Share Name Share Symbol Market Type Share ISIN Share Description
Ramsdens Holdings Plc LSE:RFX London Ordinary Share GB00BDR6V192 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -0.80% 186.50 52,062 08:16:31
Bid Price Offer Price High Price Low Price Open Price
185.00 188.00 187.00 186.50 187.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 46.79 6.49 16.70 11.2 58.0
Last Trade Time Trade Type Trade Size Trade Price Currency
16:08:05 O 1,100 187.94 GBX

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Date Time Title Posts
17/7/201920:54*** Ramsdens ***1,034
05/4/200715:36Where will this one stop.81

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Ramsdens Daily Update: Ramsdens Holdings Plc is listed in the General Financial sector of the London Stock Exchange with ticker RFX. The last closing price for Ramsdens was 188p.
Ramsdens Holdings Plc has a 4 week average price of 179.50p and a 12 week average price of 164.50p.
The 1 year high share price is 195p while the 1 year low share price is currently 147.50p.
There are currently 30,837,653 shares in issue and the average daily traded volume is 37,385 shares. The market capitalisation of Ramsdens Holdings Plc is £57,512,222.85.
rivaldo: Good, solid trading update in line with expectations (and that in a poor overall environment). Importantly there's growth in each of the four divisions. Plus the ICL acquisition is going well, and there's confidence going forward: Https://
igoe104: Tempted by the Provident Financial share price? I think these small-cap stocks are far better buys.
cf456: Confirmation that City Financial has left the building: hTTps:// Without the overhang in play, the price should be free to start moving back up.
cf456: Huge volume yesterday and if that is the overhang cleared then there could be a good move up from here. Simon Thompson certainly reckons the shares are a buy with 50% upside: "I would also flag up that Ramsdens’ balance sheet is cash rich with proforma net funds likely to be around £9.3m post the acquisition, a sum worth 30p a share. This cash pile not only provides ample firepower for the management team to cherry pick further earnings accretive bolt-on purchases, but also means that Ramsdens’ double digit earnings growth is being valued on a cash-adjusted forward price/earnings (PE) ratio of 7.4. Add to that a prospective dividend yield of 4.6 per cent, and I see 50 per cent share price upside, having included the shares in my 2019 Bargain Share Portfolio at just below the current offer price. Buy." hTTps://
pillion: This day, good volume & healthy rise in share price
igoe104: Simon Thompson take. Ramsdens’ smart bolt-on acquisition Middlesbrough-based Ramsdens (RFX:170p), a diversified financial services company whose main activities encompass foreign currency exchange, retail jewellery, pawnbroking and a precious metals buying and selling service, has acquired 18 stores trading as The Money Shop for £1.5m in cash. The acquired stores are primarily located in the North West of England and Scotland and will be rebranded as Ramsdens over the coming weeks. The acquisition boosts Ramsdens' presence in the UK market to over 150 stores. Chief executive Peter Kenyon believes there is significant potential to build upon the company’s existing foreign exchange proposition in these new stores, to improve their performance through the expertise of the Ramsdens’ shrewd management team, and to enhance their growth potential by introducing its growing jewellery retail offering into the majority of the acquired stores. The bolt-on deal is also earnings enhancing as it will add around £600,000 to operating profits in the financial year to end 31 March 2020. Analysts at Liberum Capital now expect pre-tax profits and EPS to both increase by 11 per cent to £7.3m and 18.9p, respectively, to support a payout of 7.8p a share in the 2019-20 financial year. I would also flag up that Ramsdens’ balance sheet is cash rich with proforma net funds likely to be around £9.3m post the acquisition, a sum worth 30p a share. This cash pile not only provides ample firepower for the management team to cherry pick further earnings accretive bolt-on purchases, but also means that Ramsdens’ double digit earnings growth is being valued on a cash-adjusted forward price/earnings (PE) ratio of 7.4. Add to that a prospective dividend yield of 4.6 per cent, and I see 50 per cent share price upside, having included the shares in my 2019 Bargain Share Portfolio at just below the current offer price. Buy.2
igoe104: Ramsdens’ on track for record profits Simon Thompson In late summer I noted that the profit taking in Aim-traded shares of Middlesbrough-based Ramsdens (RFX:172p), a diversified financial services company, was overdone ('Ramsdens' profit-taking offers buying opportunity’, 14 Aug 2018). A pre-close trading update released ahead of half-year results on Wednesday 28 November 2018 has justified that call. The directors have confirmed that trading is in line with house broker Liberum Capital’s forecasts, which point towards Ramsden delivering growth on last year’s record performance. Analysts are maintaining their full-year pre-tax profits and EPS estimates of £6.5m and 17p, respectively, for the 12 months to the end of March 2019, representing 4 per cent earnings growth. The risk to estimates is mitigated given that Ramsden has a seasonal bias (over three-quarters of profits are earned in the first half of the financial year). A key take for me is that the company’s high-margin jewellery retail business continues to prosper. Having lifted revenues by more than a third to £8m in the 2018 financial year and hiked gross profit by a quarter to £4.1m, the division has delivered double-digit sales growth in the latest six-month trading period. This underpins expectations of near 20 per cent revenue growth from the operation for the full year, helped in part by a store expansion programme that will add 12 new units to the chain. The five stores opened in the first half are all trading ahead of expectations. The strategy of refreshing shop fronts and investing in higher-quality stock is clearly paying off as is exploiting cross-selling opportunities across Ramsdens 800,000 strong customer base. Pawnbroking activities account for a quarter of gross profit, and are a reliable source of income. The company lends around £6.4m to its 34,000 customers, so pledges are small, which diversifies lending risk, but returns are high. Ramsdens earned interest income of £7m from its loan book last year, and in their update the directors highlighted “good performances from pawnbroking, other financial services and previous metal buying segments”. True, the hottest summer in UK since 1976 dampened demand for the company’s foreign currency business. However, the fact that Ramsdens is still on track to deliver another record profit performance shows the benefit of having multiple revenue streams and the upside from its store expansion strategy. This is being woefully undervalued as the shares are rated on a cash-adjusted PE ratio of 7.5, offer a prospective dividend yield of 4.1 per cent, and an enterprise value of 4.8 times likely cash profits for the 12 months to the end of March 2019, or less than six times operating profit forecasts. That's value in my book. Clearly, fund managers at Downing who run the Downing Strategic Micro-Cap Investment Trust are of the same opinion, having just raised their shareholding to 15 per cent. So, having initiated coverage at 132p post-IPO ('A jewel in the north', 12 Jun 2017), after which the share price hit a record high of 215p in January this year, I feel that a return to that high water mark is warranted. Buy.
