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 0.0% 252.50 8,068 08:00:01
Bid Price Offer Price High Price Low Price Open Price
245.00 260.00 252.50 252.50 252.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 47.17 7.61 8.00 31.6 186
Last Trade Time Trade Type Trade Size Trade Price Currency
13:21:05 O 1,378 257.24 GBX

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Date Time Title Posts
28/6/202208:45K3 Capital Group1,120

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K3 Capital Daily Update: K3 Capital Group Plc is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker K3C. The last closing price for K3 Capital was 252.50p.
K3 Capital Group Plc has a 4 week average price of 230p and a 12 week average price of 205p.
The 1 year high share price is 372.50p while the 1 year low share price is currently 205p.
There are currently 73,497,110 shares in issue and the average daily traded volume is 54,564 shares. The market capitalisation of K3 Capital Group Plc is £185,580,202.75.
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
bwana4: Melody9999, I think it could be the spread when buying the shares. Also the share price fell quite low a while back. The Co. gave a very good trading statement recently. I am invested in all three and BEG has done really well for me. K3C will catch up in it's own time too IMO, just requires patience IMO. ATB all.
melody9999: Just had a look in here, and to me it does not seem surprising that K3C is doing well in the current environment. Good numbers for all 3 divisions. I am comparing with FRP and BEG who are also reporting good prospects and their share prices have responded. Meanwhile K3C is 33% off highs. Is K3C different? What is it that the market is not liking?
bwana4: Daisylove, just a question by me . Why should K3C not have a high PE ? There are many Co's with a much higher PE in the AIM market. As I am sure you know that the market is always forward looking. So in a nutshell the recent trading statement alone should have propelled the shaeprice into £3+. I think the current market conditions are responsible for where the share price is today. If you feel that it is unnecessarily ramped up then perhaps you should sell up and look for a Co with lower PE. I am just expressing my views. ATB.
adipsia1: Sorry to correct you, but the majority of K3Cs income is not now from M&A. Quantuma (Business Restructuring) now accounts for north of 55% of K3Cs income. After reading FRPs trading statement it seems clear that M&A activity is particularly strong at the moment due to PE money looking for a home; and Restructuring is now beginning to take off, following the end of government pandemic support. I can't see any companies more in the right place at the right time than K3C, FRP and BEG.
bwana4: Results due this month,so very strange to see persistent fall in the share price! Perhaps a forced seller maybe invested in Bit Coin ! Strange time to sell !! BEG in breakout mode, FRP holding it's own but K3C down !! I hold all 3. GLA.
master rsi: From the "UPS" thread .... K3C 245p +15p Everything in the right traction now Volume, Indicators and Share price
master rsi: Spread 240 v 250p +15p +6.52% One thing or another, it seems all the points are now in the right place, and anyone waiting for the Share price to reach the bottom will realise of it and will get on board now. TA : MACD just right Share price : Oversold Seller: cleared
mginvestor: Disclaimer, I don't usually post on ADVFN and neither do I ramp/deramp shares. I just thought I'd offer my 2 cents on K3C since I have held it in the past (I no longer hold but it is on my WL). There are 2 point to consider: 1: We are def seeing an increase in insolvency cases and K3C should benefit but one of the main growth opportunities here has always been via acquisitions and for that K3C need to raise more cash. I think the market is pricing in a possibility of a fund raise which at these levels will be dilutive and well below the previous fundraise. Add to that we are already in a very tight credit environment so anything management spend money on now needs to be obviously earnings enhancing ASAP. 2: The cash on the books is already accounted for in the results - see their earn outs section for each acquisition which are due and these were laid out in the FY results in Nov 2021. I may be off the mark here but I think that is why this is down. Maybe NT has something to do with it too? But this last comment is purely speculative. ATB @mginvestor
2vdm: I don't know why K3C is getting treated so badly, but have topped up here recently and bought KGH, although I got the timing very wrong with the latter. However I expect the share price to recover when next results announced.
K3 Capital share price data is direct from the London Stock Exchange
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