Small Cap Value Report (18 Mar 2016) - RBN, HCL, IDEA, LAKE

Friday, Mar 18 2016 by

Please note that we had some technical problems, and this post disappeared on upgrading of servers. However, the techie guys have very kindly rummaged around for it on the old server, and reinstated it. We might have lost some posts in the comments area, due to this technical glitch, so my apologies if your comments accidentally vanished.

Good morning.

My apologies this report is a day late. I didn't have a very good week last week, so am spending the weekend catching up with the backlog.

Given that my output last week was below par, I've created some interesting additional free content for you today (Saturday), with renowned investor Richard Crow (aka. CockneyRebel). So here is our latest discussion about shares, and the markets. Over 30 stocks are discussed.

Stop Press! David Stredder has just texted me to say that the Directors of Lakehouse (LON:LAKE) are facing the music after recent profit warning at Mello Beckenham on Monday coming (21 Mar 2016). Should be interesting, I'll try to get along to that if I can (I hold a long position in LAKE).

Robinson (LON:RBN)

Share price: 168.5p (down 6.4%)
No. shares: 16.4m
Market cap: £27.6m

Results y/e 31 Dec 2015 - revenue was £29.1m - exactly in line with the last trading update which I reviewed here on 25 Jan 2016.

These accounts need to be read in the context of a major acquisition, of a Polish manufacturer of plastic packaging (called Madrox) which completed in mid-2014. Therefore the calendar 2015 figures include a full year of its (profitable) trading, whereas the 2014 comparatives only include half a year of Madrox's results. The purchase price for Madrox was £13.2m, so almost half the current group market cap.

Therefore group revenue and profit should be substantially up on 2014. So why was turnover only up 3.8%?

Revenues were £29.1m for the year, which represents a 3.8% increase on last year. The full year effect of the…

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Robinson plc is a United Kingdom-based company engaged in the business of manufacturing plastic and paperboard packaging. The Company provides packaging solutions that specialize in injection, blow and stretch-blow molded plastic, and rigid paperboard. It serves the food, drink, toiletries, cosmetic and household markets. It operates through plastic and paperboard packaging segment. The Company has over five manufacturing facilities, which include Kirkby facility, Stanton Hill facility, Lodz facility, Chesterfield facility and Madrox facility. Its subsidiaries include Robinson (Overseas) Limited, Robinson Paperbox Packaging Limited, Robinson Plastic Packaging Limited, Robinson Plastic Packaging (Stanton Hill) Limited, Robinson Packaging Polska Sp. z o.o., Walton Mill (Chesterfield) Limited, Griffin Estates (Chesterfield) Limited, Robinson Industrial Properties Limited, Walton Estates (Chesterfield) Limited, Madrox Spolka Akcyjna and Walton Mill (Chesterfield) Limited. more »

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Ideagen plc is engaged in the development and sale of information management software to businesses in various industries, and the provision of associated professional services and support. The Company is engaged in supplying governance, risk and compliance (GRC) solutions primarily to the healthcare, transport, aerospace and defense, manufacturing and financial services sectors. The Company’s portfolio products include Q-Pulse, Coruson, Pentana Audit, Pentana Performance and PleaseReview. Q-Pulse, which provides quality and safety management. Coruson,which provides cloud-based software solution. Pentana is an auditing software within its internal audit.It has operations in the United Kingdom, European Union, the United States, Middle East and Southeast Asia. more »

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  Is LON:RBN fundamentally strong or weak? Find out More »

40 Comments on this Article show/hide all

PJ0077 20th Mar '16 21 of 40

In reply to post #124402

Oh Dear.. the latest SCVR has been taken down, along with a reply from both Paul & the Novice Investor

Looks like Novice Investor's comments have tipped Paul over the edge :(

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carmensfella 20th Mar '16 22 of 40

I am sorry but anyone who questions the value and hard work put into the SCVR by Paul Scott is either totally disrespectful, downright jealous or a troll....and possibly all three !

