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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Northern Bear Plc | NTBR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 54.50 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 54.50 | 54.50 | 54.50 | 54.50 | 54.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 18/07/2024 | Final | GBP | 0.02 | 29/08/2024 | 30/08/2024 | 25/09/2024 |
| 17/07/2023 | Interim | GBP | 0.02 | 22/02/2024 | 23/02/2024 | 15/03/2024 |
| 05/04/2023 | Special | GBP | 0.01 | 24/08/2023 | 25/08/2023 | 15/09/2023 |
| Top Posts |
|---|
Posted at 20/12/2024 04:05 by zangdook "no specifics" "no detail" "see where we go" - yes, that's exactly the problem. Would it kill them to say "we will not be declaring an interim dividend for the year ending March 2025" or "we will return to one dividend a year"?Instead we get "FY24 dividends were declared pre-tender offer"??? |
Posted at 19/12/2024 15:00 by rmillaree I want clarity about the dividend policy.its there in the annual update - they obviously arent pinning themsleves down to specifics though - so in that regard you wont get granular detail you would like . That should not be a problem just presume you will get one decent dividend after year end based on results (ikf things are good) and if you get something earlier treat that as a bonus. if the wheels fall of the bus in year then they will explain themselves so now guar seems every uncomplicated to me Our priority is to now invest, with a view to future growth and creation of shareholder value, through a combination of organic growth, strengthening our teams (including via new business ventures), and, in due course and where accretive, acquisitions. We are already considering new ventures for this year and investing in our people and facilities in order to drive organic growth within our building services businesses. We also recognise the importance of a regular dividend to the Company's shareholders. As a result, the Directors propose the payment of a final dividend of 2 pence per ordinary share. This would be payable on 25 September 2024, to shareholders on the register on 30 August 2024. This is subject to shareholder approval at the Annual General Meeting, to be held on 19 September 2024. Our intention is to continue with a progressive dividend policy, subject to the Group's relative performance and after taking into account the Group's available cash, working capital requirements, corporate opportunities, debt obligations and the macro-economic environment at the relevant time. |
Posted at 19/12/2024 14:24 by zangdook I want clarity about the dividend policy.After three whole years of thinking about it, Baryshnik changed the dividend policy from one dividend in August to two dividends, in September and March. That policy makes no more sense than anything else Baryshnik did. Now, in the first year after we finally got rid of him, they seem to have reverted to a one dividend policy, but they haven't explicitly said that. We don't know if there's an interim coming in March or not. We don't know what the policy is for future years. The brief mention of dividends in the presentation sounds like an attempt to explain what's going on, but as I said earlier it's incorrect and so it's impossible to infer any policy from it. In a normal company with a two dividend policy, there would have been something in the interims, either a dividend declaration or a statement that this year they won't be paying one because they'd rather repay debt (or whatever). Baryshnik's brilliant policy innovation was to wait until the year end and then declare the dividend for the whole year, but to pay it in two parts. Is that what they're still doing? We don't know. I'm not trying to make any comment about eps or dividend level. |
Posted at 19/12/2024 14:07 by aimwinner zangdookIn the presentation the say that they have paid off £500k of the loan early, that is a better use of cash at this stage. What sort of eps and dividend are you hoping for? |
Posted at 19/12/2024 13:30 by zangdook My concern was about the lack of clarity about dividend policy now they've finally got rid of Baryshnik.It's worth noting that the 5m shares they bought back are sitting in treasury. 1m of them will reappear via the options granted a couple of months ago. |
Posted at 19/12/2024 02:39 by zangdook The dividend policy is rather confused here, and the latest presentation doesn't help."FY24 dividends were declared pre-tender offer. We paid a final dividend of 2p per ordinary share in Sep 2024." No, The tender offer was November 2023 and the FY24 dividend was declared in July 2024. They used to pay one chunky dividend a year, in August following the March year end. Then Baryshnik came along and did his long-drawn-out review of dividend policy, the result of which after three years without dividends* was the very unsatisfactory policy announced in April 2023 of splitting the dividend in two and paying one half six months later; payments in September and March. Then in July 2024 after some waffle about how much they had borrowed to buy Baryshnik out they announced one 'final' dividend paid in September. The recent interims were very good but they said nothing about future dividends. They should either announce that they're cancelling Baryshnik's ridiculous policy of delaying half the dividend, and reverting permanently to one annual dividend in August/September, or say they want to stick with two dividends a year but behave like a normal company and announce the interim dividend with the interim results. As it is I can only assume we'll get nothing in March and something unpredictable in September. *three years without dividends thanks to Baryshnik: 2020 - covid 2021 - covid but we'll start again next year 2022 - no we won't pay a dividend although we have the money, because we're still carrying out Baryshnik's "review" |
Posted at 18/12/2024 12:20 by thebd11 There is now a presentation available on the website - |
