Northbridge Industrial S... Share Discussion Threads

[0rb1t] 17/5/2013 09:14

Britain is world's leading exporter of power generators



I didn't know this. Hopefully all those customers come to Northbridge for their Loadbanks and Transformers;)

[topvest] 12/5/2013 19:44

Just pointing out that all of LFIs and WSEs strategic investments are on significantly below average valuations for some reason. NBI is no different. I purchased all of my holding at an average of about 130p. I think a "fair exit" for half my holding is 450p and so will not be tempted to sell any before they are well above £4. I think WSE sold a tad early, but they have already been criticised quite severely for not taking a profit on some of their investments and so I suspect that this has come to play or they have found another strategic investment that needs funding. In any case, for them, selling less than 10% is probably quite prudent as they have reduced their average cost down to quite a low level and maybe fancy a further nibble at Swallowfield.

[smithie6] 12/5/2013 18:30

at same time as 200k were sold.....96.188k and 125k were bought....
ie. the amount bought was higher than that sold...

ie. it looks like the buyer was a keen buyer
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BTW...from the recent accounts...
"and, having started 2013 with good levels of continuing contracted rental demand and product sales orders, we expect continued growth this year in line with market expectations."

and
Tasman Oil "Substantial new investment in drilling tools has proved successful and we start 2013 in great shape with a number of large contracts continuing into the first quarter. "
(one -ve factor being that the first quarter is only half of H1...so need some new contracts....but 'par for the course'...contracts starting and ending)

and Singapore section has won some contracts...and expected to be profitable this year
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ignoring the short term EPS and share price....
...the physical expansion and widening of product range and services...continues nicely imo....

[smithie6] 12/5/2013 18:25

..I guess that at the current share price of 360p-370p....the shares are perhaps fully/correctly priced at the moment.....with 24p reported EPS...and forecast EPS being higher....but hasnt yet arrived....

but who knows, if co. says that trading well or making an acqusition or some deal/news...the share price could easily go higher...
(long term holders are perhaps quite happy to just keep holding ...while some buyers from 230-300p range may be looking to sell to take quick profit...)

[smithie6] 12/5/2013 18:12

....one possibility perhaps for NBI is

if it achieves an EPS of 30-36p then it will show a solid increase in EPS, 24p for 2012....and finally breaking away from the 20p EPS range reported in last few years....

if reports 30p then it is 6p increase, 25%. P/E of ?...12 ?
if reports 36p then it is 12p increase, 50% increase. P/E of 15 ??

P/E will of course be affected by possible hoped for growth in EPS that could happen in 2014 as well.
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What % of NBI kit is currently out on hire ?....no idea !
( I think the accounts say that some contracts have ended....and some contracts have started !!)

[smithie6] 12/5/2013 17:53

BTW
I posted the sale of 200k on 9th May

imo I disagree with you that those 2 investing cos. having stakes in a share tends to depress the share price !!
the stake in Creston for example is only 5% of the total.....a holder of 5% does not direct the share price imo

I dont think that liquidity has been created......the volume traded by PIs in last week has been small imo

there have been a handful of large trades recently.....100k, 100k, 100k, 100k, 93k, 50k, 200k....and imo a number of smaller trades (quite a few valued 5k-10k pnds...big small trades !)
....the shares in the big trades have imo moved from holder 1 to holder 2. ...with no change in the liquidity imo.

A large % of NBI is held by institutions and holders of > 3%. Resulting in a certain level of illiquidity compared to similar cap. value shares where say 90% is held by PIs. (PIs are often hopping between shares..chasing a profit..often not a good idea...but creating liquidity)

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any opinions anyone on the likely EPS for H1 ....and what the corresponding P/E should be for such an EPS??

[topvest] 10/5/2013 19:37

Western Selection has sold 200,000 shares reducing their holding to 2m shares. Given that WSE or LFI having significant holdings in companies tends to depress the share price (take Creston or Finsbury Foods as an example), I think this is probably good news and creates a bit of liquidity.

[smithie6] 10/5/2013 14:28

you're too kind !

