Prime Focus Share Discussion Threads

[tara7] 12/7/2011 13:40

No i do not have a link, but 35% of the revenue PFO India gets, comes from London.

Now London has just made around £3M in the first half so could make 6M for the year. Little or no tax = they could invest £5M this year.

[stemis] 12/7/2011 13:25

So are you saying that the London facility refered to in my post 81 above is actually being built by Prime Focus London plc for £5m? If so, do you have a link for that?

[tara7] 12/7/2011 12:56

Prime focus London is what it says, Prime focus India owns 59% of prime focus London.

London is valued on a pe of 2 but makes a third of Indias T/O and profits.!!

Prime focus India is loaded with debt, PFO London [after the film rights sale may now have none.!!

[tara7] 12/7/2011 12:52

Yes it does, Intanangibles are gone [and were worthless] now we have cash.

Also note £5M is being spent in London out of cashflow.!!

Yet you get the lot for just £8M.!!

Thats nuts,!!

[stemis] 12/7/2011 12:47

Namit Malhotra, managing director, Prime Focus, said on an analyst call, "Three facilities are being built in New York, London and Mohali. So there will be fairly significant amount of capex for that."

The facility in New York will be a post-production set up while the London one would be a visual effects facility. These facilities will be operational within the next 3-4 months. In Mohali the company is looking to expand the existing unit.

Nishant Fadia, CFO, Prime Focus, told DNA Money, "The new Mohali facility will be for 2D to 3D conversions. While New York facility will not be very capital intensive, we envisage the London and Mohali facilities to take up a large part of the capital expenditure."

So is the Prime Focus London facility part of Prime Focus London plc or is it in competition or what?

[stemis] 12/7/2011 12:45

I've been looking at the accounts. The state

Net debt decreased from £4,384,879 at 30 September 2009 to £2,738,866 at 30 September 2010 and gearing has consequently reduced from 53.13% to 27.82%

How do they get these numbers???
Cash 781,787
Borrowings 7,649,606
HP creditors 2,327,609
They also say

During the year ended March 31 2010 the Group entered into a global content distribution agreement in respect of 50 Hindi language films. The fair value of consideration paid by the Group for access to these rights was £9.055m.

The Company has, after the date of these interim results (in January 2011), sold these rights to a wholly owned subsidiary of the parent group - Prime Focus Motion Pictures Limited for equivalent value in cash consideration. These rights have been disclosed in the Consolidated Balance Sheet as at 30th September 2010 under Intangible Assets.

So does that mean intangibles down by £9.055m and cash up by £9.055m.

That would make TNAV about £9.6 million and net borrowings (on my calculation) about £1.7 million? Market cap is £8.5 million.

[tara7] 11/7/2011 11:27

Do you think a bid from India could be on the way.?

[lufc5] 11/7/2011 11:23

Had to ForK that pityful amount. lol

[tara7] 11/7/2011 11:20

Up today on small buying.

[tara7] 10/7/2011 22:04

When you help make blockbusters like this, They want you back.!!

Last weekend, Michael Bay's Transformers: Dark of the Moon broke Fourth-of-July records, wowed audiences around the world to the tune of nearly $400 million and posted the best opening weekend of the year thus far. This weekend was another winner for the sci-fi popcorn action flick with a $47 million gross against a modest 52% drop and north of $260 million in North America dollars. Overseas the film earned $93 million this weekend with a $384 million international total to date and a whopping $645 million worldwide after just two weekends of release. IMAX is also killing it for Transformers 3 with $4.7 million for the North American weekend and a total to date domestically of $21.5 million to date

[tara7] 10/7/2011 21:52

Prime Focus employs almost 3,500 people with state-of-the-art facilities throughout the key markets of North America, the UK and India. Using its 'World sourcing' business model, Prime Focus provides a network that combines global cost advantages, resources and talent pool with strong relationships and a deep understanding of the local markets.

