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Some Stocks I Have Bought

Discuss Shares, buying selling, tips and deals
WickedLester
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Re: Some Stocks I Have Bought

#338905

Postby WickedLester » September 8th, 2020, 10:13 am

Wow! This is so illiquid I can see your trades because there's only one or two a day. I'm guessing you paid 122.6p :) The spread is about 17% which I would call extremely wide! I take my hat off, this is proper value investing, not for widows and orphans.


Yes that was me. I'm not usually put off by a large spread as long as I think there is enough upside to justify investing. I'm also quite a small investor so liquidity is rarely a problem for me.

Anyway there's been some results from some of the companies discussed here.

Firstly Headlam reported last week and as expected they roughly broke even before the goodwill write off. There is no dividend but sales seem to be improving and I still think the current price will prove to be cheap in time.

https://www.investegate.co.uk/headlam-g ... 00068771X/

Secondly Flowtech Fluidpower has reported this morning and once again they are operating at about breakeven but managed to pay down debt somewhat due to better working capital management. Once again there is no dividend. This is another one I feel will prove cheap in time once the benefits of the substantial restructuring are felt and the economy returns to more normal times.

https://www.investegate.co.uk/flowtech- ... 00082825Y/

Finally STM has reported this morning and the results are pretty good all things considered. They have remained profitable but margins have come under pressure and new business is proving slower than hoped for. They are still paying a 0.55p dividend, down from last year but the balance sheet remains rock solid and they are in the market for more acquisitions. I believe these are very cheap at the current price although the market doesn't like the results and the price is down somewhat this morning.

WickedLester
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Re: Some Stocks I Have Bought

#344135

Postby WickedLester » October 1st, 2020, 9:46 am

Brand Architekts reported the other day and the results are not too bad all things considered. They show that the company is still trading at a discount to net current assets. Second half turnover dropped off a cliff but the company still has net cash of £18m against a market cap of around £21m.

The pension fund deficit is a bit high for the size of the company but this is probably not a good time to be measuring it.

https://www.investegate.co.uk/brand-arc ... 00062159A/

After the results Roger McDowell, the Chairman, bought 500,000 shares in a huge vote of confidence for the company.

https://www.investegate.co.uk/brand-arc ... 53314380A/

Peter Gyllenhammar is also building a stake and now has over 10% of the shares. I don't know whether that is good or bad.

https://www.investegate.co.uk/brand-arc ... 10254933A/

WickedLester
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Re: Some Stocks I Have Bought

#344889

Postby WickedLester » October 3rd, 2020, 2:55 pm

Cenkos also reported their interims yesterday and they are profitable, although not very. Turnover was up on the previous period and they are still paying a dividend of 1p a share. Net cash is around £22m against a market cap of around £27m and net assets are about £25m.

Hopefully they will stand to benefit from an increase in fundraisings as Covid hit companies seek to shore up their balance sheets.

https://www.investegate.co.uk/cenkos-se ... 15229332A/

jackdaww
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Re: Some Stocks I Have Bought

#345882

Postby jackdaww » October 7th, 2020, 12:01 pm

jackdaww wrote:
simoan wrote:I had a funny turn on Tuesday morning and decided to buy a lump of Vertu Motors (VTU) at 22.9p following the trading update. I'm sure I should seek help for being too contrarian.

Currently you get net tangible assets of £168m, including £212m of freehold and long leasehold property, on a market cap of £83.8m. So that's a P/TBV of 0.5. That's what I call a margin of safety, and I couldn't help myself doctor. Please help as I fear I may end up buying more.

All the best, Si


===============================

i have followed suit , having held them in the past .

SP down a bit today at 22p

:)


=========

topped up today at 32p , statement seems positive ..

:)

simoan
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Re: Some Stocks I Have Bought

#346231

Postby simoan » October 8th, 2020, 3:27 pm

jackdaww wrote:
jackdaww wrote:
simoan wrote:I had a funny turn on Tuesday morning and decided to buy a lump of Vertu Motors (VTU) at 22.9p following the trading update. I'm sure I should seek help for being too contrarian.

Currently you get net tangible assets of £168m, including £212m of freehold and long leasehold property, on a market cap of £83.8m. So that's a P/TBV of 0.5. That's what I call a margin of safety, and I couldn't help myself doctor. Please help as I fear I may end up buying more.

