approach to cross sell complimentary services across the 3 divisions. Growth is accelerating and they are sub PER 10. |
Posted at 20/7/2022 08:20 by robsy2 The stats quoted in the Refinitiv report say that K3C have closed 34 less deals in H1 2022 ,than in H1 2021,indicating a 19% fall in deals done. The report indicates that the average number of deals done has dropped just 10%, so by comparison so K3C would appear to have performed badly . So far so bad. The value of deals done in H12022 was 36m USD, there are no comparative figures for H12021.Let's contrast this info with the info coming out from K3C in their trading update of 23.06.22 regarding likely outcomes for the full year to 31.05.22. Here they said the business sales division was +34% over the previous year, with turnover of 21.5m GBP ( FY 21- 16m GBP ). If we look at the half year figures for K3C for the 6 months to 30.11.21 they show the following; M&A: Revenue +66% y/y to £9.8m. EBITDA +72% to £5.0m. Organic growth within existing brands was strong (i.e. excluding the contribution from Knight Corp. Finance), delivering a 53% increase in revenue, and a 52% increase in EBITDA. This shows that while H2 growth was more muted, H2 sales accelerated again, so that does not really tie in with the stats quoted from Refinitiv , so maybe their stats are not accurate or sales really fell off a cliff in June 22, the only month that is not covered by K3C’s official (and I imagine accurate data), OR , the deal sizes were larger , so while the number of deals was sharply down the deal size was much higher. We don’t have any stats on that . I can’t explain the difference but it would appear that while Refinitiv say that business sales growth has slowed considerably during the period 01.01.22 to 30.06.22,K3C says they “remain confident of growth across all divisions in FY23”. I do know that K3C and brokers forecast on the conservative side with the business sales division because there is low visibility on when deals will close. Alos worth noting that while business sales was 100% of the business back in 2019 and is now just a third of the business, so K3C is now much less dependent on business sales. With regard to forecasts, Cannacord have a forecast of business sales in FY 23 of just 21m GBP,which is less than the 21.5m achieved during FY 22.This looks quite conservative when you consider that K3C grew the business sales division turnover by a compound rate of 17% a year, during the covid affected lockdown period from 01.06.16 to 31.05.22. |
Posted at 28/6/2022 07:45 by johnrxx99 This professional services firm released a ‘comfortably ahead’ trading update for FY May 2022. Market expectations based upon their broker’s research (Numis) were £63.5m revenue and £18.2m EBITDA. The RNS says £67.5m revenue and £19.5m adj EBITDA, so c. 6% ahead on both lines.Organic revenue growth was +18%, there’s no mention of profits and management preferred measure is adj EBITDA which was up +24% including acquisitions. Looking at the H1 to November, around half of adj EBITDA of £9.4m converts into statutory PBT of £5.2m, and at the H1 stage cash from operations was less than £50K. There was £12m of cash at the end of May, down slightly from £14m May last year. The update is reassuring because there was a sharp sell-off at the beginning of May when the shares fell -27% to 215p on no news. They did put out an RNS following the decline, saying that they were not aware of any reason for it, and they confirmed a strong start to their second half and market expectations. Looking at Sharepad’s DD tab, I can’t see any significant share sales reported in April or May, and neither are there any RNS releases suggesting either management or large institutions have crossed any thresholds. Miton is still the largest holder with 14%, followed by the Chief Exec John Rigby who owns 10.3%, so the reason for the sell-off remains something of a mystery. Although it is not mentioned in the trading statement, I have written about how the company accounts for earnouts. My point is that earnouts and deferred consideration make sense, but investors need to understand that they are liabilities. K3C tended to use ‘fair value’ accounting and scenarios, with a much larger potential liability tucked away in the notes to the accounts, rather than the face of the balance sheet. The number of shares increased +64% to 69m last year, so it could be that a large block of shares owned by employees overwhelmed the market maker, who struggled to find a buyer to take the other side of the trade. Background: K3 started life as Knightsbridge, a business broker that specialised in selling businesses with less than £1m enterprise value, that had leaseholds rather than owning the freeholds, in 1998. They came to market as K3 Capital in April 2017, at a placing price of 95p raising £2m, and valuing the firm at £40m market cap. Since then, they’ve acquired RANDD, an R&D tax credit specialist for £9m (75% cash, 25% shares) + earnout. They then raised £30m in a placing for further acquisitions and bought Quantuma in August 2020, which does restructuring and insolvency, for £26m initial consideration plus £15m deferred. Revenue has grown very strongly, but profitability has fallen – albeit from over 100% RoCE which was likely too high to be sustainable. Valuation: The shares are trading on 11x May 2023F and May 2024F, which is not expensive. The quality measures are impressive, but I do wonder if they’re enjoying a favourable part of the cycle, and how well they’ll do in a recession, particularly as they are a people business that has grown by acquisition. A final observation: When you have professional services companies like RBGP, SFOR and K3C growing by acquisitions made partly with shares, then management have every incentive to try to keep their share price buoyant because their own share price serves as currency for acquisitions (both purchases already made but only partially paid for, and future deals). We’ve seen recently that there’s a downside to that with NextFifteen’s 30% share price fall, following the attempt to buy M&C Saatchi for 40p in cash and 0.1637 NFC shares. When the deal was announced in mid-May, that represented a 49% premium to the M&C closing price, but the value of the shares has fallen by 30% since then. M&C Saatchi itself got into trouble a couple of years ago, with share-based compensation that proved a serious liability when the share price declined. Via Bruce Packard on Sharescope 27 June |
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