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KGH Knights Group Holdings Plc

-0.60 (-0.62%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Knights Group Holdings Plc LSE:KGH London Ordinary Share GB00BFYF6298 ORD 0.2P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.60 -0.62% 96.40 110,829 16:35:28
Bid Price Offer Price High Price Low Price Open Price
94.20 96.40 94.40 94.20 94.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Legal Services 143.43M 7.94M 0.0926 10.17 80.84M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:57:43 O 422 96.13 GBX

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Date Time Title Posts
29/11/202309:37Knights Group Holdings PLC705

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Posted at 02/12/2023 08:20 by Knights Daily Update
Knights Group Holdings Plc is listed in the Legal Services sector of the London Stock Exchange with ticker KGH. The last closing price for Knights was 97p.
Knights currently has 85,813,976 shares in issue. The market capitalisation of Knights is £80,836,765.
Knights has a price to earnings ratio (PE ratio) of 10.17.
This morning KGH shares opened at 94.40p
Posted at 23/11/2023 12:27 by smackeraim
Strange - same big prints as yesterday and look like cancelled trades (minus on one) .. same price same amounts
Posted at 22/11/2023 21:49 by pandaball
Well said Florence. I fully agree. My view is that this is the last moment to buy <£1. I think the pre 2021 price is from a different market and strategy… but that is 4x where we are. Getting to 2x is not only achievable, but entirely obvious on current conditions.
Posted at 21/11/2023 10:12 by hopeful holder
Do you think we could get back to pre 2021 share price levels or have I missed a huge dilution somewhere?
Posted at 21/11/2023 09:31 by florence141414
The only logical reason I can find to explain the selling is that we have quite a few funds with ownership just below 3%.

They have faced a lot of redemptions in the last couple of years and may well be forced sellers at any price taking advantage of the liquidity on days like today. But we won’t know for sure as they have no obligation to declare their sales.
Posted at 21/11/2023 09:26 by florence141414
I’ve tried all ends up to find something in the numbers that makes the company’s adjusted PBT figures look farcical to explain the absurdly cheap valuation.

But I just can’t find anything. Share based payments are not unreasonably dilutive, deferred consideration for acquisitions is fine as they seem to acquire well enough, amortisation of acquired intangibles is a legit deduction, increased interest costs (not that they are adjusted out anyway) are more or less offset by interest earned on client funds…

Whatever way I slice it I come to the conclusion that if they stopped acquiring tomorrow, and had no significant downturn in trading from current operations, they would make 15-20m of genuine cash flows in the 12 months thereafter.
Posted at 20/11/2023 15:36 by trader465
Indeed, I expect a run towards 150p.

At the AGM they said “The Board is pleased to report that the momentum that was starting to build at the end of FY23 has continued into the new financial year, as the Group continues to successfully execute its growth strategy”
Posted at 07/11/2023 20:13 by johndoe23
That said, share price performance here has been disappointing. Very low PE, nice divi. Is it just a case of large sellers still at play? Or am I missing something?
Posted at 04/10/2023 14:37 by riverman77
A lot of small cap funds will be having big redemptions and be forced sellers - when there is no one wanting to buy the share price will fall, sometimes quite sharply. Looks like Octopus and Wasatch have been selling fairly recently and sure there are others.
Posted at 13/7/2023 18:39 by mbdx7em21
been doing some further digging around and there is defo a disconnect between the fundamentals and the share price.
Posted at 10/7/2023 08:41 by craftyspeculator
market cap £56m plus £29m net debt for an enterprise value of £85m, versus net cash generated from operations of £20m = on a 4x multiple. Way too cheap. If they stopped doing acquisitions they would become a cash cow on a ridiculously low multiple. Net debt / underlying EBITDA is also under 1.0x so no concern there.

UK peers like Keystone, Gateley and DWF are rated at a multiple of this. Something has to give. Either the share price goes up, or David Beech buys it back. He sold 20% of his shares for £61m in 2021 and still owns 20%, so he could buy out the shares he doesn't own for less than the price he got for 20%. Genuinely think this is a possibility as 2023 progresses and the interest yield curve starts to flatten.
Knights share price data is direct from the London Stock Exchange

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