All the best, Si


===============================

i have followed suit , having held them in the past .

SP down a bit today at 22p

:)


=========

topped up today at 32p , statement seems positive ..

:)

Yes, the interims were good under the circumstances and recent trading positive, including new registrations last month. However, how long that lasts we'll have to wait and see. NTAV was reported as 46.5 pps, so PTBV still at a significant discount. I'll continue to hold for now.

All the best, Si

WickedLester
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Re: Some Stocks I Have Bought

#347578

Postby WickedLester » October 14th, 2020, 10:04 am

Walker Greenbank reported today and the results are not too bad all things considered. Turnover fell 30% and the company pretty much broke even. There is plenty of headroom against their facilities and despite a cautious outlook the results for the last three months have been ahead of expectations.

https://www.investegate.co.uk/walker-gr ... 00059829B/

Also STM warned today but it doesn't seem like a disaster to me although the price has fallen a long way. Luckily I sold mine for over 39p for a quick 30% profit. I may now buy back in.

https://www.investegate.co.uk/stm-group ... 00059847B/

WickedLester
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Re: Some Stocks I Have Bought

#350964

Postby WickedLester » October 27th, 2020, 10:29 am

Bloomsbury Publishing reported their interims today and as I hoped they are better than expected. Profit is up and they have reinstated the cash dividend. Net cash stands at £44m.

https://www.investegate.co.uk/bloomsbur ... 00072557D/

Hopefully the key Christmas period will also be strong as continued lockdowns appear to be pushing people towards reading more.

The share price is up 15% this morning.

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Re: Some Stocks I Have Bought

#350988

Postby Bouleversee » October 27th, 2020, 11:16 am

WickedLester wrote:Bloomsbury Publishing reported their interims today and as I hoped they are better than expected. Profit is up and they have reinstated the cash dividend. Net cash stands at £44m.

https://www.investegate.co.uk/bloomsbur ... 00072557D/

Hopefully the key Christmas period will also be strong as continued lockdowns appear to be pushing people towards reading more.

The share price is up 15% this morning.


Must be nice to have time to read for pleasure. Am too busy doing all my own chores now and watching my dividends and capital disappear down the plughole. However, I have been a holder of Bloomsbury for some years and am thankful for small mercies. A shining light in a sea mostly of red.

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Re: Some Stocks I Have Bought

#350999

Postby jackdaww » October 27th, 2020, 11:29 am

Bouleversee wrote:
WickedLester wrote:Bloomsbury Publishing reported their interims today and as I hoped they are better than expected. Profit is up and they have reinstated the cash dividend. Net cash stands at £44m.

https://www.investegate.co.uk/bloomsbur ... 00072557D/

Hopefully the key Christmas period will also be strong as continued lockdowns appear to be pushing people towards reading more.

The share price is up 15% this morning.


Must be nice to have time to read for pleasure. Am too busy doing all my own chores now and watching my dividends and capital disappear down the plughole. However, I have been a holder of Bloomsbury for some years and am thankful for small mercies. A shining light in a sea mostly of red.


====================================

it would be instructive if you could supply a rough list of the shares that failed you.

:(

WickedLester
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Re: Some Stocks I Have Bought

#351008

Postby WickedLester » October 27th, 2020, 11:43 am

it would be instructive if you could supply a rough list of the shares that failed you.


My own failures, the ones that spring to mind were in my SIPP which is where all my investing cash is currently.

Firstly Goals Soccer Centres which went bust after being the victim of accounting fraud and secondly Redhall Group which also went bust after they ran out of cash. I bought Redhall for Booth Industries which always struck me as a good business and since Avingtrans bought them off the receiver they have announced at least one very large contract.

There have been others I have lost money on but I don't think there have been any more total losses. My portfolio is also showing a lot of red but I am satisfied there is a lot of recovery potential in there and I have mostly been investing in cash rich value plays with my ODX cash. Out of about 30 investments 11 are still paying a dividend and a couple more of them look like reinstating with their next results.

