At the time of writing the Celtic ordinary share price is sitting at 68p. For more than a year before the Rangers International share price was announced last month the price of Celtic shares never left the thirties. There has been considerably conjecture on why this is, which is probably worth some comment.
Rangers International’s (RI) opening share price of 70p valued the company at around £50m. By contrast, Celtic, who are and always have been, a top flight club, and who are in the financially rewarding Champions League, were valued at around £34m. On an initial pass, Celtic looked undervalued.
There are a few caveats to this story worth telling before you empty your holiday fund on the latest batch of Dutch tulips. Since Fergus McCann took over in 1994 Celtic have only paid dividends on preference shares, which the FSA require the club to regard as debt, not equity. No dividends have ever been paid on the ordinary shares and there appears to be no appetite among shareholders for this to change.
Celtic shares are also particularly illiquid – very few are available for sale at any point in time. When even a small surge of new buyers enter an illiquid market, without a corresponding rise in the number of sellers, a share price can be bid up considerably. Consider a stable average of 10 buyers and 10 sellers each day of a stock with 29,000 shareholders suddenly changing to 20 buyers and 10 sellers. The price would rocket despite no change in the fundamentals.
The possibility of Celtic playing in a domestic league beyond Scotland has again been on the agenda. Such an outcome would radically change the financial prospects of the club and is likely to have a considerable impact on the share price, but this remains no more than a talking point at the moment. Investors should regard this potential outcome as speculative.
Rangers International attracted considerable investment from organisations seeking a level of financial return which supports that £50m valuation. We can speculate what percentage return they will expect but the RI board have been explicit on their intention to produce a financial return.
I’ll not be investing in either company at the moment. Celtic will not pay a dividend on equity shares (which in years to come will evidently be a really good thing) and although I am sure Rangers International’s board will deliver an on-target return for investors (which in years to come will evidently be a really good thing), they appear negatively surprised by recent news on structural change in the Scottish game. Always take professional advice before investing more than you can afford to lose.
Have you ordered your CQN Annual yet? Get it here!
You can read the latest edition of CQN Magazine free online by clicking on the double headed arrow at the bottom right of the graphic below.
[calameo code=000390171cc0c3617c8cc lang=en page=66 hidelinks=1 width=100% height=500]
1,221 Comments- Pages:
- «
- 1
- ...
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- ...
- 33
- »
Embdae know the deadline for signing players/submitting squads for CL last 16?
Some things you thought you wouldn’t type for a few years Part 67.
All this p#sh about Charlie Green being a comedian
really get’s me down. There is nothing funny about him.
He is a very, very dangerous man and the sooner
everyone in Scottish football realises that – the better.
corkcelt
19:42 on
11 January, 2013
Somehow I doubt that the punters reputed to have ponied up 22 million to the Sevco Raffle envisaged investing in a team in the Conference.
I doubt the majority who ponied in £22 million care where they play. They know if it goes Pete Tong, land is worth more than a name.
The minority believe they ur ra peepil and dont care what happens to their pennies as they will hate where ever they end up going.
I am a bit miffed tonight.
Quiz?
asonofdan-cue death threats for Keith Wyness.
Valentines day
I agree…nothing funny about him
Dangerous trouble maker…courting the worst of the Hun support
Burghbhoy
20:03 on 11 January, 2013
So let it be …. According to some posters tonight, Big Billy is to be excommunicated.
The man who lifted the European Cup for us.. The man who sweated blood for our club, the man whose very being and fibre oozes Celtic!
I despair for us and some of the Celtic support at times.
We booed Fergus as well and criticise Peter Lawwell and Dermot Desmond.
————————————————————————————————-
Burghbhoy ……… dont think Big Billy is to be excommunicated , but i think his
comments were , shall we say ill advised .
Agreed suport have let themselves down at times , especially Fergus……
PF Ayr
“Cannae imagine Billy needs the money that badly”
Maybe not. I cannot imagine him writing that column either. A hack’s work based on a few soundbites from Billy fleshed out with the hack;s version of what his readers want to hear.
