Share Name Share Symbol Market Type Share ISIN Share Description
ST.Ives LSE:SIV London Ordinary Share GB0007689002 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 100.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
99.60 100.80 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 393.15 -44.07 -30.40 153
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
09/10/201809:05Positive Print1,632
10/4/201711:35*** St Ives ***255
21/5/201310:30shares mag interviews boss of st ives2
07/1/201308:23st ives jumps 5 %1
04/1/200713:19PRINTING BACK IN FASHION ????49

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ST Ives (SIV) Top Chat Posts

miti 1000: From my crude figures, I'd hope debt at year end of 3/8/2018 was around 5.3 million . Profits for y/e 31/7/2019 are expected to be about 20.5 million. With deferred considerations for 2018 and 2019 of around 29 million that puts SIV in a pretty strong position in 1 years time with net debt (without any further freehold property sales) of 13.8million with no other debt due. That looks a strong position and I hope would command a p/e of 9 which should easily equate to a share price of 180p for a fast growing digital media company. The Siv board have done an excellent job to date of turning the company around imo. Anyone more savvy care to correct my figures ?
bookbroker: Whether or not the market is under-valuing this company or not is subjective, but on the basis of practically reducing their net debt to zero, and now becoming a pure digital advertising play is worthy of a higher price. We know there will be large goodwill writedowns in the next set of results, but these are non-cash essentially, and the onus will be on the remainder of the business. I was pretty abrasive about M. Armitage a year or two back, but what he has done is achieve to clear St. Ives of all of its legacy businesses, and that should be credited. In the process he has shored up the balance sheet, to leave this company in a far stronger position. Surprises me the share price is not higher, but I think shareholders will be rewarded with a decent dividend sooner rather than later!
battyliveson: Seems a low multiple on the disposal, but i guess the view must have been that future profits would decline. At least there seems a clear strategy, and if nothing else it can be easily acquired without a purchaser having to deal with legacy businesses. I am holding, but would like to see forecasts for the remaining business to get a feel for valuation. Still sense there is a good 30% to 50% upside in share price from here. Best wishes. B
ppreston1: Peel Hunt reiterate their Buy recommendation this morning and increase their price target from 130p to 145p. Plenty of upside left despite recent share price strength. GLA.
jatin724: An excellant article! > > login to trading account > login to research account > help with my account > > Home > Stockwatch: A cheap share on the up > > Growth/recovery > Income > Long-term growth > Over-priced? > The big picture > > By Edmond Jackson | Fri, 9th March 2018 - 11:19 > Share this > Stockwatch: A cheap share on the up > > After I cautioned on £60 billion advertising group WPP (WPP) earlier this week, interestingly at the opposite end of the scale in marketing services, £118 millionSt Ives (SIV) has declared very good progress and prospects for its strategic marketing core business. > > Interim results to 2 February show adjusted pre-tax profit up 35% to £12.7 million on revenue up 7% to £146.5 million, with strategic marketing now the basis for long-term growth, delivering 23% growth and representing 85% of adjusted operating profit. > > In contrast with big advertising groups having issues with multinational clients altering buying patterns for services, St Ives cites its marketing services specialty as robust. > > Stockwatch: What to do with this bombed-out blue chip > > New client wins include NFU Mutual, Sun Life, Amgem, BMS and Brunswick, and "As a result of an increase in client demand for more integrated solutions, we have continued to drive our collaboration agenda....we continue to focus on the disciplines of digital, data and insight, although strict distinctions are becoming less relevant as clients demand more integrated propositions from us." > > It contrasts with the "part-structural, part-cyclical" excuse from WPP for its flat performance just lately; instead affirming how sizable corporate clients continue to spend on development, especially in digital, which accounts for 62% of St Ives' strategic marketing revenues. This is positive both for selective investing in the sector and the wider economic context, though I’d still pay attention to advertising trends as a leading indicator. > Interim progress helps full-year forecasts > > Before these 7 March results, the consensus expectation (see table) for pre-tax profit rising over £24 million and earnings per share (EPS) over 12p looked demanding. > > Admittedly, the outlook statement is a bit convoluted and doesn't mention the full year. New projects won from existing and new clients, seem bullish