Paul has the respect and admiration of 99% of investors for what he creates and provides and it is currently free of charge for all to learn from or simply compare notes with their own findings...I do not think that extending this discussion is in the interest of anyone so lets bring it to a halt.

There are a number of investors, and i would hope to include myself in that number, who go out of their way to improve what is on offer to thousands of private investors and also spend hours helping others to benefit from their experience....with a name like 'Novice Investor' you are probably a 'taker' so a bit of humility and appreciation would be the least one would expect.

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Damian Cannon 20th Mar '16 23 of 40

In reply to post #124411

Same here Jane - I put up a fairly lengthy response yesterday afternoon and it's vanished into the ether! Also there seem to be very few responses being shown at all on the site - I think that Stockopedia is having some real problems with the discussion boards at the moment!


Blog: Ambling Randomly
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herbie47 20th Mar '16 24 of 40

In reply to post #124432

I don't think its just the discussion boards, I have found over the last week or so the site is slow or even goes down, maybe its because its being updated?

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Damian Cannon 20th Mar '16 25 of 40

In reply to post #124435

You might well be right herbie47 - the site has certainly been up and down recently. Bit of a shame as I'd like to read Jane's comments on £ALY!

Blog: Ambling Randomly
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gus 1065 20th Mar '16 26 of 40

In reply to post #124438

Hopefully Jane can re-post if necessary. It was a link to a local press article commentating on the owner of Laura Ashley Holdings (LON:ALY) 's strategic plans to develop his portfolio of branded LA hotels in the UK as a mainline of his holding company's business. Quite interesting.


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Murakami 20th Mar '16 27 of 40

Hi, we're just checking this - we upgraded servers yesterday as they weren't coping with the increased usage (the site was getting slow), so we think some very recent content may unfortunately have been lost in the process. We're just seeing if we can get it back - hopefully so. As a general point, if you have any Support requests, please use the Green button or email support [at] as it's much easier for us to track individual queries and reply more effectively. Thanks!

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Paul Scott 20th Mar '16 28 of 40


There's nothing sinister going on - unfortunately Stocko are having some technical problems, and my completed SCVR for Friday has vanished. Bugger! It's just not my week, is it?!! Never mind.

Am busy working on last Monday' SCVR as we speak, so have taken a backup of that, just in case.

Thanks for all the kind messages by the way, really appreciated. I'm not going to respond to our resident idiot troll again!

Regards, Paul.

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Damian Cannon 20th Mar '16 29 of 40

In reply to post #124444

Thanks Gus - that does sound potentially interesting. One of the most frustrating things about Laura Ashley Holdings (LON:ALY) is the extremely limited news-flow so anything to add a bit of detail is useful.


Blog: Ambling Randomly
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janebolacha 20th Mar '16 30 of 40

In reply to post #124444

Here you go, Gus and Damian!
Here's the link, to an article from "The Star" in Malaysia on the MUI Group and Tan Sri Khoo Kay Peng with a fair bit of comment on Laura Ashley Holdings (LON:ALY):

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carmensfella 20th Mar '16 32 of 40

Just to add that Lakehouse are presenting at Mello in Beckenham tomorrow evening (Monday). It will be a very interesting meeting and a chance to network with tens of investors as we expect 50 plus coming to dinner and we network over drinks from 6pm.

More details on the website and do email me if you are coming as it helps the restaurant to plan the layout and prepare the food.


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TheWatchmaker 20th Mar '16 33 of 40

In reply to post #124346

Paul's daily SCVR contains a wealth of information and his views are highly respected on account of his vast knowledge and experience in this area. You can challenge his conclusions and he'll justify his reasoning, but don't just slate him for a few late or missed reports.

Paul - keep up the good work. I think it shows how valuable your reports are if people get this worked up without them.

