Kier Share Discussion Threads

[minerve 2] 07/5/2019 09:15

He will not be missed by this shareholder. Plenty of better competence available and he was starting to appear a little disingenuous IMO.

[marksp2011] 07/5/2019 08:11

So farewell bev Drew. The FD who was confused between Debt and assets

[qs99] 01/5/2019 12:07

Personally have bought back into NMCN which appears IMO to have "turned" following seller now out and company just bought shares and director and xd this week....DYOR

[muckshifter] 01/5/2019 12:04

No Minerve, I'm not invested in Sirius, but I find the project very interesting. I've always openly stated that I expect to seriously consider a Sirius share purchase when I'm confident that the first deep shaft has passed through the Bunter Sandstone aquifer, and before the announcement that they have hit the polyhalite. But that is a long way away, and the current finance raising exercise is proving as difficult as I thought it would - that's the first serious obstacle, with the shaft sinking being the second.

[minerve 2] 01/5/2019 11:51

Interesting post muckshifter.

I agree, accountants have been given too much power and dominance. Because of their origins they struggle to see the benefit of all the intangibles in a company but where they can see cost. The end result is long-term shareholder erosion. Experience just being one example.

I notice you on the Sirius Minerals thread. Are you invested there and what do you think of their prospects? I know nothing of this sector but the companies mining of Polyhalite has piqued my interest.

[muckshifter] 01/5/2019 11:43

Kier are a company I used to know well with friends working for them in many parts of the world, so their decline is dissapointing.

In the early 1980s Kier was basically an amalgamation of two quite complementary companies, W&C French and JL Kier. French had very successful local area offices in the South East, also built lots of major civils projects in roads, dams, airports, sea defence etc, and also were very strong in Africa / Seychelles in both building and civils. Kier were very strong in major structural work such as power stations, sea outfalls etc in both UK & overseas , with some smaller local works in their home area, and both a localised presence in such as the Carribean / Central America and JVs on big civils anywhere in the world. At that time they were, and had always been, run and dominated by Civil Engineers. The members of the board in those days understood the link between risk and profit well, and were always cautious with profit declaration, with next years profit already secured during the current year iirc, and fairly consistently achieved 5% pre tax. This began to change during the 80s when a chap called Frettsome became CEO and decided to adopt much more of an area office small works approach, losing most of the big project staff in the process.

Since then, the company seems to me to have been more and more controlled by accountants, with the last real major civils CEO probably being John Dodds.

So, the company has ended up competing with local building, civil engineering and services contractors, imo, with lots of local offices and a big HQ function and hungry shareholders which the local contractors that Kier now compete with, do not have to support. I believe that Kier’s average contract size is now something like £11m, which is well within mid sized local contractors area of competence. Because of those changes I just can’t see Kier getting back to levels of profit they used to achieve.

[danny baker] 29/4/2019 09:20

Kier are enjoying an up day today. I've taken some modest profits to reduce my exposure. It looks cheap but Woodford and Standard Life together have well over 30% and haven't much scope for increasing while on the downside the shorters are still active. I think I'd rather buy GFRD at £5 for the bounce.

[newbank] 26/4/2019 21:49

Review due to complete July. Only approx 10 weeks away.

Hope this then starts its recover back up to double figures :)

[porsche1945] 26/4/2019 13:42

Like a Maccy D. Luvin it, wheeee down it goes.

[updowntrader] 26/4/2019 13:40

itcm1 - looks like you're wearing your best shorts today! You talk absolute rubbish.
I'm blocking out the haters!

[ltcm1] 26/4/2019 12:45

Minerve 2 how can you be so sure about Kier when any profit or loss on activity is dependant on raw matieral, labour costs and their ability to perform complex work without error and contractual dispute?

You only need look at the Spurs stadium for an example of how a £400m build out can esculate to £800m plus.

Housebuilders are currently enjoying a 20-25% margin on build cost whereas Kier are operating on 3%. I know it's stating the obvious but there is no margin of safety here to cushion against downside risk.

[volsung] 24/4/2019 12:29

This is a very smelly share. Yuck. I don’t want it.

[zicopele] 24/4/2019 12:08

It is not pretty if you are long.

Wonder how this strategic review will go.

[ltcm1] 24/4/2019 11:52

A pile of rubble more like!

[minerve 2] 24/4/2019 11:09

Good for you, find anything of interest? Pubic hairs for example?

[zicopele] 24/4/2019 10:45

Beginning to probe the downside.

[minerve 2] 23/4/2019 22:31

I don't care. Go and tell your drinking mates.

[gettingrichslow] 23/4/2019 21:27

It triggered my stop on results day Porky - hardly lost anything!

[minerve 2] 23/4/2019 20:36

"Only had about £60k of PLUS. Small fry."

It is now! LOL

[gettingrichslow] 23/4/2019 18:52

Never owned PURP. Only had about £60k of PLUS. Small fry.

[minerve 2] 23/4/2019 18:41

He certainly wouldn't buy PURP or PLUS, that is for sure. ;)

[gettingrichslow] 23/4/2019 18:38

Has Buffett bought Kier?
ROFLMAO!