Posted at 11/11/2024 13:45 by rmillaree obviously one additional item is employers NI increases - NTBR will deffo have extra costs there so to me the marekt may be factoring inm stuff before the company updates us?per stocky current year eps figures have dropped recently from 14.5p eps to 10p eps. Stocky should NOT be relied upon as being accurate and this is perhaps tardy update from July news ? eg if brokers updates had been withdrawn and stocky was stuck with outdated info in absence os formal estimates Current net profit is showing up as being excpected £1.38 mill this year - 1.55 mill next year and 1.62 from previous year. the comments below should have led us to perhaps expect lower numbers in 2025 so thats no shock to me - perhaps its just taken time for peoiple to realise earnings will likely be going backwards before going forwards. Many investors might simply move on rather than hang around for promises of beter things in 18 months time. To be fair to then board tehy have not give me any reason to worry about long term prospects. Hopefully they are being cautious and upfront as to where they are. Perhaps there is reason to hope they might actually deliver better than expected later on so- they wouldnt dampen expectations to aid with sharae options beiong ranted now would they (tongue in cheek comment) Perhaps the main danger here is that peak earnings have passed if costs are going up and they cant easily get increased pricing from potential customers - everyone should be in the same boat though in that regard. per company at year end time We have made a satisfactory start to the FY25 and results to date have been in line with management expectations. That said, the new ventures referred to above will have a short-term impact on profitability due to investment in overheads (primarily people costs) expected to be c.£0.3 million in FY25. We are targeting that these ventures will be trading profitably and generating cash by the following financial year, ending 31 March 2026. In the event that they do not progress as planned, we have not made any long-term cost commitments. |
Posted at 30/8/2024 10:14 by rmillaree based on recent past and comments below i would be hopeful 4p per year might turn up (2p each 6 months for last 18 months). the reality is it will fully dependent on operating performance and available cash - on the basis 10p plus eps is expected 4p per year seems very do able.this is what they said last month - We also recognise the importance of a regular dividend to the Company's shareholders. As a result, the Directors propose the payment of a final dividend of 2 pence per ordinary share. This would be payable on 25 September 2024, to shareholders on the register on 30 August 2024. This is subject to shareholder approval at the Annual General Meeting, to be held on 19 September 2024. Our intention is to continue with a progressive dividend policy, subject to the Group's relative performance and after taking into account the Group's available cash, working capital requirements, corporate opportunities, debt obligations and the macro-economic environment at the relevant time. |
Posted at 17/7/2023 14:26 by patsc100 Update on #NTBR - Northern Bear from my side.Disclosure: I own shares I have been closely monitoring the activities of NTBR for a significant period, and it appears that Jeff is implementing the necessary measures to drive positive changes within the organization. I am of the opinion that his efforts will yield further improvements, and I do not anticipate him to acquire the business. This likely explains why he is maintaining ownership below the 30% threshold. While I agree with some shareholders that shareholder communication could be improved, I am confident that we will witness further improvements in the medium term. The research report on NTBR was an initial positive step in effectively communicating the undervaluation to the market. Presently, the valuation of this business is significantly underestimated, with a trading multiple of 5x profit and no debt, coupled with an additional 1.5x profit (equating to 3.2 million) in cash. In the interest of maintaining a margin of safety, I assume that all the cash will be required to fund working capital requirements. There remain untapped opportunities to enhance shareholder value, and I would like to propose a value creation plan going forward. One of the most crucial sections of the annual report is the "Strategy & Dividend" segment, wherein the board communicates its intention to deploy capital for organic growth (although the specifics are unclear) and acquisitions, while also returning a portion of capital via dividends. An issue we continue to encounter pertains to capital allocation. A1, due to its high capital intensity and lack of alignment with the construction-related group, is deemed a subpar business. Over the past 12 months, NTBR has invested 1.4 million pounds in capital expenditures. In the A1 companies house report, I see capital expenditures of 1.47m. Having analyzed similar construction-related enterprises, I believe that approximately >200,000 pounds would be the maximum amount required to fund the capex requirment of the construction businesses. In my view, NTBR should take the following steps: a) Dispose of the A1 forklift rental business, either through liquidation and asset sale or by finding an interested acquirer. This would decrease the company's capital intensity, mitigate risk, and enhance overall quality. Some napkin math - be cautious this is definitely wrong and misses the depreciation expenses and tax shield: It will reduce the operating profit by 240K, but also free up ca. ca 800k in cash-flow - after removing cash-inflow of 700k. b) Considering the current valuation, the optimal capital allocation approach would involve share buybacks. Unfortunately, Jeff cannot exceed the 30% ownership threshold, as doing so would necessitate a bid for the entire company. Nevertheless, NTBR could employ the proceeds to repurchase 15% of its shares without Jeff surpassing the 30% mark. Implementing a Dutch tender offer would be highly advantageous. This represents the most effective use of capital at this time, superior to dividends or reinvestments in the A1 business unit. While this would reduce the free float, it would actually enhance liquidity as legacy shareholders would have the opportunity to divest their shares, likely at a slight premium. c) The second-best option, following the repurchase of 15% of shares, would involve utilizing the capital to acquire complementary businesses and pursue a roll-up strategy. Multiples for roofing businesses and other construction-related enterprises typically range from 4-5x EBITDA, translating to returns of 15%-20% on invested capital. Given NTBR's current size, a more conservative approach would be advisable, targeting acquisitions at 3-4x EBITDA to maintain high returns. NTBR generated 2.1 million in the last twelve months. If they could reinvest that capital at a 20% rate, we would witness an earnings increase of 400,000 within a year. Although this would preclude receiving a dividend, it would be acceptable, as I am unable to reinvest my capital at such high rates. Consequently, we would possess ownership in a business trading at 5x earnings, experiencing earnings growth of 20% or more. d) further, I would like to see divestments of the non speciality construction businesses - Arcas. This is a low margin business mitigating some high construction related project risks. I am following this business further, but so far satisfied with the development. It's slow but it is progressing. It's a low % of my portfolio as of now, but I might add a few shares. |
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