Investors' Room :: DAVENHAM, A Fairly New Issue Looks Rather Cheap. - MoneyAM - Free Share Prices, Stock Quotes, Charts, News, Level2

goldfinger - 12 Dec 2005 04:15

Ive had these on the watch list for a few weeks now and the company seems to be getting a lot of Institutional Interest.

Its basically an asset based lender to smaller companys and carrys out a similar business to that of the big clearing banks, but as the economy gets tighter and bank lending gets more difficult to secure customers are turning to this Northern based company as an alternative.

Description Of Business.

Davenham is a leading, independent asset based lender to the UK SME sector.

The business was founded in 1991 in Manchester from where its core operations
are run. In recent years, Davenham has begun to expand and it now also operates
from offices in Leeds, Birmingham, Liverpool and Newcastle.

Davenham provides lending solutions designed to meet the financing needs of UK
SMEs - typically involving loans of between 10,000 and 3 million. The
Directors believe this is a profitable and attractive market place that is not
adequately serviced by mainstream lenders, which tend to adopt a formulaic
approach to lending decisions. Davenham has a diverse loan portfolio, with its
lending activities organised into three divisions: property finance, asset
finance and trade finance.

Davenham enjoys strong client relationships reflecting high levels of customer
service and tailored financing packages. The Directors believe that Davenham's
ability to form a commercial view and reach lending decisions quickly underpins
premium rates and high levels of repeat business. New clients are typically
sourced through introductions from existing clients, direct approaches and a
network including mainstream lenders, finance brokers, accountancy firms and
other professionals.

Davenham has a strong financial record both in terms of revenue growth and
profitability and has consistently achieved a gross return on loan portfolio of
circa 20 per cent. The Directors believe this results from Davenham's position
as a leading lender in a profitable and niche market place in which the
competition is fragmented.

Davenham is funded by a group of banks led by The Royal Bank of Scotland plc and
has a facility of 175 million, which the Directors believe is sufficient for
Davenham's current requirements.

The Placing:

Davenham, a leading independent asset based lender to the UK SME
sector, announces completion of its admission to AIM and that trading in its
ordinary shares commenced at 8.00am today.

Panmure Gordon, the Company's broker, has placed 10.9 million new
ordinary shares on behalf of the Company raising approximately 27.7 million
before expenses, and also placed approximately 6.7 million existing ordinary
shares for approximately 16.9 million on behalf of selling shareholders.

Approximately 17.2 million of the proceeds of the issue of new
ordinary shares will be used to redeem certain loan notes and mezzanine debt.
The balance of 10.5 million will be used to increase the capital base of
Davenham and to pay for the expenses of the flotation.

Davenham will be included in the Speciality and Other Finance sector
and will have an EPIC code of DAV.L.

Hawkpoint is the nominated adviser and financial adviser to Davenham
and Panmure Gordon is broker.

Dunedin and Indigo backed the buyout of Davenham in 2000 and have
supported the Company through to a successful flotation. They will remain
supportive shareholders.

The placing took place at 254p.

Director Speak.

David Coates, Chief Executive said:

'We are delighted by the positive response to the placing and the completion of
our admission to trading on AIM. I am pleased to welcome our new institutional
investors as shareholders of Davenham.

'We are well positioned to capitalise on the attractive growth opportunities in
our market place and we believe the flotation will raise our profile and support
future growth by strengthening our ability to lend, expand into the Midlands and
the South of the UK and fund selective acquisitions.'

I see from the Brokers forecasts that the Pospective P/E is approx 10 falling the year after. Might be rewarding to get in at this early stage.

DYOR.

Cheers GF.

goldfinger - 12 Dec 2005 04:24 - 2 of 353

Price at close Friday 271p.

goldfinger - 12 Dec 2005 04:38 - 3 of 353

Chart.aspx?Provider=EODIntra&Code=DAV&Si

goldfinger - 12 Dec 2005 08:33 - 4 of 353

Up 13p already this morning with some nice volume.

cheers GF.

goldfinger - 12 Dec 2005 08:39 - 5 of 353

An interesting piece of research from Growth Company Investor......

Davenham - BUY
Companies: DAV
23/11/2005

Shares in Davenham, an asset-based lender to small and medium-sized companies, rose to a slight premium of 3% on the first day of trading. The company has raised 23.5m net to help fund further growth of the business, both organically and by making acquisitions.

At present Davenham is based in the North-West and has plans to move into other regions. Chief executive David Coates aims to make one acquisition in the coming year of up to 10m. This would expand the loan book by 30m. The group, which he believes is filling a gap traditionally occupied by branch bank managers but now vacated by the major clearers, has experienced strong growth in the past two years, doubling turnover to 28.5m for the year to June. This has been achieved despite the loan portfolio only rising by 62% to 151m during this period.

Profits, before tax and interest from mezzanine debt (since repaid), rose by a similar amount to 9.3m. Davenham will lend up to 3m to companies through three divisions: property, trade and asset finance. The group has over 2,400 clients across many sectors. Small housebuilders, importers and distributors are typical customers. The groups loans charge an effective APR of 18%. But bad debts are only 1.5% of loans.

Coates has a strong background, with experience at Royal Bank of Scotland, Standard Chartered and credit agency Experian, and is ambitious to grow the group further. A raft of institutions has supported the float, possibly drawn by Davenhams promise to pay a 5% dividend this year. Private investors should consider joining them as well.

cheers GF.

goldfinger - 12 Dec 2005 09:44 - 6 of 353

The volume is very high indeed.

cheers GF.

jimmy b - 12 Dec 2005 09:50 - 7 of 353

Morning GF ,,they were one of the two main tips in Small Company Share Watch on Saturday ..

goldfinger - 12 Dec 2005 10:29 - 8 of 353

I wondered where the volume had come from. Thanks Jimmy, Ill e-mail and request a copy from a buddy.

cheers GF.

goldfinger - 12 Dec 2005 11:09 - 9 of 353

Buys still coming in thick and fast, looks like a mark up is due any time , only 2 sells so far.

cheers GF.

goldfinger - 13 Dec 2005 03:42 - 10 of 353

A very good start for this one. Plenty more to come me thinks.

cheers GF.

goldfinger - 13 Dec 2005 15:25 - 11 of 353

Any other day and this would have been up. Data shows all buys and no sells.

cheers GF.

goldfinger - 14 Dec 2005 13:44 - 12 of 353

Volume high again on buy side and has touched up.

cheers GF.

goldfinger - 16 Dec 2005 01:27 - 13 of 353

Moved ahead nicely this afternoon, now 290p to buy.

cheers GF.

goldfinger - 16 Dec 2005 02:25 - 14 of 353

Shore Capital has initiated coverage of Davenham Group appending a buy recommendation and a 360p price target.

cheers GF.

Dil - 16 Dec 2005 10:19 - 15 of 353

You got any forecasts GF ?

goldfinger - 16 Dec 2005 12:38 - 16 of 353

Hi Dil, only those from the house broker, prospective P/E of 9 2006 that was at 275p a share, and 2007 P/E of 7.5.

Turnover has already grown from 16.0m in 2003 to 28.49m
for the year to 30 June 2005. Profit during the period has lifted from
4.82m to 8.13m. But in fact these reported profits have been obscured by
the interest arising to loans from its VC backers. Post the float last
month, those loans have been redeemed entirely. In fairness to the complete
picture going forward, when adjusted for the restructured balance sheet,
profit has grown from 5.80m to 9.25m.

cheers GF.

goldfinger - 16 Dec 2005 12:39 - 17 of 353

Moving up nicely now. To buy at 300p but I think you can get inside the spread.

cheers GF.

Dil - 16 Dec 2005 13:56 - 18 of 353

Had a few myself , looks interesting.

Good luck.

goldfinger - 16 Dec 2005 15:24 - 19 of 353

Wellcome aboard Dill.

cheers GF.

Dil - 16 Dec 2005 16:00 - 20 of 353

Don't tell those sill b*ggers on the SOR thread , they'll ruin this one too :-)

Cheers GF.

goldfinger - 17 Dec 2005 00:03 - 21 of 353

Also tipped in "Share Weekly" this morning.

cheers GF.

goldfinger - 20 Dec 2005 03:27 - 22 of 353

And tipped again over the weekend....................

Update - The Business AIM Investor column says buy Davenham.

Every Tom Dick and Harrys been tipping this one, it must have some appeal. 6 sources in all.

cheers GF.

goldfinger - 20 Dec 2005 12:19 - 23 of 353

Article from The Business this weekend-

DAVENHAM is a money lender created from a management buy-out more than a decade ago from the Burns Anderson group. The founders made their exit on flotation, leaving the company in the hands of new management.

The primary area of business, responsible for almost half of the 150m loan book, is bridging loans, refurbishment loans or advances to small property developers. An average exposure of less than one year and around 300,000 indicates the cautious way the risks are spread. Similar figures apply to the trade finance division, which accounts for a third of the portfolio. This comprises a range of buy-out and acquisition support activities and invoice-discounting services.

Operating in areas where mainstream financial institutions either fear to or cant be bothered to tread, Davenham makes a 20% return on secured lending from its 2,400 corporate clients. The company is supported by a 175m syndicated loan from its own lenders. Bad debts provisions are low.

Income in the year to June 2005 was 28.5m against 22m in 2004 and just 16m the year before that, so the company is growing at a fair canter. With interest payable of 9m and administrative expenses of 11.3m (1.6m more than in 2004) this meant pre-tax profits of 8m.

Davenham says its activities are complementary to banks as opposed to being competitive, describing bankers as tending to lend according to a template rather than individual corporate circumstances. Davenham reckons there is a target market of 80,000 companies similar to those it serves, providing plenty of opportunities for the future. The companys record in generating premium returns speaks for itself.

One threat is that the company is reliant on the primary lines of credit that it can secure. The facilities will have to be renewed or extended within two years. However, by refusing to compromise on adequate security or quality of operation, and by spreading the risk, Davenham appears to operate from a stable base. The Aim flotation, which took place at 254p per share, raised 24m for the company of which 17m of which was for debt reduction.

Davenham is capitalised at 67m. The 2005 earnings, if replicated in the current year, would mean we are looking at a p:e ratio of 12. The underlying earnings figure should be more of course. With strong current momentum, the spread of business, and no dependence on large transactions, it all adds up to an opportunity with much more upside potential than downside. Davenham is a buy.

cheers GF.

goldfinger - 21 Dec 2005 01:38 - 24 of 353

Ok a down day the firs for a while, but its all systems go here.

cheers GF.

goldfinger - 21 Dec 2005 02:07 - 25 of 353

A corker of a post here guys.......

Here's that "Share Weekly" tip I mentioned.

Bold entrepreneurs turn to Davenham for their funding
Friday, December 16, 2005

My attention was drawn to Davenham by Dunedin Enterprise Trust. They invested 5m in the company back in 2000 and have seen the value of that initial investment multiply fourfold at the latest flotation price. They must think there are more gains to come since they have retained a 10 per cent stake worth 7.4m at the latest price of 290p, a useful premium to the 254p issue price.

Business Summary

Davenham group is a specialist finance company. The company offers a range of short-term lending such as trade finance, asset finance, property loans and invoice finance.

