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Share Name Share Symbol Market Type Share ISIN Share Description
Northamber Plc LSE:NAR London Ordinary Share GB00B2Q99X01 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.50 -4.46% 53.50 1,860 11:53:51
Bid Price Offer Price High Price Low Price Open Price
50.00 57.00 56.00 53.50 56.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 50.33 -0.60 -2.17 15
Last Trade Time Trade Type Trade Size Trade Price Currency
11:51:57 O 1,503 55.22 GBX

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Date Time Title Posts
25/3/202019:13Northamber Total Distribution160
18/8/201512:39Northamber(NAR)-An early Christmas Gift?Ј1 coins for 80p+Ј1 worth of stock free281
30/10/201411:08*** Northamber ***5
06/3/201016:30NORTHAMBER Plc>>THE LATEST INFORMATION162
02/10/200612:37NAR - down and down4

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10:51:5855.221,503829.96O
09:36:5255.90357199.56O
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Northamber (NAR) Top Chat Posts

DateSubject
30/3/2020
09:20
Northamber Daily Update: Northamber Plc is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker NAR. The last closing price for Northamber was 56p.
Northamber Plc has a 4 week average price of 53.50p and a 12 week average price of 52.30p.
The 1 year high share price is 71.50p while the 1 year low share price is currently 27.50p.
There are currently 28,158,735 shares in issue and the average daily traded volume is 17,038 shares. The market capitalisation of Northamber Plc is £15,064,923.23.
17/2/2020
22:55
spob: Simon Thompson Investors Chronicle Bargain shares for 2020 7 February 2020 Https://www.investorschronicle.co.uk/shares/2020/02/06/bargain-shares-for-2020/ Northamber Aim: Share price: 53p (6 Feb 2020) Bid-offer spread: 51-55p Market value: £14.5m Website: northamber.com Founded four decades ago by late chairman David Phillips, Northamber(NAR) is widely recognised as the largest UK-owned trade-only distributor within the IT equipment industry. The business has more than 100 strategic alliances with the industry's leading manufacturers and distributes a comprehensive range of electronic products to provide solutions for the IT and communications needs of small and medium-sized enterprises (SMEs). Northamber is not directly involved with the ultimate users of the products it sells, rather it acts as a hub through which manufacturers provide products to resellers for sale to the ultimate end user. As a result it has to develop strategies with both suppliers and resellers to satisfy the needs of the ultimate users of the products. The strategy is to assess their requirements, source quality products and services from reliable brand-named manufacturers, and make them available to resellers at the best prices in the most efficient time frame. Moreover, with an ever-changing product range coming onto the market, the company needs to seek out fresh new products that will prove attractive to end users. The company operates from its head office in Chessington, Surrey which is home to more than 50 sales and customer support staff and teams working in purchasing, credit service, commercial web and marketing. The IT products are held in an 80,000 sq ft warehouse in Weybridge, which has more than 7,500 pallet bays and 13 loading bays, enabling Northamber to deliver 98.9 per cent of orders the next working day. However, it’s a cut-throat industry, one reason why Northamber has failed to report a profit in any one of the past seven financial years, racking up cumulative pre-tax losses of £6.4m on aggregate revenue of £433m since 30 June 2012. Given this dire performance, and the fact that 85 per cent of the 27.333m shares are held by the top five shareholders, it’s hardly surprising that the shares have underperformed, falling from a dot.com peak of 255p two decades ago. In fact, until last summer the share price was trading around its 2009 bear market low of 28p. Despite the chronic underperformance, and a poor operational track record, there are reasons to believe that the share price move since last summer’s lows is the real deal rather than another false dawn. Reasons for optimism Firstly, in the annual results released at the end of last year, acting chairman Geoff Walters made the important point that the planned exit from low-margin and commoditised products is starting to pay off. Gross margin increased from 8.4 per cent in the first half of the financial year to 8.8 per cent on 7 per cent higher six-monthly revenue of £26.1m in the second half. This has been helped by the expansion of audio-visual solutions products. Indeed, increasing profitable product ranges helped drive a reduction in the six-monthly pre-tax loss from £353,000 to £245,000. Also, one reason for the loss is that a supplier of a new product breached its contract with Northamber, which led to lost sales and contribution. Northamber swiftly took action against the supplier and a related party, which has resulted in an interim award judgement of £431,000 plus costs in its favour. Secondly, the company has a cash-rich balance sheet and one that has been boosted significantly following the £16.4m