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Record Plc Share Discussion Threads
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On cash flow, I used the net cash flow numbers after working capital and taxes, which comes to £5.5m.|
|Trading update was fine. As has been for a few years, progress on new mandates is lumpy and there is always the risk of the odd loss as announced today and in the quarter. They do still have record AUM. Currency for return and dynamic hedging are the higher margin areas. If these took off then revenue growth would be very strong. With inflation taking off, one gets the feeling that forex markets could get more interesting. I'm happy to hold. Its a quality business.
As to the share price - 25p was a bargain. 50p and the price had probably got ahead of itself. Looks about right now.|
|Not sure where you get the price to cashflow? Last year's cashflow 7.5mm, Mkt cap 90mm, net cash 36mm. Gives an enterprise value to cashflow multiple of 7.|
|Record PLC announces a record $58.2bn but mentioned there was a mandated termination of $1.2bn.
Something to know about Record PLC; -
1. Management take home pay is equivalent 12% of total sales;
2. They also hold 50% of the company’s stock.
3. Cash balance accounts for 50% of total assets, that comes to £21m.
4. Business hasn’t grown due to financial regulation.
5. The share price was below 10 pence, now is 42 pence.
6.Despite managing more currency hedges for clients, revenue is only £20m. Compared that in 2011, it generates £28m in revenue, but manages $30bn.
It is possible that lower interest rate and bond rates are causing this.
The stock looks overvalued, as current valuation is close to six-year highs. Price to cash flow is at 18 times. And Earnings Yield of 5.8% means fundamentals have not caught up with market valuation. http://bit.ly/2ot2Mz1|
|trending well , 2 year high, lots of volume.
|To be margin is still good and everything seems on track. Dont see too much affect here.|
|Update was OK in my view. True there were some losses, but net flows exceeded that. The 6 clients were connected, so only really 1 mandate.
Profitability must be very strong given the US$ income effect.
As I have said before, its only a matter of time before Currency for Return products become attractive again. This will rocket when that happens.|
|"With forex fluctuations over the past year being quite dramatic, REC's service should be thriving"
Crazycoops - it's worth remembering that UK clients with passive hedges will have lost heavily on their hedges since Brexit, and might have preferred the currency volatility.|
|They never seem to be deliver over performance for their clients. Every trading update states that performance fees have been zero.|
|This bit was a red flag for me:
"Record had 64 clients at 31(st) December 2016 (30(th) September 2016: 61 clients). Since the end of the quarter, notice has been served to terminate mandates in respect of six associated Passive Hedging clients representing $0.7 billion AUME with effect from 30(th) January 2017, and also in respect of one Dynamic Hedging client representing $0.3 billion AUME, with timing to be determined."
With forex fluctuations over the past year being quite dramatic, REC's service should be thriving whereas they seem to be losing more clients than they are winning. Alas, I sold my small entry position first thing - good luck to those who continue to hold.|
|They've never struck me as being a dynamic bunch, this from the update sums it up:
"Such volatility and uncertainty in markets continues to provide opportunities for Record to discuss both its return-seeking and risk-reducing products with current and potential clients".
How about "sell" instead of "discuss".|
|All seems to be running smoothly.
|It was a few months ago and my brother uses the card which is good|
|When was it tipped in ice?|
|Think it's a good company but 17% profit in less than a month would buy again if goes down brought thanks to IC|
|Not sure what planet some of you guys are on. A £4m profit on £11m of turnover is a great business. AUM are increasing, as are customer numbers. Faster growth would be nice, but they are doing pretty well. Dynamic hedging and currency for return (both higher margin products) will come back at some point and that will be a game changer. Very happy to hold and add more on weakness.|
|It's hard to think of a better currency environment ion which to attract new business though and there's a clear reluctance to distribute that cash.|
|Robey2 you've summed up my thoughts exactly. I personally want this share price to tank in the short term!|
|Same old same old is good enough for me! The results this morning look reasonable on all fronts.
Revenues, client numbers and AUME are all up and margins are maintained and the products are performing well across the board. Earnings are flat at 1.33p per share; the divi is maintained at 0.825p per share. Earnings are solid, the dividend yield is high but the real buzz here is the 35m of excess capital they have on the balance sheet, that’s 16p a share. They have indicated that special dividends are likely so it’s a hold for me.
We’ll see what the market makes of it all when it opens. The share price has come a long way in the past quarter , up 30% ish, so it may take a hit but my feeling is the special divs will start to flow this financial year so I’ll be adding on weakness.
|Same old, same old.
It does seem that they're not winning new business in this environment. Over half their revenue is from just 5 clients - the incentive payments carry on at the same high level and I can't work out how all the staff here fill their days.
The cash keeps piling up and talk of special dividends continues but again no action.
Brexit and potential regulatory changes (collateral requirements) next year could be negative.|
|Not sure what do to if this does get to 35 or more tomorrow lets see what the dividend is and what they say as don't want to see the gain all go in a few months time|
|So ,we are up 9% today, massive volume,ahead of the interims tmw. Seems like the figures will be good and some insider traders are now on board.Either that, or everybody has read my comment about it looking like a stock that's worth more like 35p rather than 25p . I doubt it it though.
It's all rigged.
|Have done well so far only held a few weeks hope for good results end f the week|
|i have brought in to this company today given the market its in and the strong B/S plus good dividend yield|