RSM Tenon Share Discussion Threads

[aleman] 06/7/2011 13:03

It's at this price because increasing receivables has stopped debt falling. The board is making noises that it might improve for next numbers but there are plenty of sceptics.

[nscap] 06/7/2011 12:42

TNO cropped up on my filters. Very confused as to why its at this price. Increased div, increased profit + a thriving future in the advent of restructuring. As a quick reference can someone tell me what most of their intangibles represents?

[cnx] 05/7/2011 20:18

i cannot see them reducing costs too much (? is not auditing/administration/tax/financial advice a growth trade needing people)

as invoiced sales grow so will receivables...........what is important for us which is growing faster receivables or sales?

[djinn100] 05/7/2011 16:34

Tenon is on a very low PE 6.4 and a high Dividend Yield 3.7% plus one of the directors recently bought £3m shares - sounds bullish.
My concern is that this company is growing turnover and operating profit by acquisition but EPS is forecast to be pretty stagnant. So where's the beef for the poor old shareholder.
This growth by acquisition also make me feel nervous because they have a large intangible asset of goodwill on their balance sheet which only seems to be written off against profit in very small amounts (c£3m pa on a cost of £180m so at the current rate that's about 60 years to write it off). To me it's like reporting your profit pretending the business didn't cost you anything to buy. To put it another way they are reporting the same profit and leverage ratios as if they had grown the business organically and the shareholders funds were represented by cash.
Of am I being unfair?

[aleman] 29/6/2011 16:54

Trading update is 2 weeks tomorrow. Should get some news on wether or not they're getting to grips with receivables to bring debt down.

[aleman] 28/6/2011 15:36

Posts crossed earlier. Thanks, envirovision.

[envirovision] 28/6/2011 15:30

Theres clearly a very big seller out there, the market makers have shifted the 2 trades you mention whilst the order book is constantly being refreshed with sells.

[aleman] 28/6/2011 15:14

Looks a bit academic in light of the 2x500k sells just gone through.

[envirovision] 28/6/2011 15:14

Aleman, i know what you talking about. Its perfectly legal and indeed standard practice to do this on the sets system.

Your getting confused with the code of conduct between market makers or book runners. However you can do what you like on the sets system if you have a DMA licence.

The problem for TNO is that they have been reduced to a nasty little unloved company that no one is interested in and it is thus probably no longer suited to being on the sets system.

SETS suits higher capitalised or more popular liquid companies. Its quite possible in the next review TNO will be removed from SETS and you will have just a couple of market makers trading the stock instead.

When this happens you can expect the spread to widen from 1 or 2 % to easily 10% or more.

As the volume dwindles, the board may even consider moving to the AIM market where they can significantly reduce the costs time and hassle in maintaining a full listing.

[aleman] 28/6/2011 14:56

I understood it was illegal to break an order up like that. My broker advised me it is only acceptable to trade again if the price moves between each order or on a subsequent day, otherwise it is treated as trying to cap or support the share price in a market manipulation. I was told you must give a broker the full order intention at the outset. Or does this only apply to shares outside the SETs system where traditional market makers still operate?

[aleman] 28/6/2011 14:39

Surely this is illegal. Loads of silly sells again, all in the range 600-800ish and every 50 seconds. That's got to be a bot trying to cap the shares at 25p. Anybody seen anything like this before?

[aleman] 23/6/2011 14:32

Current year P/E 2.9 according to Shore.

Shore Capital 17 Jun 2011
Pretax EPS DPS Turn
2010 24.10 6.60 1.60 190.40
2011 38.80 8.60 1.90 269.80
2012 42.90 9.40 2.10 282.30

[aleman] 21/6/2011 17:10

Happened again today. Share price goes up a bit and dozens upon dozens of those silly 300+ and 400+ AT sells go through to knock it back to 25p.

[aleman] 17/6/2011 15:33

More weird runs of trading - a big run of very small sells. Never used to happen with MM only stocks and getting lots of accusations from PIs under the SETs system. Somebody convince me that is not manipulation to try keep the price down.

[aleman] 17/6/2011 15:03

Interesting spike on low volume. Short of stock after the recent slow grind upwards? It's held up well in a bad week. It will be interesting to see what a stronger market brings.

[professor x] 17/6/2011 12:18

Looking a little more promising now. Added a few more this afternoon.

[bonio10000] 10/6/2011 12:43

Reasonable update from BEG.

Lots of appointments at partner level at TNO as well.

[aleman] 09/6/2011 13:46

Once again, ADVFN showing last trade on SETS at 26p when the 26/26.75 spread means another rise so far today. It's been going up like clockwork for over 3 weeks, probably even more smoothly by the spread rather than ADVFN's last trade price which jumps from bid to offer. Quite remarkable really.

[aleman] 08/6/2011 17:14

Anybody know why we had a run of trades of 500 to 650ish shares between 3:10 and 3:20? I've seen weird runs of small trades like this before on other shares. Some say it's people trying to manipulate the price through the SETS system and others say it a signal to shorters working together. Can anyone add to that?

[johncraven] 08/6/2011 13:16

fill the gap to 33 -34 likely soon agreed

[aleman] 08/6/2011 11:34

Looks to be making a move to close the gap, today. ADVFN not quite up with the action as the 26/26.5 spread means we are up 5%. Will settle for a continuation of the gradual rise of the last 3 weeks, though..

[aleman] 02/6/2011 16:12

Only a newbie, myself, but welcome aboard the rollercoaster, Prof.

Bob Morton has a two page spread in this week's Shares Magazine. Not that much is said about TNO but at one point he describes them as "a superb buying opportunity, with a 7% yield". When a dividend cut is questioned he says nothing is certain but "We will continue paying dividends at Tenon".

[professor x] 02/6/2011 15:30

Took a few for myself this afternoon. Looks like a good recovery play. Please to see someone like yourself Aleman on board as well.