Smart (j.) & Co. (contra... Share Discussion Threads

[russman] 16/11/2020 20:56

The rental income should be discounted, but not 100%.

[gaiusgracchus] 06/11/2019 09:43

They made 7.56m in other operating income, which is rental income from investment properties - will have to wait for the annual report to confirm that, but pretty sure there's nothing else that goes into this line. Take out this line and operating income (before property revaluations) goes to -4.65m. So how much of the 6.26m of operating expenses goes on looking after the investment properties? Certainly not 4.6m of it! Seems to me that the contracting business is very unprofitable and the income from the investment properties is propping it up. I used to think you could capitalise the investment properties at, say, 10x. This gets a 76m valuation for the investment properties and wow, don't the company look cheap at 50m? But actually the rest of the business is a cash drain. In conclusion, SMJ shares don't look obviously cheap at these levels. Am I missing something?

[russman] 30/10/2019 17:09

Family business.

[spob] 24/10/2019 10:30

Final results https://uk.advfn.com/p.php?pid=nmona&;article=80984478

[russman] 23/4/2019 17:17

Valuations increasing hopefully. Then sell a property. Buy back more shares. Got to deal with the perpetual discount to NAV.

[spob] 23/4/2019 14:30

The Board announces an interim dividend of 0.95p per share (2018, 0.95p) to be paid on 3rd June 2019 to shareholders on the register at the close of business on 10th May 2019.

[spob] 23/4/2019 14:28

In accordance with our normal practice, there has been no revaluation of our investment properties at the end of the half year. If a half year revaluation had taken place, we believe that there would have been an uplift in the valuation, which would have had a material effect on the headline figures.

[russman] 19/4/2019 05:53

Maybe worth increasing the buyback program while the discount persists. Quite illiquid so may have to buy a lump off a retiring family member.

[spob] 24/1/2019 13:59

There is a possibility that Simon Thompsom may include these in his annual Bargain Shares portfoilio. (published in early February) Which could see the shares jump 30% in one day. Not that I would be selling on the back of that.

[spob] 24/1/2019 13:25

Yes it is a deep value stock, trading well below NCAV they are profitable, paying dividends and buying back shares I would be happy for them to stop paying dividends completely and just buy back more shares, given the excessive discount to NCAV

[hiraniha] 24/1/2019 12:50

This one has been tipped by Glen Arnold.

[arthur_lame_stocks] 25/10/2018 15:27

Looking at it the other way, maybe a property market crash will take care of that discount?

[timnorris] 25/10/2018 15:10

A change at the top of the family probably required.....?? Resulting in a change of objectives and succession planning.....

[jonwig] 25/10/2018 14:57

Buy these and wait forever to realise any value, given the controlling interests. or they take it private. Construction companies have done this before: Tolent, Pochin's.

[spob] 25/10/2018 14:54

in the meantime, i'm happy to collect those dividends

[spob] 25/10/2018 14:52

time i guess if you fill your basket with lots of companies like this, eventually something good will happen

[timnorris] 25/10/2018 14:29

50% discount to NAV.....appears screaming value.....but whats going to close the gap?!

[timnorris] 25/10/2018 14:28

50% discount to NAV.....appears screaming value.....but whats going to close the gap?!

[spob] 25/10/2018 12:53

Final Results https://uk.advfn.com/p.php?pid=nmona&;article=78536432

[spob] 05/3/2018 10:47

Website - Https://www.jsmart.co.uk/company-information/ 108p Mcap £48.1m, Nos 44.5m 1 Year 5 Year

[mw8156] 17/11/2017 14:40

You're right; there is now a 3m pension surplus as well as 18m net cash and 64m of property so the share looks remarkably cheap as ever.

[russman] 17/11/2017 08:52

Read the Annual Report.Pension appears to be in surplus.Contributions are going up a couple of %.Dont see it as a problem.

[mw8156] 29/10/2017 22:14

also good to see they treat their employees well by sticking to the terms of the pension scheme even though it was closed in 2003; seems like a decent outfit with old-fashioned but excellent sort of Calvinist culture to do the right thing by employees and shareholders.