Venture Life Share Discussion Threads

[redartbmud] 10/3/2017 12:35

Sold some Nrr this week, for a good profit. Returns have been very good, but
I decided to lighten my load on property investment cos.
Holding Mklw and SMP that are local and I know very well, and I have some Segro that
probably pre-date the Battle of Hastings.
Still holding Bdev, Psn & Tw. builders.
The dreaded 'C' and Keller' plus Bree in the overarching or wider sector.
Wondering now about Granny Yellen and her interest rates. I don't expect anything soon to occur here, but it will be the kiss of death at some point.
In the meantime I am picking up the divis.

red

[redartbmud] 10/3/2017 12:25

Used to visit Sha every day, but it has become far more politically focused, of late, so I drop in infrequently. They do have some good contributors, when on topic.

red

[essentialinvestor] 10/3/2017 12:20

Added some HSTN at 116.7, FY results Tuesday week.

My core HSTN holding is for yield reasons, trade a few as well.

[petersinthemarket] 10/3/2017 12:19

The large paper profit on dis is now really distorting my pf. Not a bad problem to have, I suppose. I admit I have been slicing a few on peaks here and there but still heavily over weight. Today's sudden share price burst might be the link up with fever tree. Nice piccy of redleg on their website. Redleg now strongly believed to be worth a lot more than current dis mktcap if sold on to a major.
Yr end 31 march, TU end April, finals early june.

That pizza company dpp is disappointing atm. Cannot figure it out. I was up 10% a while back but most of that has drifted away. Now c3% up and wondering whether to stick or twist.

pete

[essentialinvestor] 10/3/2017 12:17

Really useful thank you again.

I like this board as it's more equity focussed than SHA these days.

There are some lovely people who post on SHA, however the board has become
a little weighed down by Brexit, Trump, Trump Brexit..
Still a nice place.

[redartbmud] 10/3/2017 12:14

EI
Thanks. Sometimes my time just isn't my own, but that is life.
Hope you find comments useful.
Any more bright ideas, just drop in - please. All will be gratefully received.

red

[essentialinvestor] 10/3/2017 12:04

no probs, works that way sometimes, bought it to your attention at least!.

[redartbmud] 10/3/2017 12:03

EI
Bloomin' 'eck.
Just looked at the share price +4.2%.
Behind the eight ball again!

Dty flat today doesn't help.

red

[essentialinvestor] 10/3/2017 12:01

Much appreciated.c

[redartbmud] 10/3/2017 11:59

EI
A bit long winded, and far from complete. RPC is not a bad business:

RPC
Period March ’12 to March’16
The major balance sheet movements £m:
Plant etc 514: Intangibles 885: Inventories 130; Cash 96 = 1625
Borrowings 703: Provisions 127: Non-Current Liabs £146 = 976
Net 649, funded by Share cap/Premium 619
Debtors/Creditors neutral.

In that time:
Revenue has increased by 45.3%, of which 34.3% was in year ‘16
Operating profit +30.6%
EPS flattish to up since 2013
Dividend up 22%, keeping pace and cover still around 3x
Yield down to 1.98% from 3.34%, but explained by share price up x3 from
Range £3.10 - £3.20 in March’12
ROCE has fallen from 15.07% to 8.20%, not surprising, given the additions.

Excludes last addition, of course. The expansion has been stellar since
Y/e March ’14, and despite the capital raisings, debt rose by £703m
The three additions revenues equate to the total revenue for Y/e 2012.
For Y/e 2016 it must have surpassed that by a good margin anyway.
That is a pretty big leap in just over 2 years. I have no idea how much
autonomy that they give to subsidiaries to run their own show, or what
central controls they impose.
No idea of market share they have in each sector, or the competition
that they face. Pricing pressures, raw material cost inflation etc.
Not looked at debt financing – term and terms.
Not looked at FCF or cash conversion.

Overall, debt aside, the changes are transformational, the last one has
yet to be properly integrated. Nothing there to worry me.
It would be interesting to see tintins forecasts for Y/e March ’18 and
The results for March ’17 when they are published.
The share price has trebled since March ’12, despite the deeply discounted
rights issues. There is no reason to suppose that it will not continue
to enjoy a lofty rating, or that it will not prosper from this point onwards.

