Grafton Group Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9314158 http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=9314158&action=detail Sat, 18 Feb 2012 20:49:00 GMT blue all the way tag:iii.co.uk,2003:tst.9214878
Just posted Part II of The Great Irish Share Valuation Project on my blog. I'm setting a Fair Value Price Target for every listed Irish company. So far I've valued 2 dozen companies, including Grafton Group:

http://wexboy.wordpress.com/2012/01/24/the-great-irish-share-valuation-project-ii/

I hope you'll take a look (plse don't hesitate to comment/email me), and perhaps become a regular reader.

Cheers,

Wexboy By Wexboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=9214878&action=detail Thu, 26 Jan 2012 19:50:00 GMT Wexboy tag:iii.co.uk,2003:tst.8860667 See Grafton doing very well in UK and potential bid target. By punter5 ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8860667&action=detail Wed, 19 Oct 2011 14:50:00 GMT punter5 tag:iii.co.uk,2003:tst.8507110 http://bit.ly/pl2UeF via @DavyResearch

Grafton Group
(GN5 ID)
Trading update shows pace of growth slowing
08 July 2011
Robert Gardiner
Closing Price: 334c Rating: Neutral 03/03/11 Previous: Outperform 07/01/10
FACTS: Grafton has issued a trading statement covering the six months to end-June 2011.

ANALYSIS: Overall group turnover in the period rose 1.8% year-on-year (yoy) to €997m. As expected, the pace of growth has slowed from the weather-related improvement experienced in the first quarter. Sales growth at end-April was 4%, implying that group sales in the May/June period declined by 1.8% yoy. The reason for the decline is the deterioration in the group's Irish businesses. Like-for-like sales in Ireland fell by 6% in the first half, while turnover was down only 2.6% at end-April. This suggests a significant slowdown in May and June. Management comments that trading conditions remain challenging in both the Irish merchanting and DIY markets. The picture in the UK is more positive with like-for-like sales growth of 4.7% over the six months. This compares with sales growth of 5.8% in the four months ended April, implying that the pace of growth has slowed in the UK but not dramatically so. Demand is described as resilient in the RMI-focused merchanting business despite the backdrop of pressure on disposable incomes and consumer spending. There are no figures around H1 profitability, although management comments that the group continues to significantly improve its trading performance from historically low levels.

DAVY VIEW: The statement is broadly as we expected, although the sharp deterioration in the Irish business in May and June is clearly negative. This suggests that our full-year sales forecasts may prove optimistic. We will review our estimates having talked to management but see no reason to change our 'neutral' stock rating at this time. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8507110&action=detail Fri, 08 Jul 2011 08:44:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8338448
I remember seeing the list of the largest bad debtors on the grafton results presentations. They always seemed to have a good grasp on the situation and more importantly were very upfront about it. all the best. By Loch garman ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8338448&action=detail Thu, 02 Jun 2011 12:15:00 GMT Loch garman tag:iii.co.uk,2003:tst.8304311
He's nobody's fool that one. By aquason ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8304311&action=detail Wed, 25 May 2011 13:56:00 GMT aquason tag:iii.co.uk,2003:tst.8239037
Them a Dublin taxi driver told me a story of a builder who came into Michael Chadwicks office one day to tell him he was bust and couldn't pay his large debts, sorry all gone, finished. This was a few years ago, actually before the bust. Chadwick took him quietly to one side and said to him "you don't seem to realise the implication of the agreement you have signed with us. Your personal guarantee means we can actually come after your house."

According to the taxi driver the entire debt was paid off within a week. Chadwick certainly knew his customers.

By gubu ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8239037&action=detail Wed, 11 May 2011 20:01:00 GMT gubu tag:iii.co.uk,2003:tst.8218602 http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8218602&action=detail Fri, 06 May 2011 18:43:00 GMT Loch garman tag:iii.co.uk,2003:tst.8218043 I see Plumbase has bought 12 PTS / City plumbing branches from Travis Perkins recently.
By P155INWIND ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8218043&action=detail Fri, 06 May 2011 16:27:00 GMT P155INWIND tag:iii.co.uk,2003:tst.8212696
By gubu ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8212696&action=detail Thu, 05 May 2011 20:29:00 GMT gubu tag:iii.co.uk,2003:tst.8202195
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Grafton Group
(GN5 ID)
Solid IMS; revenues up 4% over first four months of the year
04 May 2011
Flor O'Donoghue
Closing Price: 345c Rating: Neutral 03/03/11 Previous: Outperform 07/01/10
FACTS: Grafton has issued an IMS in advance of its AGM today (May 4th).

