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Share Name Share Symbol Market Type Share ISIN Share Description
Laird LSE:LRD London Ordinary Share GB00B1VNST91 ORD 28.125P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 199.90p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
199.90p 200.20p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 936.60 57.00 15.80 12.7 976.7

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Date Time Title Posts
28/6/201808:30Laird oversold2,357

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borromini1: Some people may be puzzled by the post offer share price for Laird being slightly but consistently higher than the offer price. CEO Tony Quinlan describes the offer as "fair value", is that fair to middling or fairly good for shareholders? Lets look at the calculations ... Profit x 15 years - Net Debt all divided by Number of Shares to give a Share Price. 2016 profit was 51.1m GBP now add 2017 cost savings of 10m GBP as part of increased profit and 6% reduction in net debt ... 67.3m profit x 15yrs - 164.4m net debt / 488m shares = 1.73 GBP That's about where the share price should be without the offer. So what does the 2017 trading results tell us? What is the offer premium over a fair share price as indicated by the 2017 results? 2.00/1.73 = 15.6% So we have an offer that represents a 15.6% premium over a fair value for the company based on 2017 delivered performance, hardly impressive, the current offer is decidedly fair to middling while grabbing a big discount on the substantial future growth in the connected vehicles division. That's why the current share price is above the offer, no self respecting institutional investor would accept such a fair to middling offer after sticking with the company over recent years. And that is why the offer was announced at the same time as the 2017 results, thereby removing the possibility of the share price jumping and showing up the low offer of 200p for what it is ... a big discount on expected future growth.
broadwood: ELECTRONICS ENGINEER BUYOUT Another British technology engineer looks destined to leave the stock market after management of Laird (LRD) agreed a £1bn takeover by private equity firm Advent International. The UK electronics designer and manufacturer, which makes those shark fin antennae for BMW and others, is recommending that shareholders accept a 200p per share all cash offer. Laird also unveils 2017 full year results, although those numbers clearly take a back seat in light of the takeover offer. That’s a 73% premium to last night’s 115.9p close, sparking a share price surge to 202.4p on Thursday, possibly implying a small possibility that a rival buyer could yet emerge. Laird, one of Shares running Great Ideas at 118.7p, last saw its shares trade this high before its damaging profit warning and cash crunch back in October 2016
124asd: You never know we could get a higher offer. The market seems to think so... This just goes to show how crooked the stock market is. I feel for those who bailed out when the share price was falling but good luck to those who held their nerve.
borromini1: Another example of failing to recognise the value of a company, the share price should have been at 160p plus before anyone started making buyout offers.
124asd: I do agree ugandalad as I think Laird has a bright future but I happen to think on the same lines as value that Laird is being set up for a takeover. I can understand a small drop in the share price due to the exchange rate but this has been over done.
borromini1: Lets look at the calculations for 2017 ... Profit x no. of years - Net Debt all divided by Number of Shares to give a Share Price. Lets be pessimistic ... Let's say a low P/E ratio of 13 and no net debt reduction and profit below analyst forecast at 60m. 60m profit x 13yrs - 175m / 488m = 1.24 GBP Where are we now, oh dear it's 116p, stroll on 1 March.
eastbourne1982: I've been tempted to buy these for a while but have held off, they look great on paper however the price is getting dragged down which is a concern, when the US dollar was much stronger against the pound these should have been a lot higher, once the pound started rising Laird was likely to fall back, the problem is the share price has been dropping from a low start point which has been unfortunate. Surely an update will come soon.
grahamburn: Conversely too many updates encourage short-term price fluctuations - as well as short-term decision making amongst company executives with a weather-eye to the share price. That was partly the reason why the requirement for trading updates was relaxed. Far better to make announcements as and when significant changes in expectations or activity deem it necessary rather than to a fixed cycle. IMO half yearly/yearly figures give a much better indication to "investors" about a company rather than continual commentary (which pleases "traders"), tempered of course by necessary announcements as noted above.
borromini1: Lets look at the calculations ... Profit x 15 years - Net Debt all divided by Number of Shares to give a Share Price. Last years profit was 50m GBP now add this years cost savings of 10m GBP ... 60m profit x 15yrs - 175m / 488m = 1.485 GBP That's about where the share price is now. So what will the Q3 trading update tell us next Friday. Where will the profit forecast go? 65m profit x 15yrs - 175m / 488m = 1.639 GBP or 70m profit x 15yrs - 175m / 488m = 1.793 GBP Now consider the typical weighting of more profit generation in the second half. First half profits increased by 40% over the previous year to 24.1m. Take the ratio between profits in H2 to H1 2016 and apply it to H2 to H1 2017. (50/16.4 x 24.1) x 15yrs - 175m / 488m = 1.90 GBP While these are reductive calculations they give a range for where the share price will go. Take your pick.
bakunin: DR_SMITH When LRD goes X-Rights, your rights are tradable. Anybody can buy them. The rights give you the right to buy at 85p. If LRD is trading at around 180p on XR day, the share price will drop to circa 135p. The initial value of the rights will, therefore, be 135-85= 50p The price of the rights will fluctuate with the share price, but the share price could be expected to be stable during the XR period. If you have your shares in a nominee a/c, the default option will be not to take up the rights. Keep in mind that stock markets are rigged. The stockbroker that I mentioned gives its nominees next to no time to elect to take up rights, deliberately. If you're on a business trip when the letter arrives, you miss out. They will not take instructions outside of their administrative set-up. If a good portion of the rights are not being taken up (the stockbrokers running nominee accounts will know this), in my view they manipulate the share price down in the last few days of the XR period, thus lowering the price of the rights. Those rights not taken up can then be snapped up in the final minutes of trading or in the auction or whatever ensues afterwards. If the stockbroker in question has a wealth management division, it is easy to see how they stand to benefit from inside knowledge and making it difficult for nominees to take up rights. It all assumes, of course, that the share price goes back up after the XR period. In my experience, more often than not it does, especially with companies like LRD that have a long track record of stable and growing operating performance. After all, there is a reason for raising equity finance: in this case to put it on a solid financial footing for its operations.
Laird share price data is direct from the London Stock Exchange
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