One reason why I like Davenham is that the business has already grown so strongly. At the time of the management buyout in 2000 the group had a loan book of 40m and made profits of less than 2m. Latest profits were 9.25m on a loan book of 160m. The company is hopeful that strong growth will continue into the future. This seems quite likely.

The company used the 27.5m of new money raised in the flotation to repay subordinated loans and mezzanine financing of 17.5m and add 10m to net assets taking them from 30m to 40m. Net assets are important to an asset finance business like Davenham because they determine how much the company can safely lend. A big increase in the asset base creates scope for a big increase in future lending and so in profits.

Dont put your Christmas shopping on Davenhams credit!

Initially I must confess I was shocked when I asked chief executive, David Coates, how much the company charged for money. The answer was credit card rates between 18 and 20 per cent. How, I wondered, could the companys typical SME (small and medium sized enterprise) customer borrow such expensive money and still be profitable. The answer is that they borrow for relatively short periods against projects expected to deliver predictable high returns.

He gave me two examples. The first was in property, which accounts for over 40 per cent of the groups loans. He imagined a property developer with 200,000 in cash. He wants to buy a derelict property for 1.5m and spend 500,000 on refurbishment to create a property with a final value of 2.7m. He would be unlikely to persuade a more traditional bank to finance such a deal. Many banks operate mechanical loan evaluation procedures and such a deal would fail to meet their rigid criteria.

By contrast, Davenham would lend the 1.8m needed to do the deal if they were happy with the numbers and the skills of the developer. He pays them 1.5 per cent a month for his money but if he can complete the project in say five months his total cost including interest would be 2.15m for a property worth 2.7m leaving him 550,000 in profit.

Davenham can lend money faster than the banks

Davenham can also make decisions fast, which is important if you are trying to snap up a bargain in the property market. Banks have too many layers of decision making to give an answer in two or three days. Not surprisingly many of Davenhams entrepreneurs become repeat customers. Nor is the business as risky as it looks since the properties provide excellent security.

Another typical deal might be an entrepreneur wanting to source cane furniture in China for sale to a multiple store. He wants to buy the furniture for 1.25m and sell to the store chain for 1.5m. Unfortunately he only has 50,000 of his own money so the banks will not be interested. As long as he has a firm order from the store Davenham can finance the deal. The entrepreneur needs three months funding, one month for shipping and two months to allow for the fact that big store groups buy everything on 60 days credit. Davenham can give him a letter of credit to make the purchase and also factor the credit so he receives his money as soon as the goods arrive in the UK. He pays three months interest to Davenham but still ends up with around 200,000 of profit, not a bad return for an investment of 50,000.

Financial Data
Year Turnover PreTP Change 2003 15.9m 5.8 NA 2004 21.7m 6.3 8.6% 2005E 28.4m 9.3 47.6%

Strong management key to success

Good management is essential to make a business like Davenham a success but we know this team is good. Firstly, they have been highly successful in growing the business through some bumpy times in the UK economy. Secondly, Dunedin will have crawled all over them and their business before investing its 5m in 2000 and Dunedins top of the list criterion for investing is strong management.

According to David Coates the shares are on a prospective PE around 10 and a planned 45 per cent payout ratio means there will be generous dividends. Past growth has come from the group adding new branches. It is based in Manchester with branches in Liverpool, Leeds, Birmingham and most recently, Newcastle. It is looking to open a branch in the South-East in the next few months. I am confident good growth will continue making the shares an attractive investment.

cheers GF.

goldfinger - 21 Dec 2005 11:05 - 26 of 353

Taking a breather at the moment, the trend is upwards.

cheers GF.

goldfinger - 22 Dec 2005 13:30 - 27 of 353

Added a few more of these at 299.5p yesterday. I expect a robust last week in December and also the same in the first week of january.

cheers GF.

goldfinger - 27 Dec 2005 04:23 - 28 of 353

An interest rate cut touted by many economists for as early as february could see these rising up during the new year.

Interest rate cuts obviously leading to less bad debt and more take up of the business services.

cheers GF.

goldfinger - 03 Jan 2006 04:48 - 29 of 353

Finished off 2005, should be a good one for 2006.

cheers GF.

goldfinger - 07 Jan 2006 02:46 - 30 of 353

Still going for a song. If we get rate cuts in February yhese should really take off.

cheers GF.

goldfinger - 09 Jan 2006 08:18 - 31 of 353

Still very cheap and a positive RNS this morning.

Davenham says performance in line with expectations
AFX

LONDON (AFX) - Davenham Group PLC said its performance is in line with expectations.

Chef executive David Coates said: 'Market conditions are providing Davenham with a strong pipeline of new business opportunities underpinning our confidence in the outlook for the remainder of the current financial year.'

Davenham expects to issue the its interim results during the week commencing Feb. 20, 2006.

newsdesk@afxnews.com

cheers GF.

goldfinger - 09 Jan 2006 23:40 - 32 of 353

A very good day for this one, and remember its still cheap, get out the calculator to confirm.

cheers GF.

goldfinger - 10 Jan 2006 00:19 - 33 of 353

Broker PANMURE slapped a BUY rating on this today.

cheers GF.

goldfinger - 10 Jan 2006 08:30 - 34 of 353

And moving nicely this morning.

cheers Gf.

goldfinger - 10 Jan 2006 09:21 - 35 of 353

All buys so far.

cheers Gf.

goldfinger - 10 Jan 2006 10:45 - 36 of 353

Positivley cruising.

cheers GF.

Dil - 10 Jan 2006 13:14 - 37 of 353

Keep talking GF .... I'm with you on this one.

Dil - 10 Jan 2006 19:31 - 38 of 353

Oi Flynn , fill yer boots .... bit of quality stuff here.

brianflynn - 10 Jan 2006 22:15 - 39 of 353

busted flush.

Biggest pile of excrement on the stockmarket.

goldfinger - 11 Jan 2006 00:12 - 40 of 353

AND WE HAVE MORE................

What a cracking day in rotten markets in general. Its still very cheap aswell. Just look at these forecast figures from the house broker Panmure Gordon............

Year Ending
30-Jun-06 sales 32.75 EPS 28.92p P/E10.6 Growth n/a
30-Jun-07 sales 37.76 EPS 33.89p P/E 9.0 Growth +17%
30-Jun-08 sales 43.29 EPS 39.53p P/E 7.7 Growth +17%

cheers GF.

HUSTLER - 11 Jan 2006 00:31 - 41 of 353

Hi GF
Should have bought today as a screeming buy on my list, but to busy
trying to get my head around sharescope as a new member,
lost 12 hours and not sure i moved forward constructivly speaking.
had to travel 30 miles to play squash tonight, now feel battered
dont know if the stiff neck and arse is thanks to sharescope
or squash.
But reserected in the morning i think i will join the ranks
market willing.
All the best
HUSTLER

goldfinger - 11 Jan 2006 00:42 - 42 of 353

Hope you get aboard Hustler. This ones boiling at the moment.

Squash, blimey you must be a fit bloke. Only exercise I get is going down the local LOL.

cheers GF.

HUSTLER - 11 Jan 2006 00:52 - 43 of 353

cheers gf
sure i will join you in the morning
if i can get to the phone
as i am not that fit.
all the best
hustler

goldfinger - 11 Jan 2006 08:54 - 44 of 353

Hope you got to the phone hustler, is streaming ahead already.

cheers GF.

jimmy b - 11 Jan 2006 09:01 - 45 of 353

Got in on this one in mid December after scsw tipped it ,was a bit boring at first but wer'e up and running now .:-)..

goldfinger - 11 Jan 2006 09:10 - 46 of 353

Jimmy, the boring ones tend to be the best ones, a bit like women. (only kidding girls)

cheers Gf.

jimmy b - 11 Jan 2006 09:15 - 47 of 353

LOL , give me a Cynthia or Tabatha any day ..

goldfinger - 11 Jan 2006 09:36 - 48 of 353

Ill have um both LOL.

cheers GF.

Ps, price moved up again.

goldfinger - 11 Jan 2006 10:12 - 49 of 353

WOW blasting ahead.

cheers GF.

jimmy b - 11 Jan 2006 10:15 - 50 of 353

Yup ,another day like yesterday would do nicely thanks.

goldfinger - 11 Jan 2006 11:28 - 51 of 353

Bagged a few more of these at 333p. Still very cheap and further follow up articles from analysts and tip sheets should push the SP along.

cheers GF.

HUSTLER - 11 Jan 2006 11:35 - 52 of 353

morning gf
just crawled to the phone
got in at 333p the same as your last post
target 5.00 +
hope the momentum keeps up
all the best
HUSTLER

goldfinger - 11 Jan 2006 11:49 - 53 of 353

Glad to have you aboard Hustler. Well it should move up from here lets face it its cheap enough. Looks to me like they brought it to market at a far too low price.

cheers GF.

Dil - 11 Jan 2006 13:33 - 54 of 353

Ok then ... target price this year 630p.

goldfinger - 11 Jan 2006 15:04 - 55 of 353

Blimey Dil, thats stretching it a bit. Itl do me though.

cheers GF.

Dil - 11 Jan 2006 16:20 - 56 of 353

Foward PE of 17 seems fair to me.

EVOLUTION - 11 Jan 2006 17:16 - 57 of 353

DIL i hope youre right, but 500p sounds good

Dil - 11 Jan 2006 19:37 - 58 of 353

For starters.

goldfinger - 12 Jan 2006 08:56 - 59 of 353

A bit quiet this morning so far. Come on punters its still very cheap on a rolling P/E of just 10.

cheers GF.

goldfinger - 12 Jan 2006 09:55 - 60 of 353

Buyers coming in now. Talk of Smallcompanywatch doing a follow up article on this one this weekend.

cheers GF.

jimmy b - 12 Jan 2006 10:00 - 61 of 353

Gf ,they always keep track of their recommendations ,and update every month .

goldfinger - 12 Jan 2006 10:28 - 62 of 353

Could be good news for us then come monday. Could you please let us know Jimmy if there is a back up at the weekend.

cheers GF.

jimmy b - 12 Jan 2006 10:34 - 63 of 353

Sure GF, i'll email you ..

Dil - 12 Jan 2006 10:40 - 64 of 353

Have they added it to their portfolio yet GF ?

goldfinger - 12 Jan 2006 12:04 - 65 of 353

Dont know Dil, I dont get the tip sheet Jimmy does. Aghh its just dropped a penny.

cheers GF.

EVOLUTION - 12 Jan 2006 21:21 - 66 of 353

jimmy is your portfolio based around scsw? had it for the last few months but only brought any shares last month, davenham being 1 of them

jimmy b - 12 Jan 2006 22:05 - 67 of 353

No not at all evolution ,, it's just another tool to use ,i actually buy very few of their recommendations ,but they do come up with the odd cracker ,you just have to pick carefully..I don't like the fact that it is delivered on Saturday and have thought of cancelling my subscription becuase of that..

jimmy b - 12 Jan 2006 22:10 - 68 of 353

..

Dil - 12 Jan 2006 22:40 - 69 of 353

Unlike others though jimmy SCSW give all subscribers an equal chance of getting in on the Monday cos they don't leak their tips like others.

