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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Nahl Group Plc | NAH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.25 | -1.63% | 75.50 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 78.00 | 78.00 | 78.00 | 75.50 | 76.75 |
| Industry Sector |
|---|
| HEALTH CARE EQUIPMENT & SERVICES |
| Top Posts |
|---|
Posted at 20/10/2023 12:10 by massimoj On current trading, Bush & Co is likely worth c.£40m, so NAHL is in the category of companies that could realistically return close to its current market cap to investors over the next 12 months. This market really is a goldmine of hidden treasures |
Posted at 22/3/2023 17:57 by grahamg8 Mr Market seems to think these are decent results, and I agree.But what a truly awful RNS. Don't the Directors talk to each other and decide what subject each is going to cover? All of them seem obsessed with the NAL part of the business, and yet it represents just a small part of Consumer Legal Services. Should we equate 34905 enquiries with 8760 claims allocated to NAL? Or are enquiries and claims different animals? What proportion of new claims being processed go to JV Companies, I haven't a clue? How much cash is being generated from the JV's, haven't a clue? Where is the, oh so simple table, Revenue, Operating Profits, this year (last year) vs Consumer Services NAL, JV, Critical Care, (the Bush part and the other bit if it exists or is it all Bush now, haven't a clue), Residential Property, Any other revenue earning part of the business if they exist, Central Expenses. Results reports are supposed to inform investors and potential investors of the overall performance of a business. These seem to go out of their way to hide what is really going on. |
Posted at 22/12/2021 22:21 by bully15 I can appreciate it has been a difficult business to stick with given the results over the past few years. I’m a fairly new investor in the company but I do think the business is on a positive path. I would definitely recommend going back over the past few years reports, interims and presentations (particularly the most recent investor presentation) to try to reassess the future outlook and earnings power of the legal business 2-3 years from now, most of the info you are looking for can be pieced together from available info, but you’re right that it is not clearly laid out by management. In general I think you will find that a combination of large amounts of capital being invested into developing NAL as well as minority payments to their JV firms is a large part of why the profits you talk about haven’t materialised yet, but as they faze out the JV partnerships completely and now that the capital investment into NAL is now complete, once the book matures from 2023 onwards and the law firm works up to max, the results will come through in the Income statement as much more cash is thrown off. Sorry for the long message, I don’t normally post on these boards but I thought it might be useful to offer a different perspective on their legal business which I feel is misunderstood, over Bush which is usually the main focus in discussions I see. Good luck and all the best |
Posted at 22/12/2021 17:57 by bully15 I personally think the focus around Bush within NAHL is misplaced. Bush is as Mills said a solid business, but the main underlying / hidden value of NAHL is its legal division, specifically National accident law it’s wholly owned law firm. The management team did a good job in their recent investor presentation of outlining the journey it’s legal division has been on over the past few years and will go on over the next 2-3 years as it moves away from being a lead producer for a panel of firms to a leading fully integrated law firm for RTA and Non RTA cases. The role of Bush and its vale to NAHL has been as a way to help fund that growth.The breakdown in leads produced by NAHL is 25% RTA ( the lower value leads post reform) 50% Non RTA (the main part of the business, higher value cases and unaffected by the reforms) 25% specialist claims (these are passed on as cannot be processed in house) The company is now ramping up its wholly owned law form NAL, and will process roughly 50% of all the claims it receives now within their own law form for greater profits and revenue. In an average non COVID year the company takes about 55,000 leads, so roughly 22,500 will be processed in house. Of those around 45% will turn into an active claim (though not all will be successful). Revenue aside taking into account a mix of 50/50 RTA and non RTA claims, each successful claim is worth roughly £1000 processing profit (profit not revenue, after all costs except general overheads). That’s roughly £11.2 million in processing profit from National accident law, once other overheads are taken out they should be turning out £6m+ in operating profit from NAL. Then they are still going to sell on 50% of the leads to panel firms which they don’t process themselves (these are all higher value non RTA leads) typically this would generate an additional £1.8m in operating profit. So overall the legal division (not taking into account their conveyancing business) should be turning over c£8m in operating profit, once the transformation is complete. The question then is what sort of value should be ascribed to their legal business based on those numbers? My guess is it’s much more that the £15m mills talks about and I’d wager much more than the value of Bush. |
Posted at 20/7/2021 18:51 by al101uk Harwood are listed as a significant shareholder at 13.3% here...The Frenkel shares would take them to about the right level on that basis (6.1%). |
Posted at 04/6/2019 10:31 by someuwin Interesting to note that since I last posted the significant holders list in the header (28th Feb 2019) Lombard Odier has increased from 6.13% to 14.24%.Between them now Schroders and Lombard hold over 30% of the stock! Shows great confidence in the story here. |
Posted at 24/4/2019 15:13 by mr. t I've just come across NAH following a tip from basem1 on the RRE board.NAH looks good value from an earnings point of view, so I can see the attraction. However, cash flow is poor. In 2017 12.4m of operating profit turned into 2.8m of cash generated from operating activities. In 2018 the numbers were 10.0m and 4.5m respectively. Over two years, that's less than a third of operating profit turned into cash. Trade and other receivables has increased from 2.5 months of revenue in 2016 to 5 months of revenue in 2017 to 7 months of revenue in 2018. This is a bad trend, and a high overall number, which puts me off investing - unless there's a compelling explanation. I've seen the comments in the 2018 results on increasing receivables, but they don't give me comfort. What are other investors thoughts on the low cash conversion and increase in receivables? |
Posted at 15/4/2019 11:15 by someuwin finnCap last month...NAHL (NAH): Corp Profitable ABSs illustrate the potential NAHL has reported FY 2018 results in line with our forecasts (revised after a slower Q4). The transition towards the new, digitally enabled platform is progressing well and the Alternative Business Structures (ABSs – effectively the mid-way between the old and new model) are profitable. This validates the concept and the new 100% owned platform will launch in April 2019. Investors are being paid to wait during this transition phase with an FY 2019E dividend yield of 8.7%, and we continue to forecast net debt to peak in 2019 and a return to EPS and DPS growth in 2020. As the return from the new model drives increasing free cash flow we see very significant share price upside, with downside risk protected by the value of the growing Critical Care business. |
Posted at 11/9/2018 11:18 by basem1 And....unlike most private investors he will have performed due diligence tests and possibly spoken to the management too. |
Posted at 02/8/2018 16:47 by aleman London housing market is bottoming but rest of UK continues to weaken.We don't know why NAHL is in free-fall but lots of shares seem to be falling for no reason. Maybe investors are scared or short of cash and are just selling everything. |
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