Knights Share Discussion Threads

[johndoe23] 07/12/2023 14:23

Looks like a few sell orders set at around 100p

[se81] 07/12/2023 14:16

yeah looks so close to moving up

I think the chart has enormous potential

[johndoe23] 07/12/2023 12:20

Yep, hopefully not too far away!

[0rient] 07/12/2023 12:02

About time we break 100p and stay above it..hopefully this time!!

[tradertrev] 29/11/2023 09:37

Have been keeping a close eye on these for some time. Very tempting particularly on the on-the-face-of-it very cheap valuation. Possibly am being too risk averse, but I am put off by the statutory profits being half the underlying, cashflow only neutral after all cash costs, continuing tail of acquisition costs and probable continuation of acquisitions, and all but £5m of £93m net assets being intangible. This to me represents a risky business profile, perception of which could change substantially for the better with greater confidence around the economic backdrop.

[smackeraim] 27/11/2023 09:35

Tr1 increase. Small but an increase nonetheless

[smackeraim] 23/11/2023 12:27

Strange - same big prints as yesterday and look like cancelled trades (minus on one) .. same price same amounts

[smackeraim] 22/11/2023 23:42

Probably- and what was probably stopping it moving. Clear now.

[pandaball] 22/11/2023 21:49

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.

[johndoe23] 22/11/2023 19:20

Presumably sells

[smackeraim] 22/11/2023 14:45

Couple of big prints there

[johndoe23] 21/11/2023 10:30

Only around 5% dilution since 2021

[hopeful holder] 21/11/2023 10:12

Do you think we could get back to pre 2021 share price levels or have I missed a huge dilution somewhere?

[smackeraim] 21/11/2023 09:40

If you go back a couple years a lot of the previous acquisitions involved shares as payment. They've gone for it as cash lately. Quite possible some of those dripping them out. It's still crazy value though.

[florence141414] 21/11/2023 09:31

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.

[florence141414] 21/11/2023 09:26

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.

[smackeraim] 21/11/2023 08:11

Going past £1.20 this time imo. It's stupidly low here.

[johndoe23] 21/11/2023 08:04

Good demand on level 2, no sell orders currently

[smackeraim] 21/11/2023 07:59

Good stuff again.

[johndoe23] 21/11/2023 07:46

Agree with both posts below! Scratching my head as to why the valuation is such a discount to peers. Should be 110-120p, at least.

[se81] 21/11/2023 07:32

Confident update- inline, margin expansion, return to organic growth and a lot of headroom against the new credit facility (although lets hope they don't feel the need to use the entire facility!)

[robsy2] 21/11/2023 07:21

Excellent TU. This looks way too cheap ,the 5 analysts consensus is a pt of 149p. The divi is 4% + the prospective PER for 2024 is under 5 and it is super cheap compared to GTLY which seems like a reasonable comparative.

[trader465] 20/11/2023 15:36

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”

[smackeraim] 20/11/2023 11:20

Should be interesting

[se81] 20/11/2023 08:55

Half year results tomorrow...

hxxps://www.knightsplc.com/company/investors/financial-calendar/