Pre 8 a.m. comments
Good morning. A fairly quiet morning today for results. I'm looking at reasonably good results from Networkers International (LON:NWKI), an AIM-Listed recruitment company. It looks good value to me. They have delivered 4.7p EPS for the year ended 31 Dec 2012, which is ahead of broker consensus forecast of 4.3p. It seems to have been higher gross margins that has driven the out-performance, up from 16% to 18%.
The market cap is £39.5m at 43.5p per share, plus there is £6.9m of net debt, although that relates to invoice discounting. With a net current asset position of £14.2m, the balance sheet looks fine, so seems to be a question of customers being a bit slow in paying, rather than there being any problem level of debt.
With a PER of 9 times 2012 earnings, and a dividend increased 25% to 1.25p (for a 2.8% yield) this looks reasonably priced, although there doesn't seem to be much growth in evidence. That could change in a recovering economy though, so in my view reasonably priced recruiters are a good place to invest right now. Most have re-rated in the last year, some substantially, whereas this one has only risen from a 12 month low of around 35p in Oct 2012 to 43.5p now. Hence could be more upside to be had here, possibly?
They mention upside from the roll-out of 4G networks.
Post 8 a.m. comments
As an aside, if you use MoneyAM for live streaming prices, as I do, then my friend MrContrarian has come up with a really neat innovation that lets you view twice as many share prices on one page, by presenting it in two panes. I find it very useful indeed, especially on a smaller screen, the URL to use this is: http://sharedata.mobi/moneyam2f/
Many thanks to MrC for sharing that useful facility with others.
It's becoming clearer by the day that Gold is anything but a safe haven, but is actually a volatile & highly sepculative bubble. The price has dropped about 10% in the last two trading days now. I will not be revisiting that, after my failed attempt at hedging my equities around the time of the Cyprus Eurozone crisis by going long of Gold. It didn't work, and I clearly don't have any expertise in that area,…
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7 Comments on this Article show/hide all
I may well be wrong, but does the Moneyam feature take you to a proxy so that your login data is available to 3rd parties? I don't see how it works otherwise because it is not something provided by the website itself. Please correct me if I am wrong.
As an aside, if you use MoneyAM for live streaming prices, as I do, then my friend MrContrarian has come up with a really neat innovation that lets you view twice as many share prices on one page, by presenting it in two panes. I find it very useful indeed, especially on a smaller screen, the URL to use this is: http://sharedata.mobi/moneyam2f/
Many thanks to MrC for sharing that useful facility with others.
Now that is a great little bit of coding. Thanks for bringing it to my attention.
In reply to post #72487
Hi Funnymoney,
I don't know anything about the coding of how it works I'm afraid.
All I can say is that the chap who created it is a good personal friend, and someone I completely trust, hence why I mentioned it.
Cheers, Paul.
Funnymoney/Paul,
There is no need to be concerned about the moneyam thing, it is simply a page with a framset which has the moneyam page as the page in each of the frames, passwords etc are going only to moneyam. Its a simple but effictive method of presentation, the same thing can be done with different websites if you choose, so you might want to show 2 brokers quotes side by side, there isn't even any requirement for the actual page to be on the web anywhere, you can knock up a single page like this and save it to a local drive and have any number of these showing different views for different situations,
just shows how powerful some simple techniques can be,
anyone interested in doing this with other combinations of windows, let me know I'd be happy to help,
Cheers K
re gold, is this fall not due to speculation that cyprus will be forced to sell it's reserves of gold to help fund the additional amount required for the bailout ? If so this might be a temporary move, and perhaps present a buying opportunity ?
Although I add that I don't really know about trading gold, it does seem that with all the qe/money printing going on, surely the longterm view of the pound / dollar can't be too positive ? but it could just as well be that confidence is returning and people who have been heavily into gold are reducing their positions and taking their profits ?
gold is one of those things that is so hard to value, especially with the run up it's had since the financial crisis,
K
I think it's more to do with the read across to other Southern European nations funding their bailouts with their gold - Italy 4th largest holder, with 400 tonnes? Thing is though, in any bailout, would the gold really be sold rather than tucked away in the Bundebank vaults with paper currency issued in its stead.
I'd personally be of the view that what we've seen in Cyprus sets a bad precedent - state sanctioned theft of people's savings.That in itself should encourage people to buy an asset which is not readily available for easy confiscation. Banks not opening, restricted to small cash point withdrawals.
And all for a politically driven ideology that the Euro ideal must not fail - given the hardship being forced upon citizens of southern europe it already has.
So sitting here somewhat bemused at the massive gold sell off. - Just how many stops are being smashed,and just how many market participants are playing on margin these days?
Money printing has been going on for some years now. Surely with gold, some of the money printing effects are already in the gold price ?
So it's a matter of what is a fair price for gold considering the current know how on QE.
Not an area of expertise for me either, unfortunately.