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Share Name Share Symbol Market Type Share ISIN Share Description
Stenprop Limited LSE:STP London Ordinary Share GG00BFWMR296 ORD EUR0.000001258
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.25 -1.46% 151.50 151.50 155.00 151.50 151.50 151.50 2,044 09:05:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 44.1 16.1 5.5 27.5 429

Stenprop Share Discussion Threads

Showing 2826 to 2850 of 3000 messages
Chat Pages: 120  119  118  117  116  115  114  113  112  111  110  109  Older
DateSubjectAuthorDiscuss
22/6/2010
09:55
Daisy group have announced results this morning for their 15month period since starting their own active market consolidation. They have EBITDA of £11m for the 15 month period and a market cap of £272m. There is a presumption that EBITDA will improve as they digest their acquisitions but the current market cap represents a multiple of 5.3 on the 15 mth gross profit figures (£52m) which prices them pretty highly when compared to STP. STP is looking at having gross profit of around £10m for the full year (£12.5m for 15 months). Admittedly the scale of STP's growth is less ambitious than that of Daisy but still, if you apply the same multiple on gross profit over a 15mth period a similar market cap for STP would be £66m or £3.70 per share. That said we need to also consider STP from a different perspective: the acquisition rather than investment case. Currently acquisitions of smaller (subscale) telco's are priced at 4.6 times EBITDA (both by STP and DAY). I calculate that current underlying EBITDA for STP is around £5m, so that would put an "acquisition price" on STP of £23m if STP were forced sellers. As business is growing for STP, they are not forced sellers and they represent a significant competitive pressure to DAY in the business telco market. More importantly though they are an increasingly irritating competitor in making decent acquisitions of those smaller, subscale telco's. Given this a premium would need to be applied to any STP takeout. I think a multiple of 2 can be applied giving a value of STP to DAY of around £46m or around £2.70 per share. In both valuation examples (investor and takeover case) we need to consider the underlying debt which conservatively accounts for around 80p/share. I therefore estimate a fair valuation on STP of between £1.50 and £2.50 per share. Like I said above, these are cheap as chips. They are unloved and untrusted. Love is fickle though and when it returns these will appreciate handsomely. The market needs to be convinced that STP can hack it in the competitive telecoms environment but the strength of support from both Clydesdale bank and their largest shareholders, is indicative that this confidence will return at some point.
longshanks
18/6/2010
14:34
me again. Seems to be a bit more stock available in the market - but it is also well bid. The thing to remember about STP is the statement from the half-year results about current trading: On a standalone basis, our Business Division is now delivering an annualised underlying EBITDA* run rate in excess of GBP3.5m Revenue for the first six months was ~£8m. Anticipated revenue for the second half was ~£15m!! This was before four further acquisitions and a substantial contract win. I estimate annualised revenues to be currently running at around £42m with underlying EBITDA of around £5m. For a £10m market cap this is stella performance. At the moment these are unloved but boy are they cheap - I am hoovering up as many as I can before the news breaks.
longshanks
18/6/2010
14:21
Yet more buying, what"s the news then Martin?
tara7
16/6/2010
23:15
More good news on the way that is going to put this into orbit....
martin44
16/6/2010
14:51
me. Limits getting very tight - thought I would get my "last orders" in before the show comes to town.
longshanks
16/6/2010
14:05
Yet more today.
tara7
15/6/2010
18:16
More buying today.!!
tara7
08/6/2010
11:15
welcome back tara7. Haven't seen you around much recently - been anywhere nice? [technically it is only 3v1 - the fourth you refer to is the WINS+ (PLUS markets) which tends to always follow their LSE position. Still SCAP have joined WINS and HOOD - leaving just LIBC on the offer.]
longshanks
08/6/2010
08:16
Level two now 4 V 1
tara7
03/6/2010
13:12
Moved from 1v1 to 2v1 with Hoodless joining WINS on the bid News/results must be imminent IMO.
longshanks
03/6/2010
09:41
somethin' is cookin'....10% increase on a couple of small trades... Mind you the spread for each MM is crazy here. Each one has 10p spread - meaning that moves like this are almost inevitable when one of them goes on the bid or offer aggressively (as is the case with WINS moving strongly onto the bid here).
longshanks
30/5/2010
22:04
Your argument doesn't seem to make much sense 2JohnAdams. What is the point you were trying to make...that they can only make profits by consolidating, increasing revenues and reducing costs....hmmm...yeah...pretty much what all businesses do in competitive market places. I agree that there are some issues. Debt is not a particular problem though as they only have £4m first tier debt. They do also have £10m of convertible bonds which I agree gives the prospect of some stock overhang but not a debt crisis. The balance sheet is actually very strong and I think your argument misses the whole point of the leveraged position occupied by STP. If the business can return 30% ROCE then the value of the business will be enhanced by the leveraged position not damaged by it. Such leverage has risks but when it works it transforms company performance and we could see a massive re-evaluation in due course. At least that is what I am banking on.
