Robinson Share Discussion Threads

[value hound] 17/10/2016 16:23

Has planning news leaked here?

[kidznet] 17/10/2016 14:10

Thanks Rhomboid - I was thinking the same. Only have a small holding here, but just wondering if it's time to clear my position & move on. Suspect you're right -it's just boredom & at some stage we'll get a bounce when the property issue moves forward. Thanks again

[rhomboid] 12/10/2016 11:58

Just folk getting bored of waiting for planning verdict I'd guess, the underlying business is cheap but not wildly so

[kidznet] 12/10/2016 11:31

Does anybody have any ideas of the reason for the falling SP?

[rhomboid] 17/8/2016 12:17

I'm holding a small position here , not impressed with trading but I'm happy to wait for property angle to work through , looking at development plan it could be worth the now reduced M/Cap!

[charo] 17/8/2016 11:39

have the poish profits evaporated or is uk losing money.

[gswredland] 11/8/2016 16:59

About time!!

[eastbourne1982] 11/8/2016 14:56

Should be news on the Walton Works planning application soon, if it's given the go ahead I can see these spiking to £2.30 plus.

[rhomboid] 05/5/2016 18:01

Cross post from elsewhere;

There was an interesting snippet from one of my holdings Robinson (LON:RBN),



Trading not quite what I'd want to see but;

"A planning application has been submitted to redevelop 24 acres of land previously used in our former healthcare business in Chesterfield. It is anticipated that the application will be determined in the summer, which would allow for negotiations to take place with prospective developers during the second half of 2016."

The Annual report says that the surplus land has various leases but all end this year , book value is 4.6m but if consent for housing is achieved , I can see it being worth a multiple of that. In order not to breach IHT rules Robinson had to have a plan for the surplus land to be disposed of in order not to be deemed a prop. company.

This is the culmination of years of planning and at an industry std. Valuation metric of a third of built out value this is transformational...but the market appears to have missed the importance. At say 15 homes per acre and say £175,000 each , a third of that is not far off the M/Cap of this company. I might be wrong about the value but it is certainly about to be unlocked .

hxxp://www.robinsonpackaging.com/wp-content/uploads/2016/04/FINANCIAL-STATEMENTS-PUBLISHED.pdf - See more at: hxxp://www.stockopedia.com/content/small-cap-value-report-5-may-2016-jsg-tni-goal-emr-130277/#.dpuf

[charo] 18/3/2016 19:46

how does maddox make such margin in a commodity business.lodz struggles ??

[cockerhoop] 18/3/2016 10:12

I make it just under 14p normalized diluted EPS (taking account of amortized intangibles on acq) with a H2 weighting.

Sounds like Lodz performance will be improved going into 2016.

[charo] 18/3/2016 08:50

Further the net margins at Maddock are astonishing way above any peer company I can find.rpc linpac tex (plastics division) coral ,how can this be.

[charo] 18/3/2016 08:39

Cash improved short term only by massive increase 4 mill in short term payables.

[castleford tiger] 22/2/2016 18:26

Arthur

Not a growth business ?

it invested in Maddox and we have yet to see the best of that. it was making 2.3 million pa
I think given a good run we could get to 4 a year.
hidden property also adds value.

I have some detailed numbers on this if you want them.

tiger

[arthur_lame_stocks] 19/2/2016 18:35

Hi Castleford

Robinson appears to make an operating profit of about £2.5m year in year out. It's not a growth business so if they sold it they would probably get between 6 and 8 times this. But then there is the debt.

As for the assets net tangible asset value is about £16m but £4m of this is a pension asset which they will never be able to get their hands on (OK there's probably also a corresponding tax liability which they will never have to pay).

I understand there is some property with development potential so there may be some upside there but does the total work out to more than the current market cap of £28m? It looks to me as though if you're buying or holding at these prices you're only getting fair value if the best case scenario with regard to the property assets materialises. If it doesn't you're paying way too much.

Just my opinion

Arthur

[castleford tiger] 19/2/2016 11:44

Arthur.
you are entitled to your view. Opinion or whatever.

Based on what do you get 100p value.

tiger

[toyin] 02/2/2016 11:29

Arthur

Why don't you short them to a £1 then, and see how that goes!

All the best

[piwood] 01/2/2016 14:48

Seems NT has left the party without much notice

[arthur_lame_stocks] 29/1/2016 20:53

I reckon these are way too dear and have a lot further to fall before they're good value. They're no longer an asset play and they're not cheap on earnings.

Maybe at £1 they'd be worth a look.

[meijiman] 25/1/2016 08:31

Somewhat cautious about the year ahead-hence the price fall. Polish acquisition going well.

[castleford tiger] 17/12/2015 18:15

He followed me into Dart group !!

Nice bloke

tiger

[gardener1] 17/12/2015 17:44

The Naked trader aka Robbie Burns diary out today & he likes this share & has bought in

[castleford tiger] 14/12/2015 16:57

still cheap and doing well in a poor market

tiger