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Share Name Share Symbol Market Type Share ISIN Share Description
Rosenblatt Gro. LSE:RBGP London Ordinary Share GB00BFM6WL52 ORD GBP0.002
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -0.56% 89.50p 88.00p 91.00p 90.00p 89.50p 90.00p 35,762 09:52:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services - - - - 71.68

Rosenblatt Gro. Share Discussion Threads

Showing 101 to 125 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
19/2/2019
07:56
Ah, Sphere25, glad you are here. I first spotted your arrogance and pig headedness on the NTBR and CMS BBs, both of which you called very wrong. But please do not feel offended, indeed find comfort in the fact I'm going to take your own advice and ignore your posts on this board, and others. Filtered.
firtashia
14/2/2019
15:13
pleased I bought in now
nimbo1
14/2/2019
14:58
Breaking out higher, as expected.
sphere25
13/2/2019
12:59
Looks good value here imo
nimbo1
08/2/2019
13:35
riverman - Gateley is at no.44: Https://www.thelawyer.com/top-200-uk-law-firms/ So technically 'middle-ranking'. It also deals largely in contract law (mostly construction industry), less in litigation. I wouldn't call it at all "tawdry" as QP (always colourful!) puts it. It's also bought some non-legal firms with industry connectioons.
jonwig
08/2/2019
12:23
I think Gateley is a bit different as it appears to be large scale and less specialist work - so less reliant on highly skilled partners, and well placed to benefit from economies of scale.
riverman77
08/2/2019
11:49
Everyone is just trying to jump on the bandwagon which Burford Capital so successfully pioneered and there is a resultant and misplaced investor fervour about this sector. It is nonetheless a very tawdry business involving litigation funding in its various guises. If you are dealing with lawyers, do you really think they are going to leave much on the table for shareholders or will they likely rip the heart out of any gains by way of exorbitant legal fees? I know what I think. ALL IMO. DYOR. QP
quepassa
08/2/2019
11:45
@ riverman - yes, I've read his comments (in more than one article) and, quite honestly, I disagree. Law is being disrupted by technology and contingent (as against time-billed) fee structures. Both require investment and a capital base which LLPs can't replicate. The first UK IPO, Gateley, appears to have resolved the transfer from partnership to co-shareholder pretty well. Obviously large partnerships will be reluctant to change, but in time their inertia will be overcome - just as the high street had to embrace online.
jonwig
08/2/2019
11:28
If anyone reads the small cap report on stockopedia, Graham Neary has some interesting thoughts on the legal sector - overall very bearish as he believes law firms much better suited to the partnership structure (why would lawyers want to share their profits with shareholders?). I tend to agree with him - there will always be huge pressure to pay big salaries to top lawyers, which will ultimately lead to lower returns for shareholders.
riverman77
08/2/2019
08:15
It's all about supply and demand. If the market now feels the valuation is compelling enough, any loose stock will be placed quite easily with strong appetite from new and existing buyers when the lock ins expire. I doubt they'd sell under the IPO price of 95 and were the stock to rally heavily from here, you'd just be sat watching potential gains disappear in fear of a small secondary placing, which could be 20% higher from here. All imo though. DYOR.
sphere25
08/2/2019
08:04
Post no. 9 refers
quepassa
08/2/2019
07:50
Sorry for being thick but you explain?
seans66
08/2/2019
06:41
share overhang threatens
quepassa
08/2/2019
06:32
@ Sphere25 - maybe worth adding a couple of points: 1) RBGP is making a big thing of 'contingent fee structures', ie. essentially in-house litigaton finance. Well-executed this can be very profitable (and the converse); 2) among others in the sector, Gordon Dadds has just completed an acquisition which to my untutored eye appears very murky indeed. Not a company I'd invest in. The first law firm IPO, Gateley, has a very steady and reassuring history (I have a biggish holding). I don't hold RBGP but I can see the potential at this level.
jonwig
07/2/2019
23:46
ADVFN are having some technical issues this evening. Yeah, it's easy to miss this bit when the results state "Unaudited Interim Results": "Rosenblatt Group plc (AIM:RBGP), the professional legal services company, is pleased to announce its unaudited results for the eight-week period ended 30 June 2018" FD leaving before the results and the results mentioning (what is now the standard) Brexit caution might have spooked a few into taking caution against the full year numbers being achieved. However, the recent trading update is reassuring, and with the numbers in the bag, even if you look at the current financial year's ex cash P/E of 10.4, it looks like value. Acquisitions in the pipeline and potentially being consolidated into a larger group adds further intrigue. The other thing that struck me was the way there were willing buyers on the day of the trading update willing to mop up excess supply at 80. That in effect halted the downtrend and provided a floor under the stock. There was a line of stock to clear here earlier with the stock not moving on heavy buying, but it started shifting quickly once it was cleared with the market makers shifting quickly on smaller volumes of buying. The free float is very tight (see below) so once these lines of stock clear, small amounts of buying pressure can result in pronounced moves in stocks like this. Shareholdings from their website: Name No. of Ordinary Shares held Percentage of issued share capital Ian Rosenblatt 16,911,214 21.1% Miton Asset Management Ltd 12,630,000 15.8% Fidelity Investments Inc. 5,260,000 6.6% Blackrock Inc. 4,800,000 6.0% Schroders plc 4,210,000 5.3% Canaccord Genuity Group Inc. 2,900,000 3.6% I've copied the Cenkos note here, posted earlier on this board for further information. Suffice to say, there was enough here to already have it on the watchlist as a potential buy prior to Naked Trader waking the market up again. Cenkos note when price was about 18% higher at 104p : 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.