longshanks
29/5/2010
09:36
I have to agree with snickerdog and George about PINN, which I openly admit that I hold. However I have looked and looked at STP for years, I have loads of research and still haven't taken the plunge. The issue for me is the debt, the bebt for equity swaps, the critical requirement to get the integration bang on and the extremely fragile nature of its profit/loss. Should it even be aloud on AIM with Penta Capital owning more than 80%?? and so the questions go on... There is a school of thought that suggests - if you keep acquiring, then eventually you'll create profits, however, those profits will only come through consolidation and cutting costs through integration of the acquired businesses - and there's the problem (very same issue for Daisy Telecom). Just convinced myself to stay on the otherside of the fence. GLA
2johnadams
28/5/2010
10:18
Acquisition of Housing Communications Limited this acquisition is strategic and will open up huge potential to what is happening in the market place I do look forward to hearing of upgrades etc to come!
martin44
28/5/2010
07:50
Another decent acquisition for STP. I have been doing some maths. Since November last year, STP have made six acquisitions. In total they have spent some £14m on these and in the process have bought historic turnover of these six businesses of some £17m and combined EBITDA of some £2.3m. Much of this £14m is funded on loan notes paying 10% interest so I estimate profit before tax on historic earnings for these six businesses at some £0.9m. One could say therefore that the acquisitions are pretty much at fair value representing a return of some 6.5%. However looking at the ability of STP to sweat assets through cross-selling and the picture improves somewhat. We can anticipate revenues and to increase some 18% on these businesses to around £20m for the coming year and EBITDA to increase by some 22% to £2.8m. This would give a profit of £1.4m and a return on the borrowings of nearer 10%. Given the extreme levels of leverage that they are exploiting the picture in terms of ROCE is even better - with the overall business looking to deliver in excess of 30% with the share price at the current low point. Should the loan notes be converted ROCE will drop but still be impressive for a growth business such as this. It will be interesting to get some figures for the full financial year but at the moment the share price looks cheap. Free float is only about 2.7m shares... When this starts moving it will move very quickly.
longshanks
19/5/2010
15:27
Longshanks, The spread here is a bit gruesome isn't it? I find that very offputting. You are of course entitled to your opinion on PINN, If any of you get a chance,pop into the PINN board and have a look at the recent RNSs. £1900 buys you 500k! George
george57
19/5/2010
15:18
The Trend is your friend, as they say. Bottom is difficult to call here - though my instinct tells me that the convertible bond price of 40p has something to do with the recent weakness and should provide a sensible floor. Either way, it seems we have a rare flower here on this day of blood and mayhem on the markets: one of the few blue's on my screen. It wasn't meant as a slight to refer to PINN as "new-tech": I am sure the product/technology is very much cutting edge. However, whilst I accept the market is there for what they offer, I am not yet overly convinced they will succeed in developing the business. Their niche is not obvious to me and I think they will get squeezed by competition.
longshanks
19/5/2010
14:29
Hello all, I am thinking about possibly sticking a few quid in here,I like the story but feel they may drop a bit yet,I will watch and let you know when I buy. I have a big investment in PINN,a couple others also I see here, PINN are a profitable company,and expanding all the time,a bit like STP but without the profit bit. Longshanks, I think you may find that PINN is very high tec,its the way you have to be in the world of telecommunications. I wish you all well.
george57
17/5/2010
22:06
some more decent trades today and hopefully the rally could be just round the corner, fingers crossed as this moves up!
martin44
17/5/2010
12:02
cheap as chips here. I like the look of PINN - but it just seems a little too "new-tech" for me to want to take the punt right now. STP is - IMO - far better placed for growth as an integrated telco provider.
longshanks
15/5/2010
17:12
Tara, just to make the point that I am not trying to lure anyone away from SPT. I've been invested here for a couple of weeks now as I am particularly interested in the telecoms sector at the moment.
snickerdog
15/5/2010
17:09
Brewster, are you already in PINN? I hold a few STP as it has to be worth it at these low levels but have been heavily into PINN for a little while and as you can see from the new thread I have nearly finished, I am very bullish on them. I think that there is a lot to be said for the sector over 2010 especially with growing the SME client base. PINN is my favourite though and I would be very interested in hearing some of your views over on the other thread.
snickerdog
15/5/2010
16:12
Tara...if ur still abt ? Pls can you take a look at PINN. Just thought i wud give u a great tip :-) DYOR. Your feedback is appreciated.
brewsters millions
13/5/2010
20:06
Pretty positive the 'bounce' will come soon!
martin44
13/5/2010
13:06
illiquid stock and the MM's are trying their best to cope with a heavy "forced" seller IMO. It is either that or they have a large order to fill and are trying to induce panic selling by holders to satisfy the requirement. As martin44 says - you will only be able to buy these whilst the market is unaware of the unfolding story. I am nursing a paper loss which hurts but am still confident that the fundamentals here are very sound and will come good in time. I do run stop losses on some investments but seldom run them tight with AIM stocks - especially those like STP which are uber-illiquid.
longshanks
Chat Pages: 120  119  118  117  116  115  114  113  112  111  110  109  Older
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