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Daily Grime - AMGO; FEN

ByJeremy Grime
Published 09/12/2019, 10:50

News

  • Tatton Asset Management PLC (LON:TAMT) establishes an EBT which will be making market purchases of shares. The shares are up 30% in the last 2 months.

  • Secure Trust Bank Plc (LON:STBS) CFO is resigning to become CFO of Provident Financial (LON:PFG).

  • Property Questor’s comments that investors are “crazy” to have money in open ended property funds won’t help the redemptions from Aberdeen’s property fund that saw heavy redemptions last week post the closure of the M&G fund. I find myself wondering if we are heading for a new liquidity crunch heralding the end of risk investing, delivering opportunities for the brave. Tchenguiz has built a 2% stake in Woodford Patient Capital Trust.

    • Frenkel Topping Group (LON:FEN) – Trading Update

    Share Price 33p

    Mkt Cap £25m

    Conflict Disclosure: No Holding

  • Update The company has grown its AUM and trading is therefore in line with expectations.

  • Estimates PBT of £2.1m is expected from £8.6m revenues, a 24.4% PBT margin.

  • Valuation PER 12.8X and yield of 4.2%.

    • Conclusion Looks tempting if this small company can get grow its profits materially.

    Amigo Holdings PLC (LON:AMGO) – Board Changes

    Share Price 60p

    Mkt Cap £288m

    Conflict Disclosure: No Holding

  • Changes James Bennamore exercises his right to appoint non executive directors. He appoints himself and Kelly Black, who was a member of Amigo’s founding team. Kelly Black will be appointed once an additional independent NED has been appointed. Strangely the chairman now deems it more appropriate for a new Chairman to be appointed. Hamish Paton, the CEO has also tendered his resignation subject to a 12 month notice period. Having previously been Chief Commercial Officer he was appointed CEO in July this year.
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  • Estimates There is no mention of current trading, but results on 28 November confirmed trading was in line with expectations.

  • Valuation PER 3.8X Yield 15.8%.

    • Conclusion With the FCA not making any public statements it is hard to know to what extent these changes are driven by regulators and how much is simply driven by the concerns of the 60% shareholder. I am told the FCA has been “crawling all over” the business, but its not often we have a valuation of 3.8X and a 15% yield with trading in line with expectations. This could be time to take those portfolio enhancing bravery pills. The Chairman’s comments that it has been a “fascinating” experience tell us a lot.

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