thirty fifty twenty
27 Jul 2017
LEBC total implied value up £10m WOW - what a great looking deal.They have bought 17% more of LEBC at an implied total value of £40m for the business.It is current in the books at an implied total valuation of £30m!!I have every confidence in the BPM team not to have over paid so can only conclude that a TEV of c.£40m is the current market value. This is no surprise given the increasing valuations with quoted competitors of LEBC.BPM now owns 60% of LEBC so in effect this adds £6m to BPM's NAV - thats 20p.So with huge improvements at NEXUS and SUMMA as well. It takes little imagination to see an NAV of 300p for BPM within 12 mths.All IMHO, DYOR + BoLBPM is in my top5 hldgs
Tom WM
20 Jun 2017
Re: thoughts on new US buy at 220p As BPM has a large stake in this project it's possible that he brought the team together.
thirty fifty twenty
19 Jun 2017
thoughts on new US buy at 220p well its interesting that they had to pre-announce last week on leakage of this deal and the fact that the deal is seen as so positive as to bring in significant buyers over the last couple of weeks.to me what seems most significant , is not that, BPM is investing 6m USD in a group of top experienced professionals into a fragmented market which will no doubt make money and the mgt team have significant ambition. To me, the most pertinent fact is that BPM are there at all! Such a top mgt team hardly need BPM's money so BPM must be at the table because they are either bringing expertise, introductions, or connections. These are much more an indicator of BPM potential over the medium term that the direct merits of this deal alone.All IMHO, DYOR + BoLBPM is in my top5 hldgs
thirty fifty twenty
07 Jun 2017
at 212p insights from CEO very positive the article in the ic today was positive as expected but there were a couple of very nice extra bits of information not covered in the RNS1 - CEO said that they had recevied several offers for LEBC which were way above current NAV2 - ST cites recent industry valuations that are at much higher multiples than valuations of investee companies in BPM balance sheet3 - there are a couple of exciting "events" due to happen in the next couple of weeks. i thought the use of the word "event" was very interesting as it would have been the assumption, and most obvious, to use the word acquisitions, or investments. So I would deduce that the word "event" means either there will also be a disposal or capital reduction or special dividend etc...time will tell.also surprising that 90k traded today and no share price movement - who could possibly be selling and who is wanting to buy such a large volume when the free float is soo small.All IMHO, DYOR + BoLBPM is in my top 5 hldgs
thirty fifty twenty
06 Jun 2017
analysis at 212p of FINALS these are another set of great results.long term record of 12% p.a. returns and now sitting on 30m CASH, 7m of loans and 7m of Treasury investments as they say they have momentum and a good pipeline of opportunties.they have 3 big investments which seem rudently valued. indeed Summa seems very lowly valued at a P/E of c.5t when recent trasnactions are at 10t. so that is some NAV uplift kept for a rainy day.....i also like the deferred tax provision.if they do have a bad investment the loss will be offset by reducing the deferred tax liability.so it seems like a double discount which is a double bonus when the track record is so good for so long.All IMHO, DYOR + BoLBPM is in my top5 hldgs
thirty fifty twenty
20 Apr 2017
equity stakes at 65% discount BPM AGM today passed without incident.Of the NAV of 74m 28m now CASH (95p a share))17m loans to businesses (65p a share)29m Equity stakes (100p a share)so the equity stakes are being valued at only 35p - that's a 65% discount to NAV despite the track record. and they are very confident of the pipeline of opportunities to re-invest the CASH.results will be out on 6th JuneAll IMHO, DYOR + BoLBPM is in my top5 hldgs
thirty fifty twenty
16 Mar 2017
albeit small - very regular share purchases here and seems 190p a very definite floor.to me the small volume is actually a good sign as it shows there is no stock overhang,the company can only get to buy a few thousand here and there.given tehir cautious track record and 60% director holding i see decent upside,with minimal downside here given the NAV and track record.All IMHO, DYOR + BoLBPM is in my portoflio
thirty fifty twenty
16 Mar 2017