ANALYSIS: As is typical of a Grafton IMS at this time of year, there is little detail but the comments that are made are along expected lines and consistent with what we would have expected. The statement does reveal that revenues for the first four months of the year of €642m were 4% higher than the same period last year, and slightly above the €639m achieved for the same period in 2009. More specifically, UK revenues on a like-for-like basis rose 5.8% while turnover in Ireland fell 2.6% (which included growth of 4.6% in retailing). Interestingly, at the time of the full-year results, Grafton noted that like-for-like sales for the first two months of 2011 rose 8% in the UK and were down 2% in Ireland. Hence, the implication is that in the March/April period, underlying revenues in the UK rose c.4% and fell approximately 3% in Ireland. The only other comment in relation to trading is that the operating result improved year-on-year in the January-April period, which is as might be expected given the growth in revenues. Finally, Grafton also notes that it has held a 49% stake in a Belgian builders' merchants business since January 2009. This business has now increased its annualised turnover to c.€40m through acquisition. This is clearly an interesting venture, albeit very modest in the context of group revenues of c.€2bn per annum.

DAVY VIEW: Grafton's trading update is along expected lines. The group suggests that activity in the UK is reasonable despite what it describes as "some uncertainty in consumer confidence". Revenue growth in the UK at the start of the year was clearly flattered by weather, so we would not be unduly concerned with the slowdown in the rate of the increase in March/April. Clearly, trading in Ireland remains challenging but the overall year-on-year decline has moderated to low-single digits. That retail revenues are ahead is a positive sign. We are unlikely to change overall forecasts at this juncture but Grafton, on the limited evidence available, looks to be well on track to meet expectations. Our current 2011 diluted adjusted EPS forecast is 20c. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8202195&action=detail Wed, 04 May 2011 09:03:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8169845 By gubu ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=8169845&action=detail Fri, 22 Apr 2011 19:12:00 GMT gubu tag:iii.co.uk,2003:tst.7916847
Some of the election posters I am seeing have faces that look like 17 years old to me or maybe I am just getting older! We certainly needed new blood in the dail, anything better than the old lot.

One lesson from the recession was that it is when companies cut their dividends that their shares may offer best value. PSN are a great company imho, I will hold them until the next boom!

I was looking at some bank statements for a small 500 euro deposit with an Irish bank, I was getting 1c a month in interest, I kid you not. Well it has paid for itself in laughs.

At this stage I think that shares that are high yielders have to be a good bet, I need a few more of those. Now looking into Quarto, reccommended by John Lee in the FT.

I know what you mean about Buffett and the Irish banks, that is what I tell myself too! What doesn't kill you makes you stronger as they say. By gubu ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=7916847&action=detail Sun, 06 Mar 2011 14:15:00 GMT gubu tag:iii.co.uk,2003:tst.7915632 Picked up a right few bargains in the uk and us and france so they should more than make up for the antics with the banks.

even buffett got burnt there..so i dont feel too bad lol

you bought into persimmon? a very good company methinks.

what a ruddy mess in ireland though eh. Its going to take time for the construction industry to heal. It will though eventually.

What did you think of mick wallaces election victory? He walked the election but owes 49 million to the banks...but hes a good guy. By Loch garman ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=7915632&action=detail Sat, 05 Mar 2011 20:34:00 GMT Loch garman tag:iii.co.uk,2003:tst.7914620
Now all we want is for the housing market to recover, another couple of years maybe, and for companies to feel confident enough to start borrowing again, we will have another boom, but a mini boom this time please, I dont want to go through something like the last one again. By gubu ]]> http://www.iii.co.uk/investment/detail?code=cotn:GFTU.L&display=discussion&id=7914620&action=detail Sat, 05 Mar 2011 11:56:00 GMT gubu