17th Jun '16


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I am having a look at Norcros. What struck me after 2 minutes is that despite consistently making a profit, the BV per share is broadly declining. Usually, this means that something is going on in the statement of comprehensive income. Stockopedia does not provide the statement of comprehensive income (as far as I know), so I had a look on Norcros website to download…

Hello, I am using Hargreaves & Lansdown, but the spread on BVM is 10%, and on PHSC it's 16%! So if I buy PHSC now, I automatically and immediately making a loss of 16% Would anyone have any tips on how to avoid such a spread? Many thanks!

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Thanks a lot everyone for your comments! In the end, I decided to avoid such companies. The liquidity risk would be too high for me.

Hi Paul, What do you think of Norcros pension liability? I think it's huge compared to their net income. According to the 2015 annual report, the pension deficit more than doubled from 2014. It jumped from (£21.8m) to (£44.3m). For 2015, that more than 5x net income of £8.2m and more than 4x operating profit of £10.6 Thanks for any insight on that situation.

Actually, in the 2015 annual report, note 23, shows clearly a pension deficit, which more than double since 2014. Earlier in the report, it says Norcros has no employee... I wonder why they have to report pension obligation stuff if that's indeed the case?

Hi Paul, Maybe I missed something, but it looks like Lavendon's FCF is steadily decreasing towards 0. That would be a big no-no to me, unless there are large capex justified by reasonable opportunities to increase sales or reduce costs... Cheers

My stop-loss on Creston has been triggered. I can't understand why the share price is going down, I don't see any strange figure or any bad news. If anyone could shed some light on why this is happening, I would be glad to hear about it!

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