[tara7] 09/7/2011 22:32

The above, is 3 years old and since then profit has jumped to £2.7~M for just the half year.!

Today the PE of prime Focus India is around 10, its 2 in the UK.!!

[tara7] 09/7/2011 22:29

From a broker in India putting a value on Prime Focus London.!!

Value of PF UK not in the price.
We have used sum-of-parts to value PF • PE-based valuation for PF India, which is still in the hyper growth mode • DCF-based valuation for PF UK, which can be deemed to be relatively steady state. We believe PF's current price does not factor in PF UK, which we currently value at Rs103 per share. Adjusting for the same, the stock is trading at an attractive PE of 12x FY08E and 8x FY09E. PE-based valuation of PF India: As PF does not have a long listed track record and is an emerging business, we have chosen to value it only on one-year forward earnings for now. We have assigned a target PE of 20x, considering the following positives• Market leadership in Indian ET/ETS sector • High 40% earnings CAGR FY07-09 • Room for significant earnings upside from PF UK • Cash-rich, zero net-debt company • Core RoE (excluding investments in PF UK) at 19.5% for FY08E and 25% for FY09E • Estimated payout of at least 20% from FY08. At 20x FY08E EPS of Rs22, our fair value for core PF India works out to Rs440 per share. DCF-based valuation for PF UK: We have assumed very low positive swing in PF UK's performance. Even in the terminal year FY17, our DCF model factors in negative EBIT for the company. However, cash flow remains strongly positive due to aggressive depreciation policy. Considering PF India's 55% claim on PF UK's cash flows, our one-year forward value works out to Rs115 per share.
PF UK - Rs115 based on DCF PF India - Rs440 @20x FY08E EPS

[tara7] 09/7/2011 16:33

End of the week Will see the next Harry potter Film again made in part by PFO.

We have been told they are also working on the 3 best selling films EVER 2D to 3D.

On a p e of two.!!

[tara7] 08/7/2011 16:10

Looks like over hang has gone, so fun about to start 60% held by PFO india, other big holders have around 20% .

PE of two.!

[horndean eagle] 08/7/2011 15:58

Seller has temporarily stepped aside. Only 500 shares on offer now compared to 50k earlier today. Obviously a huge overhang which is going unreported as the shares are tightly held and therefore a large holder is selling without informing the market. Once this supply of stock goes it will be very difficult to get on board without the shares moving very sharply higher.

[tara7] 08/7/2011 15:37

Level two now 3 V 1 so next move could be soon.

[ashtree2] 08/7/2011 15:32

I had the same trouble on wed but managed to buy online yesterday the same day there was a seller.good luck

[tara7] 08/7/2011 15:29

What do you mean divi, on line ?

[divinausa1] 08/7/2011 15:26

tried to buy to double my holdings but cant buy any at the moment

[smarm] 08/7/2011 11:44

Div - I hear you but if US doesn't take it up I wonder what will happen. DVD's were meant to be replaced by Blu-Ray but the low take-up scuppered that idea.

I have just bought a 3D TV...so I'm in. Yes, it could be start of a viewing revolution....we shall see.

[tara7] 08/7/2011 08:52

Transformers 3 set to pass $500M this weekend.

Stock on the move up as investors see the PFO share price in London is way out of line with India.

[tara7] 08/7/2011 06:27

From a man "in the know"

Speaking at today's 3D TV Masters event at BAFTA, London, Chris Johns, Chief Engineer of Broadcast Strategy from Sky, said that eventually 3D will be the prime viewing choice in the home followed by HD with SD slowly losing ground.

[tara7] 08/7/2011 05:16

Growth:

Prime Focus is a truly global company," said Sapiano. "Our business isn't limited by geographical borders, and my move is a good example of how we can share our talent and expertise around the network as required. The Commercials offering in London has grown hugely due to the hard work we have put into it over the last three years, and we fully intend to repeat that success in Mumbai. My move demonstrates just how committed we are to the WorldSourcing business model that lies at the very heart of Prime Focus."