Guitarsolo
06 Apr 2016
Re: CNKS results Thanks Grey, I am similarly irritated having bought in at 170p (ish) so am nursing a large paper loss. Also, a cut to the divi was not what I had planned but hey ho. You make the very valid point about the buy backs (why issue the shares in the first place then?). It made me look for the info in the accounts and I see that in Dec/ Jan just past the company bought (and presumably cancelled?) 10.18m shares, leaving it now with 56.7m. So that's a whopping 15% of the issued shares! If EPS have come in at 27p (using the 56.7m) that is inflated by 4.1p purely by the buy-backs. Talk about how to make yourself look good, or not so bad in this case!BTW, I am writing those numbers from memory of checking a few days ago, so DYOR.Anyhow, I am prepared to sit tight with this one and think that there are good prospects, albeit risky. I like the fact that senior management have some serious holdings - always a good sign. I will keep an eye out for an outlook report although the final year accounts mention a good start to the year so we will have to see how it goes. I'm about 5% invested here so won't break my model and invest more in a risky one. I just wish I had managed to get in at these prices instead of my 170p. Guitarsolo
Broncomaniac
23 Mar 2016
Re: CNKS results Likewise, I wish I had increased my holding in PFD instead! But heyho...
Greyinvestor
23 Mar 2016
Re: CNKS results I completely agree. I'm suffering from irritation, but I haven't the slightest intention of selling out. In fact I would really like to top up, which is my usual habit, but I already have a substantial holding.No new buyer could possibly complain about a 10% divi. The valuation is very low if you deduct the cash balances (which I guess you can't because they are mainly regulatory capital).What really cheeses me off is that my BUR holding is half the size. BUR has really motored over the last year and declared brilliant results today......
Broncomaniac
23 Mar 2016
Re: CNKS results At least when the 6p dividend is paid tomorrow and reinvested on my behalf I will end up with more shares following the price drop today.Grey, appreciate you are annoyed at buying in too soon (I'm nursing significant capital losses too), but it seems you are being a bit more short-termist than usual. In the long run I think we are still on to a winner here. The current price seems great value to me. P/E is very low on this year's earnings and I'm hopeful of earnings growth in the future.
Greyinvestor
23 Mar 2016
Re: CNKS results What's really annoying is that, besides having lost lots of capital so far, other people can buy in today for a 10% divi. I am reluctant to add to an already large holding.......
sansione
23 Mar 2016
Re: CNKS results Hardly cut to 1p. Actually 6p plus 1p. Downside, tax on 6p payable in 2015/2016 rather than 2016/2017!
km1
23 Mar 2016
Re: CNKS results Hmm I bought in here for the divi several months ago, and here we have an unexpected cut to 1p!!! I'm not happy.
Damp Seaweed
23 Mar 2016
Re: CNKS results Greyinvestor,Excellent critique....nothing to add DSannoyed that I didn't participate in buyback
Greyinvestor
23 Mar 2016
CNKS results Results out today that are more annoying than bad.Revenue £76m v £88m, not terrible given a big float dropping outPBT £20m v £27m, should be a but higher given funds raised of £3bn v £2.8bn. Not enough cost control?Post tax profit £15.4m v £21.3mEPS 27p v 35p, but heavily flattered by share buy backsDPS 14p v 17p. Final divi cut from 10p to 1p. This is really irritating. The company is buying back shares to flatter EPS and improve option values, while cutting the divi. In my view it shows poor judgement and carelessness in investor relations. Not what you expect from a Nomad. I've commented before that CNKS needs to show humility. I say it again.ROE 43% v 60%. Fine.So what to make of all this?AIM flotations are a tough and competitive place to be right now. I think that investors want flotations, but they also want quality. It's going to be a bumpy ride, but I expect AIM to grow - in the medium term.I think that CNKS could make even less, maybe 20p EPS. It should stop mucking about with share buy backs and pay a steadily increasing dividend. It should take care of investor relations. But on that basis, I think that fair value is about £1.60. That's just my view, DYOR. I'm holding, irritated but as yet unchanged in my view.
Greyinvestor
19 Feb 2016
trading statement Nice little trading statement out of Cenkos, and an extra dividend to boot. All good stuff and much appreciated. It will be good to hear an Outlook statement in due course.....
Greyinvestor
28 Jan 2016
Re: Undervalued Good luck with them, my recently acquired BMS will be held forever, I hope. With CNKS I just hope that they show some humility, all the great brokers do. Cazenove set a great example in their pomp. But CNKS have some good people and some great shareholders.
Broncomaniac
28 Jan 2016
Re: Undervalued Thanks Grey. I bought a small amount for my 3 month old son's JISA on Friday. Hopefully will be a bit winner in the long term. Wonder if I will still be holding it in 18 years time?
Greyinvestor
28 Jan 2016
Apologies Apologies for the my first posting of the day, which somehow went in while being deleted.. The profit forecast number is completely wrong. It's EPS of 27p, not a profit of £27m.Please ignore the earlier posting.My slightly later post is the one that I believe to be accurate.
Greyinvestor
28 Jan 2016
Undervalued In my view this stock is undervalued.Market cap £81mCash about £40m, net of stock repurchaseHalf year profit about £18mFull year market estimated profit £17m profit (too low is my guesstimate)So company valued at £41m net of cash when it could make £18m + this year, maybe a fair bit more.Next year profit will be well down after two huge years thanks to an exceptional flotation/placing. So guess maybe £10m profit next year. P/E still around 4.A strong buy for me. I have a big holding already, which I slightly topped up yesterday.
Greyinvestor
28 Jan 2016
Minor top up I slightly topped up my holding yesterday. I would have bought lots, but I've got lots already.I still believe that this stock is very undervalued. I think that the market is aware that the last two years numbers have been flattered by a very large flotation and placing, and that this is not likely to be repeated for a while. But even if the EPS halved, the price would be more than reasonable.Just to remind everyone. £40m odd in the bank, net of stock tender. So the company is worth £41m, net of cash, as I write. £18.6m profit at the half year. Full year forecast about £27m. Current year P/E of 1.5!The price is nuts. But DYOR, I'm just an amateur. Or is my maths completely wrong?!
