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Share Name Share Symbol Market Type Share ISIN Share Description
Vp Plc LSE:VP. London Ordinary Share GB0009286963 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -15.00 -1.49% 990.00 990.00 1,020.00 990.00 990.00 990.00 8,274 16:29:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 308.0 -2.3 -11.6 - 398

Vp Share Discussion Threads

Showing 901 to 923 of 950 messages
Chat Pages: 38  37  36  35  34  33  32  31  30  29  28  27  Older
DateSubjectAuthorDiscuss
25/7/2019
12:14
More detail on the above is in a published research report , freely available here : https://www.equitydevelopment.co.uk/edreader/?ltkn=00ba842ec9f16b11d5c88687490e3640Rkrnf1ar&d=%3D%3DQMxYjM
edmonda
25/7/2019
12:12
Today the company said at its AGM that it continues to “make progress”. Adding that “YTD trading had been broadly in line with expectations” - supported by its core UK infrastructure, construction and housebuilding activities, particularly outside of the ‘more subdued’ South East and London areas. Similarly, the International division (re oil & gas and test & measurement) has also experienced a “satisfactory” first 4 months. As such, we make no changes to our forecasts, but conservatively nudge down the valuation
edmonda
09/7/2019
13:27
VP's continues to pay higher dividend year after year. This is unsustainable because the Group does not generate sufficient cash. It is no good to look at the Group's announced statistics because they are in a way distorted and meaningless. The balance sheet tells me a different story. The company has higher Trade Creditors and a huge bank borrowing (to finance the Brandon Hire acquisition). On the other side of the equation it has huge intangibles. You know what intangibles mean. They don't have tangible value. They are there to balance the books (purchase price minus net book value/fair value acquired). It added £55 million of intangibles to its balance sheet when acquiring Brandon Hire. In plain English, this is money paid upfront to the Vendors of the Brandon Hire business in the hope that the business will generate sufficient cash in the future. Any hiccup will result in write-down in the future, as we have witnessed too often elsewhere. There will be more bad debts to hit the plant hire division. The only saviour so far is a piece of financial engineering in that the company has used its cheap debt to pay off £25 million expensive loan inherited from Brandon Hire, thus saving the group interest charges. This will enhance group profit and earnings. VP's future is not as rosy as the directors have painted. Brandon Hire was acquired in November 2017. It contributed only 4 months worth for the year ended 31/3/2018. For the year ended 31/3/2019 Brandon contributed a full 12 months to the group. All the statistics of course are +++++. But the bottom line is more pedestrian, which for reasons mentioned above does not justify higher dividend, in my opinion. Time will tell whether my analysis is correct.
kingston78
19/6/2019
13:27
Depreciation is a major component of cost of sales in the plant hire industry. Amortisation (of goodwill on acquisition and other kinds of goodwill and intangibles) is also a recurring charge to the Profit and Loss account. It is more so as VP is building up its businesses via acquisition rather than by organic growth. Turnover will obviously increase as the group expands. Other performance measures will obviously improve because they are stated pre-amortisation and pre-depreciation, and also pre-interest. These measurements flatter the results of the trading divisions. Moreover, a lot of central costs etc are charged to the Holding Company and anything that may be classified as Exceptional will be charged as such to flatter the divisional results. In short, the divisional results are not as good as they are portrayed to be. You need to look at cash flow,net debts and the overall Balance Sheet to gauge the financial health of the Group. Growing by acquisition and by debt has many weaknesses. On trading practices and allegation of price fixing, the CMA will no doubt carry out a detailed investigation and act accordingly.
