Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So Hanover have said they will increase the offer if another bidder comes in. [so admitting its worth more than 10p without synergies]. From
1] A look at the revenue explains why - 70% recurring and 15% licence fees - best type of rev to maintain your mcap.
2] Gross margin - 60% - oooh, lovely.
3] EBITDA £2.6m - not bad.
Business is very scalable - very good for bidder in same business - as is all of the above.
Interesting is I cannot find any info on Directors emoluments in the final accounts but interims had £8m total salaries for 6 months so £16m. Think of the directors costs that could be saved - £3m? More?
Carmen Carey joined the Company as CEO in February - ummmh.
So £8,4m is a derisory offer and Hanover knows it - as do the BOD
should read from the annual accounts
Cause there was 250k on the ask for 9.75p and someone wanted more so uncrossed at 275k
A bidder with synergies is so impt as if operations are absorbed with little fixed overhead increase, your 60% gross profit on recurring income becomes net profit.
Do a p/e on that scenario!
Competitors know this - its a one off opp.
Another 250k just gone through at 9.7.
Ask being loaded - not a great sign as looks like one ii may be happy with it - there again, I'm sure we are going to get a few strange trades
Well can sell 500k for 9.55p.
Lord knows whats going on
Brady has an enviable market position.
Well 500k upto 9.6p
Its moving with more sells than buys.
Got 25k sb more at 9.82
This is where a small float may kick in
9.77 for 500k [after 100k sell]
There's a rush on
Would not be surprised to get a higher bid.
If new bidder can slot BRY ops in:
£11.4m GP - halve O/H so minus £4m - over £6m annual profit.
That's why Hanover are willing to increase