I know cos I've tried getting them .... even rang a CEO once and asked if he had spoken to SCSW in the previous few weeks :-)

ebboarecrap - 12 Jan 2006 23:26 - 70 of 353

busted flush this one chaps.

The last 2 tips Dil gave me were awful namely Nord Anglia and Jarvis.

DO NOT TRUST THIS TWERP.

driver - 12 Jan 2006 23:28 - 71 of 353

ebboarecrap
OK

goldfinger - 13 Jan 2006 03:09 - 72 of 353

Back to business.

cheers GF.

jimmy b - 13 Jan 2006 08:33 - 73 of 353

Dil ,,i don't agree ,,, the problem with receiving scsw on Saturday is that on Monday morning the MM's have put the price up ,this happens every time ,,then in next months edition they say ,,made a nice 10% gain on XYZ ,,,well they have ,but we havn't . I know it's about buy and hold but it's nice to get in early,, i have another tip sheet that arrives mid week ,and i have used it for years ...

goldfinger - 13 Jan 2006 11:56 - 74 of 353

Talk on other boards that Small Company Watch will update on DAV this weekend re - to the positive trading statement this week.

cheers Gf.

goldfinger - 13 Jan 2006 12:51 - 75 of 353

Just gone into the blue, NICE.

cheers GF.

Dil - 13 Jan 2006 12:54 - 76 of 353

jimmy , SCSW do not add the share to their portfolio until AFTER tipping it ... again , unlike others.

dandu71 - 13 Jan 2006 12:57 - 77 of 353

Could be the next move upwards.

jimmy b - 13 Jan 2006 13:13 - 78 of 353

Dil ,the fact is the MM's get it on Saturday ,,have a read and wack the price up before the market opens on Monday morning ,it happens every time,, without fail .Actually the one who buys before we do is TMI , your right .

EVOLUTION - 13 Jan 2006 21:38 - 79 of 353

jimmy if you dont mind me asking what tip sheet have you used for years, and is its performance better than scsw

jimmy b - 13 Jan 2006 22:08 - 80 of 353

Evo ,i use Quantum Leap ,its been very good ,,again you have to pick carefully ,but for me its the best of all that i have tried over the years and i will always subscribe ,,,plus its delivered mid week before the MM's can get it and up the price..

Back on Topic ,up 2.5p that we lost yesterday,,plus interims in Feb i think ..

Dil - 14 Jan 2006 00:04 - 81 of 353

Part of the reason they up the price on SCSW tips is its track record.

MM's get all tip mags at least as soon as you jimmy so they could up the price just as easy midweek as any other time.

Anyway your never gonna call the top so paying an extra 5-10% for quality becomes irrelevant in the long run.

HUSTLER - 14 Jan 2006 00:37 - 82 of 353

As we are all off the thread at present.

Whatever you read you are always the 12th man
in the deal team.
Papers,Quantum.,Scsw,Tmi, all good if taken in right spirit.
Remember someone had to research, and then punt it.
So dont be sucked into thinking you have hot news.
Find it yourself long before the tipsheets,
and as they all work on forward eps growth
it dosen't take rocket science to work it out.
It is actually quite rewarding to find xyz at 1.00
when the tipsheets quote it a hot tip at 1.30+
all the best
Hustler

jimmy b - 14 Jan 2006 08:38 - 83 of 353

True Hustler find them yourself ,i only bought one share from tipsheets last year ,which has done very well ,and i bought about three very good plays in 2004 so for me its worth the subscription price... True Dil (the long run),however i stand by what i say about Quantum ,as i have bought something at 8am that has raced away that day.

Anyway back to DAV there is an update in scsw today .

goldfinger - 14 Jan 2006 10:05 - 84 of 353

Cheers Jimmy re- to the update in SCSW, no doubt they have reiterated their previous Buy signal ( I hope so). Even at 330p we are on a rolling P/E of only just 11 so I cant see any different. Its still way too cheap.

cheers GF.

jimmy b - 14 Jan 2006 10:24 - 85 of 353

Yes they have a carry on buying rating ,and by the way its 330 not 230 ,you've got to pack in these all night drinking sessions at the lap dancing club GF ..:-}

goldfinger - 14 Jan 2006 10:32 - 86 of 353

LOL Jimmy, yes your right but I wasnt down Spearmint Rhino last night (bad news) I was legless in the local, gosh my bloody head hurts.

cheers GF.

goldfinger - 15 Jan 2006 11:17 - 87 of 353

Confirmed from SCSW on another board.........

Shore Capital have initiated coverage with somewhat higher forecasts than the existing ones by Panmure Gordon, making the shares appear even better value.

They also mention again the prospect of expansion into the South East via an acquisition in the fairly near future.

cheers GF.

EVOLUTION - 15 Jan 2006 19:33 - 88 of 353

cheers for that jimmy, might just check it out,

EVOLUTION - 15 Jan 2006 19:36 - 89 of 353

jimmy have you got a number or email address for it

joeyjoneslegend - 15 Jan 2006 20:18 - 90 of 353

If "Dil" says buy then its time to sell.

He tipped me Nord Anglia and Jarvis and I bought both. Both tanked.

He is useless.

jimmy b - 15 Jan 2006 21:51 - 91 of 353

joey ,don't be such a plonker ,DYOR ,you should be embarrassed to come on here and winge, it's easy ,dont buy what Dil 's buying ,and stay off this thread ,goodnight .

jimmy b - 15 Jan 2006 21:53 - 92 of 353

Evo ,they don't have a web address , i'll try and find you their postal address.

joeyjoneslegend - 15 Jan 2006 21:55 - 93 of 353

I short whatever Dil tips now.

It's easy money.

goldfinger - 16 Jan 2006 03:38 - 94 of 353

Confirmed from SCSW on another board.........

Shore Capital have initiated coverage with somewhat higher forecasts than the existing ones by Panmure Gordon, making the shares appear even better value.

They also mention again the prospect of expansion into the South East via an acquisition in the fairly near future.

cheers GF.

davehmiller - 16 Jan 2006 09:31 - 95 of 353

Just bought in. Its no good watching it keep going up

goldfinger - 16 Jan 2006 09:35 - 96 of 353

Nice to have you aboard Dave. Yup and remember its stiil way too cheap.

cheers GF.

jimmy b - 16 Jan 2006 09:55 - 97 of 353

Nice start to the week GF ..

goldfinger - 16 Jan 2006 10:25 - 98 of 353

Certainly is Jimmy, but I can see what you mean now about how the MMs murder SCSW on a monday morning. Im told Hargreaves was one of the main tips, the spread last night (from friday close )was 305 - 312, this morning and for most of the morning it opened at 350 - 360, what a rotten trick by the MMs. Anyone buying must me bonkers. Must be the tip sheet as a good reputation but the MMs are killing of opportunitys. I dont know the answer to this as I beleive in tip sheets along with everything else, if its there and its cheap and you have done the research and its a good un, buy it. Id even buy off the back of a cig packet if it was a good tip and I thought I could make money.

Sorry about the rant.

cheers GF.

goldfinger - 16 Jan 2006 10:29 - 99 of 353

Up 4.5p now, and still very cheap.

cheers GF.

jimmy b - 16 Jan 2006 10:38 - 100 of 353

Happens every time GF ,As you say it opened up more than 10% and that gets my goat, Carter & Carter was the other main tip and that opened up before 8am too ,not to worry there are still plenty of ways to make money ,and of all the ways iv'e tried i still say buy and hold for the run ,or the year whatever ,wins in the end.
PS i sent you an email over the weekend.

goldfinger - 16 Jan 2006 11:13 - 101 of 353

Cheers Jimmy I have opened this weekends yet. thanks in advance.

cheers GF.

joeyjoneslegend - 16 Jan 2006 11:33 - 102 of 353

strong sell based on the fact that DIL likes these.

Dil - 16 Jan 2006 12:03 - 103 of 353

Fill yer boots joey ... plenty more to come.

Everyone a winner :-)

goldfinger - 16 Jan 2006 12:06 - 104 of 353

Buy transactions on the up.

cheers GF.

joeyjoneslegend - 16 Jan 2006 17:21 - 105 of 353

Dil says "everyone a winner".

He is one cheeky fucker.

He doesn't mention that his 2 tips last year went pear shaped namely Nord Anglia and Jarvis.

Dil - 16 Jan 2006 18:42 - 106 of 353

Here's another winner for you Langdon .... how can you ever repay me ?

joeyjoneslegend - 16 Jan 2006 19:22 - 107 of 353

you Dil are an utter disgrace.

The FSA are onto you big time.

Dil - 16 Jan 2006 19:23 - 108 of 353

EVOLUTION :Re SCSW , below is a link to their internet site.

Small Company Share Watch

Dil - 16 Jan 2006 19:23 - 109 of 353

Langdon , have I won a prize or something ?

joeyjoneslegend - 16 Jan 2006 19:24 - 110 of 353

Stuff that link up your arse sideways you Welsh clot.

Dil - 16 Jan 2006 19:46 - 111 of 353

They made DAV one of their tips for 2006 .... no mention of HRR.

joeyjoneslegend - 16 Jan 2006 21:04 - 112 of 353

Their tips for 2005 were a bloody disaster.

Just as well HRR weren't tipped by them.

Dil - 16 Jan 2006 21:06 - 113 of 353

Up an average of 38% across the board I believe while HRR and WFC both went down.

EVOLUTION - 16 Jan 2006 21:08 - 114 of 353

CHEERS DIL but i subscribe to scsw already, jimmy any luck on that number/address

joeyjoneslegend - 16 Jan 2006 21:09 - 115 of 353

+38%.

LOL.

BOLLOX and you know it.

Did these guys go to the same accountancy school as you ? LOL

jimmy b - 16 Jan 2006 21:14 - 116 of 353

EVO ,put your money am messenger on and i'll find you the details

joeyjoneslegend - 16 Jan 2006 21:16 - 117 of 353

I can't afford a subscription to SCSW.

Can someone kindly e mail me a username and password to access the site.

Thanks

joeyjoneslegend@aol.com

Dil - 16 Jan 2006 21:24 - 118 of 353

lol , tight arse

EVOLUTION - 16 Jan 2006 21:39 - 119 of 353

jimmy, very new to this, how do i do that

jimmy b - 16 Jan 2006 22:06 - 120 of 353

Go to your profile and click the messenger on .

EVOLUTION - 17 Jan 2006 07:58 - 121 of 353

cheers for that jimmy, all done, lets hope for another good day

goldfinger - 17 Jan 2006 09:18 - 122 of 353

Update on P/E.

To 30th of June 2006 rolling P/E stands at 11.5
To 30th of June 2007 forward P/E forecast of 9.8
To 30th of June 2008 forward P/E forecast of 8.3

Verdict, DERD CHEAP.

cheers Gf.

jimmy b - 17 Jan 2006 09:25 - 123 of 353

Yup ,i think this is one to hold GF ..

Dil - 17 Jan 2006 09:27 - 124 of 353

630p target price very achievable ... sooner rather than later.

Madison - 17 Jan 2006 09:40 - 125 of 353

Don't forget the dividend - 5% promised, and always a good sign.