At Billy’s age and stage, he deserves a bye from us on this one. The real enemy is The Sun and we should not be touching that or caring what they say, short of outright lies and defamation.
Jordan scores to put Blackburn 1 up!
Setting the bears free
I salute you sir, well said
Sorry if this was answered already- but has anyone received their Juve ticket through the post, who are on the Home Tickets Scheme?.
I am fairly sure it still applies but it is getting close to the open sale period and I want to be re-assured my ticket is in the post.
Evening Bhoys & Ghirls
Hope your week has gone well, unlike our dear chuckles Green?
What do you mean reconstruction does not raise the undead to the very top? The arrogance of the hunnery must have been purchased with the history as well :-)
The Friday nite footie quiz is on at 9pm. 5 rounds of reconstructed Celtic nonsense!!
HH
CRC
valentine’s day
20:06 on 11 January, 2013
All this p#sh about Charlie Green being a comedian
really get’s me down. There is nothing funny about him.
He is a very, very dangerous man and the sooner
everyone in Scottish football realises that – the better.
I agree , used to think he was a clown , in fact he still but the scary one.
The man doesn’t care about the consequences of his actions.
The same as his pie eater in chief.
They say what they want, knowing they will never be challenged.
Quiz please.
No drink tonight , Arthur Itis killing me tonight.
SoregrumpytimCSC
SFTB
again fair comment
However ,I think some fans believe the BS printed in the rags
We should call them out as often as required IMO
celticrollercoaster loves wee oscar, our celtic warrior
20:15 on 11 January, 2013
Hooray
Now to fight the wife for the ipad
Big Billy may very well need the money from rags.Doubt he got rich on what we paid him.
Our record on paying the most deserving is not the best, fly by night charlatans like Camara and Juninho probably earned more from Celtic than he did!
All the Lions were poorly paid, none of them should have needed to work again!
Valentine’s Day 20:06 on 11 January, 2013
“All this p#sh about Charlie Green being a comedian really get’s me down. There is nothing funny about him.
“He is a very, very dangerous man and the sooner everyone in Scottish football realises that – the better.”
He is no more dangerous than Vladimir Romanov – he just gets better press.
A decent journalist would rip him to shreds in a heartbeat. Green is a ludicrous character. He makes Terry Cassidy look the font of wisdom.
No wonder Sevco is struggling to get a shirt sponsor. I suppose the Adidas deal and the link up with the American football team will make up for that right enough…
I don’t think Billy made any comments.
I think he gets a fee for the use of his name and a ghost writer does the rest.
The players in his era did not earn the kind of money that would see them through to retirement.
I’m more annoyed about younger ex players, who are still young enough to work, bad mouthing the club.
However, their allegiance, in most case, ended when their contracts expired.
That’s the nature of professional footballers.
This is what the big man allegedly said.
CELTIC can survive without Rangers.
But I’d much prefer that they didn’t have to —because the Old Firm derby was the biggest game in Scottish football.
It was a desperate blow when I heard the news there wouldn’t be another league meeting between the teams for at least three years.
For me the SPL is devalued by the absence of Rangers.
I appreciate there are many Celtic fans who are delighted to see Rangers in the Third Division.
And, let’s face it, they are where they are for a reason.
Exclusion from the top league was the course of action decided by the other clubs.
But it doesn’t stop me from wishing Rangers were still a part of the top fight.
Celtic will win the league again this year and obviously I think that’s terrific.
They will do so in as professional a manner as possible.
However, with the greatest respect to the likes of Inverness, Aberdeen, Hibs and Hearts, it will still prove easier without their bitter rivals.
And that may be okay for plenty of folk.
But me? I’d always prefer Celtic to win the league with Rangers in it.
The clubs drive each other on and provide a proper edge to the title competition.
I suspect that Neil Lennon, deep down, also misses the derby rivalry.
