RSM Tenon Share Discussion Threads

[its the oxman] 09/1/2007 08:10

60p here we come

[keybox] 09/1/2007 07:56

Tenon update, interims out early March, with a bullish statement reiterating growth.

[0rb1t] 29/12/2006 11:52

Now that VTS has blotted its copy book, TNO could be the beneficiary.

[uplighter] 21/12/2006 08:35

Trading update issued this morning....flying!

[santangello] 21/12/2006 08:25

Back from xd, and the buyers return.....

[kenbachelor] 15/12/2006 15:33

Orbit - Thanks. My mistake (red face). Then we really are down a penny.

Oh well it's not the end of the world when you look at the chart.

[0rb1t] 15/12/2006 15:29

Hi Ken,

The share price dropped when it goes xd (was 15th Nov).

[kenbachelor] 15/12/2006 15:17

I see that the share price has reduced for the 1p a share divi we received today.

[its the oxman] 15/12/2006 13:49

bit of profit taking had to come at some point i guess

[jeff h] 10/12/2006 13:30

Charles Stanley also have a Forecast out, a little different from Numis:-

Y/E 31/12/06 Pre Tax £11.1m EPS 4.4p Div 1.2p
Y/E 31/12/07 Pre Tax £12.7m EPS 5.0p Div 1.3p

Someone keen as they paid 54.5p for 175k on Friday

Santa judging by the timing and price differential the 2 x 1m trades were
a rollover

[santangello] 07/12/2006 21:05

2x 1m buys ?

[kenbachelor] 07/12/2006 18:37

Ara - As I don't short shares, I'm always pleased to see them ahead of my target. I'm just not convinced yet that they won't level out pretty soon.

[ara500] 07/12/2006 18:29

And u were saying i was being unrealistic!

[0rb1t] 07/12/2006 17:50

TNO are "trading in-line" on a foreward PE of about 11 now. Probably maximum upside of 20% for now.

[kenbachelor] 07/12/2006 17:25

3 days ago I suggested 61p by January 2008, but at this rate it could be January 2007. No - we can't keep going up at this rate. Can we?

[roypritchard] 07/12/2006 16:47

I wonder if the £100k T trade was a director buy? I think that this is flying anyway, but a director buy announcement now would really get it going.

[cr4zyness] 07/12/2006 12:59

Just bought 20,000 myself was impressed with AGM!

[roypritchard] 07/12/2006 12:54

theres some big buys going through here :-)

[its the oxman] 07/12/2006 08:42

buys at 50p now.

[its the oxman] 05/12/2006 15:29

on the move again - now 47p offer.

[its the oxman] 05/12/2006 12:52

thanks for the feedback orb1t - all sounds pretty promising for the year ahead.

[0rb1t] 05/12/2006 12:37

I attended the AGM today at the Tenon Offices. I was supprised only 4 PIs turned up for a company that has doubled is share price in the last 6 months and still looks great value.

The AGM was very brief quickly covering the order of business in 15mins. Neil Johnson said that he was retiring and handing over to Bob Morton. Alan McFetrich thanked Neil for his contribution on behalf of the board. Neil responded by saying that he had the upmost confidence in Bob Morton after working with him the last 6-7 months and looked forward to next year as being a being shareholder instead!

The general mood was relaxed and confident. Afterwards I spoke to Lesley Spencer the Finance Director regarding the net debt position. She confirmed that the timing of payments had a positive affect on the net debt at year end. Without these payments it would have been in the low twenties which corresponds to the £6m they claimed to have paid of the £27m debt the previous year. I mentioned that Vantis was the only comparible listed company and that it was at a higher rating. This was regarded as positive as it provided a benchmark against which to value Tenon.

One negative was that they did not have any coffee available before the meeting, but it is an accountancy company so what can you expect!

[squatter] 05/12/2006 11:50

I've been watching this one very closely, and it has something very special in terms of potential upside. It's only comparable peer is VTS which made a PBT of 15% of turnover to April 06. If TNO can do the same (not unreasonable in accountancy and extraordinary and restructuring costs should be a thing of the past for TNO) then PBT could amount to £18.5m. Using the same PER multiples as VTS (ie 12xPBT) the TNO valuation COULD reach £222m. 160m shares in issue = £1.38 per share. This supports ARA's earlier valuation comments.
These businesses also have a good mix of fees to see them through economic cycles, and TNO already achieves £123m in turnover -so it has the foundations to build on. Finally, Bob Morton is a first class leader -I know from personal experience -and he'll already be shaking the Board into action.