Cheers, Madison

goldfinger - 17 Jan 2006 09:48 - 126 of 353

Yup forgot about the divi madders, will be a nice few bob for a months worth of drinking down the local, NICE.

cheers GF.

goldfinger - 17 Jan 2006 12:27 - 127 of 353

There she blows, up we go again.

cheers GF.

jimmy b - 17 Jan 2006 12:50 - 128 of 353

That 100k sell looks like a buy to me at 337..

davehmiller - 17 Jan 2006 13:43 - 129 of 353

The buys above it are 340 JB

jimmy b - 17 Jan 2006 13:52 - 130 of 353

Yes but the buys below are all 337 ,and the price went up after that sell/buy.

dandu71 - 17 Jan 2006 15:23 - 131 of 353

The buys are still coming in thick and fast as word gets round about this rising star :)

Dil - 17 Jan 2006 15:50 - 132 of 353

If you go to the SCSW site and download the free copy you can read the main write up it was given in December.

Dil - 17 Jan 2006 16:05 - 133 of 353

Another 100k gone through at 345p .

goldfinger - 17 Jan 2006 16:09 - 134 of 353

A cracking performance considering the market and small caps are having a lousy day.

cheers GF.

EVOLUTION - 17 Jan 2006 21:20 - 135 of 353

got the message jimmy, cheers, appreciate it, dil if this continues 600p+ looks very achievable

Dil - 17 Jan 2006 23:06 - 136 of 353

Market just needs confirmation they can meet forecasts ..... and when it does :-)

goldfinger - 18 Jan 2006 09:10 - 137 of 353

Well the buying continues but like the rest of the market we've been marked down........................ a penny.

cheers GF.

dazaferguson - 18 Jan 2006 17:32 - 138 of 353

woof woof put this flea ridden mongrel to sleep.

goldfinger - 18 Jan 2006 22:43 - 139 of 353

Update on P/E.

To 30th of June 2006 rolling P/E stands at 11.5
To 30th of June 2007 forward P/E forecast of 9.8
To 30th of June 2008 forward P/E forecast of 8.3

cheers GF.

goldfinger - 19 Jan 2006 08:43 - 140 of 353

Click on this link to get the Davenham full tip write up from Small Company Share Watch last month.

Surf down the left hand colum to free sample, and then click on here. Its the December issue.

http://www.scsw.co.uk/

goldfinger - 19 Jan 2006 08:44 - 141 of 353

http://www.scsw.co.uk/

dazaferguson - 19 Jan 2006 18:58 - 142 of 353

Didn't SCSW also ramp Nord Anglia at 300p+ ?

Now 110p.

jimmy b - 19 Jan 2006 21:08 - 143 of 353

All these people coming on here knocking this ,can you stop ,,because at the moment it's doing great ,,if the company can't live up to expectations or the SP dives then we will have debate ,,if you have a problem with anyone on this thread then email him ,,don't do it on here ,or if you wish you had got in on this ,there is still time it's got a long way to go. If you need to post on here using strange names ,you really should go and have a look in the mirror ,or alternatively , go and see your doctor..

dazaferguson - 19 Jan 2006 21:58 - 144 of 353

DAV is overvalued IMHO.

I suggest a strong sell.

(Dil's record on ramping is bloody awful)

goldfinger - 19 Jan 2006 23:02 - 145 of 353

Overvalued, you got to be having a laf.

Update on P/E.

To 30th of June 2006 rolling P/E stands at 11.5
To 30th of June 2007 forward P/E forecast of 9.8
To 30th of June 2008 forward P/E forecast of 8.3

cheers GF.

HUSTLER - 20 Jan 2006 00:46 - 146 of 353

Hi GF
I dont believe the Daz post overvalued, i would like
to see his tips for the year.
Jon low or Dinlow ?
I know where your money is GF
All the best
HUSTLER

Dil - 20 Jan 2006 07:49 - 147 of 353

Its someone trying to wind me up and who has probably bought a stash himself.

Can't make Carmarthen Daz , little one in hospital :-(

goldfinger - 20 Jan 2006 08:19 - 148 of 353

I wish all the shares I held were on a rolling P/E of 11.5 or less.

Derd cheap.

cheers GF.

Dil - 20 Jan 2006 08:21 - 149 of 353

I bought some more yesterday.

goldfinger - 20 Jan 2006 08:44 - 150 of 353

Well done Dil.

cheers GF.

dazaferguson - 20 Jan 2006 13:19 - 151 of 353

Camarthen ? what you on about Dildo ?

Dil - 21 Jan 2006 09:47 - 152 of 353

You not going then ?

dazaferguson - 21 Jan 2006 10:04 - 153 of 353

I am in Wrexham today to see us beat Leyton Orient you clown.

Why the fuck would I go to Carmarthen ?

goldfinger - 22 Jan 2006 11:15 - 154 of 353

Overvalued, you got to be having a laf.

Update on P/E.

To 30th of June 2006 rolling P/E stands at 11.5
To 30th of June 2007 forward P/E forecast of 9.8
To 30th of June 2008 forward P/E forecast of 8.3

cheers GF.

HUSTLER - 20 Jan 2006 00:46 - 146 of 153
Hi GF
I dont believe the Daz post overvalued, i would like
to see his tips for the year.
Jon low or Dinlow ?
I know where your money is GF
All the best
HUSTLER

goldfinger - 22 Jan 2006 11:20 - 155 of 353

Stiil as a STRONG Broker BUY on it. See Digitallook.com.

cheers GF.

dazaferguson - 22 Jan 2006 11:20 - 156 of 353

Strong broker buys were issued on Energis before you know what.

goldfinger - 22 Jan 2006 11:22 - 157 of 353

Overvalued, you got to be having a laf.

Update on P/E.

To 30th of June 2006 rolling P/E stands at 11.5
To 30th of June 2007 forward P/E forecast of 9.8
To 30th of June 2008 forward P/E forecast of 8.3

cheers GF.

HUSTLER - 20 Jan 2006 00:46 - 146 of 153
Hi GF
I dont believe the Daz post overvalued, i would like
to see his tips for the year.
Jon low or Dinlow ?
I know where your money is GF
All the best
HUSTLER

goldfinger - 22 Jan 2006 11:20 - 155 of 156
Stiil as a STRONG Broker BUY on it. See Digitallook.com.

cheers GF.

dazaferguson - 22 Jan 2006 11:27 - 158 of 353

There is only ONE share to be loaded up with at the moment and that is the cash shell called Harrier(HRR).

Harrier are a cash shell with a market cap of 4.5 million and they have the same amount of cash in the bank.
They have 2 employee's and the interest on this cash will more than pay for their salaries.
A reverse deal is due any day and the shares will rocket believe me.

Bob Morton ( Southwind) has recently increased his stake to the max allowed of 29.9%.

He is a very shrewd cookie.

Strong BUY.

target price 50p and I aint joking.

jimmy b - 22 Jan 2006 21:23 - 159 of 353

Your wasting your time GF it seems there are some real idiots posting on here now, it's a shame that this site is becoming like ADVFN , i started a thread called STOP the other night and moneyam removed some of the rubbish . Lets hope some of the idiots get bored with posting .

SueHelen - 22 Jan 2006 21:49 - 160 of 353

Gausie is to blame Jimmy.

goldfinger - 23 Jan 2006 01:04 - 161 of 353

Best to just ignore them and skip over their posts. I dont mind them posting if they want to dabate or have a valid point on a stock but just repetitive insults or rubbishing should be reported to IAN the manager on the CONTACT tab at the top of this page in the right hand corner.

He usually gets rid of them and as the facility to stop their IP address from getting access to this board. Ive reported one person in the last 24 hours.

If you think you have a case of Libel against you check this site out........
http://www.newsdesk-uk.com/law/libelcheck.shtml

cheers GF.

mikeingam - 23 Jan 2006 17:49 - 162 of 353

Most Broadband connections use roaming IP numbers so banning an IP number is useless.

PS..This is my 14th username in 2 months.

LOL.

mikeingam - 23 Jan 2006 17:54 - 163 of 353

There is only ONE share to be loaded up with at the moment and that is the cash shell called Harrier(HRR).

Harrier are a cash shell with a market cap of 4.5 million and they have the same amount of cash in the bank.
They have 2 employee's and the interest on this cash will more than pay for their salaries.
A reverse deal is due any day and the shares will rocket believe me.

Bob Morton ( Southwind) has recently increased his stake to the max allowed of 29.9%.

He is a very shrewd cookie.

Strong BUY.

Target price 50p and I aint joking.

goldfinger - 23 Jan 2006 23:11 - 164 of 353

Nice to see this one riding out the storm.

cheers GF.

jimmy b - 23 Jan 2006 23:54 - 165 of 353

Yes looking good GF ..

goldfinger - 24 Jan 2006 08:19 - 166 of 353

And still as a STRONG BUY tag on it Jimmy.

cheers Gf.

Dil - 24 Jan 2006 22:46 - 167 of 353

Little selling , SCSW tip 7 days (working) ago , about to start next leg up imo.

Next 3 days could be interesting.

goldfinger - 24 Jan 2006 23:04 - 168 of 353

And Shore Capital taking up coverage with a Strong BUY rating on it.

cheers GF.

jimmy b - 24 Jan 2006 23:06 - 169 of 353

This maybe a long hold for me , i often sell out on a good profit ,only to see the share double within a year ,this could be one of those, so unless they don't meet expectations ,i'm holding this one ...

Dil - 24 Jan 2006 23:15 - 170 of 353

Try running a trailing stop loss , very few big winners fall by more than around 18% , less for bigger cap stocks , on the real big moves in my experience jimmy.

Good luck.

jimmy b - 24 Jan 2006 23:28 - 171 of 353

I run it in my head Dil ,, buying's easy ,selling's easy ,it's the waiting that sorts out the good investors from the also ran's , i'm probably somewhere in between. .

goldfinger - 24 Jan 2006 23:37 - 172 of 353

Thats true Jimmy.

A bloke on the other big board the other day said the market exists as a means of transfer for the impatient to transfer money gains to the patient who in turn gains.

Have to say this happened before the dot com boom and it looks like we are back on track again.

My biggest gainers are those I have held for around 3 years +, but I do like a bit of fast action so 20% of my portfolio funds are for this.

Cheers GF.

jimmy b - 24 Jan 2006 23:52 - 173 of 353

Yup GF ,i have transferred cash to the patient in the past (i may have done it recently with GED) ,but i'm more in the role of the patient these days , although i still like to trade ,enjoy the buzz , Cheers JB..

goldfinger - 25 Jan 2006 08:28 - 174 of 353

I think we all get carried away at times and become a little impatient.

Anyway back to the job in hand.

Got the forecast figures from Shore capital who have just recently taken up coverage.

