Share Name Share Symbol Market Type Share ISIN Share Description
Redde Northgate Plc LSE:NTG London Ordinary Share GB00B41H7391 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 250.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
249.00 250.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 745.47 60.41 38.60 6.5 333
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 250.00 GBX

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Date Time Title Posts
07/7/202107:49NTG: A turn around story!58
09/5/202008:54Northgate - Sales & Profits keep Growing332
14/8/200908:04Any one in to Northgate1

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Redde Northgate Daily Update: Redde Northgate Plc is listed in the Support Services sector of the London Stock Exchange with ticker NTG. The last closing price for Redde Northgate was 250p.
Redde Northgate Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 133,232,518 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Redde Northgate Plc is £333,081,295.
ttny2004: Sam66 - are you still out there? Are you still invested in NTG after REDD / NTG acquisition?
zangdook: Very strange - iWeb is showing the price as 105 and won't let me trade. Nearly gave me a heart attack.
tr200g: Sphere-that's a little wrong. Shorters have been very active since January, shorting NTG buying REDD and locking in the spread for an almost risk free trade (exc NTG getting bid for). This short will close when they settle the short with the new NTG stock I think the deal makes both companies less risky overall and looks pretty attractive. I've bought in post-deal
prokartace: Does anyone know the per share net debt figure in the combined company?
zangdook: So Redde shareholders got 0.3669 NTG per REDD share. NTG is trading at 265, which is just over 97p per old REDD share. But REDD was trading at 105 on Friday. NTG shareholders get an interim dividend in January and a final in September. REDD shareholders got dividends in March and September. So this year, original NTG holders will get both dividends, but REDD holders will get only one. I can't avoid the feeling that the management have no respect at all for shareholders.
cwa1: 14 February 2020 RECOMMED ALL-SHARE MERGER OF NORTHGATE PLC and REDDE PLC ANNOUNCEMENT OF SRA APPROVAL Northgate plc (Northgate) is pleased to announce that the SRA has given the requisite approval for the recommended all-share merger of Northgate and Redde plc (Redde) (the Merger) to proceed, thereby satisfying all of the Conditions to the Merger relating to regulatory approvals. The Merger remains subject to the satisfaction or, where applicable, waiver of certain remaining Conditions, including the sanction of the Scheme by the Court. As announced today by Redde, the Court hearing to sanction the Scheme is expected to take place on 20 February 2020 and the Scheme is expected to become effective on 21 February 2020 with Admission of the New Northgate Shares occurring at 8 a.m. on 24 February 2020.
rustyspanner: Share price down but Stockopedia show this as bullish. Anyone able to explain that to a new kid on the block?
kinwah: I think CA will be happy. This is essentially putting Northgate up for sale. The Redde deal looks rubbish but not disastrously so. There is not even a compensation clause for Redde if the merger is called off because of an offer for NTG (as far as I can see). Now's the time for any possible buyers of NTG to show their hand or forever hold their peace. It could appeal to a financial buyer or a car manufacturer. Surely a cash offer in the range of 350p to 400p would work for someone. At £3 I'm tempted to average down. The worst that can happen is the Redde deal happens which would be ok in the short term.
carcosa: The full 28 page report can be downloaded from here: hTTps://www.research-tree.com/companies/uk/support-services/northgate/research/zeus-capital/back-to-basics/3082a3d1-d7e7-4ff7-a7ff-d8a0a21368d8 if you have a subscription However a summary from here hTTps://www.directorstalk.net/an-interesting-time-to-invest-in-northgate-says-zeus-capital/ says: “An interesting time to invest in Northgate” says Zeus Capital We believe now is an interesting time to invest in Northgate, with a new executive board and a capable management team in place who have already delivered progress on an ongoing turnaround as we await a full strategic review. The group now has a clear and well communicated capital allocation strategy in place and improved earnings quality, in our view. We believe that the growth opportunity in the UK, the value of the Spanish business and the progress made to date with the turnaround are not being reflected in the share price, which is currently 15.9% below book value (414p per share in FY19A rising to 468p in FY22E). We use a variety of valuation methods including P/B, SOTP, DDM and DCF modelling and arrive at an average implied share price of 450p, 29.0% above the current share price. Investment case summary: Northgate is a clear market leader in its markets of UK & Ireland (c.25% share) and Spain (>40% share), enabling it to achieve strong margins and good returns across the group. The management team now have a clear and backable strategy to deliver growth in earnings across the group centred around defending the strong Spanish position while optimising and growing the UK business through investment in core systems and operational efficiencies. Management remain committed to a progressive dividend, paying a yield of 5.4% in 2020E based on our forecasts. Growth strategy: The group’s growth strategy is built around four key pillars being defend and grow share in flexible hire, selectively gain share in minimum term hire, broaden the provision of ‘capital light’ fleet solutions and optimise and increase participation in the disposals market. The group is well positioned in both the UK and Spain to execute this strategy, deliver uplifts in earnings and improve returns metrics from here. Forecast assumptions vs. consensus: Our forecasts sit 5-7% below current consensus. We take a more conservative view of UK volumes, and competitive pressure in Spain. On our conservative forecasts the group’s growth dynamics remain attractive, in our view. We expect adj. PBT in 2020E of £59.0m (vs £61.8 company consensus) going to £61.9m in 2021E (vs £65.4m). Net debt based on our assumptions in 2020E is £481.4m which is 1.8x FY20E EBITDA. Valuation: The shares are currently 15.9% below book value, which is unwarranted in our view. Based on our assumptions the shares trade on an EV/EBIT of 12.8x and a P/E of 9.8x in 2020E. We estimate the intrinsic value of the group to be 450p per share, based on our DCF, DDM, peer analysis and P/B multiple of 1.25x, which would imply a P/E of 12.7x and EV/EBIT of 14.6x on what we believe to be conservative FY20E estimates.
cwa1: Reasonable looking results this morning IMO:- Kevin Bradshaw, Chief Executive of Northgate, commented: "We continue to make good progress executing our rental strategy to address the compelling growth opportunity in our markets. "In the UK, our self-help turnaround programme is delivering. We have successfully introduced regular price increases during the year, and applied greater commercial focus to increase the efficiency of our operations. We turned a pricing corner in the second half of the year with our average hire rates returning to year-on-year growth after a three-year period of decline. Combined with our VOH(2) growth(3) driven by selective expansion of our minimum-term product, we delivered both rental income and average VOH growth(3) of 11.3% in 2019. Our disposal channel has also performed well, achieving firm sales prices for the vehicles we sell. "In Spain we continue to leverage the strength of our flexible hire business to provide a comprehensive range of fleet hire solutions to our customers. We are pursuing minimum-term growth opportunities with increasing selectivity as we take steps to protect the strong and attractive returns of the business against increasing price competition in the market. Lower disposal profits primarily reflect lower disposal volumes driven by the transition to longer holding periods following the previously announced strategic decision to increase the ageing of our fleet. "Steady state cash generation for the Group remains strong, and has enabled us to increase the dividend and fund attractive minimum-term growth opportunities. Our progressive dividend reflects the confidence of the Board in the future prospects of the Group. Through continued performance improvement in our core rental business and extending our penetration into complementary services to broaden the fleet solutions we provide, I am confident that our strategy will deliver our medium-term objectives of further profitable growth, strong cash generation and attractive returns for shareholders. "We are disappointed with the share price performance and remain focussed on addressing the undervaluation of the Group. The search for our new Chairman is well advanced with an exceptionally strong shortlist. The Board and management look forward to working alongside a new Chair appointment to maximise value for shareholders".
Redde Northgate share price data is direct from the London Stock Exchange
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