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On February 3rd, Johnston Press Johnston Press (LON:JPR) put out an RNS stating that following an independent review their pension deficit has been reduced from £90m on 3/1/15 to £53m on 3/1/16. Following the announcement, the share price jumped 12%.This is a massive deficit reduction of 41% at one stroke which is unusual but not entirely unheard of. The company also stated that full details…

Recent UK IPOs have proved to be a rich seam for canny investors. The following three tables analyse UK IPOs over the previous 12 months to 30/10/2015. The data excludes investment trusts and REITS.The first table shows performance from first dealing dates to 30/10/15, both for absolute gains/losses and relative to the FTSE All Shares Index.The second table measures performance 3 months following the first…

Below is the text of an email I sent earlier today to Dmitrios Gryparis, Globo's Finance Director. The main issues have been unashamedly drawn from Paul Scott's blog of today (all E&OE are of course mine).  Any replies I receive will be published here."Dear Mr GryparisI am a Globo Plc investor who has been following your company’s fortunes fairly closely over the last 18 months.…

Today's Sunday Times carries an interesting article on the extent of pension fund liabilities in listed companies balance sheets and impact on prices. Nothing new in this for those who study financial results. What struck me as interesting is that the report saw a ratio of pension liabilities to net assets of 50% as a marker. Anything above 50% is a amber to red flag.…

Ramridge's Latest Comments

Hi Tom - Excellent addition to the Stockopedia toolkit. Many thanks. You have plugged a significant gap in making it easier to evaluate balance sheet strength.I have complained a number of times in the past that companies paint a rosy picture in their financial reports about their balance sheet when in fact it is far from healthy.My last post on this subject related to Norcros…

Re. Norcros (LON:NXR) and pension liabilities in general. I have noticed that companies generally tend to ignore any pension liabilities when reporting on their financial strength. For companies with large deficits, this distorts their true strength considerably. Take Norcros as an example. Looking at their FY2016 report: - the company states that they are in sound financial health with a net debt of £32.5m giving…

Hi Dearg - Great. Thanks. Or taking your 6.6p forecast, this makes a forecast PE of 10.8, based on today's closing price of 71.5

Hi Dearg - Not meaning to be picky, the diluted eps I think is 5.51p and not 5.1p. Also I read somewhere else that the broker forecast for 2017 is now 6p, 9% growth. That sounds pretty mean. Can you shed some light, please?

grb - I had a look at 1pm (LON:OPM) just now (was travelling on Brittany Ferries - their wifi is terrible). I liked it. The only thing that I got hung up on is a huge receivables increase of £12.6m which is almost exactly = revenues of £12.5m . I looked at past years and the ratio is around 100% too. I guess this is…

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