To 30th of June 2006 they forecast EPS of 30p = forward P/E of 11.2

To 30th of June 2007 they forecast EPS of 35p = forward P/E of 9.6

Add in their expectations of an acquisition in the South East 'very soon' and these figures make the share look very cheap indeed, they have a BUY on the stock.

cheers GF.

goldfinger - 25 Jan 2006 12:25 - 175 of 353

Do we have a shortage of stock?, a T trade Buy of 131,374 then followed by a Broker to broker trade of 50,000.

cheers GF.

jimmy b - 25 Jan 2006 12:43 - 176 of 353

Maybe they should put the price up GF , and flush out some sellers , they can flush me out for a fiver :- )

dandu71 - 25 Jan 2006 12:48 - 177 of 353

Another big trade just gone through, something cooking?

goldfinger - 25 Jan 2006 13:45 - 178 of 353

Yup, looks like the MMs want stock.

cheers GF.

jimmy b - 25 Jan 2006 17:36 - 179 of 353

Davenham Group PLC
25 January 2006

For Immediate Release 25 January 2006

DAVENHAM GROUP PLC

NOTIFICATION OF MAIDEN INTERIM RESULTS

Davenham Group plc, a leading independent asset based lender to the UK SME
sector, will be announcing its maiden interim results for the six months ended
31 December 2005 on Friday 24 February 2006.

There will be a presentation to analysts taking place on the day at 9.15 for
9.30 am at the offices of Smithfield, 10 Aldersgate Street, London, EC1A 4HJ.

- Ends -

For further information:

Smithfield 020 7360 4900
Katie Hunt

-------------------------------------------------------------------
Some Juicy trades today and then this rns after close ..Looking good ...

HUSTLER - 26 Jan 2006 00:08 - 180 of 353

Hi GF
Refer to your post 174
most of us value / growth investors
have one trait - patience ( or lack of it )
as you know i am new to this one
in a bit late i know, but better late
than never, will stay until the
story changes for the worse,
although i suspect more positve than negative news
on this one.
just hope the overall market stays intact.
All the best
HUSTLER

goldfinger - 26 Jan 2006 00:42 - 181 of 353

Hi Hustler, you say you were late to it but please dont forget the financials show it to be still very cheap indeed. If we get a rate cut I can see this one flying with the banking sector.

I originally thought Dils price target of 6 was way too high, but if you compare this with the sector average in theory his target could be achieved.

cheers GF.

PS, niceto see it tick up at the end of the day, tomorrow we could get off to a good start.

Dil - 26 Jan 2006 10:59 - 182 of 353

Oi , 630p if you don't mind gf.

:-)

goldfinger - 26 Jan 2006 11:35 - 183 of 353

Ok whats a few bob between pals.

cheers Gf.

jimmy b - 26 Jan 2006 17:39 - 184 of 353

What do you make of those after close sales ???

kevrussell - 26 Jan 2006 17:44 - 185 of 353

woof woof

put this fleas ridden mongrel to sleep

jimmy b - 26 Jan 2006 18:18 - 186 of 353

Another one reported to moneyam along with mikeingham ,lets see if we can get rid of them as fast as they come .

kevrussell - 26 Jan 2006 18:36 - 187 of 353

Jimmy b

Can I ask what I am to be reported for you grass ?

Warning people about DAV ?
Posting negative views which you don't like ?
Warning mugs about Dil's ramps ???

GET A LIFE SON.

jimmy b - 26 Jan 2006 18:49 - 188 of 353

Don't call me son ,you wouldnt be fit to tie my laces ,and you definatly wouldnt call me a grass to my face .... I have said before this is not Dil's share if you have a problem with him then contact him ,and if you have anything negative ,,lets hear it !! i'm interested ,
And its ripe for you to tell me to get a life ,,when you hide behind different names and post rubbish ,your making yourself look like a prick,,,but then Jimmy's my real name not like you, some too bit creep who hasn't got a clue about the markets ,,..

Dil - 26 Jan 2006 18:49 - 189 of 353

mikeingham and kevrussell both play for Wrexham jimmy.

kevrussell - 26 Jan 2006 20:07 - 190 of 353

Jimmy b

If I want to call you son I will call you son.

I bet you wear slip on's anyway so you are correct I am not fit to tie your effing laces. LOL.

I have various negatives about Dil. He ramps too much and hes bent.

I have to hide behind multiples usernames because wankers like you keep grassing me up.

Now do me a favour Jimmy go play with the traffic OK son.

PS...DAV is overvalued.

goldfinger - 26 Jan 2006 23:02 - 191 of 353

Grow up.

goldfinger - 26 Jan 2006 23:05 - 192 of 353

Jimmy I have a budy who can locate arseholes like this. Its very much low tech but our freind wont admit to this. Things are in place.
Cheers GF.

HUSTLER - 27 Jan 2006 00:17 - 193 of 353

DAV Overvalued,
the blokes on drugs.
OH laying short is he, and quotes ramping, now, now.
Well never mind if he dosen't
close his position soon be prepared to be burnt
bad.
All the best to the sane people
HUSTLER

Dil - 27 Jan 2006 00:27 - 194 of 353

he aint short , he's probably got a shedload of them

jimmy b - 27 Jan 2006 01:12 - 195 of 353

Would be nice GF because rightly or wrongly i am the sort who will bear a grudge ,,,anyway once again back to business....

Dil - 27 Jan 2006 09:11 - 196 of 353

Quick Langdon , trains leaving the station without you again.

Choo choo.

goldfinger - 27 Jan 2006 09:50 - 197 of 353

yes nice to see this one up.

cheers GF.

davehmiller - 27 Jan 2006 13:18 - 198 of 353

Bought in at 335. Nice to start making some headway. Sells are well outstripping the buys.
cheers Dav

kevrussell - 27 Jan 2006 13:55 - 199 of 353

strong buy.

Got 5,000 of the buggers now.

Dil is a GOD.

He only tips winners you know boys.

Dil - 27 Jan 2006 16:35 - 200 of 353

Nice finish to the week Mr Russell , good to have you aboard.

kevrussell - 27 Jan 2006 17:26 - 201 of 353

Hail DIL the best tipster around.

Brilliant.

Forget Nord Anglia and Jarvis that he pumped. DAV is the real thing.

Strong buy.

Target 600p

dominic simpson esq - 27 Jan 2006 17:40 - 202 of 353

Bought some of these today
d.s. esq

Dil - 27 Jan 2006 23:46 - 203 of 353

Oh great , spose I get another book when they hit 400p , 500p and 600p ???

goldfinger - 29 Jan 2006 13:08 - 204 of 353

And hoping for a good week ahead. I notice a lot more on the other big site are taking notice now. Not sure if thats a good or bad thing, what say you Dil?.

cheers GF.

Dil - 29 Jan 2006 19:24 - 205 of 353

Don't go there often but I did tell Cat to buy a stash about 10 days ago.

briancarey - 29 Jan 2006 19:25 - 206 of 353

Dil

Your a bloody star.
How do you do it ?

Dil - 29 Jan 2006 19:32 - 207 of 353

I get up early.

briancarey - 29 Jan 2006 19:34 - 208 of 353

I think the mighty Wrexham F C are live on the box this coming wed night against TNS.

7pm kick off I think.

jimmy b - 29 Jan 2006 22:05 - 209 of 353

It's a good thing GF , it's a stonking BUY !! ...

goldfinger - 30 Jan 2006 10:00 - 210 of 353

Yup, up as well this morning jimmy.

Dil I thought Cat had packed this business in?. He doesnt post on sharesflopum anymore. Where does he hang out now?

cheers GF.

Dil - 30 Jan 2006 11:05 - 211 of 353

Traders thread on advfn mostly , day trades now as opposed to investing.

goldfinger - 30 Jan 2006 11:57 - 212 of 353

Cheers Dil

GF. Price just notched up.

Dil - 30 Jan 2006 12:37 - 213 of 353

200,000 just gone through at 355p maybe that was Cat , lol.

briancarey - 30 Jan 2006 18:56 - 214 of 353

STRONG BUY to 600p say my charts.

Dil - 30 Jan 2006 19:13 - 215 of 353

Sit back and enjoy the ride mate , these are class.

briancarey - 30 Jan 2006 19:21 - 216 of 353

I haven't been banned and I have posting as "briancarey" for 3 days now.
What is going on ?

goldfinger - 30 Jan 2006 22:42 - 217 of 353

Price is rising Brian, If you get hold of more risers, more people will take note.

Cheers GF.

goldfinger - 31 Jan 2006 01:01 - 218 of 353

A stormer.

Cheers GF.

goldfinger - 31 Jan 2006 09:38 - 219 of 353

And in the blue again this morning.

cheers GF.

Juzzle - 31 Jan 2006 23:12 - 220 of 353

Going strong. Four consecutive days of good volume. Share price up a solid 20% in January.

A share price of 383.5p would take it above 100m cap and bring it onto a few more radar screens. Might see that within 2-3 weeks?

Website worth a look www.davenham.co.uk

goldfinger - 31 Jan 2006 23:52 - 221 of 353

You mean onto the radar of fund managers juzzle?.

cheers GF.

goldfinger - 01 Feb 2006 09:24 - 222 of 353

Customary rise going on.

cheers GF,

goldfinger - 01 Feb 2006 09:25 - 223 of 353

Added a few more this morning. Money from Divis which have just been hanging about.

cheers GF.

goldfinger - 03 Feb 2006 00:55 - 224 of 353

Didnt rise today, whats going on?. Is there some kind of MM conspiracy?.

cheers GF.

Juzzle - 03 Feb 2006 01:58 - 225 of 353

I was talking to a mortgage broker in Swansea on Thursday evening and casually asked had he ever heard of Davenham and his instant reply was "excellent firm" which was nice to hear. He has apparently put four housing developers in touch with them in the past few months and the feedback has been favourable - particularly with regard to awareness of exactly what each builder's project needed.

jimmy b - 03 Feb 2006 18:22 - 226 of 353

Calm down GF wer'e getting there ...:-)
More buying in the last two days (Goldman Sachs) ,and the sp up about 11% in the last three weeks ..

dandu71 - 03 Feb 2006 19:03 - 227 of 353

Nice one Juzzle, always good to hear some word from the street. What`s with all the delayed trade buys after the final whistle today? mmmm

shaunpejic - 03 Feb 2006 22:34 - 228 of 353

edited by moneyam

Dil - 04 Feb 2006 00:06 - 229 of 353

Appears they don't have a sense of humour mate , allright to kidnap civilians and cut their throats to show on the internet though.

Fcuk religion , what good has it ever it done ?

shaunpejic - 04 Feb 2006 21:54 - 230 of 353

Wrexham 2 Wycombe ( leaders of div 2) 0

Class always shines through in the end.

On the subject of religion Mr Dil I thought you were a jewboy ?

mattycrowell - 05 Feb 2006 18:29 - 231 of 353

Just seen some VT of that demonstration in London by the Muslims against the cartoons.

What a shower of shysters who should be put against the wall and shot. They were parading signs saying such things as "behead all non believers of Islam".

Its time we cracked down on these immigrants who hate the west so much and fucking deport them.

I am getting more and tempted by the day to join the BNP.

dandu71 - 05 Feb 2006 19:23 - 232 of 353

How does all this relate to DAV?

jimmy b - 05 Feb 2006 20:58 - 233 of 353

It doesn't dandu ,,and i wish they would just f..k off and post somewhere else, ADVFN would suit them better ,,load of losers

dominic simpson esq - 05 Feb 2006 21:04 - 234 of 353

Being the good old boy that i am, i thought i'd bring the thread back to whats its supposed to be about...DAV

regards
Michael Barrymore (MoneyAm)

chocolat - 05 Feb 2006 22:56 - 235 of 353

Ok dom - let's see your sticker ;)

goldfinger - 06 Feb 2006 01:42 - 236 of 353

Present rolling P/E just over 12 and derd cheap.

cheers GF.

goldfinger - 06 Feb 2006 10:35 - 237 of 353

In the blue once again.

cheers GF.

davehmiller - 06 Feb 2006 13:09 - 238 of 353

Up 1.5p . A nice steady trickle in the right direction.

