EssentialInvestor
19 Nov 2015
Re: : Ess Directors are precluded from buying that close to results.It is a purchase of shares at the market price, so they are not options.
Hugh from H Q
19 Nov 2015
Re: : Ess Because of his high intelligence?
Ivorjay
19 Nov 2015
Re: : Ess Are you sure it was his own money !Why did he not buy @ £9.20 on Monday ?
EssentialInvestor
19 Nov 2015
Re: CEO puts his money where his month is Mouth even - I really need to pay more attention when posting!
EssentialInvestor
19 Nov 2015
CEO puts his money where his month is A near £1 Million share buy unless I am misreading the RNS?
nk1999
19 Nov 2015
Re: Questor and Smiths Pension "The Questor Column:Buy engineer Smiths as pension headache clears: Shares in Smiths Group soared more than 10% after the company’s pension deficit was halved at a regular revaluation. Questor believes the shares are now attractive as dividends are more secure and the way is clear for a disposals – or even a takeover. The company said the triennial valuation of the Smiths Industrial Pension Scheme (SIPS) resulted in the deficit halving at the end of March this year. Smiths has also kicked in a one-off contribution which, when added to market movements, has resulted in a theoretical surplus at the end of July. The trustees have also agreed that less money needs to be pumped into the SIPS scheme, meaning that the £60 million annual payment that Smiths has been making will fall to £24 million from the end of next year. That frees up an extra £36 million a year in cash. As a rough guide, if you apply the current valuation of the company at about 10 times earnings, that gives a £360 million benefit, which explains the 10% jump in Smiths’ market value from £3.6 billion to £4 billion. In a trading statement, Smiths said group revenue was down 4%, with the medical and detection units offsetting some of the slowdown in orders from oil and gas customers at John Crane in the three months to November 1. Questor got it wrong by recommending buying Smiths in March when the shares were at £12.06, but still believes there is value to be had here. Smiths Group at £10.20 +94.5p. Questor says “Buy”."
LK Hyman
18 Nov 2015
Re: GI Ivorjay,"Float the Medical Group as a separate unit"That's only possible if the pension deficit problems really have been sorted, otherwise any benefits from floating medz would merely be offset by the disadvantage of having the pension albatross dangling off of the neck of a smaller group.And don't get me started about the effect of the JC asbestos cloisterfrack on a smaller group!I do hope the GKN feller is gonnae prove to be better than Bowman was. Mind you, that shouldn't be hard.LKH on the flybridge
EssentialInvestor
18 Nov 2015
Re: Questor and Smiths Pension Well games you have made me think twice.I had this down for 1-1.5% of my funds only.Nearly 7 years in to a powerful bull market I am finding it difficult to seereasonable risk/reward possibilities, hey ho.
gamesinvestor
17 Nov 2015
Questor and Smiths Pension ""Questor got it wrong by recommending buying Smiths in March when the shares were at £12.06, but still believes there is value to be had here. Buy. """Nice of them to admit they got it wrong, not sure Gary White, the guy who's left to mess up Charles Stanley's forecasting, would have been so humble.On the Pension, the scary bit about it is the sheer scale of it. Irrespective of the fact that it has reduced the deficit, the fact it has been pumping multiple 10's of millions into the scheme regularly seems to illustrate what looks like an inescapable problem.If the pension scheme size (and yes it's balanced by assets and liabilities) is in the billions and yet your company generates a few hundred millions in pre-tax profits, you are always exposed to even relatively modest % movements in the value of the scheme to impact your annual profits (very difficult or nigh on impossible to forecast).Perappps I'm missing summat ere, but unless it can get rid of this liability or it can find away of increasing it's business 10 fold by some magic (unlikely), you are always going to be at the mercy of the investment conditions of the pension dwarfing the business.Games
gamesinvestor
17 Nov 2015
Re: : Ess Ess - on IBM, I made some profit some time back and got out at close to $200. What I'm more relieved by is that I did just that and got out and avoided a 33% loss.IBM is currently Buffet's second Tesco.On Smiths, I posted these posers below some time back and to be honest I'm not sure anything has changed apart from having a new broom to sweep up what the last guy didn't do. The announcements today, whilst positive in nature have F all to do with the underlying business and if Medical is the jewel in the crown, why has it's business fallen over the last 5 years? :---------- ---------- ---------- --- posted some time back ------>Of the 5 business units, non have real revenue growth in the last 5 years except Flextek and John Crane.Of the units that have a margin edge, John Crane has been high at almost 25% but this is heavily exposed to the oily and gas industries so you can expect 5 years of pain in this division - quick assumption.Medical is also close to 25% but the revenue has declined over the last 5 years -- is this because they don't know how to sell it or is it a competition problem?Detection - smaller business with tiny margins of 4.8% and the revenue has declined over the last 5 yearsInterconnect looks good, with 16% margins and the business is growing, but it's a smaller element in Smiths.and Flextek is the smallest division but turns in good results.---------- ---------- ---------- ---------- ---------- ---------- --Maybe I'm missing something here and this has some unique hidden value, I just wish it would come out from behind the cupboard and show itself.Games
EssentialInvestor
17 Nov 2015
Re: : Ess ivor, valid point well made.Bought some HEAD today, sold some GSK and RDSB, held off on SMIN.Very tempted to start adding a small amount of RIO.games, I know you like IBM (NOT!), I made just under 1k profit on IBM,bought on Friday at $131.94, sold today at $134.52 - they s*** you on the FX buying US listed shares, even with no stamp duty it's a killer.So I am someone who has made money on IBM ))
Ivorjay
17 Nov 2015
Re: : Ess I think you'll find all their holdings are far to small to be real 'Activists'I imagine they are more strategic investments which incidentally were purchased far in excess of current share price, so they won't be happy, but like the rest of us have no influence whatsoever in the way the business is being poorly run ever since KBW's departure.
EssentialInvestor
17 Nov 2015
Re: GI Ivor, the last report I read referenced 3 activist funds now holding shares.So something is likely tol give ultimately imv, whether that will be to the benefit of shareholders and at what point this will happens is guesswork.
Ivorjay
17 Nov 2015
Re: : Ess Unfortunately margins are low in detection, & still poorly run by all accountsMost of the cost saving potentials were already exploited by PBSmiths true value play which needs exploiting remains Medical !
Ivorjay
17 Nov 2015
Re: GI The solution to the poor share performance is simple .....................................Free advise to ARS ..........................Float the Medical Group as a separate unit ...........p/e 18 +Overall current company p/e less than 12Easy Money