kingston78
11/6/2019
16:20
Big movement today, maybe tipped somewhere? Still decent value
1pvh
04/6/2019
08:11
Agreed : record results from with revs £382m +26%, PBT +15%, EPS 95.1p +16% and div 30.2p +16%. Acquisition of Brandon Hire already working out well. Updated research now out from Equity Development with forecasts and £11.50 fair value / share retained. free access here@: https://www.equitydevelopment.co.uk/edreader/?ltkn=7192255345d37a20af5ab7189726e9e7g%2BDTxDmV&d=%3D%3DAM5UjM
edmonda
10/5/2019
08:26
See this is moving up a bit now. If the fine and findings aren't to harsh in the price fixing case it could go back to £10 +Still only be on a pe of 10 and a decent yield 60 year old business
1pvh
16/4/2019
11:26
Obviously there's a huge uncertainty here, but I wonder if this is oversold now.. though it'd be brave to buy now I suppose. Here's the CMA's case: https://www.gov.uk/cma-cases/provision-of-products-and-or-services-to-the-construction-industry-civil-investigation "The CMA provisionally considers that MGF and VP were involved during three periods between 23 September and 4 October 2011, 14 February to 24 November 2014 and 12 November 2015 to 28 November 2016, and that Mabey was involved between 14 February to 16 July 2014." The scale of fines seems to relate to: turnover during the period concerned - ie maybe the year 2016. There are multipliers for the length of time, and for whether they instigated any cartel or not. From a quick read, I feel a fine would be in proportion to Groundforce's turnover during c. 2015/1016, not the whole VP group, but I may well be wrong there. Apart from damage to their reputation, I don't think this will effect future profitability directly. Though a fine will of course add a slug of debt to the balance sheet.
martinc
09/4/2019
12:09
Vp shares hit by construction cartel probe See BBC business news Also if profits have been inflated due to cartel actions then (imo) margins will be squeezed once cartel is dismantled PLUS of course the penalty coss (if fined) will be a one off hit.
pugugly
09/4/2019
07:34
CMA fine looking likely here. Although likely to be small, could see negative reaction
mammyoko
08/4/2019
08:35
Thanks edmonda. Really appreciate all the sector multiples, which suggest there is further to run on Vp. Also liked the bit on downside resilience given the Brexit impasse in Westminster - "if the equity markets become increasingly choppy again over the next few months, then we think tucking away consistent high-performers like Vp on any dips, should prove to be a lucrative strategy."
chalkyboard
08/4/2019
08:19
Update today of further progress in recent trading and Brandon Hire integrating well. FY to end March seen in line, with results due 4 June. Equity Development research note just out with raised fair value share price, freely accessible here: https://www.equitydevelopment.co.uk/edreader/?ltkn=e59c1fd56e026f21115f08ec1aeffe9cud83tjfm&d=%3D%3DAN2UjM
edmonda
27/11/2018
13:46
Many thanks edmonda. 13% LFL sales growth means VP must be winning market share hand over fist. Any ideas why? Combination of specialist plant hire (vs commodity), good management, regional focus, B2B (ie not B2C), large projects (Hinkley point), rivals (eg SDY, A-Plant & HSS) focusing on self-help (as opposed to organic growth), etc?
chalkyboard
27/11/2018
08:17
another good set of interims from @Vpplc : revs +42%, PBT £25.9m +22%, EPS 52.3p +18%, interim div 8.2% +21%. Chairman looking forward 'with every confidence.' Updated ED research note and retained fair value now out, freely available here: https://www.equitydevelopment.co.uk/edreader/?ltkn=fbce6053112df68cb82a8111e77a410fayEY0zg3&d=%3D%3DwNwUjM
edmonda
18/8/2018
09:39
Good results so continue to hold as long as the chart is ok.
