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re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

shipoffrogs — Fri, 07 Jun 2013 23:40:40 +0100

shipoffrogs posted:
"Hopefully after a closer look I might have a better idea of how they generate the enormous profits which seem to have sprung from nowhere (since none of the businesses they acquired generated any significant profits previously)." I think the answer lies in note 5 to the accounts, if you can understand it.

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

shipoffrogs — Fri, 07 Jun 2013 19:30:00 +0100

shipoffrogs posted:
In Quindell's accounts they state: "we have a strict acquisition criteria and only typically (sic) pay five to seven times profit after tax". Their reported profit after tax was £31.9m in 2012 and £4.2m in 2011. The acquisitions in 2012 were: 25 January Ai £14.6m (consideration) 24 May IT Freedom ...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

Marky — Fri, 07 Jun 2013 14:12:59 +0100

Marky posted:
Hi SevenPillars, I posted this on another site a while back: "QUINDELL REMINDS ME OF INNOVATION GROUP" From the Telegraph, August 2001: "In the 14 months since it floated, Innovation Group has made over 10 purchases. The largest was the £181.75m buy of rival Huon in May. In the three months ending June 30, the company unveiled pre-exceptional operating profit of £3.8m, up 619pc, and sales of £14.3m, up 607pc." Huon was clearly a ridiculously large purchase given the small scale of Innovation's revenues and profits at the time, and Innovation was only able...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

Beginner — Fri, 07 Jun 2013 14:10:10 +0100

Beginner posted:
Hi there, a Goldplatter here! I used the fall in price to top up, and will be holding. I still think this is good value as it stands. By force of circumstance the company is returning to its profitable core activity. Jolly good I say! I don't expect to get rich off this, but I do think this is a decent investment in the medium term. The 'material' shortfall in profits is reckoned to be about 10%, and the buy back at sub-7p was...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

snickers — Fri, 07 Jun 2013 12:56:09 +0100

snickers posted:
I read something a while ago about the generally poor quality of managers of mining projects, said people who would never make it running a manufacturer are regularly found in charge of mines. I got the feeling that GDP's managers - competently running their recovery plants - had thought so too and decided to have a go at mining with their spare cash: but failed at it themselves. If chastened by the experience and they can back out maybe they'll turn into the little cash machine they were supposed to...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

Paul Scott — Fri, 07 Jun 2013 12:24:29 +0100

Paul Scott posted:
Hi ChangFai,I hadn't spotted the announcements yesterday from Goldplat (LON:GDP).It's not a share I currently hold. This announcement yesterday morning seems to have clobbered the share price. It doesn't read very well, so it's not a situation I'm likely to revisit. Interesting to note that the company bought back 1m of its own shares at 6.7775p each on 4 June. Regards, Paul.

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

rmillaree — Fri, 07 Jun 2013 11:10:49 +0100

rmillaree posted:
Hello Marky Ref The profits could come from anywhere to be honest - there is plenty of talk about them booking profits at the time of sale for future items and using their judgment as to when to recognise thisincome - there is a huge wad of accrued sales (over £40 million - this exceeds the profit for the year) - note there also is a hefty trade receivables figure so even when the accrued sales are invoiced it will be some time before they receive payment - looking at the aged...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

SevenPillars — Fri, 07 Jun 2013 11:02:52 +0100

SevenPillars posted:
When it comes to Quindell I would still like one of its supporters to explain to me what is the difference between what they are doing now and what The Innovation Group did when Rob Terry and his crew were running that company a decade or so ago? They do look like remarkably similar stories to me and the bottom line is it didn't work out well for TIG. Below is a link to a TIG story from back then. To the right on that page is a list of articles...

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

steamy001 — Fri, 07 Jun 2013 10:46:24 +0100

steamy001 posted:
Well Said Marky, even Paul must start to see some value in Quindell Portfolio (LON:QPP), the clients clearly do.

re. Small Cap Value Report (7 Jun) - QPP, PLE, HRN, KCOM, TRT, FCCN

ChangFai — Fri, 07 Jun 2013 10:37:42 +0100

ChangFai posted:
Paul, was hoping for an update for your thoughts on Goldplat.