Luvly Jubly DM

goldfinger - 07 Feb 2006 00:49 - 239 of 353

Yup Dave, it just keeps going up, mind I was aware that it went off far too cheap and bickering with the institutions opened a window that private investors fairly get.

Nice mind.

cheers GF.

goldfinger - 07 Feb 2006 01:23 - 240 of 353

And theres far more to go from Growth Company Investor, MIND WE GOT IN FIRST, smug, smug, smug.......................

Davenham has designs on growth - BUY
Companies: DAV
06/02/2006

Institutional and retail investors are beginning to warm to Davenham, the asset-based lender to small and medium-sized companies that joined the market at the end of November.

Initially some were wary of backing the float, put off by the groups major shareholder, Dunedin Private Equity, selling 17 million of shares on admission. The majority of the 23.5 million of new money raised also went on paying off mezzanine debts to these backers. Nevertheless Dunedin retains a sizeable ten per cent stake.

The remaining money, which amounted to 6.3 million after flotation costs, is earmarked to help fund further growth of a business that has high hopes of leading the consolidation of this fragmented but fast-growing space.

Davenham fills a gap traditionally occupied by branch bank managers but now vacated by the major clearers. The group has experienced strong growth in the past two years, doubling turnover to 28.5 million for the year to June. This has been achieved despite the loan portfolio only rising by 62 per cent to 151 million during the period.

Profits, before tax and interest from mezzanine debt (since repaid following the float), rose by a similar amount to 9.3 million.

Davenham will lend up to 3 million to companies with annual sales of 30 million. This is done through three divisions: property, trade and asset finance. The first of these divisions is the largest at present, where it specialises in providing bridging loans to developers. The group shortly hopes to launch a commercial mortgage product.

One of the strengths of the group is that it is not reliant on any one customer or business area. It has over 2,400 clients across many sectors. Small housebuilders, importers and distributors are typical customers. The groups loans charge an effective APR of 18 per cent. But bad debts are only 1.5 per cent of loans, thanks to prudent underwriting policies. The group will not loan on leisure assets or food and fashion goods.

Considering Davenhams activities are at present funded through a 175 million facility from a syndicate of banks led by the Royal Bank of Scotland, on which it pays 1.5 per cent above base rates (about six per cent), the returns it makes are in the high teens. The group is already in discussions about extending this to 250 million under more efficient terms.

Davenham is based in the north-west with headquarters in Manchester but has plans to move into other regions, in particular the lucrative South-East. Chief executive David Coates aims to make one acquisition in the coming year of up to 10 million. This would expand the loan book by 30 million.

Coates has a solid background, with experience at Royal Bank of Scotland, Standard Chartered and credit agency Experian, and is ambitious to grow the group further. 29 institutions supported the float, possibly drawn by Davenhams promise to pay a five per cent dividend this year. 45 per cent of earnings will be distributed in this way.

So far house broker Panmure Gordon has not written research on the company. However, Shore Capital has forecast earnings will rise 18.3 per cent this year to 11 million. This gives 30p of earnings per share and puts the stock on a conservative p/e of 12.2.

Even after a great run on the price to a high of 365.5p, the groups published dividend policy indicates a still generous yield for 2007. Buy.

cheers GF.

jimmy b - 07 Feb 2006 09:34 - 241 of 353

Interesting read GF ,cheers .

jimmy b - 07 Feb 2006 12:24 - 242 of 353

c'mon DAV , you can't just take a days rest ,up you go .

davehmiller - 07 Feb 2006 17:44 - 243 of 353

Oh yes it can

jimmy b - 08 Feb 2006 14:08 - 244 of 353

Davenham ,down 4p ,,i don't believe it !!!

goldfinger - 08 Feb 2006 14:34 - 245 of 353

Mr neither, these things just dont happen......... LOL.

cheers GF.

juanugarte - 08 Feb 2006 19:01 - 246 of 353

Sold out today as looking overvalued IMHO.

Dil - 08 Feb 2006 19:28 - 247 of 353

Lol , good riddance ... hows the injury ?

juanugarte - 08 Feb 2006 22:40 - 248 of 353

I didn't know you knew so much about soccer players.
I have returned to Crewe Alex and I am out for the rest of the season.

goldfinger - 08 Feb 2006 22:59 - 249 of 353

75k in T buys at the very end of today, bodes well for tomorrow.

cheers GF.

goldfinger - 09 Feb 2006 10:45 - 250 of 353

Still a chance to get into this one on the cheap. Prospective P/E only 9.

cheers GF.

juanugarte - 09 Feb 2006 17:01 - 251 of 353

another Dil tip going pear shaped I see.

jimmy b - 09 Feb 2006 17:12 - 252 of 353

I bought at 280 (a shedload too) ,so its not pear shaped for me tosser .

juanugarte - 09 Feb 2006 17:18 - 253 of 353

bully for you jimmy b

Do you want a medal or something ?

jimmy b - 09 Feb 2006 17:22 - 254 of 353

No i just can't be bothered with tossers clogging up the thread ,,like i said if you have a problem with Dil take it somewhere else.

juanugarte - 09 Feb 2006 17:39 - 255 of 353

who said I had a problem with Dil ???

I have met Dil many times in the flesh and he seems a decent scrote.

goldfinger - 10 Feb 2006 11:55 - 256 of 353

Two days break, me thinks thats enough.

Present fundies situation...........

Concensus forecasts show..

Rolling P/E to 30th June 2006 = 12.5

Prospective P/E to 30th June 2007 = 10.6

Prospective P/E to 30th June 2008 = 9.1

CONCLUSION.

Cheap as chips.

cheers GF.

jimmy b - 13 Feb 2006 11:26 - 257 of 353

scsw ,update at the weekend GF , said nothing ,except results due on Feb 24th..

Edit ,there interims

goldfinger - 13 Feb 2006 12:58 - 258 of 353

Still very confident here Jimmy, if you look at the RNS's its basically the University Supan fund that is selling into market strength. They often do this in small chunks.

No problems in fact I might have a few more.

cheerts GF.

jimmy b - 13 Feb 2006 13:03 - 259 of 353

It had to drop back at some point ,(only about 10p odd ) after such a rise ,this is a hold for me .

goldfinger - 13 Feb 2006 15:53 - 260 of 353

Me too.

cheers GF.

juanugarte - 13 Feb 2006 19:00 - 261 of 353

Shorted 10,000 of these today as overvalued in my opinion.

Dil - 13 Feb 2006 19:04 - 262 of 353

Lol , in your dreams.

juanugarte - 13 Feb 2006 21:45 - 263 of 353

My calcuations have DAV on a PE of 43 for this financial year.
Overvalued.

jimmy b - 13 Feb 2006 22:00 - 264 of 353

Get a new calculator ,and what sort of a fcuking names that ?

Juzzle - 13 Feb 2006 23:38 - 265 of 353

"...My calcuations have DAV on a PE of 43 for this financial year.
Overvalued...."

juan.. So do we get to see those calcs?

goldfinger - 14 Feb 2006 00:39 - 266 of 353

pv_22876639cbd4d01fb8f7e1b4e0ed0fa403e34

goldfinger - 14 Feb 2006 12:04 - 267 of 353

DAV on a P/E just over 12, forward P/E only 9.

cheers GF.

mattycrowell2 - 14 Feb 2006 17:44 - 268 of 353

My calcuations have DAV on a PE of 33 for this financial year.
Overvalued.

Strong sell.

HUSTLER - 14 Feb 2006 18:43 - 269 of 353

Some real jokers about GF
With earnings forecast at 29p to June, rising to 34p
next year with the sp at 352p gives the p/e
at around 12 and 10 and they say 43,
best stay away from whatever they are on.
My only concern is growth forecasts seem to be
slowing down but still plenty of time for rerating nearer to
the year end.
All the best
HUSTLER

goldfinger - 14 Feb 2006 23:38 - 270 of 353

Not far to results Hustler, we'l be in the money.

cheers GF.

Dil - 14 Feb 2006 23:55 - 271 of 353

matty and juan are the names of two Wrexham players , half the team has already been banned by moneyam.

Don't bite.

HUSTLER - 15 Feb 2006 01:23 - 272 of 353

Pair of wankers you forgot to add Dill
regards
HUSTLER

harrierzeuros - 15 Feb 2006 19:29 - 273 of 353

How dare you call Dil a wanker.

Dil - 16 Feb 2006 00:00 - 274 of 353

lol , sod off Langdon

goldfinger - 16 Feb 2006 23:20 - 275 of 353

Rolling P/E actually 12 forward P/E only just 9.

Derd cheap.

cheers GF.

HUSTLER - 17 Feb 2006 00:02 - 276 of 353

Had a good look at Dav today GF
all seems well even with the bite
on the sp today, mid term market willing
no reason to doubt the sp will move
higher 4.50 for starters.
All the best
HUSTLER

goldfinger - 17 Feb 2006 12:28 - 277 of 353

Yup and fingers crossed we could turn back to blue today hustler.

cheers GF.

EVOLUTION - 17 Feb 2006 16:36 - 278 of 353

normal business resumed today, hopefully now a push upto 400p next week

jimmy b - 17 Feb 2006 21:24 - 279 of 353

WHO'S THE DADDY !!! ROLL ON RESULTS ..

goldfinger - 17 Feb 2006 23:16 - 280 of 353

Yup we are the champions.

cheers GF.

HUSTLER - 18 Feb 2006 00:49 - 281 of 353

Cool baby
like your stile Jimmy,
bring it on.
All the best
HUSTLER

goldfinger - 20 Feb 2006 02:21 - 282 of 353

Results this friday guys.

cheers GF.

goldfinger - 20 Feb 2006 10:46 - 283 of 353

Thats a new high. 400p here we come.

cheers GF.

jimmy b - 20 Feb 2006 11:05 - 284 of 353

Going well again ,Where are all our overvalued friends ?

Dil - 20 Feb 2006 11:41 - 285 of 353

Oi Langdon , hows your short doing ?

goldfinger - 20 Feb 2006 12:05 - 286 of 353

LOL.

jimmy b - 20 Feb 2006 22:42 - 287 of 353

Dam ,why did i short DAV i thought it was over valued,,my brains must be all mashed ..

goldfinger - 20 Feb 2006 23:12 - 288 of 353

Nice one Jimmy.

Looks like it might have been tipped somewhere looking at all those buy trades.

cheers GF.

HUSTLER - 20 Feb 2006 23:55 - 289 of 353

Put the Tyson clip on Jimmy
when Buster Douglas turned him over
and tell the dummies to try to pick
up thier gum shield with boxing gloves on
arsholes.
Enough said
HUSTLER

goldfinger - 21 Feb 2006 10:47 - 290 of 353

And its racing along again...... NICE.

cheers GF.

jimmy b - 21 Feb 2006 17:05 - 291 of 353

Another good day chaps ,don't want to clog up the thread to much with my boxing pictures . HUSTLER i think they are feeling stupid enough now .

goldfinger - 21 Feb 2006 23:35 - 292 of 353

Go on Dav up over 4 quid tomorrow.

cheers GF.