sphere25
07/2/2019
21:06
Thanks Riverman.
seans66
07/2/2019
20:07
The £1m profit was for an 8 week period (from recollection) - so that would be around £6m annualised, or more if they continue to grow. Once factoring in the large cash pile this is very cheap.
riverman77
07/2/2019
19:47
I really respect NT but is it as cheap as he says. The market cap is £68m but it's profit is less than a £1m. Still seems over price too me. Am I missing something?
seans66
07/2/2019
16:17
Followed Naked Trader in here. Had this one on my watchlist waiting for an entry. It looked good value but Naked Trader has cited this as a potential takeover too so had to get in. Chart is breaking the the longer term downtrend and starting to trend higher. £1 looks a good first target - that's without factoring in a bid premium. Naked Trader comments: "I bought some Rosenblatt. (rbgp) I lost as few quid on this a while back buying at a totally wrong price. This one is a legal firm that floated last year. However it kept coming down - looking back on it the entry to the market was just too high for the time. However, taking a good look at it at the seminar it looks too cheap to ignore and have bought some. The trading statement was positive, there's a 5.5% dividend. it's got a cash pile for acquisitions. But could it be a target itself? DWF is coming to market, a massive law firm and refers to a "large consolidation opportunity" in the legal market. RBGP would be peanuts for them.It simply looks under the radar, for me too cheap and I am in! I "
sphere25
02/1/2019
10:17
EdmondJ 20 Dec '18 - 10:42 - 4386 of 4492 0 12 0 Lex: How does the solitary lawyer boost flagging business? Convince a peer to set up in opposition in his town. Finance works similarly to support more suits, as litigation and its exponents are known. Funding lawyers has proved very lucrative for Aim-listed Burford Capital, and some of its peers. Its success in the UK begs questions about the long-term viability of this niche investment industry. Litigation funders raise money for big cases. These need their own capital, in turn. Burford uses its own balance sheet as well as third-party funds. A sovereign wealth fund is backing Burford to the tune of $1bn. For every dollar spent by Burford, its new patron will add two bucks. Burford keeps 60 per cent of any profits. The wealth fund is staying incognito. Is it embarrassed to be seen hanging out with lawyers? Or vice versa? It is a sweet deal for Burford either way. The lure for the wealth fund is the chance to quadruple its money. This explains high profit margins at Burford, more than 80 per cent at the operating level this year. Businesses such as Burford typically pay claimant expenses, worth perhaps a tenth on a large claim. Once the merits of the case are agreed and financing agreed, the claimant (and the law firm) need not worry about any requirement to pay these back. That kind of profitability should attract rivals the way a picnic attracts wasps. Hot capital pushes down returns, as has happened in hedge funds and insurance. With $8bn of capital committed to funding litigation, according to Liberum, lots of big trials are needed. Funds will inevitably back more cases that fail. Back in 2016 Juridica, an early entrant to funding, stopped taking on more cases after big losses. Calunius, reportedly, has closed its fund to new cases. Burford, with treble the investments of its closest rival, argues that scale matters. Investment banks and private equity firms mostly see litigation finance as beneath them. Not for much longer. https://www.ft.com/content/2e06532e-03a7-11e9-99df-6183d3002ee1
euclid5
02/1/2019
10:10
Ok thanks, will take a read
euclid5
28/12/2018
11:32
The Lex article is copied on my Burford thread, post #4386. A rather disappointing article.
jonwig
28/12/2018
11:24
sorry no. it is a paywall article. Interesting food for thought about the sector..... Is this once interesting industry just turning in to a bunch of tawdry opportunistic litigation ambulance-chasers? Juridica is going out of business and is a case in point as to what can happen to good ideas which don't work out. Money now just being chucked at everything and anything legal/litigious. Nasty stuff. ALL IMO. DYOR. QP
quepassa
28/12/2018
10:53
Quepassa, do you have the FT Lex web link to this please?
euclid5
28/12/2018
10:46
Https://www.ft.com/content/03921f5e-a49a-11e8-926a-7342fe5e173f Nicola Foulston, chief executive of the listed law firm Rosenblatt — which intends to use capital from its recent initial public offering to set up its own “in-house” litigation fund — said: “There is an awful lot of money around chasing what litigation deals are out there, primarily because of the lack of return in other areas.” Even at the top end, although investors have put billions of dollars at the disposal of litigation finance businesses, it is thought that only a small percentage of that money has actually been deployed in cases. “Capital is not a particularly helpful way of looking at the market. A lot being raised on a headline level is not real capital committed [to disputes],” said Burford’s Mr Bogart. Yet Augusta, which will back cases where the value of the claim is as low as £200,000, has managed to become an established operator. The funder, which says it has backed more claims in the UK than anyone else, announced last month it had completed a £150m fundraising round for further investment.
euclid5
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