Well Mello Central number two to be exact and it is this Thursday at 5pm at the same location as the first...The FinnCap HQ at 60 New Broad Street, London EC2M 1JJ. There will be very few changes to the popular format although each presentation will be given slightly longer this time. So here is the confirmed line up and the theme is land and property with a hidden assets twist...( Note..this may not be the exact order on the night)
Inland (LON:INL) 19.5p
Inland specialises in buying brownfield land and enhancing its value by obtaining planning permission, before selling consented land on to developers. The group’s current portfolio, located in London and the South East, consists of 1,600 residential plots, 75% of which are consented, and 256,000 sq ft of commercial space, of which over 60% is consented. Even accepting the discounts to NAV implicit in current housebuilding sector valuations, the shares looks undervalued on an NAV basis...trading at a significant discount to a projected underlying NAV of 33p per share (when attributing upside from land sales at Drayton Garden Village, one of Inland’s core projects accounting for 50% of consented plots). The Inland management team recently attended our Monday Mello evening in Beckenham and the discussion after that presentation can be found here...
M Winkworth Llc (LON:WINK) 88p
Many of you attending will have heard of the franchised estate agency operator focused on Central London, the Home Counties and the South East. Winkworth’s numbers held up well during the recession thanks to its low central cost base and the low capital cost of expanding its model. Earlier this month, the company released results for the year to December 2010, showing a 9.5% uptick in sales to £3.7m and pre-tax profit up by 28% to £1.1m. At the same time Winkworths announced the acquisition of a four-office franchise in Bournemouth for £455,000, after having raised £1.0m in a placing in March to take advantage of a number of identified acquisition opportunities. The results can be seen here...
There will then be a ten minute break for everyone to refuel their glasses and also to meet Guy Thomas the author of 'Free Capital' who will be coming into town to provide another short talk on the book and signing copies for those of you who have heard all about it but not yet bought one. I can advise that it is still in the Amazon top 100 and is selling in record numbers for a first time author in its category. Signed copies will be £10 on the day at the Mello Central event.
After the break and the next two presentations....
Robinson (LON:RBN) 84p
Robinson, whose origins date back some 165 years, manufactures and sells injection moulded plastic and rigid paperboard packaging to the food, drink, confectionery, cosmetic and toiletries sectors, counting many of the largest players in the FMCG market among its customers. The company had £24.8m of revenue and made £1.7m of pre-tax profit on its continuing operations for the year to December 2010, having closed its loss-making North American business in December as part of a restructuring. It also has a substantial property portfolio with significant development potential, counting £12.4m of property, plant and equipment on the balance sheet as at 31 December 2010. When was it last valued and how much is actually used for the operational business are bound to be two of the questions ? Here is my write up on Robinsons from just two months ago...
Plus the excellent non partisan view of their AGM by Myrtle1000
Michelmersh Brick (LON:MBH) 33p
The past year has been one of considerable change for Michelmersh following the acquisition of Freshfield Lane Brickworks for £9.5m in March 2010, positioning the group for a significant rebranding and streamlining exercise and adding particular strength to the business in the cyclically more resilient South East of England. The specialist brick, land development and landfill company earlier this month posted a 30% increase in turnover for the year to December 2010 and swung into the black at the operating level before restructuring costs. The recent final results can be found here....
I have previously mentioned that this Thursday is also the day of the The Real Good Food (LON:RGD) Agm which is one of the best annual meetings of the year and extremely informative for shareholders (and not to mention also a superb buffet lunch ....Well they are the Real Good Food company !!) I am also planning two additional presentations in the afternoon one of which will certainly be by the Serviced Office (LON:SVO) ) and the other possibly with Lees Foods (LON:LEE) who released their final results just two days ago.
So why not take a whole day out on Thursday...
(11am) Real Good Food Agm and presentations at The Registry, Royal Mint Court London EC3
(1pm) Lunch and informal questions
(3pm) Two afternoon presentations at The Registry
(5pm) Mello Central and four presentations at the FinnCap HQ
(8pm) A splendid three course buffet special (remember those mini lasagne?)
(10pm) Retire shattered to the Pub
A great day lined up for you and complimentary drinks all day long. Educated, enriched, fed and watered !
If you would like to join us at Mello Central then just send me a message email via this site with your full name for the reception at FinnCap and as I still have seven places left plus ten additional first reserve places I would urge you to respond fairly quickly. These are great events and I have four fund managers joining us this time having had two at the first event.
The next Mello Central will be in September so there is a Summer break and long wait if you miss this one. See you all on Thursday.
|Date||5:00pm Thursday 2nd June, 2011|
|Location||60 New Broad Street, London|
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Attendees Confirmed (4)