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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| K3 Capital Group Plc | K3C | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 349.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 349.00 | 349.00 |
| Top Posts |
|---|
Posted at 16/12/2022 08:47 by mwj1959 Fund managers always say that they are LT investors, but when they get a reasonable bid premium for one of their stocks against a difficult market backdrop their view invariably becomes very ST! |
Posted at 16/12/2022 07:06 by robsy2 I am disappointed to have to sell out at 350p.I think the execs have come to the conclusion that being quoted on AIM is costly,gets them skittish investors and makes life difficult.It is easier for them to have a private equity backer and find additional capital there. The capital markets don't work very well for ambitious well run businesses like this. That is a bad omen. It was only back in May they had to issue a statement saying they had no idea why the share price was so low... |
Posted at 15/12/2022 17:45 by 2vdm RNS - Cash offer at 350p it is, subject, amongst other technical details) to vote by independent shareholders.Commenting on the Acquisition, Ian Mattioli, Non-Executive Chairman of K3, said: "Since IPO in 2017, management has continued to execute its strategy of building a multi-disciplinary and complementary group, providing specialist advisory services to SMEs across three core divisions, business sales, tax and restructuring. K3 is now a diversified group with a resilient, high margin and cash generative business model and a data-driven marketing platform at its core, driving strong levels of organic growth. Sun is an experienced investor with a proven track record in supporting strong management teams in achieving their growth ambitions. K3 will be able to benefit from their operational expertise whilst having a supportive partner with the capital required to fund K3's M&A strategy. Whilst being confident on the outlook for K3, we are mindful of the weakening macroeconomic environment in the UK and the pressures that this is likely to put on UK SMEs over the medium term and, therefore, it is the Independent Directors view that this offer represents an opportunity for shareholders to realise their entire investment, in cash, at an attractive valuation ." |
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 04/11/2022 07:41 by 2bluelynn W13KenDid it feature as you predicted --the Investors' Chronicle's AIM Top 100 released later today. |
Posted at 31/10/2022 09:52 by rapplications020 Nice move up today. Hopefully investors seeing its value |
Posted at 07/10/2022 14:57 by w13ken Just out from Interactive Investor: Seven AIM shares to own in difficult times. References BEG and FRP and then... "M&A and tax adviser K3 Capital GroupK3C also owns business insolvency company Quantuma, which generated 29% of group profit on the back of 21% organic growth last year. Quantuma is expected to generate 11% organic growth in 2022-23. The tax businesses have steady repeating revenues. The M&A and tax businesses continue to grow despite the tough economic conditions and there will be increasing demand for K3 Capital’s restructuring business. Investors should get a further significant dividend increase this year on the back of rising profit. A total of 15.5p a share in dividends is forecast for the year to May 2023. At 262.5p, the prospective multiple is 12, while the yield is 5.9%. This company could be more volatile than the others because of the M&A bias, but it is still highly attractive." |
Posted at 03/10/2022 15:03 by w13ken Link for Friday's Investor Meet call: |
Posted at 03/10/2022 12:28 by nfs Investors seeing their results presentation over the weekend probably |
Posted at 28/6/2022 08:45 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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