...I updated previous message by the way....with some new info...and deletion of one prediction....which was/is perhaps wrong)

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any opinions anyone on the likely EPS for H1 ....and what the corresponding P/E should be for such an EPS??

[alter ego] 10/5/2013 13:37

you're doing fine without my help, so many thanks

[smithie6] 10/5/2013 12:59

...surprisingly quiet here....

some RNSs and no discussion or posts...

[smithie6] 09/5/2013 14:10

hot off the press

"Director's dealings
The Group announces that on 8 May 2013 it received notification that on the same date Michael Dodson, a Non-executive Director of the Company, sold 100,000 shares of 10 pence each in the capital of the Company ("Ordinary Shares") at a price of 370 pence per Ordinary Share.

Following this transaction Michael Dodson now holds 89,250 Ordinary Shares which is 0.57% of the issued share capital of the Company"


(the 100k was a trade I pointed out a day or 2 ago
imo....someone picked up 50k of them.....which I think would have been arranged beforehand...a trade on the same afternoon)

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RNS on 23rd April reported that Mr Dodson had sold 100k shares to the chairman..

so
sold 200k recently.
leaving him with imo 91k shares...(still a fair amount of cash)
perhaps he is about to sell those as well....perhaps he is moving to pastures new or something ...we'll have to wait to see if any more news...
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no other dirs. selling as far as I can see...and chairman has increased by 200k incl. exercising options...and another dir. has exercised some options and not sold them

[topvest] 08/5/2013 18:58

Looking really good here now.

[smithie6] 08/5/2013 18:08

(updated post)

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for this fin.. year
Smithie6 EPS estimate 30-36p

(the 2 halves of 2012 were very different in terms of EPS....we don't know if 2013 will be the same. First half should be good since H2 was good and some contracts will be continuing.....the mkt will multiply H1 EPS by 2 (and perhaps get a highish number but that could be optimistic)

if achieve 32p then forward P/E of 12
if achieve 36p then P/E of around 10.3 at share price of 370p

(.8M-1M PBT increase. 24% tax, turns 1M PBT into 750k PAT, aprox.
15.6M shares
5p EPS increase....lines up with 32p estimate imo)

fair amount of extra work/rentals imo in order to achieve 32p, or 36p, since largish increase on previous year
and load bank sales need to at least maintain


Is there a higher broker EPS estimate that is stoking the share price this week ??...or tipsheet note ?


(EPS could be higher or lower depending on how much time the rental equipt. spends in the yard and how much time it spends rented out !)
(after the EPS for 6 months is reported then the range for the EPS for the year will be much better known)

I guess the recent quick rise in price is the mkt responding the large increase in predicted EPS with the EPS reported for the year just ended (24p)....(the mkt often likes growth stories). ...surprised me with the speed...perhaps in part since relatively illiquid share trading for the cap. size of the co.

or maybe some broker is buying for discretionary accounts (maybe after issuing a buy note !)

(and also responding to the good mood of markets generally in last 2 weeks)

[smithie6] 08/5/2013 15:47

100k sell just gone thru....

a biggie

perhaps there will be a matching buy....

(unless its a delayed trade...a buy...maybe it was Nurdin topping up !)

[smithie6] 08/5/2013 15:28

approx. 11k bt around 375p in last hour or so...over 3 trades
maybe 40k pnds worth....

sp looking strong today and yesterday...and over last week...
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(maybe for next year's accounts they could run an iron over their jackets before they take photos....jackets look like they've been sat on for a few hours !
and turn the contrast level down 90% !.....the extreme contrast makes the chairman look double his age....)

[nurdin] 08/5/2013 09:12

lovely...:o)

[0rb1t] 08/5/2013 08:58

Re-rating happening here quicker than I expected.

[0rb1t] 07/5/2013 11:28

Annual report now available on-line at:

[topvest] 05/5/2013 19:45

Interesting presentation. No acquisitions since December 2011, so would expect another deal this year at some point.

[smithie6] 05/5/2013 17:20

...I guess the likely P/E rating for NBI ...'if' it does achieve 30p EPS is one of the key questions...

I guess it will depend to a large degree on foreward looking statements etc