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NMCN Nmcn Plc

117.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nmcn Plc LSE:NMCN London Ordinary Share GB0006452857 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 117.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Nmcn Share Discussion Threads

Showing 351 to 374 of 625 messages
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older
DateSubjectAuthorDiscuss
04/10/2019
10:14
Not overly concerned here. Share price falling with the rest of the market and as usual underlying fundamentals not appreciated by the market (because the market cap is too low for analysts to do any serious work on it)

last years dividend 6p+12p=18p
this years dividend 9p+xx = ?? ususally the final is double the interim so maybe 18p, but we can all interpret how much extra the second half will be and make our own judgements.

9p+18p=27p which at 5% yield gives a share price of 540p which puts a floor on where we are now.
Or a more pessimistic 9p+15p=24p at 5% gives 480p.

Recent company buybacks



Which suggests they are happy to buy back at around this level, because buying back the share avoids them paying 5% in dividends which is unsurprising as they have £26m cash in the bank with no debt at the interims

Interims also show order book at £356m vs £320m at same time last year and we know from my posts in this thread they have won a number of contrats since then all of which are 5 year frameworks (some with options for further extension). We also know most of the frameworks won are in their prime area of expertise, water, which is where they generate the best and most consistent profits.

I can't see a reason for selling as their framework order book largely protects them from a negative Brexit but a positive outcome leaves them open to explore say more housing of which the current share as a percentage of turnover is tiny (I'd have to look it up but less than 1%?). Shareprice seems to ignore known growth from orders already won, but that's where we can have an edge as we have information market seems to be ignoring.

Sometimes people have to sell though, those in retirement mostly.

cc2014
04/10/2019
09:29
looking a bit sickly?
qs99
20/9/2019
06:58
More progress. I think Yorkshire Water is a new customer for them.
cc2014
18/9/2019
09:27
Go on, you know you want to...


I'm happy enough with NMCN right now. On a fundamentals basis, they continue to keep gaining work especially for new customers on the water side. This gives me a level of confidence as it's where they have always made money and clearly they a high level of expertise here.

From a trade flow point of view I'm also feeling comfortable. Whoever was selling has stopped some time ago. Indeed the sell volume has dried up completely. Whilst I'm sure there are those who will sell on the way up that's fine by me.

There seems to be a small trickle buyer too. 100 shares a day aren't going to make much difference but they are buys nonetheless.

cc2014
18/9/2019
08:22
Thinking of jumping back on the bus. Looking good for another run at some point now the dust seems to have settled.
dround87
27/8/2019
07:07
Another 5 year contract in their area of expertise. The long term order book of NMCN continues to grow.
cc2014
22/8/2019
08:40
Fair points CC2014

I certainly see NMCN as an excellent investment but, as with many smaller companies, get rather frustrated by the lack of liquidity and wide dealing spreads!

jaf111
22/8/2019
08:36
Out of interest I've taken a look at liquidity over time.

For the 3 months from May-Jul 2019 the average monthly volume was 56,370
For the 3 months from May-Jul 2015 the average monthly volume was 28,057

But the difference is much larger in pound notes

For the 3 months from May-Jul 2019 the average monthly turnover was £332,776
For the 3 months from May-Jul 2015 the average monthly turnover was £38,261


The increasing success of the company (higher turnover, higher profits, higher dividend all leading to higher market capitilisation) all lead to greater awareness and will continue to improve liquidity and narrow the spread.


As an aside NMCN recognise the issue. The paid for research from Progressive Equity is a signficant move. I'm sure it's not the only thing they will be doing to improve liquidity

cc2014
22/8/2019
07:20
Still to be convinced on the merits of share buybacks....certainly the theory makes sense but in reality it doesn't always work. And in NMCN's case I do fear that any significant buyback will further reduce liquidity, which isn't great now!
jaf111
22/8/2019
07:11
I guess that indicates a floor under the share price around here.

