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

[little beaker] 30/10/2015 10:18

Good point, I have no idea why there is a separate entry for "monies held on deposit" vs cash and cash equivalents... this item didn't exist in last year's accounts. Perhaps it's something that isn't immediately accessible; I'm not an accountant and don't really understand the distinction.

They do warn that contracting margins are still under pressure, so I wouldn't expect a fast return to pre-recession operating margins. However, I think a gradual increase might be expected, and with a benign property market we should see good sales in residential, and hopefully an uplift in commercial.

The updates they give the market make me smile... there's so much spin and optimistic bluster in most financial reports, whereas Mr Smart (the chairman) just tells it exactly as it is! There's no smoothing of profits and revenues to try to maintain a constant growth trajectory.

As an aside, I have no idea why they waived 50% of the dividend.

[glassboy] 30/10/2015 08:41

With £3.5m "monies held on deposit", cash is £16.8m... which only reinforces your point. Operating profits back to £2m, looks like the corner is finally turned as recession and referendum recede into the past. Operating margins were double this level in better times. Property values should start rising again.

51k trade yesterday, buybacks may have restarted.

Gb

[little beaker] 29/10/2015 10:56

For the full results, see

The ADVFN report is truncated for some reason, missing some of the accounts.

Note the cash position increasing by £5million to £13.3 million, not bad on a company with market cap of approx £47m.

Strip the cash from net assets and market cap and you would have a market cap of £34m with asset backing of £75m.

My opinion is that these shares are undervalued. I would hope to see further share buybacks.

[sladdjo] 29/10/2015 10:45

Good timing LB.

Results seem fine, trading picking up and divi small inc (tho board still not taking any.) Good to see BV increasing for the 1st time in a few years as well

[little beaker] 25/9/2015 08:12

Results are normally released last Thurs in October, so this year should be 29th October

[little beaker] 04/8/2015 08:51

Just bought a few of these for my mummy, who has some savings sat earning nothing.

Don't really see what's to dislike - 50% discount to NTAV, 3%+ divi yield. Concentration of power to the board but they've been trading for decades with no sign of misappropriation. Scottish commercial and residential outlook fairly positive.

Not expecting much movement, just a return of a few percent over base rate works for me. No alarms and no surprises, hopefully!

[sirhedgealot] 15/6/2015 10:09

I agree the are challenges. Pure asset value play IMO.

[topvest] 14/6/2015 19:46

Only problem is that they are invested in Scottish Property. I believe that was the only property market that went backwards in the last year.

[russman] 13/6/2015 11:06

What is good for the Goose appears to be good for the Gander.

[sirhedgealot] 28/4/2015 08:34

Value on sale here. Plenty of cash for buybacks.

[sirhedgealot] 25/7/2014 15:37

The buyback continues :)

[sirhedgealot] 15/1/2014 21:59

Finger hovered the offer at 85p......maybe the will be a chance to average in.

[ukeagle2aus] 15/1/2014 09:12

Waiting in the wings for a few and these are in my top two. Problem is the rest of my portfolio is doing really well, so what to sell and when? Age old Q I know. GLA

[sirhedgealot] 06/1/2014 11:52

I'v bought in, big discount here IMO.

[topvest] 03/1/2014 11:51

Yes, maybe - I was too concerned by the construction profit warning though in the annual report. Looks like that business is doing dreadfully.

[sladdjo] 03/1/2014 09:34

Help to Buy is starting in Scotland this year, I believe, and J Smart are on the list of participating home builders:



If this works out similar to the English Help to Buy then comp likely to do very well

[topvest] 26/11/2013 11:30

Well I've sold the few shares I have here before the xd pull back this week. I was a tad spooked by two things in the final results:
- first that contracting revenues will be half that of last year (and last year they made a > £2m loss)
- secondly that the family have waived their dividend entitlement so the dividend increase is actually a 50% cut.
All very shareholder friendly and hats-off to the directors, but looks a bit of a sign of bad things to come to me!
Looks like there will be a very significant reduction in profitability next year before revaluation adjustments. Not totally convinced on the dividend if things continue to deteriorate. Still a large discount to book value, but to make a 10% profit in one year on a bad call is good enough for me. Will keep watching and may get back in at some point as it is a reasonable value play long term. I'd like to see just how bad contracting can get first though!

[sladdjo] 18/6/2013 09:44

some other investors concur hxxp://www.marketfolly.com/search?q=smj&x=16&y=19

[sirhedgealot] 17/6/2013 17:58

I doth see a wonderful business.

[cjohn] 18/2/2013 11:15

Hi Topvest, would you care to expand onwhat you've written?

[topvest] 07/11/2012 20:53

Yes, a quiet value play. Very strong balance sheet and reasonable yield. Family owned, but reputable and prudent. Never going to make you loads of money, but a nice steady earner in my opinion.

[cheshire man] 07/11/2012 10:57

Noticed this RNS,,,,,,,,not much trading on this by the look of it,,,,,,,,,on a quick glance it looks to be a very solid company,,,,,,,,,will put it on my watch list,,,,,,,

[topvest] 18/10/2012 13:50

Thought I would buy a few of these - dull but dependable! 3.5% dividend yield and a 50% discount is adequate protection for me. Never going to be very exciting, but their markets should improve in the medium term.

[greedfear] 23/12/2011 17:18

Merry Christmas fellow shareholders!