Cashman103
07 May 2018
Re: Ouch! I owned this in 2009 when it was on a p/e of 3. Market Cap was about £100. It`s not the only share that has a lot of potential downside
gamesinvestor
25 Apr 2018
Re: Profit warning out at 2435 - fun while it lasted.Games
Rober01
24 Apr 2018
Re: Profit warning It clearly is on the financing and capital side, rather than the elements mentioned at the time of the report.
tejo
24 Apr 2018
Profit warning I am surprised that the sp has not fallen much further after this surprise profit warning. Only a few weeks ago the CEO was confident about the markets and the outlook and much is made in the company statements about the wide spread of market leading positions in various segments of the shipping industry, JP Morgan, only 5 weeks ago had increased their price target. So, what is it that they know now but did not know very, very recently? There has to be more than the reasons trotted out, none of which should have surprised anyone, let alone CKN who provide market trends and intelligence as part of their business. Could it be the Platou acquisition going wrong? There never appeared to be a detailed business case for this purchase and we have never really heard whether it has worked out well or not. Are there problems in the financing and capital side of the business? There have been many reasons to like Clarksons as an investment and there may still be, but this warning at a time of buoyant world trading conditions, is unnerving and time to reduce exposure imho
gamesinvestor
24 Apr 2018
Re: Ouch! Old P - ignore the comments on pharma in my last post - wrong context for this chat.Games
gamesinvestor
24 Apr 2018
Re: Ouch! "Bought back some DGE yesterday at 2450p, I know you and LKH used to follow this one."I confess to having sold DGE in a somewhat responsive way to the idiocy of the Casa deal. I really don't like the bloke running DGE and the issue with Vijay who stitched up DGE in India also looked decidedly dodgy to me so I sold.I know it's high on Nick Train's list, whom I quite respect, however, you have to think for yourself in this game and selling Pearson at the peak was a move I haven't regretted.I'm not sure I will invest further in pharma companies, or at least those that are heavily dependent on very expensive and low hit rate R&D.The only remaining healthcare in my portfolio will be Novo Nordisk, Advanced Medical and Alliance Pharma.I don't have a cottage in Norfolk, although we did consider it a couple of years back. Thx for the lunch offer though!Games
old_punter
24 Apr 2018
Re: Ouch! Games,Good to see someone doing the research and coming up with worthwhile arguments. I usually do the research but had not looked at CKN, if I had I might have bought for the bounce as you did successfully. I have traded BMS over some years and seem to make money on it, so am expecting to do so again, when I am relaxed about if I am getting a good dividend in the meantime. Bought back some DGE yesterday at 2450p, I know you and LKH used to follow this one. Just as unimpressed with the Casamigos purchase as you were but I like to own the stock, most of the time.Do I recollect, I might be quite wrong about this, you have a cottage in Norfolk, we used to have one but since retiring have moved to Norwich. WIll buy you lunch at the Norfolk Club if you are up this way sometime.
gamesinvestor
23 Apr 2018
Day 1 Well so far a bit of a fluke I guess sitting on an instant paper 15.4% gain.I do suspect, although I don't profess to know anything of substance here, that this is a blip for Clarkson and it's 166 years of history have seen the company survive all manner of disasters.Looking back again at their annual report it's clear they do good research into the industry and demographic trends for all 4 of their businesses and the growth projections for their market is constantly rising.With credible margins and a reasonable if not recently slowed growth, it looks like a reasonable hold - so it might just sit in the portfolio as a dividend stalwart.Games
gamesinvestor
23 Apr 2018
Re: Ouch! old_P,It looks to me like the two are viewed differently, partly for the reasons stated earlier -- Clarkson is much more conservative in it's financial policy with a dividend payout ratio quite low at around 40%, but given that it's a 166 year old company, it's consistently grown that dividend throughout.Just glancing at the 2017 financial report tells me this is the case, whereas BMS who's business is almost entirely broking (CKN is just over 80% broking) has insufficient dividend cover. Pages 10 and 11 of this report :-[link] that dividend payout represents only 40% of profit and very well covered by cash flow -- and as the company has no borrowings it puts a different perspective on both the risk factors here and the realistic P/E re-balanced to take into account the low/no real debt.Page 11 shows the outstanding dividend growth, whilst maintaining a conservative cover, from 15p in 2002 to 73p in 2017.I'm still reviewing this, however, I'm inclined to hang on here at the moment.Games
old_punter
23 Apr 2018
Re: Ouch! Games,You could look at this morning's broker comments on Markets Live, Alphaville, ft.com. One says hold from buy and the other says buy - strong market position and l/term prospects and mgmt being over cautious about current year. Fan club still in place it seems. BMS has had problems, probably sorted now, and a different business mix, shares are tricky to deal in, not much followed by brokers, overall merits a lower rating than CKN. Results 15 May for y/e 2/18. Given the likely 5% yield am happy to sit tight and wait for more recovery which may be a bit slower I guess if environment and $ less strong.
gamesinvestor
23 Apr 2018
Re: Ouch! Old-P,Is the reason for BMS lower P/E perhaps due to much lower margins than CKN have historically reported and the fact that BMS's dividend is uncovered by cash flow?Bought this morning here at 2200 -- considering a possible offload, although there is a large final divi lock in here on 17th May.Often there are overreactions these days on any announcement, this looks like one, as does the sympathy fall at BMS I guess.Games
old_punter
23 Apr 2018
Re: Ouch! Games,EPS for 12/17 was 117p, so a 20 P/E historic and looking at materially lower profits for this year. Looks expensive even after the drop to 2335p to me, how were brokers coming up with price targets of 3,600p before this announcement. Am I missing something? Yield 3%.I hold Braemar which is down 8% in sympathy but it looks to yield 5% and put out a trading update in mid March saying it viewed prospects for the y/e 2019 as favourable. Historic P/E c15. I suppose they are both geared to global growth or not and the $. I reckon BMS is a hold but not so sure about CKN.
gamesinvestor
23 Apr 2018
Ouch! [link] Below" -- stock down 28.8%Games
II Editor
15 Aug 2017
NEW ARTICLE: Stockwatch: This "quality cyclical" could be a helpful sterling hedge "Shares in shipping services group LSE:CKN:Clarkson have advanced 60p to 2,700p in response to interims that appear "in line", albeit with the story hinting at medium-term potential to beat expectations.Ship-broking is the main contributor, about ..."[link]
tomhawbuck
02 Jun 2017
Re: Potentially disruptive technology???... No. BHP does. Google BHP Billiton Ship Charter Auctions or see[link]
