Buy Or Sell Opportunity • Apr 29
Now 22% overvalued Over the last 90 days, the stock has fallen 1.3% to UK£0.37. The fair value is estimated to be UK£0.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 10%. Buy Or Sell Opportunity • Jan 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to UK£0.38. The fair value is estimated to be UK£0.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 10%. New Risk • Dec 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 151% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Market cap is less than US$10m (UK£3.59m market cap, or US$4.80m). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). New Risk • Oct 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£4.00m market cap, or US$5.33m). Minor Risks Dividend is not well covered by earnings (151% payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Sep 19
Full year 2025 earnings released: EPS: UK£0.015 (vs UK£0.028 in FY 2024) Full year 2025 results: EPS: UK£0.015 (down from UK£0.028 in FY 2024). Revenue: UK£3.84m (flat on FY 2024). Net income: UK£153.0k (down 46% from FY 2024). Profit margin: 4.0% (down from 7.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 18
Upcoming dividend of UK£0.022 per share Eligible shareholders must have bought the stock before 25 September 2025. Payment date: 24 October 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.1%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (4.1%). Announcement • Sep 15
Fletcher King Plc, Annual General Meeting, Oct 08, 2025 Fletcher King Plc, Annual General Meeting, Oct 08, 2025. Location: 19 20 great pulteney street, england, london w1f 9nf United Kingdom Declared Dividend • Aug 18
Dividend of UK£0.022 announced Dividend of UK£0.022 is the same as last year. Ex-date: 25th September 2025 Payment date: 24th October 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (151% earnings payout ratio). However, it is well covered by cash flows (40% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 68% to bring the payout ratio under control, which is more than the 31% EPS growth achieved over the last 5 years. Reported Earnings • Aug 17
Full year 2025 earnings released: EPS: UK£1.48 (vs UK£0.028 in FY 2024) Full year 2025 results: EPS: UK£1.48. Revenue: UK£3.84m (flat on FY 2024). Net income: UK£153.0k (down 46% from FY 2024). Profit margin: 4.0% (down from 7.4% in FY 2024). Announcement • Aug 16
Fletcher King plc Proposes Final Dividend for Year Ended 30 April 2025, Payable on 24 October 2025 The Board of Fletcher King Plc is proposing a final dividend of 2.25 pence per share (2024: 2.25 pence per share). The final dividend is subject to shareholder approval at the AGM and will be paid on 24 October 2025 to shareholders on the register at the close of business on 26 September 2025. With no interim dividend paid (2024: £nil per share) the dividend for this year will amount to 2.25 pence per share (2024: 2.25 pence per share). New Risk • Jul 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£3.69m market cap, or US$4.99m). Minor Risks Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jul 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 1 independent director (7 non-independent directors). Senior Independent Director David Stewart was the last independent director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Senior Independent Director David Stewart was the last independent director to join the board, commencing their role in 2002. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 27
First half 2025 earnings released: EPS: UK£0.005 (vs UK£0.003 in 1H 2024) First half 2025 results: EPS: UK£0.005 (up from UK£0.003 in 1H 2024). Revenue: UK£1.60m (up 21% from 1H 2024). Net income: UK£53.0k (up 56% from 1H 2024). Profit margin: 3.3% (up from 2.6% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 19
Upcoming dividend of UK£0.022 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 25 October 2024. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.3%). Higher than average of industry peers (2.7%). Announcement • Sep 16
Fletcher King Plc, Annual General Meeting, Oct 09, 2024 Fletcher King Plc, Annual General Meeting, Oct 09, 2024. Location: 19 20 great pulteney street, england, w1f 9nf, london United Kingdom Declared Dividend • Aug 19
Dividend increased to UK£0.022 Dividend of UK£0.022 is 200% higher than last year. Ex-date: 26th September 2024 Payment date: 25th October 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 2.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 18
Full year 2024 earnings released: EPS: UK£0.028 (vs UK£0.023 in FY 2023) Full year 2024 results: EPS: UK£0.028 (up from UK£0.023 in FY 2023). Revenue: UK£3.83m (up 24% from FY 2023). Net income: UK£282.0k (up 21% from FY 2023). Profit margin: 7.4% (down from 7.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 16
Fletcher King Plc Proposes a Final Dividend, Payable on 25 October 2024 The Board of Fletcher King Plc proposed a final dividend of 2.25 pence per share (2023: 0.75 pence per share). The final dividend is subject to shareholder approval at the AGM and will be paid on 25 October 2024 to shareholders on the register at the close of business on 27 September 2024 with an ex-dividend date of the 26 September 2024. New Risk • Jul 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£4.72m market cap, or US$6.04m). Minor Risks Latest financial reports are more than 6 months old (reported October 2023 fiscal period end). Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (UK£3.1m revenue, or US$3.9m). Announcement • May 03