With no debt it makes sense financially to buy back shares as it reduces the cost of capital in the long run.

cc2014
22/8/2019
06:41
well you have the 10k answer....
jaf111
21/8/2019
13:57
hmm. Someone picked up 10k shares at a decent price. I'm inclined to think someone doesn't buy £54k worth without good reason.
cc2014
16/8/2019
11:15
Nice non-exec buy from Mike Holt. 2000 shares doesn't seem that heavy but he's spending most of his non-exec fees on NMCN shares. Can't say fairer than that.
cc2014
15/8/2019
15:05
It's been a terrible few days on FTSE and 9p of the drop today is XD.
cc2014
15/8/2019
14:22
And yet it drifts even more.....again, IMO this could below £5 become a takeover target. DYOR
qs99
09/8/2019
13:17
Unlike Kinwah, I thought the interim results and statement were good. NMCN management are clearly adopting the principle of 'under promise and over deliver'. The Progressive research report( presumably fed by management )a while back set the bar quite low. The trend all seems positive despite some well publicised issues affecting all UK centric companies. What's not to like about a 2019 P/E of under 10 and a 4.3 per cent yield? In my opinion that represents good longer term value.
networker
09/8/2019
08:37
A couple of articles.



Which points out just how conservative their initial coverage was. See the dividend...



Which I can't read as it's subscriber only but I imagine the jist is that he's complaining that main contractors directly employing their own labour and thus buying their own materials come out badly under the metric as they pay wholesalers on the dot on 60 days (which has been the norm for as at least 40 years, maybe forever) whereas contractors who sub-contract this all out come out much better, which of course is perverse and would appear to penalise those who control their own labour force and offer employment on projects to local employees.

cc2014
09/8/2019
08:00
I'm more surprised anyone is buying the shares. A good dividend increase but otherwise pretty much inline with the research note. They are obviously not chasing turnover and are being cautious ahead of Brexit. As a family company they aren't that motivated to drive the share price higher and can get their reward from a probable 18p final dividend. A strong hold.
kinwah
08/8/2019
09:19
Topped up this morning. Cracking results. Amazed that some people have sold.
eclair
08/8/2019
08:38
Agree. Cracking results this morning but very muted share price reaction. Thought the bb postings were non-existent until I discovered this board.....hadn't picked up that a new one was set up on change of name so I've just caught up on several months of posts!
impvesta
08/8/2019
08:18
Yes agreed - share price reaction disappointing!
jaf111
08/8/2019
08:10
Good morning. I am somewhat disappointed with the share price reaction this morning as I write. I guess this probably reflects the general state of the markets at the moment.

All the metrics are looking good. Revenue and profits rising strongly, huge amounts of cash at £26m with no debt and no pension fund deficit and some of the excess cash being used to fund their move into housing where we know margins are much better.

I am more than pleased with the dividend increase. 9p for the half year and 12p last year for the final. It's hard to say how much they will raise the final but 15p seems not unreasonable and conservative too. 24p dividend at a price of 555p a shares gives a dividend yield of 4.3%. That's about right for me. I don't like to see companies paying out too much in dividends as I'd rather see them investing in their future which is what NMCN are doing particuarly in their people, their brand and how they target work on long term frameworks.

The company once again mentions a potential slowdown in water as the AMP frameworks cross over. This is one of the things that frustrates me about this country. The water companies are obliged to spend the money over the AMP investment cycle, yet do not sufficiently plan such that this happens smoothly. The work will get done regardless as the water companies have agreed their investment plans over the cycle with the regulator so why mess around? Perhaps the unfortunate situation at Whaley Bridge shows the costs of not spending investment capital at the eariest opportunity. Nothing I write on this will make any difference though. We've had this delay at previous AMP handovers and NMCN plan for it notwithstanding how frustrating that must be.

As usual not much for me to do but sit back and wait. The order book is up again and the Board commit to an increased margin for the second half of the year. That half billion turnover is starting to look not so far away now as well. I'm not so pleased with the share price reaction but I am pleased with the results. I am in the fortunate position of being able to be patient and in the long term improving EPS, NAV and dividend yield will force the share price up.

cc2014
08/8/2019
07:33
Why is the spread so wide?
rigbyf
08/8/2019
06:56
Very happy lovely 50% dividend increase
battlebus2
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older

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