HUSTLER - 22 Feb 2006 00:00 - 293 of 353

Hope the momentum keeps up GF
in anticipation of results due end of week.
Yanks weak showing tonight
may put a spanner in tomorrow, over the market.
But we are in good shape
i am sure the results will confirm this
4.00 soon and a lot more soon also.
Regards
HUSTLER

goldfinger - 22 Feb 2006 09:17 - 294 of 353

Well we are up at this stage hustler, lets hope we keep going up.

cheers GF.

lanayel - 22 Feb 2006 09:38 - 295 of 353

Goldfinger,
This is a gem that I appear to have missed along the way !!!
Well done.

goldfinger - 22 Feb 2006 11:01 - 296 of 353

Well thanks for that.

cheers GF.

goldfinger - 23 Feb 2006 22:55 - 297 of 353

Up for results in the morning.

Cheers GF.

EVOLUTION - 24 Feb 2006 09:47 - 298 of 353

not the response was hoping for after the interims, is it just profit taking
what do you think gf, jimmy, hustler?

jimmy b - 24 Feb 2006 10:30 - 299 of 353

This happened the other day ,it seems to swing quite wildly when there is selling or buying ,i was hoping for a rise on results ,just have to wait.

goldfinger - 24 Feb 2006 11:43 - 300 of 353

Short termers taking profits.

Profits in line no probs. Ive added at 358p

Results..............

Davenham Group PLC
24 February 2006

Friday, 24 February 2006

Davenham Group plc

Interim Results

For the six months ended 31 December 2005

Davenham, a leading independent asset based lender to the UK SME sector, today
announces its interim results for the six months ended 31 December 2005

Key Developments:

- Turnover up 17% to 15.9m (2004: 13.6m)

- Adjusted pre-tax profit* up 8% to 4.5m (2004: 4.2m)

- **Adjusted diluted earnings per share* increased by 10% to 17.87p
(2004: 16.27p)

- Loan portfolio increased by 16% to 166m (2004: 143m)

- New appointments significantly strengthened Board and management team

- Investment in additional South East personnel and new product launches

*before exceptional costs of 1.8m in relation to the AIM IPO.
**in order to be consistent with both future and previous periods the adjusted
diluted earnings per share, as noted above, is shown prior to reclassification
of any equity as a debt instrument, as defined by FRS 25. This is on the basis
that the class of equity in question ceased to exist at 22 November 2005 and
therefore provides a comparable analysis to the reader - refer to note 4. In
the prior year periods, shares held in the Employee Benefit Trust are treated
as cancelled for the purposes of the earnings per share calculation.

Commenting on the results, David Coates, Chief Executive, said:

'The Group has performed in line with expectations in the year to date, against
a background of changing economic conditions.

'In the second half of the current financial year, we will be focused on
maintaining the balance between our drive for new business and adherence to our
credit control and risk management procedures.'

For further information, please contact:
www.davenham.co.uk

Davenham On 24 February 2006: 020 7360 4900
David Coates, Chief Executive Thereafter: 0161 832 8484

Smithfield 020 7360 4900
Reg Hoare/Katie Hunt

Print resolution images are available for the media to view and download from

www.vismedia.co.uk

cheers GF.

goldfinger - 24 Feb 2006 12:23 - 301 of 353

Also looks like the MMs have been naughty here and tried to hood wink holders into selling due to the nature of the managements report on the years business (including the IPO costs).

cheers Gf.

mattderbyshire - 24 Feb 2006 14:37 - 302 of 353

I have sold out today as the shares look expensive compared to other similar companies shares.

jimmy b - 24 Feb 2006 15:03 - 303 of 353

Which ones ,please share it with us ..

HUSTLER - 25 Feb 2006 02:08 - 304 of 353

Hi EVO in reply
Dav posted as market expectations
not good enough in my opinion
we were hoping for a lot more
refer to post 269.
Eps growth next time not enough,
sell off may be overdone who knowes
next week will confirm.
Up monday will hold, down will sell
regards
HUSTLER

Dil - 25 Feb 2006 10:06 - 305 of 353

I wasn't impressed with the statement , he could have sounded a little bit more upbeat imo.

Hovering just above my short term stop loss , long term think they'll be fine but if SL is breached then I too will be on the sidelines.

mattderbyshire - 25 Feb 2006 12:40 - 306 of 353

Statement was poor as is the outlook.
Look fully valued to me.

Dil - 25 Feb 2006 17:09 - 307 of 353

Sod off half breed.

goldfinger - 27 Feb 2006 03:09 - 308 of 353

The company came right on forecasts as predicted by management in trading update before results, you cant do any better than that. i think some where hood winked into selling here by the MMs actions on the complicated maiden results report.

cheers GF.

mattderbyshire - 27 Feb 2006 19:12 - 309 of 353

Heavy selling today on profit downgrade.

Overvalued.
Better value elsewhere in sector.

Down 35p since I called these a sell.

Dil - 27 Feb 2006 19:50 - 310 of 353

Yeah and HRR down 11 quid since you told me they were a buy.

mattderbyshire - 27 Feb 2006 20:58 - 311 of 353

Never heard of HRR.
What are they all about ?

goldfinger - 27 Feb 2006 23:12 - 312 of 353

Hawks taking profits after a great run from the IPO.

Will add again when the market looks right.

cheers GF.

goldfinger - 28 Feb 2006 13:41 - 313 of 353

A new forecast from Panmure Gordon has appeared on Hemscott (eps only), as follows (with their previous forecast in brackets):

2006 29.10p (28.90p)
2007 33.00p (33.90p)

So up a bit for 2006, down a bit for 2007. Sharescope has a forecast of 38.10p for 2008, which we can assume is also from Panmure (since Sharescope gets its information from Hemscott).

cheers Gf.

goldfinger - 01 Mar 2006 11:04 - 314 of 353

Back in the blue.

cheers GF.

jimmy b - 01 Mar 2006 11:13 - 315 of 353

Im still here ,, offloaded my CFD a while back but still holding the shares ..

mattderbyshire - 01 Mar 2006 18:46 - 316 of 353

Overvalued.

Broker says strong sell.

Better value elsewhere in sector.

jimmy b - 01 Mar 2006 19:32 - 317 of 353

Already made my money from these ,now on almost a free ride ,so i really don't need your advice ,+ you know diddly squat ..Cheers .

mattderbyshire - 01 Mar 2006 20:17 - 318 of 353

and I don't need to read your silly ramps either.

jimmy b - 01 Mar 2006 21:03 - 319 of 353

Silly ramps ??? there is only a few of us that post on here and we hold the shares ,so why bother to come on under different names spouting rubbish ,you should join a chat room and stay off financial sites .

goldfinger - 02 Mar 2006 01:33 - 320 of 353

Yes get yourself a girlfreind or maybe its a boyfreind and employ your spare time elsewhere.

goldfinger - 03 Mar 2006 11:08 - 321 of 353

A dissapointing day so far. Might be worth locking a few profits in here.

cheers GF.

mattderbyshire - 03 Mar 2006 11:29 - 322 of 353

Strong sell.

Fair value 250p.

I am short.

goldfinger - 03 Mar 2006 13:27 - 323 of 353

jimmy b - 03 Mar 2006 13:27 - 324 of 353

Im out GF ,made a nice profit on my CFD , and a few quid on the shares ,the only reason is i have better places for my funds right now..Cheers.

jimmy b - 03 Mar 2006 13:28 - 325 of 353

I was just thinking the same :-))

goldfinger - 03 Mar 2006 13:29 - 326 of 353

Yup ive taken a few bob profit but still in. I think a tip sheet may have been negative.

cheers GF.

mattderbyshire - 03 Mar 2006 15:23 - 327 of 353

My short is 50p in profit so far.

DAV are overvalued IMHO.

Fair value 250p.

jimmy b - 03 Mar 2006 15:35 - 328 of 353

50p !! you should have shorted a few more ,i'd want more than 50p for my trouble.

mattderbyshire - 03 Mar 2006 18:02 - 329 of 353

jimmy b

How do you feel watching this overvalued woof woof fall on a daily basis ?

You can't half pick em.

LOL.

jimmy b - 03 Mar 2006 18:37 - 330 of 353

Matt i bought 22000 at 280 ,sold 17000 near the high and the rest today , work it out for yourself . I can't half pick em :-) ..

mattderbyshire - 03 Mar 2006 19:00 - 331 of 353

and I bought 150,000 at 265p and sold them at 375p.

LOL

I am better than you are.

goldfinger - 03 Mar 2006 23:19 - 332 of 353

jimmy b - 05 Mar 2006 22:55 - 333 of 353

mattderbyshire ,now i know your a pratt . Read goldfingers last post ,that just about sums you up .

goldfinger - 07 Mar 2006 22:54 - 334 of 353

Well this one was up today.

cheers GF.

goldfinger - 14 Mar 2006 00:42 - 335 of 353

Back in the blue........ Just.

cheers GF.

goldfinger - 16 Mar 2006 22:48 - 336 of 353

Back to form.

cheers GF.

goldfinger - 17 Mar 2006 12:12 - 337 of 353

Good old Davenhams back on the gravy train.

cheers GF.

goldfinger - 18 Mar 2006 00:21 - 338 of 353

Still going well.

Cheers GF.

goldfinger - 21 Mar 2006 11:38 - 339 of 353

One of the few small companies that is up this morning.

cheers GF.

goldfinger - 22 Mar 2006 11:41 - 340 of 353

Up again.......

Davenham Group PLC
21 March 2006

Davenham Group plc (the 'Company')

Notification of Major Interests in Shares

Notification in accordance with Section 198 - 203 of the Companies Act 1985

The Company received a notification on 21 March 2006 from UBS AG informing it
that on behalf of UBS AG acting through its business group and legal entities
had an interest in 1,245,749 shares, representing 4.80% of the Company's issued
ordinary share capital.

21 March 2006

cheers GF.

goldfinger - 04 Apr 2006 13:01 - 341 of 353

Moved up on this news....

Davenham Group opens new offices in London
AFX

LONDON (AFX) - Davenham Group PLC said it has opened new offices in London's West End.

The new London office is led by Martin Risman, who was appointed as Regional Director for the South East in January 2006.

Davenham said, at the time of the company's AIM listing in November 2005, a key element of its growth strategy was the geographic expansion of the business beyond its roots in the North West of England, particularly to the Midlands and the South of the UK.

newsdesk@afxnews.com

cheers GF.

goldfinger - 10 Apr 2006 11:38 - 342 of 353

Took a few bobs profit last week , the rest are in for free and I see further acquisitons on the Horizon.

cheers Gf.

goldfinger - 08 May 2006 10:18 - 343 of 353

Closed my position now fully in these at a very nice profit and may return when we have further bolt ons.

goldfinger - 08 Jan 2007 23:44 - 344 of 353

Time to go back in???????????????????????????.

I remember a lot of us made a packet here last time.

I think its tempting on the forward P/E, derd cheap.........