Fletcher King Plc Provides Earnings Guidance for the Year Ended 30 April 2024 Fletcher King Plc provided earnings guidance for the year ended 30 April 2024. Revenue for the year is now expected to be materially higher than management expectations, with a corresponding increase in profitability. Overall, it now expects to report profit before taxation for the year ended 30 April 2024 that is likely to be in the range of two to three times higher than last year. The Company reported a profit before taxation of £192,000 for the year ended 30 April 2023. Reported Earnings • Dec 23
First half 2024 earnings released: EPS: UK£0.003 (vs UK£0.002 in 1H 2023) First half 2024 results: EPS: UK£0.003 (up from UK£0.002 in 1H 2023). Revenue: UK£1.33m (flat on 1H 2023). Net income: UK£34.0k (up 42% from 1H 2023). Profit margin: 2.6% (up from 1.8% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Dec 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (UK£3.38m market cap, or US$4.25m). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (UK£3.1m revenue, or US$3.9m). Reported Earnings • Aug 09
Full year 2023 earnings released: EPS: UK£0.023 (vs UK£0.016 in FY 2022) Full year 2023 results: EPS: UK£0.023 (up from UK£0.016 in FY 2022). Revenue: UK£3.08m (up 3.8% from FY 2022). Net income: UK£233.0k (up 53% from FY 2022). Profit margin: 7.6% (up from 5.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jun 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. High level of non-cash earnings (83% accrual ratio). Market cap is less than US$10m (UK£3.74m market cap, or US$4.80m). Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Revenue is less than US$5m (UK£2.9m revenue, or US$3.7m). Reported Earnings • Dec 16
First half 2023 earnings released: EPS: UK£0.002 (vs UK£0.001 in 1H 2022) First half 2023 results: EPS: UK£0.002 (up from UK£0.001 in 1H 2022). Revenue: UK£1.34m (down 6.2% from 1H 2022). Net income: UK£24.0k (up 118% from 1H 2022). Profit margin: 1.8% (up from 0.8% in 1H 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Non-Executive Director David Stewart was the last independent director to join the board, commencing their role in 2002. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Fletcher King Plc, Annual General Meeting, Oct 12, 2022 Fletcher King Plc, Annual General Meeting, Oct 12, 2022. Reported Earnings • Aug 31
Full year 2022 earnings released: EPS: UK£0.016 (vs UK£0.075 loss in FY 2021) Full year 2022 results: EPS: UK£0.016 (up from UK£0.075 loss in FY 2021). Revenue: UK£2.97m (up 31% from FY 2021). Net income: UK£152.0k (up UK£840.0k from FY 2021). Profit margin: 5.1% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Aug 31
Fletcher King Plc Proposes Final Dividend for the Year Ending 30 April 2022 Fletcher King Plc proposed final dividend of 0.50 pence per share for the year ending 30 April 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director David Stewart was the last independent director to join the board, commencing their role in 2002. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 25
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.001 (up from UK£0.045 loss in 1H 2021). Revenue: UK£1.43m (up 57% from 1H 2021). Net income: UK£11.0k (up UK£423.0k from 1H 2021). Profit margin: 0.8% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Full year 2021 earnings released: UK£0.075 loss per share (vs UK£0.004 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: UK£2.26m (down 14% from FY 2020). Net loss: UK£688.0k (down UK£724.0k from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Mar 17
Fletcher King plc Announces Director Changes Fletcher King Plc announced the following changes to be made to the Board of Directors, effective from 1 May 2021: David Fletcher, currently Executive Chairman of the Company, will become Non-Executive Chairman; and Richard Goode, currently Executive Director of the Company, will become Non-Executive Director. Is New 90 Day High Low • Jan 06
New 90-day low: UK£0.33 The company is down 2.0% from its price of UK£0.33 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 13% over the same period. Reported Earnings • Dec 20
First half 2021 earnings released: UK£0.045 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: UK£869.0k (down 35% from 1H 2020). Net loss: UK£412.0k (down UK£495.0k from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Dec 20
Fletcher King plc Announces Not to Declare an Interim Dividend Fletcher King Plc announced that in view of financial performance for the first half, and the continued uncertainty from the impact of Covid-19 over the coming months, the Board is not declaring an interim dividend (2019: 1.0p per share). The company remain focused on long term shareholder returns and will look to restart distributions as soon as it is prudently appropriate to do so. Is New 90 Day High Low • Oct 14
New 90-day high: UK£0.38 The company is up 15% from its price of UK£0.33 on 16 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 4.0% over the same period. Announcement • Aug 20
Fletcher King Plc to Report Fiscal Year 2020 Final Results on Sep 11, 2020 Fletcher King Plc announced that they will report fiscal year 2020 final results on Sep 11, 2020 
