Tavistock Investments Share Discussion Threads

[russman] 08/12/2021 14:45

The share price is trading at 50% of BoD's estimate of NAV.
This is a large relative discount.
I suggest that the current BoD is our biggest liability.

[markgordon1] 07/12/2021 21:27

I think the best we can hope for is a big dividend increase together with share buybacks.The company should spend half the cash What worries me is that sector is hot and valuations high.We have not participated Sectors do not run hot forever What happens when sector goes out of fashion

[makeamillion3] 07/12/2021 08:22

QP
Why is it encouraging because it’s in the FT Adviser? They have merely mirrored what’s in the RNS release. It doesn’t carry more weight just because they mention it. With the money available, I’d be questioning if they weren’t considering options… I just hope they make the correct purchases and use the money wisely to add value and hopefully profit

[quepassa] 07/12/2021 07:43

Very good article in FT ADVISER ( see post 2502 for link).

Encouraging to read in the FT ADVISER article that Tavistock is currently considering several potential acquisitions.

[mandarin4] 06/12/2021 20:21

QP was a tedious poster and now we have Russman. This share has its village idiots I’ll grant you that.

[russman] 06/12/2021 18:13

Head Office "overhead" was £2.3m at the interim.
Nice work if you can get it.

[russman] 06/12/2021 18:07

I suggest the market is valuing TAVI on earnings; £17m cash earning zilch.

[davebowler] 06/12/2021 14:03

HTtps://www.ftadviser.com/investments/2021/12/06/tavistock-assets-surge-to-50m/

[davebowler] 06/12/2021 13:55

Allenby-– Sum of parts 16.0p per share. Tavistock now owns a substantial sized advisory business with annual revenues guided at over £29m for the current financial year and a balance sheet to accelerate growth of the business. The net cash position at end September was £16.5m, adding the £20m deferred payment discounted at 5% pa gives a value of £34.7m. Placing a value on the advisory business of 2x current year revenues (sector M&A is more often at c.3x revenues) creates a total group value of £92.7m or 16.0p per share. Clearly material upside from current levels.

[markgordon1] 06/12/2021 13:24

Headline should read "Tavistock earnings tumble as furlough and salary sacrifice ends"Tavistock earnings fall 13% in the 6 months to the end of September as the company adjusted to the end of 2020's government furlough support and staff salary sacrifice

[mandarin4] 06/12/2021 13:20

Phillzy are you Russman and enough as well? If it’s that toxic why are you invested here, if you are not invested here why are you posting ?

[phillzy1] 06/12/2021 13:12

QP is back is better news here!!

Allenby has been promising upside for years and nothing. Nice to see the sale adding £35m, market not liking it clearly. No wonder, they have sold the only profitable part of this toxic group.

Expect next year's results to be in line with an average IFA business with a cash element to it.

[quepassa] 06/12/2021 10:59

Allenby Capital today issue an Update and significantly increase their Sum Of Parts Valuation from 14p to 16p.


The Board's comments are to be noted regarding:-

1) Company Growth strategy

and

2) Acquisition strategy





Allenby Capital write today:


"We estimate Tavistock's NAV per share to be 16p providing 290% upside from today's 4.1p"

and

"Clearly material upside from current levels"

[russman] 06/12/2021 10:33

Derisory reward to long suffering minority shareholders.
17m net cash at the interims.
Special divi would have been more appropriate.

[chrisdgb] 06/12/2021 10:31

In the current guise I target 6-7p now, then look for any accretive deals..

[redwing1] 06/12/2021 10:13

Really markgordon1? I can't believe that your understanding of the results is that misguided so I can only assume that it is a very poor attempt to ramp the share price.

The £35.5m is of course predominantly the proceeds of sale from TWL and should be valued at a multiple of 1x. Ongoing EBITDA for the remaining business is £1.1m. Your post from 2nd Dec seemed to understand this so I am not sure what you have been smoking since then!

[markgordon1] 06/12/2021 08:50

Profits before tax gbp35.5 millions Should have a value of gbp350 millions Sum of the parts is way out Should be at least 170pCome on boys This is a 40 baggers Fill your boots

[markgordon1] 03/12/2021 15:39

Agreed and they need to

[chrisdgb] 03/12/2021 08:27

Well in the face of the negativity, they surprised us with the disposal, let us hope they can surprise us (in a good way) with an acquisition....

[markgordon1] 02/12/2021 23:38

With the asset management division sold the company is a medium sized mediocre IFA business plus cash.An IFA business is worth say 8 times ebitda or profit.Say ebitda of gbp1.5 millions so gbp12 millions plus cash is sum of the parts in my opinion.Currently market cap is circa gbp24 millions.Probably about right assuming they make the gbp1.5 million Share price normally follow profit Therefore upside is dependent on management generating profits and then more profits This they have NEVER achieved Why?Mainly because the company carries too much costs. Revenue is fine but costs too high. Look at the central costs or group costs.Next problem is that a lot of the advisers are self employed and they take way too much of the fees.All this means is the path to profit and sector equivalent profit margins is seriously difficult if not impossible.Something needs to change.

[mandarin4] 02/12/2021 17:18

You asked so here goes

I think you’re like a stuck record when it comes to this share and I cannot understand why you remain invested. I do however agree that the sum of all parts valuation appears somewhat delusional. Is this the bods fault? Maybe but aim is fickle and a lot of shares gain on news then drop back until the next round of RNS announcements.

[enough2021] 01/12/2021 20:05

So much for the sum of the parts valuation at 14p! This management team has neither credibility nor ability and needs to go. What do other external shareholders think?

[chrisdgb] 15/11/2021 12:29

Valuations in the sector still make this look like a steal.......

[mandarin4] 15/11/2021 12:19

It would appear so. Cant be the company as they would be obliged to RNS each purchase. or a large shareholder as they too are obligated to notify.