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Re: Some Stocks I Have Bought

#351032

Postby simoan » October 27th, 2020, 12:23 pm

WickedLester wrote:Bloomsbury Publishing reported their interims today and as I hoped they are better than expected. Profit is up and they have reinstated the cash dividend. Net cash stands at £44m.

https://www.investegate.co.uk/bloomsbur ... 00072557D/

Hopefully the key Christmas period will also be strong as continued lockdowns appear to be pushing people towards reading more.

The share price is up 15% this morning.

To have £44m of cash in the bank is great, of course, but it really questions why they needed to raise £8.4m from shareholders through an equity raising back in April and then issued more equity in lieu of a cash dividend. I can't invest in companies where the actions of management are so questionable. Did they just panic in the Spring? Or is there some deeper underlying issue with working capital movements which are not visible from the six monthly financial statements which can be window dressed? It would be interesting to know what the average net cash position was across the 6 months being reported!

Happy for holders to see the share price rise today, but important to remember that there is a big disparity between the results for H1 and H2, with H2 accounting for 90% of annual profit. If Xmas 2020 doesn't go well it'll be back to square one.

All the best, Si

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Re: Some Stocks I Have Bought

#351036

Postby WickedLester » October 27th, 2020, 12:41 pm

To have £44m of cash in the bank is great, of course, but it really questions why they needed to raise £8.4m from shareholders through an equity raising back in April and then issued more equity in lieu of a cash dividend. I can't invest in companies where the actions of management are so questionable. Did they just panic in the Spring? Or is there some deeper underlying issue with working capital movements which are not visible from the six monthly financial statements which can be window dressed? It would be interesting to know what the average net cash position was across the 6 months being reported!

Happy for holders to see the share price rise today, but important to remember that there is a big disparity between the results for H1 and H2, with H2 accounting for 90% of annual profit. If Xmas 2020 doesn't go well it'll be back to square one.


I'm not sure I agree that there is a working capital problem although I don't know. I think they just panicked personally. FWIW I have sold my shares into this spike as I am happy with a quick 20% and I may invest more into DRV and also buy a few CAY.

I also sold my LPA for 95p and bought back into STM in time for the dividend at around 27p.

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Re: Some Stocks I Have Bought

#351043

Postby simoan » October 27th, 2020, 12:51 pm

WickedLester wrote:
To have £44m of cash in the bank is great, of course, but it really questions why they needed to raise £8.4m from shareholders through an equity raising back in April and then issued more equity in lieu of a cash dividend. I can't invest in companies where the actions of management are so questionable. Did they just panic in the Spring? Or is there some deeper underlying issue with working capital movements which are not visible from the six monthly financial statements which can be window dressed? It would be interesting to know what the average net cash position was across the 6 months being reported!

Happy for holders to see the share price rise today, but important to remember that there is a big disparity between the results for H1 and H2, with H2 accounting for 90% of annual profit. If Xmas 2020 doesn't go well it'll be back to square one.


I'm not sure I agree that there is a working capital problem although I don't know. I think they just panicked personally.

I vaguely remember that they made some comment at the time of the equity raising that they needed cash to make up-front payments to authors for future publications. This seems quite at odds with the declared net cash position of £31.3m as of February 29th in the FY results. So they had £31.3m in cash going into March and yet only six weeks later they felt the need to raise another £8.4m. That just doesn't add up to me and points to something strange happening with working capital movements. How much do rights to books cost? I have no idea but perhaps I'm in the wrong line of business!

Well done anyway. I would've probably sold at least a sizeable chunk into today's rise as well.

All the best, Si

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Re: Some Stocks I Have Bought

#351049

Postby Bouleversee » October 27th, 2020, 1:04 pm

jackdaww wrote:
Bouleversee wrote:
WickedLester wrote:Bloomsbury Publishing reported their interims today and as I hoped they are better than expected. Profit is up and they have reinstated the cash dividend. Net cash stands at £44m.

https://www.investegate.co.uk/bloomsbur ... 00072557D/

Hopefully the key Christmas period will also be strong as continued lockdowns appear to be pushing people towards reading more.

The share price is up 15% this morning.


Must be nice to have time to read for pleasure. Am too busy doing all my own chores now and watching my dividends and capital disappear down the plughole. However, I have been a holder of Bloomsbury for some years and am thankful for small mercies. A shining light in a sea mostly of red.


