Nmcn Share Discussion Threads

[qs99] 28/3/2019 08:59

I did once to a PLC and they agreed and moved forward their payment date. I won't say who it was, but more shareholders should beg the question! They are merely holding cash, they have committed to pay shareholders, for a bit longer.

[deanowls] 28/3/2019 08:56

Why not go and ask every company that? Vodafone is about three months. I’m sure there are some checks and process to follow along with running a company.

[qs99] 28/3/2019 08:35

AND, one question for management, why the F does it take from XD 2nd May, following approval in APril at AGM for the dividend to then be paid out 3 weeks later on 24th May? Didn't realise transferring money took that long? It should be paid out within a week of going xd no?

[qs99] 28/3/2019 08:32

I know it is tightly held, but is this not a slight over-reaction to what are not overly bad results? DYOR

[qs99] 28/3/2019 08:28

Would be good to see a new broker update on how much is "net cash" and what they are now forecasting going forward.

Makes me wonder (still) that if some bigger player offered say £100m, they would be able to use the cash, improve trading contracts, take c.£2m out from directors pay, probably a decent amount of synergy cost savings and revenue upside??? Probably could offer a shed load more IMO?

Likewise, don't directors share options 2020 vest 100 % if PBT hits 24.25m? So there is a decent target for a year or so time (market looking ahead etc)....DYOR, but what would EBITDA be on that number and with growth multiple etc etc.....

DYOR on all the above

[jaf111] 28/3/2019 08:23

I agree there is a lot to like here but remain frustrated by the legacy stuff and the general lack of clarity in the report

[qs99] 28/3/2019 08:18

I think legacy is them still trying to recover significant sums, so the provision is for costs no? and y/e Dec 18 so best to chuck it all in there?

Net cash is amazing, great controls IMO

11X historic earnings and near 3% yield now is brilliant, long may that continue and will IMO attract income funds

90% 2019 revenues contracted is pretty neat sitting in March. IMO.

Cash position is awesome, although a decent chunk will be contract related rather than "free" cash no? but a 300% increase in divi reflects confidence IMO.

sort telecoms out and get building houses motoring (shame not more about that?) and why should NMCN not be chucking out £20m EBITDA?

DYOR

[jaf111] 28/3/2019 07:56

Not pleased to see this esp since they said last year that they had fully provided for this one final legacy contract

"Legacy Contract costs (see below) accounted for GBP0.51 million of non-recurring costs in the period (2017: GBP1.44 million)."

[cc2014] 28/3/2019 07:45

So, what do we make of the results?

Margin came in at 1.77% on an underlying basis, but at 2.3% if you include non-underlying items. (The company continues to report a higher amount including non-underlying as they keep finding unexpected good news!). The 1.77% fitted exactly with the directors forecast of 1.7%-1.8%.

"The Group is currently prudently forecasting to achieve a progressive net return on revenues of circa 2% for 2019." I interpret this to mean they've got 2% in the bag but at this early stage of the year aren't ready to commit to more. Given their major loss making contract is due to expire in April 2019 on which they were losing £2.8m a year , this seems extremely prudent. Given April 2019 is 4 days away shortly either the losses will be stemmed or a guess the contract will be renegotiated.

To be honest I was hoping for a statement of around 2.25% margin, but perhaps I was being greedy. As long as it's going in the right direction and there is clarity of it's delivery I'm happy.

Cash - £33m cash blew my mind. I didn't see that coming. So, they have a huge cash pile amounts to half their market cap. Very happy to sit in this trade and see what they do with it.

Dividend. 12p for the second half making 18p in total. This exceeded my expectations and I assume set's out a definite increase for the half year to 9p but probably more.

[dround87] 27/3/2019 20:10

Good luck tommorow everyone

[qs99] 25/3/2019 09:29

Indeed. Maybe all square ahead of results this week is a result!

[dround87] 22/3/2019 18:48

Avoided the red today which is more than I can say for the rest of my portfolio. Relatively speaking looking strong!

[qs99] 22/3/2019 12:07

Indeed. And more cash in bank and house building being further developed

[jaf111] 22/3/2019 12:00

Certainly looking forward to the results....key for me will be the outlook statement with continued progress on net margins - am hoping to hear target for the current year of between 2.0 and 2.5%!

[qs99] 22/3/2019 11:29

Hopefully get a run in to results next week.... good weekends all and fingers xd NmCN surprise on the upside next week!

[dround87] 20/3/2019 21:31

Nasty business in Westminster. We don't need this around results day!

[cc2014] 20/3/2019 15:13

I found the 75 family homes of value. Another step to NMCN diversifying into house-building, where we know there is lots of margin at the right point in the cycle.

[qs99] 19/3/2019 16:27

book....through £7....

[cc2014] 19/3/2019 15:26

btw - just look at the contractors on Lot1. They aren't your run of the mill construction companies. They are the heavyweights in the industry. NMCN are and have been for a long time punching above their weight here which has something to do with their philosophy over building long term relationships that work.

[qs99] 19/3/2019 15:25

Thanks CC2014 as ever mate, good info and views. Roll on 28th see what unfolds

[deanowls] 19/3/2019 14:44

They have won a place on another framework deal today if you check their twitter feed.

[dround87] 18/3/2019 19:09

Yep. Feeling brave? Thank the lord brexit isn't happening the day after anymore. I was worried about that.

[battlebus2] 18/3/2019 17:49

Results are Thursday 28th of March.

[qs99] 18/3/2019 13:45

hi cc2014, can't quite see the link, is it from NMCN website in which case I'l'l take a look? Thanks

[cc2014] 18/3/2019 13:44

2025 Positive Impact Vision

Lovely jubbely