From Growth Company Investor site.....

Davenham - BUY
Companies: DAV
08/01/2007

Asset-based lender Davenham debuted on AIM at 254p in late 2005 and was subsequently tipped by Growth Company Investor at 365.5p. After rising to 388.5p, the shares fell back in the first half of 2006, before staging a recovery in the second half.

Having met with charismatic chief executive David Coates, we still see exciting times ahead for the group, which lends to businesses with annual sales of between 1m and 25m, a niche market inadequately serviced by banks (argues Coates), and one with vast credit line entry barriers.

In the past few months Davenham has announced a dramatic increase in its funding lines to 300m with an enlarged syndicate of banks and reported that its loan portfolio reached a record 215m in November.

Coates sees bags of growth to gun for, with roughly 80,000 UK businesses falling within the Davenham lending sweet spot and this number growing by 4% each year. Superior earnings quality reflects a relationship-based approach to lending, versus the rigid scorecard model employed by rivals in the market.

Davenham has a reassuringly diversified portfolio organised into property finance, asset finance and trade finance divisions and its geographic expansion is ongoing, with Coates weighing up acquisitive deals in a fragmented market.

Last year to June, Davenham delivered pre-tax profits of 8.6m, 29.4p of earnings and a 7.7p dividend, numbers forecast to grow to 12.4m and 32.8p this year, with dividends nearly doubling to 14.8p. As such, Davenham trades on a modest forward multiple of 10.2, an unwarranted discount to the sector, with a prospective yield of 4.4%. Buy.

James Crux
Market cap: 87.59m
PE Forecast: 10.2
Share price: 336p

goldfinger - 09 Jan 2007 11:54 - 345 of 353

No space for Davenham
08.01.07
Peter Temple

It's been a rather better month for the portfolio in absolute terms, although our selections continue to lag the recent strong market.

The portfolio is now up 110% since inception (up 105.7% since inception last time round), while the FTSE is up 21.3% over the same period (up 17%

last time round). An interim dividend from Kelda (KEL), takes our cash balances up to 771.

On a total return basis, including the effect of dividends, the comparative index performance is a rise of 43%, which means that the portfolio is still well ahead of the game. But its record over all but the longest timescale continues to be disappointing. Strong equity markets do not necessarily make for good performance from income stocks.

Having said that I believe interest rates - and therefore gilt yields (now over 5% in many cases) - are approaching a peak. Once that peak is reached and they begin to fall, we can expect better performance from higher yielding stocks.

Experience has taught me not to sell a stock unless I have good reason, and although the portfolio's performance is flat, individual constituents have been sufficiently well behaved not to warrant ejection. I am not prepared to sell out of the portfolio's gilt edge stock (it is in the portfolio to provide a base level of income).

Equally, Johnson Service (JSG), which came close to forfeiting its place last time, has perked up slightly and provided some welcome corporate news in the shape of the disposal of a loss-making division. Johnson Hospitality Services made a loss of 2.3 million in the last full year and the sale will bring in 800,000 in cash. Not a great price, but satisfactory for a loss-making business. More to the point, it demonstrates that management is serious about restructuring.

Davenham

In the absence of a stock to sell, I am still struggling to find a place for a new constituent. This company, Davenham (DAV), is a Manchester-based lender to small- and medium-sized businesses and typically lends against the security of property, physical goods, or debtors.

The group has been established for a number of years and, rather than adopt a formulaic credit scoring approach to lending, it is more focused on appraising individuals - typically small-scale entrepreneurs who want finance for specific projects. It actively monitors its portfolio on a weekly basis in order to minimise bad debts, and so far the record on this score has been good. Staff are incentivised, many hold shares in the business themselves, and there is an impressive roster of institutional shareholders backing the company.

Figures

Davenham has built up an enviable record of profit growth in recent years and, of particular interest to this portfolio, currently stands on a prospective yield of around 4.4%. This compares with the yield on Lloyds Bank of 5.9%, but the difference between the two is arguably that Davenham has better growth prospects.

If we had enough cash to spare or a stock to sell I would have no hesitation in adding it to the portfolio. As it is, it has to remain our 'first reserve' for the time being - until there are some developments elsewhere in the portfolio. I also have reservations about adding to our exposure in the financials area at present, and for the moment Lloyds TSB (LLOY) looks to be on an upward trend so selling or reducing that better yielding holding isn't really an option.

I have no doubt that at some stage in the future this impasse will be broken in some way, but for the time being we have to continue with the existing list of portfolio constituents and not make any additions or deletions.

goldfinger - 15 Jan 2007 10:51 - 346 of 353

Davenham sees H1 in line with forecast; says 'confident' of FY
AFX

LONDON (AFX) - Davenham Group PLC said its first-half trading has been in line with expectations and added it is 'confident' of the year ahead with new business opportunities remaining 'firm'.

The asset based lender to the UK small and medium enterprises (SME) sector said the increase in its banking facilities to 300 mln stg, as reported in December, will 'underpin solid growth' in the portfolio over the next two to three years.

Davenham said it will announce its interim results on Feb 26.

newsdesk@afxnews.com

tsk/nes

goldfinger - 26 Feb 2007 11:47 - 347 of 353

Sound solid results...

Davenham H1 pretax profit rises to 5.4 mln stg; interim dividend of 4.45 pence
AFX

LONDON (AFX) - Davenham Group PLC reported a higher pretax profit for the first half to Dec 31, in line with its expectations, adding that the current year is progressing well prompting it to declare a maiden interim dividend of 4.45 pence.

The asset based lender to the UK small and medium enterprises sector posted a pretax profit of 5.43 mln stg, up from 2.73 mln stg earlier. Turnover rose 15 pct to 18.33 mln stg from 15.99 mln stg last time.

'The continuing investment in organisational capability together with the successful roll out of our strategy gives management confidence in its ability to further expand the business and increase shareholder value,'chief executive David Coates said in a statement.

newsdesk@afxnews.com

pmi/rar

goldfinger - 01 Mar 2007 10:46 - 348 of 353

From GCI...

Davenham - BUY
Companies: DAV
28/02/2007

Asset-based lender Davenham originally backed by Growth Company Investor at 365.5p delivered a 14% rise in adjusted pre-tax profits for the half to December and organic growth prospects remain strong. Profits growth from 4.9m to 5.6m, on turnover lifted 15% to 18.3m, drove earnings more than 50% higher to 14.87p, allowing for a maiden interim dividend of 4.45p.

The Manchester-based group, which typically loans between 10,000 and 4.5m to SME ventures inadequately serviced by the banks, reported 14% loan book growth to a record 214m, boosted by a strong turn from the new London office and the introduction of two new property finance lending products buy-to-let mortgages and commercial property mortgages.

The swift success of the London office proved a particular highlight, with London breaking even in six months compared with two to three years at other offices. It shows the Davenham proposition is exportable, remarked chief executive David Coates, and were simply getting better at what we do.

Yet to complete a first acquisition on AIM, Coates remains on the lookout for deals nonetheless, and continues to walk away from unrealistic vendors rather than overpay and destroy value. Weve got a very good core business so we can afford to be careful, he told GCI. This is reassuring and the organic growth opportunity remains great, with Coates continuing to expand the business beyond its North West of England base, with the South West, East Anglia and Scotland under consideration.

Furthermore, the development of new loan products, as well as generating new business from underwriting larger loans, should continue to drive the bottom line the recent large increase in banking facilities to 300m through a successful refinancing should underpin portfolio growth over the next two to three years. For the full year, analysts are looking for a leap in profits to 12.4m (8.6m) and growth in earnings to 32.8p (29.4p), placing the shares on a lowly rating of 10 times. Given the groups terrific growth prospects and solid yield appeal, thats too low. A re-rating is due and we remain fans. Buy.

James Crux
Market cap: 86.37m
PE Forecast: 10
Share price: 332.5p

goldfinger - 02 Apr 2007 09:01 - 349 of 353

TA looks interesting....

goldfinger - 05 Apr 2007 10:08 - 350 of 353

Momentum roll continues.

goldfinger - 18 May 2007 11:19 - 351 of 353

Davenham Group PLC
18 May 2007

For Immediate Release Friday, 18 May 2007

Davenham Group plc

DIRECTORATE CHANGE

The board of Davenham Group plc ('Davenham' or the 'Group'), a leading asset
based lender to the UK SME sector, announces that Steven Marsh has resigned as a
director of the Group and will be leaving the Group in early 2008 to develop
other business interests.

It is anticipated that upon Steve's departure in early 2008 his responsibilities
as Managing Director will be absorbed by David Coates, CEO, and David Bowles,
Risk Director.

Commenting on the news, David Coates, CEO said:

'Steve has given 16 years' service to Davenham, helping to build it into the
success it is today as a leading, national, asset based lender to SMEs. Steve
will work closely with us until early 2008 to ensure a smooth transition of his
responsibilities. We wish him every success in his subsequent endeavours.'

Steve Marsh, Managing Director, said:

'I have been with Davenham since it was founded in 1991, and seen it through
significant changes in ownership, scale and strategy as it has grown from a
small, local operation into an AIM-listed, national company with offices in
Manchester, Leeds, Birmingham, Liverpool, Newcastle and London. I am proud of
what we have achieved, and wish the Group every success in the future.'

For further information, please contact:
www.davenham.co.uk

goldfinger - 27 Jun 2007 11:22 - 352 of 353

Bolt on....

London Scottish Bank sells Manor Credit to Davenham; H1 pretax down UPDATE
AFX

(adds profits of Robinson Way, adds LSB expectation of FY profits for year)

LONDON (Thomson Financial) - London Scottish Bank PLC, the UK specialist lender, said that it has sold the loan book and assets of its Manor Credit Leasing business to Davenham Group PLC for 25.1 mln stg.

Manor Credit, which is a commercial leasing and hire purchase business specialising in providing asset backed finance for commercial vehicles and construction equipment, had pretax profits in the first six months of this financial year of 464,000 stg.

In a separate statement, LSB said that underlying first half pretax profits before the write-off of its broking business for the year to end-April fell to 8 mln stg from 8.2 mln stg this time last year.

After writing off the goodwill of 12.5 mln stg, the group recorded a pretax loss of 4.4 mln stg, down from 8.2 mln stg in the same period last year.

The board of LSB said that is also recommending an interim dividend of 2.050 pence per share, up from 1.965 pence per share this time last year.

LSB added that it expects underlying full year profits to be moderately above those of last year.

Profits at Robinson Way, its debt collection business, grew nearly 31 pct as result of a successful growth in debt portfolios. Profits grew to 6.1 mln stg, up from 4.7 mln stg in the corresponding period.

alexander.ferguson@thomson.com

af/jfr/af/jlc

goldfinger - 19 Jul 2007 10:07 - 353 of 353

Davenham Group sees FY in line with expectations
AFX

LONDON (Thomson Financial) - Davenham Group PLC said it sees full-year results in line with expectations.

The asset based lender, in a trading update, said it is reviewing acquisition opportunities in line with its strategy.

The AIM-listed company said it believes it is well positioned to take advantage of current trading conditions in the next twelve months.

The company will announce its preliminary full-year results on Sept 10.

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DAVENHAM, A Fairly New Issue Looks Rather Cheap. (DAV)