BOWOOD
19 May 2018
Results Due next week and I feel we can expect a gloomy forecast for the current year. The dividend may well be maintained but further payments may be reduced. It's all about car sales and these are on the decline so they need to grow the business during the coming years.
BOWOOD
30 Mar 2018
Re: Results The dividend may well be maintained but not too sure about going forward. CFN has a strong Balance Sheet but have only ever paid dividends out of earnings of the current year. They have always been prepared to reduce payments to maintain an amount of cover. A good solid family business which never issues shares to grow thus no dilution to the family holdings choosing retained earnings and gearing to make acquisitions. Results normally issued in May I think.
Another Jacko
29 Mar 2018
Re: Results Hopefully the outlook won't be as bad as dire, but I don't expect it to be great. I also hope the divi is maintained as that is one of the main reasons I bought these, as well as the rock solid balance sheet.
BOWOOD
29 Mar 2018
Results Year ends 31 March and I expect to have a dire forecast for the coming year but hope to have the dividend maintained perhaps with any future payment qualified.
BOWOOD
22 Feb 2018
Re: New significant shareholder. I think the 2nd pref have full voting rights but I don't know the restrictions although they are all held by Caffyn Family Holdings. I agree and feel that the Harwoods site will be acquired by the tenant and provide further cash and yes Caffyns is in a good area. As you say the sector will struggle and although Caffyns should perform better than others they should really start to scale the business and perhaps the coming year or so will provide opportunities.
TX2
22 Feb 2018
Re: New significant shareholder. There are some restrictions regarding the use of the pref votes.However I think the shares are decent value regardless;additional capital should be available from the sale of the former Jaguar,Land Rover site in Lewes when the lease to Harwoods runs out shortly if required.The sector is perhaps less attractive but not dead in the water........esp in the area Caffyns operates.
BOWOOD
22 Feb 2018
Re: New significant shareholder. Agree TX2 about the valuation but I cannot see AP getting anywhere if he wants to get control. The Caffyn family are well in control with the Prefs and there are younger Caffyns coming along.Having said that the sector may not be that appealing going forward and there could be sales and leasebacks to help grow the business as acquisitions are not made with paper - they don't do dilution. Yield is good but CFN is never afraid to cut the dividend if they feel it prudent.
TX2
22 Feb 2018
New significant shareholder. Interesting to see Andrew Perloff has bought a near 5% here.AP is a well known property investor best known via his quoted Panther Securities company.He also owns Beales PLC the department store group.No doubt attracted by CFYNs property portfolio.I estimate that Caffyns asset value is of the order of £15 per share.
BOWOOD
23 Dec 2017
Re: Bought in I think the second half will be down on the comparable figures as it will struggle to maintain revenues and I suspect March will be well down on last year. The divi is probably save as the family and the pension fund will want the income at least maintained. However I think we will see some corporate activity as CFYN uses a depressed car market to grow the branch network. There will be no dilution but we could see an uplift in borrowings.
Another Jacko
23 Dec 2017
Bought in I've bought a few of these. Not for the business but for the balance sheet which is top heavy with freehold property. If the motor trade business doesn't decline too badly then the divi yield is quite attractive too.I know this is family controlled but I don't think it's another Northamber.Really this is a property investment with a motor traders attached.
BOWOOD
24 Nov 2017
Re: Interims You may well get the chance to pick up below £4 TX2. Interims suggest that the second half may be more difficult and the mention that the interim dividend has been maintained imply that the company will not be averse to reducing payments. The fact that manufacturers are prepared to reduce their expectations of dealers suggests that the near term is not good.
TX2
10 Nov 2017
Re: Interims LOL!I will be happy to buy more @ below £4.......This is essentially an undervalued property company with a car business attached;although the pension scheme needs watching;I understand a valuation is being carried out on the scheme.
BOWOOD
09 Nov 2017
Interims The Interim figures due later this month will begin to show the slowing of the retail car market notwithstanding that CFYN operates in the more prosperous south east. In the next couple of years it will be difficult to see any growth in earnings. Any acquisitions will come from cash as shares are never issued for that purpose. The yield is good but any small sells will push the sp below £4 imo.
TX2
26 May 2017
Reasonable results.... Whether the present "glory days" for the retail motor trade continue remains to be seen.The asset value of these shares with property at present valuation is circa £14 a share,whether we ever see this or even a realistic return on assets remains to be seen......
TX2
27 May 2016
Re: Anybody here? It is controlled by the Caffyn family and has been for 150 years & shares very illiquid with huge spread at most times.The company has an odd voting structure with much of the ultimate voting control vested in 7% Preference Shares not the ordinary shares, these preference shares are mainly owned by the Caffyn family so is bid proof(they are also biggest holders of the ordinaries);and if they wanted to sell out(unlikely) any bid premium might go to these holders.The defined benefit pension plan whilst the deficit has been reduced is a potential risk as it is several times the size of the company in terms of assets/liabilities.The loss of the profitable Land Rover franchise will lower profits going forward especially when the short term lease income on the premises runs out.Yes the shares are "cheap" on paper but you are essentially buying into a family business as a minority shareholder.
