RSM Tenon Share Discussion Threads

[23wizard] 05/9/2006 09:57

Has this been tipped somewhere, its unusual for such a rise, bit early for pre result buying, not that I'm complaining

[still waiting] 05/9/2006 09:54

Up again, could breach 30p on this leg.

[still waiting] 05/9/2006 09:30

WB, that's the thing, TNO has never been liked by the city hence the takeover talks.

Once the value in the business is highlighted there will either be new takeover talks or a re-rating by the city...

£30m market cap. is far too low.

I know TNO have finished all the cost cutting and are now benefitting from tax planning schemes etc which are being promoted to the self employed etc, the fees from these are highly, highly profitable...

[deep powder] 05/9/2006 09:19

30p in the week of the results..

[wonder boy] 05/9/2006 09:15

still waiting,

i hope you're right. the critical point people need to understand is that we will have PBT of £8m in the second half alone. and that's with the distraction of the business review.

TNO have said their experiencing double digit growth. i don't see why we can't expect PBT of £20m next year. say £14m after tax, that puts us on a forward p/e of about 3. crazy!

[still waiting] 05/9/2006 08:57

Buyers coming in.

Far too low market cap. on this one £40m when should do £10m profits pre goodwill.

With stong cashflow and rejected takeover offers we should see a spike on results..

[still waiting] 05/9/2006 08:25

On the move, delayed buy to show.

[23wizard] 05/9/2006 07:15

I am well aware there is always a risk in shares. As I stated in the short term this looks promising however to say it 'might never happen' is being a bit naive.It is almost a certainty that at some point possibly a year down the line someone else will take these contracts for a while or they will have to drastically cut their profit margins to fend off the competition. I know from experience in the milk industry that losing just one of these contracts puts a massive hole in your accounts and you dont get another chance until the next year whereupon you have to offer substantial discounts to get back in. I'm not knocking this, I was asked for my opinion and this is one major fear that I would have, however short term you could fill your boots
Again sorry to be off topic folks

[thecleaner] 04/9/2006 19:02

23wiz

You can't worry about everything that might never happen. There is always some risk with shares

[still waiting] 04/9/2006 14:16

Few more buyers coming in now....

[23wizard] 04/9/2006 12:34

Wonder boy
Just got a chance to look at this. Looks promising enough however my one main concern if any would be their what seems to me dependancy on these large groups, mainly supermarkets. Supermarket chains and large groups are renowned for cutting you to the bone and if someone was to offer them a product for 1p cheaper they would drop you like a stone they have absolutely no loyalty whatsover. Ask any of the large dairy companies or indeed Northern foods and they will back this. I know this is slightly different but as I say this would be my main concern technically they could lose a massive part of their revenue at the drop of a hat. Good luck though could be interesting short term
Sorry to be off topic

[deep powder] 04/9/2006 12:15

lets hope so has lagged market recently..

[still waiting] 04/9/2006 11:13

Big trade at mid gone through , volume should start to build as results come closer.

[still waiting] 01/9/2006 18:56

Have heard it's not just the financial/tax planning dept. that has been extremely busy but also the insolvency section.

Good results look a certainty given the trading update...

[thecleaner] 01/9/2006 18:37

All buys today. Interesting that this company will make £10m pretax pre amortisation. Expect £4m amortisation poss. This will effectively save them 40% of their tax bill with plenty left to amortise on the balance sheet for years to come. It is good for us holders as this effectively means that cash generation will be higher resulting in higher divs.

[wonder boy] 31/8/2006 10:10

Oxman, 23W and other regulars

AS fellow TNO holders I assume you have an eye for value. I would appreciate your thoughts on ETS. I've just bought in and it looks an absolute no-brainer.

Enterprise value is currently just £1.7m. It's an investment company that holds loans convertible into 72% of a company called Retec. It is proposing to convert these loans and pay £0.7m for the outstanding 28%.

Retec has debts of £2.8m including the convertible loan from ETS. ETS can secure Retec for an enterprise value of £0.7m + £2.8m = £3.5m.

Take a look at Retec! It supplies multi-media kiosks to retailers and its customers include Tesco, Sainburys, Boots, Lastminute.com, BT to name a few. Turnover is growing at circa 50% per annum and the company should issue its maiden profit this year. The Sainsburys deal alone is said to be worth £5m in revenues!

Retec will begin trading in mid-September. I think it's got to be worth £10m, or with a it of new issue excitement maybe even £20m! Have I missed anything, or will this be the quickest 4 bagger ever???

[deep powder] 23/8/2006 11:41

still loads of sector consolidation needed...

[thecleaner] 23/8/2006 11:22

Agreed. Just keep waiting. I expect this to rise 50% over the next few months.

[wonder boy] 23/8/2006 07:48

for anyone with some spare funds i would think this is a no-brainer prior to results. the last trading update told us results are way ahead of expectations. and you know we're going to get a very bullish outlook statement.

[its the oxman] 22/8/2006 21:53

two big lumps of 75000 shares, each bought today at 25.25p - results not that far away - set to rise a lot further.

[its the oxman] 02/8/2006 09:48

looking like we may have to wait for results end sept for the break through 30p. will come though imho.

[ydderf] 28/7/2006 13:44

looks like the overhang has gone and its up up up from here - bought more anyway!

[23wizard] 21/7/2006 15:27

Just to add my tuppence worth. Whether the Directors invest their own money is fairly irrelavent if Tenon get their act together and improve their info output they will attract the smaller investors which are not long in adding up in volume and if some decide to sell on at some point it does not adversely affect the stock price. If a big investor decides to move on and sell it decimates the price and generally others will follow causing panic selling.
I'll happily welcome 100 000 buys in small lots rather than one investor who could seriously affect the price if and when he chooses to sell

[olivercromwell] 21/7/2006 15:02

arfi

see trading update issued dated 11/07/06 which completely contradicts your rather gloomy interpretation of Tenon's prospects for future growth.

OC