Updates

Belvoir

November 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in franchise businesses are worth buying in a downturn; they are strongly cash generative (and defensive) and can be bought cheaply when sentiment is at a low ebb. This, alongside robust interims (pretax profit up 10%, eps +3%) may explain why buyers have pushed shares in property franchise firm Belvoir to a 12-month high. The guts of the business is property lettings (58% gross profit) where it takes a management service fee (MSF) from its “Belvoir!” branded franchisees. MSF grew 8% boosted by a red hot rentals market as adverse tax changes and high interest rates have continued to force landlords to exit the market, causing a mismatch between supply and demand. Residential sales (15% profit) were weaker (MSF -15%) ...

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Luceco

Essentra - New acquisition for just 5.3x EBITDA post synergies

Belvoir (February 2024)

Belvoir (July 2023)

Belvoir (August 2022)

Belvoir (June 2022)

Beloir (February 2022)

Belvoir (November 2021)

Belvoir (September 2021)

Belvoir (July 2021)

Belvoir (June 2021)

Belvoir (February 2021)

Belvoir (November 2020)

Belvoir Group - Property franchise business trading comfortably ahead of expectations (March 2020)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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