albeit small - very regular share purchases here and seems 190p a very definite floor.to me the small volume is actually a good sign as it shows there is no stock overhang,the company can only get to buy a few thousand here and there.given tehir cautious track record and 60% director holding i see decent upside,with minimal downside here given the NAV and track record.All IMHO, DYOR + BoLBPM is in my portoflio
thirty fifty twenty
03 Mar 2017
at 188p share buy back RNS just out ....following the disposal of Besso and CASH rec'd - the group now has something like £25m in CASH (90p per share).They see a good pipleine of opportunities but also committed to reducing the discount to NAV.NAV is currently at least 270p so at 190p the discount is 30%.A price of 202p is needed to get the discount to 25%.So there will be a strong buyer in the market up to 202p,and this price can be expected to increase when next results announced,and NAV increases.Its not going to set any portfolio alight, but seems certain 10% upside from here,a secure divi of just over 2%,and very well backed by CASH + assets,run by a conservative mgt team with a great track record,in a market segment that seems to have growth potential.Note the recent placing from RQIH and their comments that BREXIT actually created more opportunities for themno doubt ST in ic will cover the share buy back which will make more investors aware of BPMAll IMHO, DYOR + BoLBPM is in my top5 hldgs
TX2
04 Jan 2017
Besso Another profitable exit!Interesting to see what we do with the cash,Marsh has been & remains a first class investment.
II Editor
18 Oct 2016
NEW ARTICLE: BP Marsh discount narrows again "Insurance sector investor LSE:BPM:BP Marsh trades at a big discount to net asset value (NAV). We said so last year and believed it was "unfair". That discount has narrowed since, and investors have made big profits, but there's a clear argument ..."[link]
Sambram
08 Sep 2016
strong pipeline announced in trading update "B.P. Marsh has released a trading update for the 6 months to 31 July 2016. It provides details of a new investment (‘ARB’
, disposals (Broucour, Randall & Quilter and final stake in Hyperion) and an increased shareholding (LEBC). It has a strong pipeline of investment opportunities together with £6.6m net cash available. Shareholders will welcome the 3.76p/share (+10%) dividend announced for the FY ending 31 Jan 2017 and the comment that it is the intention to at least maintain that level of dividend in FY 2018/19. The interim results will be announced on 18 October..."Panmure update on Research Tree
thirty fifty twenty
26 Aug 2016
Re: WOW! at 158p NAV is 243p for me no news is good news on the besso disposal.so i think within weeks we are looking at NAV of 260p,of which > 100p in CASH, with a great mgt track record.applying a 20% discount to equities gives fair value of c.230p,taking 20% of even the CASH (which seems extreme given then invest CASH successfully) gives a value value of 210p,applying 25% to the equities and 10% to the CASH gives 210p.So that seems like reasonable value target in 2016 for me.There is always the possibility of upside from the corporate activity,and next year should see NAV rise further to 270p.there seems minimal downside given CASH and NAVAll IMHO, DYOR + BoLBPM is in my top5 hldgs
Simbr
07 Jun 2016
3.42p/share dividend (+24.4%) Panmure Gordon published a note out this morning:"B.P. Marsh has delivered another excellent set of results with an increase in NAV to 243p/share (31 Jan 2015: 216p), a good pipeline of new investment opportunities and a healthy supply of cash. Total Shareholder Return in 2016 was 13.7% (2015: 8.2%) whilst average NAV annual compound growth since 1990 has been an impressive 11.4% and, as expected, a final dividend of 3.42p/share (+24.4%) has been declared. In addition there are a number of actions in place to narrow the gap between the share price and the NAV including..."Taken from Research Tree
Simbrad
07 Jun 2016
Panmure Gordon published a note out this morning: "B.P. Marsh has delivered another excellent set of results with an increase in NAV to 243p/share (31 Jan 2015: 216p), a good pipeline of new investment opportunities and a healthy supply of cash. Total Shareholder Return in 2016 was 13.7% (2015: 8.2%) whilst average NAV annual compound growth since 1990 has been an impressive 11.4% and, as expected, a final dividend of 3.42p/share (+24.4%) has been declared. In addition there are a number of actions in place to narrow the gap between the share price and the NAV including..." Scraped from ResearchTree