Not complete, but a start to more delving that I might just do.
Might even take a position myself, when I have done more research.
Thanks.

red

[essentialinvestor] 10/3/2017 11:42

BRSN on the move, perhaps should have been braver, early days.


DLG, motoring.

[apad] 10/3/2017 10:07

Bought a first holding in RWS, so have my wish for a new company in the portfolio.

apad

[apad] 10/3/2017 09:32

Bought more PTSG with ROR proceeds.
Cash flow is very difficult (impossible) to understand because the delay in customers paying is something like 3/4 months!
Results on the 28th.
apad

[redartbmud] 10/3/2017 09:30

APAD

The oil story, the old chestnut is on the table again.

Looking to 'buy the dip', but more successfully than Dty. - Wonder if I can get a discount on my funeral.

red

[redartbmud] 10/3/2017 09:25

EI
Went to bed knackered last night. Too old to be dashing around putting out fires.

RPC looks like it has put its' eggs into growth.
Rights issue 1:3 @320p end November '14 to acquire Promens Group Raised £200m
Rights issue 1:5 @460p December ’15 to acquire Global Closures Raised £232m
Placing June ’16 to acquire BPI
Rights issue 1:4 @665p February '17 to acquire Letica Group Raised £522m gross

Promens Revenues £426m EBITDA £59.8m Cost £307m Rights raised £200m
BPI No figures Placing raised £90m
Global Closures Revenues £426m EBITDA £59.8m Cost £470m Rights raised £200m
Leitica Revenues £359m EBITDA £45m Cost £359m + earn out up to £120m

Have looked at B.Sheet movements but now have refugee to entertain for a while.
Car in for repair down the road, house Joe’s Café for now.

Continued later. Some very big changes to understand.

red

[apad] 10/3/2017 09:02

ps
Lots of DIS activity.

[apad] 10/3/2017 09:00

Sold some ROR at 256p. It's a large holding, so not a big percentage. Not worried about it, but it is totally in the hands of the sector performance without a really special niche.
I would really like to have a new company, but no conviction yet.

Walking on the wild side with BUR, Dave :-)

apad

[essentialinvestor] 10/3/2017 08:16

red, looking forward to your conclusion.

However, my take is that there is a lot on trust here, meaning will
they have the capability to successfully deal with such a large group
expansion, so far so, good going by results.


Added a few more DLG at just over 3.40.

[redartbmud] 09/3/2017 21:58

APAD

Ror typical of quoted companies. They will play with hedging derivatives. Do they fully understand them?

I see the strategy that they have been following, plugging gaps in the product portfolio by buying bolt on's. Usually financed from cash.
They aren't a Rsw though:
In 2016, we accelerated a number of product introductions as we continued to widen our product range and improve our existing products to remain competitive. Our investment in R&D is led by Gary Jacobson, who was appointed as Group Innovation "Director following the acquisition of Bifold in 2015, and during the year this increased by 5.9% to £10.2m."
Sadly no Watson-Marlow in the stable.

They became a big net borrower in Dec'15 as a result of the purchase of Bifold in Aug'15 for a net £125. Exceptional cash generation has helped though:
"Our strong cash generation and disciplined working capital management resulted in a reduction in net debt of £16.2m to £55.0m at the end of the year". (ie. 2016)

I mistimed my top slice, but overall I see them very much mired in the O&G tribulations for a while yet. Not adding for now, especially at prices in excess of my sales price. Watching and waiting.

RDSB, no time to contemplate timing of purchase.

EI
Contemplating RPC, mired in numbers.

red

[apad] 09/3/2017 21:06

ps
I think ROR could do with a Watson-Marlow, red.

[apad] 09/3/2017 20:50

:-) red.

Noticed this in ROR cash flows:

Settlement of hedging derivatives (25,867)

cf

Purchase of property, plant and equipment (14,692)

Don't have a strong view on RDSB as it all depends on O&G sentiment and supply data. Whilst there is still speculation on Saudi future action there will be weakness.
FWIW I think the Crude Index fall over the last few days has the ability to bring down RDSB some more - unless it springs back on sentiment, which I doubt in the short term.

apad

[essentialinvestor] 09/3/2017 15:35

Hope to buy back a few HSTN at under 1.17, if available.