cash sale (post the 30 June 2019 financial year-end) of the aforementioned Weybridge facility. The property was purchased by Northamber for £6.35m in April 2012 and is valued in the company’s accounts at £6m. This means that Northamber’s cash pile will have soared more than fivefold to £19.8m when the sale completed, a significant sum in relation to the company’s market capitalisation of £14.5m and its last reported NAV of £16.6m. Admittedly, Northamber has agreed to pay rent of £175,000 to the vendor of the Weybridge property for the next two years as part of the sale agreement, but it has also recently acquired a 51,000 sq ft freehold warehouse on a two-acre site in Swindon for £3.2m and one that meets the company’s current requirements. It is much closer to its courier partner, too. I would flag up that Northamber holds one other unencumbered freehold property which has a book value of £1.8m and is conservatively valued in the accounts. The point being that even if you ignore the £5m value of these two unencumbered freehold properties, I reckon Northamber’s pro-forma current assets of £29.5m are four times higher than its last reported current liabilities of £7.4m, so the company’s working capital position is incredibly strong and offers investors the “margin of safety” that Ben Graham was looking for. Furthermore, net current assets of £22.1m are 1.5 times the company’s market capitalisation of £14.5m. Factor in the value of the freehold properties and I estimate a live NAV of £26.6m, or 97p a share. That’s almost double the current share price. Thirdly, with the benefits of a cash rich balance sheet, Northamber completed earlier this week the £2.1m acquisition of audio-visual distributor Audio Visual Materials (AVM), a company that reported a pre-tax profit of £300,000 in its 2018 financial year. Northamber’s directors feel the business will help expand its own audio visual segment and drive higher growth for IT and audio visual resellers in certain key areas including professional displays, video conferencing, and room booking systems. After taking into account the improvement in Northamber’s trading results, the contribution from AVM certainly supports a move back towards operating profitability for the enlarged entity. The bottom line Northamber is a debt free company which will have £14.5m of cash once the Swindon warehouse purchase completes, will own two unencumbered freehold properties that are conservatively worth £5m and perhaps significantly more on the open market, and is trading in line with cash even though the business is showing signs of improvement and earlier this week completed the AVM earnings’ accretive acquisition. Also, there is a possibility that Northamber could itself become a target after founder and 63 per cent shareholder Mr Phillips passed away in December at the age of 74. He is survived by his wife, son Alexander (who has a director role at the company) and daughter. Please note that although the shares are tightly held – excluding the top five shareholders there are only 4.1m shares in issue – it’s possible to trade in bargain sizes well in excess of the London Stock Exchange normal market size of 1,000 shares. Indeed, in the past month trades of up to 25,000 shares have passed through the market between the official bid-offer spread. Bargain buy.
13/12/2019
14:05
cjohn: Arthur_Lame_Stocks 7 Dec '19 - 12:27 - 133 of 135 0 0 0 With the death of David Phillips the share price has actually gone up. There must be a few punters out there who believe the company will finally come to its senses and wind up and return the cash to shareholders. Instead, they spend 3.2m on a freehold warehouse. https://www.investegate.co.uk/northamber-plc--nar-/rns/purchase-of-warehouse-facility/201912131100038242W/
07/12/2019
12:27
arthur_lame_stocks: With the death of David Phillips the share price has actually gone up. There must be a few punters out there who believe the company will finally come to its senses and wind up and return the cash to shareholders.
12/10/2018
16:58
cjohn: From a point of view of capital allocation, it makes sense for the company to buy back its shares, which are trading well below intrinsic value on tangible asset grounds. Doing so, increases the discount to tangible asset yet further. But there's the rub: this is an asset play with a poor business - well-run, but in a declining and over-competitive sector - attached to it. Value could be realised for shareholders by realising that asset value. Sadly, it seems the director who counts is blind to that. Regarding Michael Chadwick: he's made the same calculation that anyone buying in here makes. The heavy tangible asset backing provides a backstop to the share price; a catalyst to upside may materialise. I'm a holder here; but only a tiny one. I'm currently sitting on a 1% loss.
18/8/2015
12:38
sleepy: Anyone any idea why share price has been rising?
12/3/2015
08:06
hybrasil: I have been a north amber shareholder for over 10 years. Its a long time but it is does look like my initial reasons for investing strong family shareholding serious asset backing were justified. Whether they are ever reflected in the share price????