tell sid
07/8/2018
13:34
Equity Development's research note on VP by analyst Paul Hill Read the full note here ...https://www.equitydevelopment.co.uk/edreader/?d=%3D%3DAN1QjM House prices are almost as British as fish & chips. Hardly surprising really, given in total residential property is worth a staggering £7.1 trillion (source: Savills), or >4x GDP. So what’s the latest word on the street? Well despite being buffeted in Q1’18 by the country’s other favourite topic, the weather – the recent outlook from the nation’s housebuilders appears to be positive. The UK construction industry rebounded 2.9% in May, led by ‘new build homes’ which were up 8.4% on LFL terms. Going forward, we expect activity levels to remain supportive - albeit slightly less so in central London, which has greater BREXIT exposure and much higher property values. This positive outlook underpins our forecasts for specialist plant hire group Vp, who released an upbeat trading statement this morning ahead of its AGM. Here, the company has enjoyed an encouraging 1st four months, with its core UK infrastructure, housebuilding & construction markets demonstrating solid demand. The integration of Brandon Hire is also progressing to plan. Elsewhere, there has been a “modest recovery” in the overseas oil & gas business (Airpac Bukom) reflecting improved crude prices, allied to good trading at the AsiaPac test & measurement operation. Consequently, we make no change to our numbers, but nudge up the valuation to £11.00/share from £10.70 - based on a 12x EV/EBIT multiple, which is consistent with sector EV/EBITDA averages of 6.4x.
edmonda
02/8/2018
16:17
Equity Development's research note on VP by analyst Paul Hill Read the full note here ...https://www.equitydevelopment.co.uk/edreader/?d=%3D%3DAN1QjM House prices are almost as British as fish & chips. Hardly surprising really, given in total residential property is worth a staggering £7.1 trillion (source: Savills), or >4x GDP. So what’s the latest word on the street? Well despite being buffeted in Q1’18 by the country’s other favourite topic, the weather – the recent outlook from the nation’s housebuilders appears to be positive. The UK construction industry rebounded 2.9% in May, led by ‘new build homes’ which were up 8.4% on LFL terms. Going forward, we expect activity levels to remain supportive - albeit slightly less so in central London, which has greater BREXIT exposure and much higher property values. This positive outlook underpins our forecasts for specialist plant hire group Vp, who released an upbeat trading statement this morning ahead of its AGM. Here, the company has enjoyed an encouraging 1st four months, with its core UK infrastructure, housebuilding & construction markets demonstrating solid demand. The integration of Brandon Hire is also progressing to plan. Elsewhere, there has been a “modest recovery” in the overseas oil & gas business (Airpac Bukom) reflecting improved crude prices, allied to good trading at the AsiaPac test & measurement operation. Consequently, we make no change to our numbers, but nudge up the valuation to £11.00/share from £10.70 - based on a 12x EV/EBIT multiple, which is consistent with sector EV/EBITDA averages of 6.4x.
edmonda
05/6/2018
08:30
another strong set of FY results: adj PBT £40.6m + 16%, EPS 81.8p +18%, div 26p +18%; plus a 'positive start' to new year. Full updated ED research note now out from Paul Hill, freely available at https://www.equitydevelopment.co.uk/edreader/?ltkn=[ID]&d=%3D%3DAMzQjM All investors should make their own decisions, Mr Highlands, but this analyst's opinions on Vp in the last 4 years haven't been too far wrong
edmonda
01/6/2018
00:57
Lots of buys after 3.30pm today, leaky leaky pre results ??
tudes100
07/4/2018
17:46
Here you go Highlands - worth a read from Paul Scott on the value (especially post Mifid II) of paid-for-research hxxps://www.stockopedia.com/content/problems-caused-by-mifid-ii-297523/
brummy_git
07/4/2018
07:11
Unusual jump in share price given it's in an establishing downward trend. Any reason ?
my retirement fund
06/4/2018
09:37
Edmondo, that is a non-independent analyst report usually commissioned by tge company itself! Read the section right at the end!
highlands
06/4/2018
08:40
Solid update (again) released today ahead of results 5th June. Co says 'good progress over winter period' and FY results to end March seen to be 'in-line'. New ED research note (unchanged forecasts and undervalued view of shares) freely available here: https://www.equitydevelopment.co.uk/edreader/?ltkn=8a05af90dff9e225713188aa0664a6747XdakxyL&d=%3D%3DwNwQjM
edmonda
Chat Pages: 38  37  36  35  34  33  32  31  30  29  28  27  Older
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