shanklin: I suspect RFX is a decently run company but I am concerned by: - the staycation trend persisting as reflected in the share price of companies such as OTB and TCG, and hitting RFX's FX business - the declining gold price. Hence sold my RFX shares a few days ago, at a manageable loss. I hope for all continuing holders that I am proved wrong.
igoe104: IC Comment. Ramsdens upgrades yet again Simon Thompson Middlesbrough-based Ramsdens (RFX:197p), a diversified and fast-growing financial services company, joined London’s junior market early last year, and has been posting a series of earnings beats ever since. To put the upgrade cycle into perspective, when I suggested buying the shares, at 132p ('A jewel in the north', 12 Jun 2017), analyst Justin Bates at Liberum Capital predicted the company would deliver pre-tax profit of £4.8m and EPS of 12.6p in the financial year to the end of March 2018. He subsequently upgraded his estimates twice last autumn to £6.23m and 16.2p, respectively. In the event, Ramsdens increased pre-tax profit by 56 per cent to £6.31m and delivered EPS of 16.4p, up from £4m and 10.1p in the 2017 financial year. The fivefold rise in the payout to 6.6p a share was better than I had expected and is supported by a bumper operating cash inflow of £5.5m, which boosted closing net funds by a third to £12.7m, a sum worth 41p a share. This provides the directors ample capital to finance a planned store roll-out programme of 10 new stores this year at an average cash cost of £220,000 each. A 30-month payback period for their investment highlights the high returns to be made. The cash pile also offers firepower for the directors to make small bolt-on acquisitions on the pawnbroking side of the business, with a view to cross-selling Ramsdens' full product range in the acquired businesses. It makes sense to do so in light of the success the company is enjoying. Specific profit drivers A key driver behind this stellar organic growth story has been the company’s highly competitive foreign currency arm, which exchanged £483m-worth of currency, up from £408m in the previous financial year, for 687,000 retail customers. Total commission rose by more than a quarter to £11.3m to account for 40 per cent of the company’s total gross profit of £28.3m, partly reflecting the 13 per cent growth in transactions but also a focus on margin pricing, with Ramsdens increasing its cut from 2.2 per cent to 2.33 per cent per transaction. There was also a strong contribution from the company’s pawnbroking operation, which has 34,000 customers and raised its loan book by 8 per cent to £6.4m. Interest income increased at even faster rate, up 14 per cent to £7m to account for 25 per cent of Ramsdens’ gross profits, reflecting higher lending on jewellery. The company has been able to do so because it has been scaling up its jewellery retail operations by cross-selling to its 800,000 customers through the 131 store network and increasing its online presence. The jewellery retail business increased revenues by more than a third to £8m and lifted gross profits by a quarter to £4.1m. Value on offer Admittedly, investors are cottoning onto the ongoing growth story, which is why the company’s share price is up 46 per cent in the past year. However, there is still value on offer as net of cash on the balance sheet the shares are still only rated on nine times Liberum’s conservative looking upgraded EPS estimates of 17p for the new financial year. They also offer a prospective dividend yield of 3.6 per cent based on a payout of 7.1p a share. So, having last advised buying the shares at 185p ahead of the full-year results (‘Riding earnings momentum, 16 April 2018), I feel a new target of 225p a share is warranted to value the equity at £69.5m and give the company an enterprise value of £56m net of cash, or seven times annual cash profits. Moreover, even if my target is achieved it still represents a ratings discount to rival H&T (HAT:351p), which is rated on eight times this year’s likely cash profits to enterprise value. I included H&T, at 289p, in my 2017 Bargain Shares Portfolio, since when the board have paid out total dividends of 15.8p, and have a 400p target based on a 2018 cash profit multiple of nine times (‘Bargain Shares: Beating the market Part II’, 14 Mar 2018). With scope for the ratings discount to its larger rival to narrow, and the company making a good start to the new financial year, Ramsden’s shares rate a buy.
glasshalfull: Unsurprisingly, we all retain different investment strategies. I’m holding on to my RFX, believing it will grow substantially in the months & years ahead. I’ve no idea where the share price will be tomorrow or a months time so no interest in trading the share. In other words, a long term buy and hold from 120p. There will of course be bumps along the way but I’d hazard that the company will continue to grow over the next few years and of course should that occur then the share price will take care of itself...while offering a decent dividend yield meantime. So bottom drawer for me in absence of news to the contrary...and perhaps a top-up if the share price comes back further. Kind regards GHF
Ramsdens share price data is direct from the London Stock Exchange
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