In my day I couldn’t wait to check the fixture list at the start of the season and see when we were due to play Rangers.
I loved the derbies. Couldn’t get enough of them.
Some were scared of the fixture, intimidated by it.
But I relished the challenge, was inspired by the build-up and the atmosphere.
Don’t get me wrong, often there was an unpleasantness about it all. An unacceptable level of abuse.
But it was just a wonderful derby which provided an intensity you simply couldn’t get with any other game.
Unlike today, we were friendly with a lot of the Rangers players. We’d even socialise with them frequently.
The likes of Jim Baxter, Ronnie McKinnon and Willie Henderson were all great pals.
But, of course, once the derby kicked off that all went out the window.
There would be plenty of verbals and, occasionally, the odd boot off the ball.
Everyone was just desperate to win the match and there would be no quarter asked or given.
The talent of the players on each side meant there was good quality football — but we could also look after ourselves!
Just thinking about those derby matches that I played in gets me going again.
Hearts-Hibs is another fantastic, historic derby in Scottish football.
But I’m biased, nothing will ever come close to beating the Old Firm showdown.
Celtic are currently demonstrating through their success in the Champions League — and their latest big-money shirt sponsorship deal — that they can continue to make plenty of cash while Rangers are languishing in the lowest tier of the SFL.
But I still feel they need the competition the Ibrox side used to provide.
The events of last summer which saw Rangers first go into administration and then full-blown liquidation remain bewildering for me.
I still find it hard to grasp how such a great club and institution fell into such a perilous state.
It’s incredible to see Rangers in the Third Division.
And it’s going to be a long, hard road back for them.
I read Charles Green insisting they will look to quit Scottish football if the current reconstruction plans are approved. But surely that would never be allowed to happen.
Rangers being out of the top flight is bad enough — but out of the country completely?
Scottish football could never afford to let that nightmare scenario happen.
We just couldn’t cope with the loss of one of the two biggest clubs we have.
Rangers are arguing they should be invited to play a key role in discussions to reshape our game’s senior set-up.
Yet, as I understand it, they are presently not even allowed a vote because they are officially classed as only associate members of the SFL.
It will be three years before that changes.
Rangers have no choice but to accept that because of the wrongs they confessed to and were duly punished for.
But, for all of that, I still don’t believe Scottish football should turn its back on them.
Rangers have over 45,000 fans turning up to watch them for every home game and that is simply remarkable.
It’s a tribute to the loyalty of the supporters.
And it underlines the importance of Rangers to our game.
They have packed out all of the stadiums on their travels and brought much needed revenue to the local economies.
Of course, Rangers shouldn’t be allowed to do whatever they want.
The debts they built up were staggering and the unpaid taxes were shocking.
There had to be severe punishment levelled.
I’ve stated on several occasions that it’s no longer the Rangers I once recognised.
But it’s still a club with an incredible following and hopefully they will be back in the top flight as soon as possible.
Not, as their chief executive has threatened,in a league in another country.
sftb-my ticket not throgh either,a bhoy posted the TO saying they will be out next week.
This is a poor day for the blog
That a post carrying such overt racism as that of
the Swinging Dick @ 17.12
be left to stand is a poor indictment of this blog and us as
Celtic fans.
Freedom of speech is one thing
freedom to spread racial hatred is something else altogether
Can I Have Raspberry On That Champions League Ice Cream
Nae drink and Arthur Itis
you humble me Sir.
Tonight’s Skyfodder Wolves v Blackburn,2 clubs who probably have a higher wage bill than we have.
If big Billy asked me to , I would eat his sh..e!
My Dad doesn’t even know how to turn on a Computer.
I think he is BIG BILLY’s age, or there abouts.