for strategic marketing, "however we recognise the need to continue to address the effect that our legacy businesses are having on the group’s overall performance..." > > Long-term followers will know they have been an Achilles heel involving nasty changes, however, in books printing (26% of interim revenue, 10% down on the prior period due to a contract loss) "we are continuing to take decisive action to ensure the cost base reflects anticipated volumes" and on 5 March a "significant" part of the marketing activation activities - four businesses - were sold for £6 million, having struck a £4.4 million loss on £106.3 million revenue in the year to 28 July 2017. > > This is large-format printing and other services, and the sale "significantly reduces the group's exposure to the structurally challenged, commoditised print markets and the risk of further, potentially significant restructuring costs." > > A chief risk to 2018-19 forecasts is, therefore, the remaining print-related businesses offsetting good performance from strategic marketing, if the UK economy eases under Brexit uncertainties and higher interest rates. > > Yet this could be discounted by a forward price/earnings (PE) multiple of about 6 times, admittedly with de-rated dividend expectations providing little downside support, given a 2.4% yield at the current share price around 82p. > > The interim dividend is maintained at 0.65p per share, but the total dividend dropped from 7.8p in respect of the 2016 year to 1.95p in 2017. Mind that tables like the one shown cite payments actually made in a period, which can lag a change in policy. > > Anyway, and with goodwill/intangibles representing 192% of net assets as of 2 February 2018, intrinsic value very much relies on earnings. > > Adjusted versus statutory figures in the latest release thwart a comparison of operating margin but, looking back to the March 2017 interims, the margin is up from 5.8% to 9.7% on an adjusted basis. > Balance sheet issues > > The next key question for medium-term prospects is to what extent gearing and other balance sheet issues could weigh. > > Long-term debt is down from £88.9 million to £63.7 million (there being no short-term bank debt) versus £21.4 million cash. > > However, a £26.6 million deferred consideration payable demands a cautious view of near-term financial pressures than a net debt measure of £34.2 million implies. > > Last October's 2017 accounts had indicated £29 million cash and £7 million shares due paid in the next two years, with £20.5 million cash due 2018 and £8.5 million due 2019, all this being over the £26.6 million deferred consideration if you just look at the interim balance sheet. > > An interim finance expense of £1.4 million was covered nearly 10 times by operating profit. Ideally, this would be lower though should not weigh on the balance sheet, near-term. > > You could take quite a negative view of all this if deferred consideration payments soak up cash in the relative near term, and clients proceed to cut marketing budgets in a general slowdown, which also coincides with interest rates having to rise to contain inflation. That would be a worse-case "UK stagflation" scenario. > > Meanwhile, cash generated from operations is up 23% to £23.1 million despite a comparative slip at the net level as a prior tax credit normalising to a tax payment. Priority to manage liabilities is shown by the cash flow statement: dividend payments down from £7.8 million to £1.9 million, like-for-like, while a £5 million decrease in bank loans rose to a £15.5 million decrease this time. > > Otherwise, £60.6 million trade receivable versus £59.0 million trade payables looks fair, reported profit is not being enhanced by late payments. And despite a £15.8 million pension fund deficit, it's down 15% like-for-like. > St Ives - financial summary Consensus estimates > year ended 31 Jul 2013 2014 2015 2016 2017 2018 2019 > > Turnover (£ million) 323 331 345 368 393 > IFRS3 pre-tax profit (£m) 5.5 11.9 8.7 -5.7 -44.1 > Normalised pre-tax profit (£m) 15.9 14.7 14.8 19.4 12.7 24.3 25.5 > Operating margin (%) 5.2 5.0 5.1 6.1 3.9 > IFRS3 earnings/share (p) 3.6 8.3 4.2 -5.9 -30.4 > Normalised earnings/share (p) 12.0 10.5 8.9 12.4 9.4 12.1 13.3 > Earnings per share growth (%) 11.6 -12.6 -15.6 39.6 -24.2 28.9 9.9 > Price/earnings multiple (x) 8.7 6.8 6.2 > Historic annual average P/E (x) 17.8 18.6 16.3 6.4 7.8 > Cash flow/share (p) 26.1 21.2 20.8 10.6 19.0 > Capex/share (p) 5.2 8.5 1.0 3.1 -5.8 > Dividend per share (p) 6.0 6.7 5.0 7.9 6.1 2.0 2.0 > Dividend yield (%) 7.4 2.4 2.4 > Covered by earnings (x) 2.1 1.6 1.2 1.6 1.5 6.2 6.8 > Net tangible assets per share (p) 20.3 -18.3 -38.5 56.5 38.1 > > Source: Company REFS Past performance is not a guide to future performance > Broadly a UK but also US business > > While the 2018 interims don't give a latest geographic breakdown, the 2017 accounts report showed revenue as 83% UK-derived, 13% US and 4% rest-of-world. If anything, UK majority revenues are likely reducing with the latest disposals; the operating review cites for