Sharemark auction results

Still no takers for Dairy Farmers of Britain 2016
After yesterday’s preview, the results of today’s Sharemark auctions have now come through. For more about Sharemark, including some important risks, look here and here.
Dairy Farmers of Britain Loan Stock 2012
£16,518 nominal traded at 69 per cent of face value after late bidders came in. That equates […]

Sharemark auctions tomorrow

Dairy Farmers 2012 looks cheap - but watch out for last minute bids
I own shares in a couple of issues on the Sharemark auction exchange for microcap companies. I’ve posted lots of details (including some important risks) here and here.
The monthly auction for a range of issues - including all five Dairy Farmers of Britain loan […]

The path for Paragon (PAG)

Lots of work is being done on the run-off value
After yesterday’s Armorgroup fiasco (thank you to Interactive Investor and Controlled Greed for not taking the piss) I feel a strong desire to write about someone else’s research on a company in which I don’t own shares.
Various brokers have been crunching the numbers on Paragon since […]

Armorgroup trading update (ARG)

Well that makes me look like a pillock
Armorgroup has come out with a profit warning today which makes my note last Friday look pretty stupid.
As I noted then, talking to a company can be misleading. If they do their job properly, and don’t give away non-public information, you can fool yourself into thinking things are […]

Virgin and the Rock (NRK)

How much would Virgin be giving to the Northern Rock Foundation?
Lots of people have pointed out that today’s proposal for Northern Rock by Virgin Group implies a value of about 40p per NRK share (now trading up at 110p - go figure). Given the government’s clear reluctance to force Northern Rock into administration, the market […]

Falls In Armorgroup (ARG)

I see no reason to expect a profit warning
Armorgroup, a company I own and have posted about before, has now fallen to 49p with a lurch down to 39p on Thursday. I contacted the company to see if they know what is going on.
To paraphrase their response:
(1) The fall on Thursday was caused by the […]

Intermediate Capital Group (ICP)

Excellent results - but what about the CDO exposure?
Intermediate Capital Group (ICP), which provides mezzanine finance to private equity buyouts and is capitalised at £1.15bn, reported well-received interim results today. The Chairman said:
“I am pleased to report another strong performance by ICG in the six months to 30 September 2007, with core income up 24% […]

London Capital Group (LCG)

Looks expensive but it’s a sensational business
Number three on my list of expensive shares is London Capital Group. It provides ways for punters and professional traders to speculate in financial markets via liquid, low-tax, online derivatives platforms.
The appeal of these firms seems similar to online poker: anonymous, accessible, exciting and more than a little […]

Indigovision (IND)

Richly valued - but it could go still higher

Indigovision is the second of five expensive companies I identified in a screen by earnings and book value. It makes closed-circuit television systems that can stream high-quality video over the internet.
A quick reminder of the valuation metrics:

P/BV ex goodwill

Trailing P/E

Estimated forward P/E

Yield

Indigovision […]

Paragon - It’s not that bad (PAG)

Funding situation could be worse but I’m still dithering
Given the 38 per cent fall in the share price it may seem perverse to say that Paragon’s results were alright. The market focused on this:
“…the group will not pay a final dividend”
this
“If we are unable to secure new warehouse facilities or alternative sources of access […]

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