24/9/2011
22:58
rainmaker: Hi M-As the shares are trading at less than book value,it makes a lot of sense for Northamber to buy back their own shares for cancellation as it boosts NAV, eps and cuts the cost of the dividend.It's also the most tax efficient way of returning value to shareholders.However we shouldn't forget that it also increases the Chairman's percentage holding as well, meaning that as the majority shareholder it will cost him less to take the Company private, should he wish to do so-I believe he's now past the retirement age so MBO is a stronger possibility. I'm personally not much of a conspiracy theorist and I generally take Peoples actions at face value.You know, I'm not looking for hidden meanings all the time. Nevertheless I'm beginning to wonder if the Chairman doesn't want a stronger share price since it will cost him more to take the Company private. I have a problem with his sincerity-on the one hand he remarks upon the large disparity between the share price(currently 56p) and net asset value of circa 89p yet the subsequent share buybacks seem token gestures.OK he recently bought back 100k at 57p but mostly they've been small purchases of 10k shares.When I last calculated working capital requirements at Northamber they were circa £8mln but with £10mln in the bank they could, and indeed should, have been far aggressive with buybacks. I take my Hat off to the Chairman and his fellow Directors because I think they have done a tremendous job under difficult circumstances-rising costs,product deflation, wafer thin margins and cut throat competition, bad debt risk through the recession etc but I've been a seller of the shares and I'm liquidating my positions. I don't see much upside for the shares (or downside for that matter)from current levels as the markets there're involved in are very difficult and the play on rising interest rates is a non runner since rates will probably not rise until 2014.The Northamber share price is some 50% up since I started this thread and has more than doubled since I first identified this Company as a good opportunity two years ago so it's a reasonable success. regards
21/9/2010
12:19
rainmaker: thanks OB- I remember your comments on another NAR thread.I don't think that a lack of sellers is a problem. A share buyback would have a dramatic effect on the NAR share price. Just look at the share price performance of similiarly thinly traded Character Group.Of course buy backs at less than net assets of 88.5p? currently would be in everyone's interest-since it would boost eps and nav, cut the dividend bill and be the tax efficient way NAR could return value to shareholders.The Company have already remarked on the large disparity between the current share price and net assets so there could be a problem with free float. I'm optimistic re Northamber share price short term as the Company is making money at an operating level and are experiencing a recovery in it's markets.It's current rating is so low that even a further modest pick up in business could easily send the share price 30/40p from current levels.Lack of capital expenditure will simply means it's cash pile will keep growing. I feel that short term competitive pressures will ease for reasons already mentioned. This share won't multibag I'm sure of that but I am confident there is a good profit to be made from current levels over the next six months. regards
06/3/2010
16:30
rainmaker: Just some further thoughts on Northamber(NAR). Somewhere on this BB, I've commented on this Company buying back it's own shares for cancellation.I've also noted that the market in it's shares is thin and remarked that it could have a dramatic effect on the share price if they continue to buy back their own shares. Well, there's another RNS yesterday- Friday 26 February stating that they bought a further 10,000 for cancellation.If you look at Character Group(CCT) for example,you will see they also been doing the same and you should also note the hugely positive effect it has had on their share price.They initially started buying shares at 84p and within weeks the share price reached 106p. Obviously I'm looking for a Northamber share price rise from current levels of 47p/52p, as Investors buy in anticipation or a realisation of a recovery in their markets. Northamber's Tangible Net Asset Value is 90p and cash is 46p a share. However it's important and pertinent to state that a Company buying back it's shares for cancellation is the most tax efficient way a Company can return money to shareholders-if they paid a special dividend then investors would have to pay tax. Furthermore as Northamber is trading below net asset value they will actually boost their net asset value per share and their earnings per share by taking this action so it is very much in shareholders (and that of the CEO who owns the majority of the shares) best interest for them to continue to so. The important yet simple point I'm making, is that the Northamber share price can go sharply higher short term without any signs of a recovery in the business simply by the Company purchasing further shares for cancellation. regards
27/2/2010
13:50
rainmaker: Just some further thoughts on Northamber(NAR). Somewhere on this BB, I've commented on this Company buying back it's own shares for cancellation.I've also noted that the market in it's shares is thin and remarked that it could have a dramatic effect on the share price if they continue to buy back their own shares. Well, there's another RNS yesterday- Friday 26 February stating that they bought a further 10,000 for cancellation.If you look at Character Group(CCT) for example,you will see they also been doing the same and you should also note the hugely positive effect it has had on their share price.They initially started buying shares at 84p and within weeks the share price reached 106p. Obviously I'm looking for a Northamber share price rise from current levels of 47p/52p, as Investors buy in anticipation or a realisation of a recovery in their markets. Northamber's Net Asset Value is 90p and cash is 46p a share. However it's important and pertinent to state that a Company buying back it's shares for cancellation is the most tax efficient way a Company can return money to shareholders-if they paid a special dividend then investors would have to pay tax. Furthermore as Northamber is trading below net asset value they will actually boost their net asset value per share and their earnings per share by taking this action so it is very much in shareholders (and that of the CEO who owns the majority of the shares) best interest for them to continue to so. The important yet simple point I'm making, is that the Northamber share price can go sharply higher short term without any signs of a recovery in the business simply by the Company purchasing further shares for cancellation. regards
Northamber share price data is direct from the London Stock Exchange
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