====================================

it would be instructive if you could supply a rough list of the shares that failed you.

:(


That would take far too much of my time, even if I only included losses on current holdings as opposed to previous wipeouts and takeovers for peanuts. I might go as far as counting up the number of losses later but urgent things to deal with first.

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Re: Some Stocks I Have Bought

#351069

Postby gnawsome » October 27th, 2020, 2:11 pm

it would be instructive if you could supply a rough list of the shares that failed you.

:([/quote]

That would take far too much of my time, even if I only included losses on current holdings as opposed to previous wipeouts and takeovers for peanuts... [/quote]

The same as that!

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Re: Some Stocks I Have Bought

#358017

Postby WickedLester » November 19th, 2020, 10:13 am

There's a trading update from Headlam today and fortunately it's good news.

https://www.investegate.co.uk/headlam-g ... 00067975F/

There has been a sustained recovery in the second half and the company now expects to report an underlying profit before tax of £14-£16m, significantly ahead of analysts forecasts.

There is plenty of headroom on their facilities and they make some mention of the reinstatement of the dividend.

The shares are a long way up from their recent lows and now stand at 371p bid.

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Re: Some Stocks I Have Bought

#358021

Postby simoan » November 19th, 2020, 10:21 am

WickedLester wrote:There's a trading update from Headlam today and fortunately it's good news.

https://www.investegate.co.uk/headlam-g ... 00067975F/

There has been a sustained recovery in the second half and the company now expects to report an underlying profit before tax of £14-£16m, significantly ahead of analysts forecasts.

There is plenty of headroom on their facilities and they make some mention of the reinstatement of the dividend.

The shares are a long way up from their recent lows and now stand at 371p bid.

Yes, positive news, but putting it in context they're only going to massively exceed expectations of breakeven! I like the way share prices are shooting up on news which is good in relative terms, but pretty poor in normal circumstances. Anyway, my holding is well in the money now.

My own preferred good news this morning was the trading update from Somero: https://www.investegate.co.uk/somero-en ... 00067955F/ which is one of my largest holdings. I think it's a cracking little company with fantastic profitability metrics (ROCE+ margins) and free cashflow that generates reams of dividends. Totally undervalued.

All the best, Si

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Re: Some Stocks I Have Bought

#359675

Postby jackdaww » November 24th, 2020, 4:31 pm

Vanadium flow battery manufacturer Invinity Energy Systems PLC on Tuesday said it signed a contract to deliver an eight mega-watt hour VFB system for a South Australian utility-scale solar-plus-storage project due to be built.

invinity has grown out of REDT which i held prevously .

they have won several contracts in the last few months .

REDOX flow battery systems seem a cheap and simple way to store power .

they need plenty of space .

the vanadium electrolyte lasts a long time .

i bought in last week at 150 after the orkney project win .

price has now reached 210 .

:idea:

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Re: Some Stocks I Have Bought

#359947

Postby WickedLester » November 25th, 2020, 1:21 pm

Vanadium flow battery manufacturer Invinity Energy Systems PLC on Tuesday said it signed a contract to deliver an eight mega-watt hour VFB system for a South Australian utility-scale solar-plus-storage project due to be built.


I just took a quick look at these and it looks very highly rated to me and could need to raise funds soon. That said it could be a good way to capitalise on the move to sustainable energy generation if you're willing to give it a few years.

I don't mind a bit of blue sky investing. My own current choice is AGL where I have a small holding (I have traded them a couple of times in the past for a profit). It also looks very highly rated but is a punt on their Parsotix liquid biopsy system eventually proving a commercial success when the value could run in to the billions.

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Re: Some Stocks I Have Bought

#362655

Postby WickedLester » December 3rd, 2020, 5:11 pm

My own preferred good news this morning was the trading update from Somero: https://www.investegate.co.uk/somero-en ... 00067955F/ which is one of my largest holdings. I think it's a cracking little company with fantastic profitability metrics (ROCE+ margins) and free cashflow that generates reams of dividends. Totally undervalued.


FWIW simoan I took a look at Somero and decided to buy some today. Obviously I could have got a much keener price before the trading update but I feel they are still not expensive at £3 and cashflow is excellent.


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