Rbg Share Discussion Threads

[euclid5] 03/9/2018 21:05

Extract from Cenkos BN today:

Alternative billing upside: The firm undertakes some cases where an element of fee
is contingent upon the case’s success. This can produce more lucrative returns versus non-contingent billing. Our forecasts do not include any success elements. Should any of current contingent cases conclude positively, this would present upside to forecasts, with no further costs attributable (ie 100% margin)

Forecast growth: We expect growth in revenue per fee earner (£310K in FY17A) and
per partner (£753K) to drive revenues to £24.1m by FY20E on modest recruitment.
This reflects the hourglass model further bedding in, also witnessed in adj EBITDA
margins exceeding 33%, ahead of many of Rosenblatt’s legal peers.

 Valuation – fair value at 127p p/s: Rosenblatt currently trades on an ex-cash market cap of 12.7x FY18E earnings. Our peer comparison and DCF valuations returned an average indicative equity value of £101.4m, equivalent to 127p p/s (21% upside).


In comparison to fellow listed peers in the UK legal sector (see p31 for further details), Rosenblatt demonstrates far superior margins at both the EBITDA and net margin level. It also exhibits organic revenue and adj EBITDA growth on a par or exceeding these peers. This is despite certain peers executing a consolidation strategy post IPO, such as Gordon Dadds, which has completed five acquisitions to date following its listing.

[blondviking] 23/8/2018 13:19

Some really large buys gone through so can't be all bad. Interesting times ahead.

[quepassa] 23/8/2018 11:24

In my opinion only, I always raise my eyebrows when a Board Member and top director resigns for "personal reasons" at such very short notice without a reasonable hand-over period, and especially when they were so recently joined the Firm in January 2018.

ALL IMO. DYOR.
QP

[slopsjon2] 23/8/2018 09:45

CFO resigning a couple of weeks before interims is either bad timing or there is something wrong.

[dahhad] 23/8/2018 09:30

Those board changes went down well!

[quepassa] 11/7/2018 18:32

Overpriced at IPO.

Looks to me it has every chance of going sub 100p. Soon.

AS I suggested before, the potential share overhang is not to be underestimated.


ALL IMO. DYOR.
QP

[gswredland] 25/6/2018 15:01

Wish I knew!

[lewiscarey] 25/6/2018 14:21

What's the drop all about?!

[5chipper] 21/6/2018 21:52

Good chance to buy a few more imo

[blondviking] 21/6/2018 12:33

Any reason for fall today?

Another law firm floated yesterday ANX

[martywidget] 18/6/2018 10:48

Windfall for partners in law firm’s £1bn flotation
£10m payday as DWF plans biggest legal float ever



Statement regarding potential IPO



Friday 15 June 2018 5:14pm
DWF latest law firm to catch flotation bug with £1bn IPO

[5chipper] 12/6/2018 08:14

Topped up on the current share price weakness

[martywidget] 05/6/2018 16:22

Knights joins UK law firms heading to the stock market
Regional group is fifth in UK to list as partnership model begins to look outdated

A fifth UK law firm is to float on the London Stock Exchange as signs grow that momentum for IPOs is building in a sector that has clung to a partnership model for centuries.




Knights Professional Services Ltd
04 June 2018
Intention to Float
Released 07:00 04-Jun-2018

[pireric] 04/6/2018 10:29

True, but at least they have some very vague basis for it.

Easy to make money when your very presence boosts the share price by 5% and when your sells lead to similar drops.

No reason for him not to post trades live, but he doesn't

[gswredland] 04/6/2018 10:22

So do analysts

[pireric] 04/6/2018 09:56

He seemingly just plucks targets out of thin air!

[martywidget] 04/6/2018 08:49

So, from his blog/website the Naked Trader bought 5000 shares at a price of 115.90 on 18/05/2018

Target 170
Stop 96

[gswredland] 31/5/2018 13:54

Just bought in - some heavy buying coming in by pi's
Fingers crossed that this will be as profitable as my BUR shares!

[rolo7] 26/5/2018 22:50

The naked trader = Robbie burns Google it

[njl53] 26/5/2018 21:40

Kevph - who is Robbie Burns - is his comment online somewhere?? Thank you

[5chipper] 25/5/2018 14:27

Stonking :)

[kevph] 24/5/2018 16:34

Tipped by Robbie Burns this afternoon. Has nudged it up nicely.

[martywidget] 23/5/2018 09:23

In case no one saw this the other week [Nicola Foulston] on Sky:

Published on 8 May 2018
The Chief Executive of law firm Rosenblatt speaks to Sky’s Ian King as the company’s shares traded on the Alternative Investment Market on Tuesday.

It’s become the fourth law firm to float on the London Stock Exchange, and Nicola Foulston wants to take advantage of the “fragmented market.”