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TheWatchmaker 20th Mar '16 34 of 40

In reply to post #124462

Hi David,
It would be very useful if you'd be so kind as to give some feedback following your Mello meeting with Lakehouse - for those of us who are unable to attend.
With the recent profit warning and major shareholders getting active, it should be quite an interesting meeting.
The key question for me is how and when they plan to respond to the EGM requisition.

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Paul Scott 20th Mar '16 35 of 40

In reply to post #124190

Hi Clarea,

Softcat (LON:SCT) is £ 595m market cap, so it's above my usual range (which is roughly £ 10m - £ 300m-ish).
I did have a quick look at it, when it was recommended in SCSW, but I didn't really understand its business model, or how sustainable it is.

Also, as a recent float (Nov 2015), I'm wary of it. Bit of a daft name too, Softcat.

Regards, Paul.

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Paul Scott 20th Mar '16 36 of 40

In reply to post #124196

Hi Herbie,

I've just published my thoughts on French Connection (LON:FCCN) here:

Regards, Paul.

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herbie47 20th Mar '16 37 of 40

In reply to post #124480

Hi Paul,

Thanks very much for your thoughts on French Connection (LON:FCCN), I will study in more detail when I have the time.

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tomps3 21st Mar '16 38 of 40

In reply to post #124471

Hi Geoff

Tim and I ( are filming Mello tonight (as usual). It does rely on LAKE approving what we shoot to be distributed, but we're not anticipating any issues.

As normal it will be available on once it's edited, and signed off. I'll also tweet @tamzinpiworld that it's there, and post here under Lakehouse (LON:LAKE).

There have also been some brilliant write ups of Mello evenings by various attendees - generally posted on Motley Fool. Sometimes we post the link to these with the video footage.


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purpleski 21st Mar '16 39 of 40

Hi Paul

Firstly thank you as ever for the SCVR. Please ignore the likes of Novice Investor who seems as clueless as his moniker implies. I hope he returns to the darker depths of ADVFN where I suspect he has come.

Your reports are so useful and with out equal not only on a day to day basis but as educational tool and a record to use in research when considering investing in a company. Please don't stop but do take as many duvet days as you want. I am actually staggered at your output and consistency! One needs time off to recharge to consider to reflect and a weekend is often not enough.

As to the problems on the site I contacted Stockopedia and there is was nothing nefarious going on just unfortunate timing. Usage (I assume visitors number, reflecting increased popularity of Stockopedia) was causing their servers to go slow or crash so they had to transfer the site to new servers. You try doing that without losing a bit or to of data. Perhaps they should have taken the site down while they did it but personally I don't have a problem with it.

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garkum01 23rd Mar '16 40 of 40

Hi paul,

your good work and forensic prising-apart of directorspeak and dodgy annual reports is appreciated. You make me laugh too with your admonishing 'silly names' of companies. A stand-up career beckons?

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 Are LON:RBN's fundamentals sound as an investment? Find out More »

About Paul Scott

Paul Scott

I trained as an accountant with a Top 5 firm, but that was so boring that I spent too much time in the 1990s being a disco bunny, and busting moves on the dancefloor, and chilling out with mates back at either my house or theirs, and having a lot of fun!Then spent 8 years as FD for a ladieswear retail chain called "Pilot", leaving on great terms in 2002 - having been a key player in growing the business 10 fold. If the truth be told, I partied pretty hard at the weekends too, so bank reconciliations on Monday mornings were more luck than judgement!! But they were always correct.I got bored with that and decided to become a professional small caps investor in 2002. I made millions, but got too cocky, and lost the lot in 2008, due to excessive gearing. A miserable, wilderness period occurred from 2008-2012.Since then, the sun has begun to shine again! I am now utterly briliant again, and immerse myself in small caps, and am a walking encyclopedia on the subject. I love writing a daily report for on most weekday mornings, constantly researching daily results & trading updates for small caps. Cheese! more »


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