strategic marketing, "growth and improved profitability in our US businesses, with the new office in San Francisco quickly building a strong presence in the technology sector." > > Healthcare consulting has also expanded abroad, especially in the US. Thus, St Ives is not exposed to potential issues arising from whatever trade agreement (or not) is struck with the EU, like the big advertising groups. If the UK economy does slow as a result of Brexit, this group's clients are generally big firms/organisations, and likely more resilient to marketing cuts than smaller ones. > > Admittedly, as a turnaround stock, St Ives has needed trading. I first drew attention near 90p in October 2012, on an historic PE of 5 and prospective yield of 7% covered 2.5 times; the price had shot up to 225p a year or so later; and in March 2015 I suggested risk appeared to weigh on the upside at 177p. > > Stock to Watch: St Ives > > The share price hit 247p a further year on, but a downturn started from April 2016 as various large projects e.g. in books printing got cancelled and deferred. Challenges persisted for the grocery-oriented marketing activation side and the stock was down to 37.5p in mid-2017. > Much more focused, on a growth segment > > Despite the "Clays" books printing side remaining, it is a market leader which ought to help a sale. Meanwhile, the strategic marketing businesses look in strongest shape and St Ives relatively most-focused, than at any time I've covered the group. > > Barring a UK recession, at about 82p the stock, therefore, offers scope to re-rate - likewise dividends - as the deferred considerations are managed through. The operations could also prove a useful integration for another marketing services group, to bid while market price is low. Accumulate.
chrisgail: I would have thought the cash generation potential definitely makes it a potential takeover target at anywhere near the present share price.
nick rubens: I'm not a chart fan but isn't a double top usually meant to signify a fall again (shorter term at least). I don't know but the level of profitability (liabilities already considered)will ultimately value the share price.
walbrock82: Here are some facts about this company you need to know (not in any particular order): -Net book value of freehold drops from £55.3m to £13.3m in 16 years. -It has 160 clients on their books compared with 130 last year. -Revenue in the early 2000s is higher than today. -Profits are very volatile. -The business disposed of assets worth £500m since 2002. -Today, property, plants and equipment drop from £200m to £30m in 15 years. -The weekly technical chart shows a strong buy signal. target='_blank' /> -The capital turnover ratio is an early indicator for investors to sell if valuation got too frothy. - The depreciation and amortisation charge since 2002 is £341m. -Since 2002, total gross capex spending came to £477m with net capex amounts to £136m. -As well as doing a lot of disposing (£500m worth in 14 years), they did a lot of acquisitions causing goodwill to go from £41m to £189m (2016). - In the last 14 years, there have been 15 occasions where the share price movement were greater than 20% in either direction. -If 2017 is another loss-making year, it will be the second time in a row. -The last time it made a net loss (in 2009), market valuation (such as P/B and P/S) is 70% cheaper than today, despite share price collapsing. You can argue we are in a bull market which helps St. Ives to keep a hefty valuation. The full article is here:
edmundshaw: Well to say there is NO value in this company is quite a strong verdict. The intangible assets certainly have value, and the remaining Books and the Strategic Marketing segments seem to be doing OK. So we have to try to estimate the damage from the disappointing performance of Marketing Activation segment (said to be due in large part to the ongoing pressures within the grocery retail sector) and the loss of the Harper Collins contract. They are of course looking to address the former by looking for new clients outside grocery retail . The latter is easy enough as they have given us numbers, and the former we can estimate from the phrase "the out-turn for the full financial year will be materially below its previous expectations with the majority of the shortfall due to the pressures within the Marketing Activation segment". Material is >10% and the book contract loss is not far off the same number, so we get a drop in profit of perhaps 25-30%, a fair amount of which looks permanent, but some of it potentially recoverable. Translate this to earnings per share and I am still seeing north of 12p underlying EPS, which does make a share price of 53p remarkably cheap unless you expect that a LOT worse is to come.
davr0s: There was always high risk of this happening after last year. Divi must be at major risk now. Staying well clear for the time being and not trying to catch any bottoms. A lot of work needs to be done to sustainably rebuild any sustained share price trend IMO
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