Billy always will be a Legend of Celtic.
http://www.google.co.uk/imgres?imgurl=http://eng5043cbff7cd8e.img.mygostore.co.uk/807BD3/cdn/media/en/g5/04/3c/bf/f7/cd/8e/catalog/product/cache/1/image/370x/9df78eab33525d08d6e5fb8d27136e95/b/i/billy-mcneill-lifting-european-cup-1967-signed-print-l.jpg&imgrefurl=http://thecaptainsarmband.com/billy-mcneill-lifting-european-cup-1967-signed-print.html&h=370&w=370&sz=23&tbnid=TIxk6d4wrBRbQM:&tbnh=90&tbnw=90&zoom=1&usg=__0wGYHQ46si7q2Yklaz66nRWVilA=&docid=n-uhhWnSBtJQbM&sa=X&ei=anPwUImfG_HB0gWEmIDgBA&ved=0CF0Q9QEwCQ&dur=594
valentine’s day
20:27 on 11 January, 2013
Can I Have Raspberry On That Champions League Ice Cream
Nae drink and Arthur Itis
you humble me Sir.
And Arthur is not a good companion
Just read Billy McNeill’s quotes above in their entirety.
Take him outside and shoot him…
Hardly a ringing endorsement of Sevco is it?
Over..and…Over
20:23 on
11 January, 2013
This is what the big man allegedly said.
CELTIC can survive without Rangers
and we have some clowns come on here thinking they can call him out for THAT……hang YOUR heads in shame……………the guy will always be a legend……sometime I despair…………….too many people who know nothing but like to spout rubbish
Clink\o/ I think the vast majority of posters have decided to scroll on by when either Kojo or the Dick posts. I know I certainly have, I think the right wing views they either hold or just propound to hold in order to wind people up are a blight on the site but to respond to them is only playing their game. Ignore & the may go away.
Magnificent 7
Well said sir!
Clink\o/ 20:27 on 11 January, 2013
I didn’t see it, but whatever it was has been removed.
I think the big man said some great things in there like ” They are where they deserve to be” and ” It’s not the same ra***rs that I used to know “
Steinreignedsupreme
Shame on you Terry Cassidy
thank’s
back tae therapy.
…..as a tribute to the Butchers Apron should we not serenade our daparted friends with …….
……………………….”we’ll win the League again………………don’t fly the fleg……………don’t fly the……..fleg”?????
Burgbhoy,
Billy McNeill helped give me some of my best moments in supporting Celtic. But he most definitely DOEs NOT speak for me when he comes out with drivel that panders to the Hun hoards. It isn’t the first time and I don’t know why he does it. I take it it was in the sun, in which Big Billy used to have a column. We know that most former Celtic players, if they want to have a media job in Scotland have to mouth nonsense. Sad that Billy feels the need to comply.
corkcelt
20:32 on 11 January, 2013
Clink\o/ I think the vast majority of posters have decided to scroll on by when either Kojo or the Dick posts. I know I certainly have, I think the right wing views they either hold or just propound to hold in order to wind people up are a blight on the site but to respond to them is only playing their game. Ignore & the may go away.
_____________________________________________________________________
You would like it all to be a cosey left wing site?
Engage them in debates and let us all get the popcorn.
There is a thread that holds us all together, from the right to the left. I Trust the Hierarchy of Celtic to do the right thing. Sometimes it takes a long time to see the fruits.
Magnificentseven
20:31 on 11 January, 2013
Over..and…Over
20:23 on
11 January, 2013
This is what the big man allegedly said.
CELTIC can survive without Rangers
and we have some clowns come on here thinking they can call him out for THAT……hang YOUR heads in shame……………the guy will always be a legend……sometime I despair…………….too many people who know nothing but like to spout rubbish
————————————————————————————————————
If andy walker , charlie nic , had that article attributed to them , you still have that point of view ?
I disagree with Billy’s romanticised notion, I’m glad they died and hun2 are dying too, the sooner they are out of existence the sooner Scotland can begin to address its sectarian racist issues.
Clink\o/
20:27 on
11 January, 2013
This is a poor day for the blog
That a post carrying such overt racism as that of
the Swinging Dick @ 17.12
Post not there.