{"id":283959,"date":"2025-06-09T16:58:27","date_gmt":"2025-06-09T16:58:27","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/maynard-paton-sharepad-screening-for-my-next-long-term-winner-castings\/"},"modified":"2025-06-09T16:58:27","modified_gmt":"2025-06-09T16:58:27","slug":"maynard-paton-sharepad-screening-for-my-next-long-term-winner-castings","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=283959","title":{"rendered":"Maynard Paton | [SharePad] Screening For My Next Long-Term Winner: CASTINGS"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div itemprop=\"text\">\n<p class=\"has-text-align-center has-background\" style=\"background-color:#eaf3fe\"><strong>***ShareScope New Subscriber Special Offer***<\/strong> <br \/>Readers of my blog can enjoy a <strong>20%<\/strong> first-year discount! <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-global-color-10-color\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for details &gt;&gt;<\/a><\/mark><\/strong><\/p>\n<p>19 September 2024<br \/><strong>By Maynard Paton<\/strong><\/p>\n<p>I always love a traditional \u2018value bargain\u2019. Hence this revisit to an old screen that pinpoints companies trading at less than book value.<\/p>\n<p>Importantly, this screen attempts to avoid \u2018value traps\u2019 by demanding the shares carry net cash, pay a dividend and offer a history of trading <span style=\"text-decoration: underline;\"><em>above<\/em><\/span> book value.<\/p>\n<p>The exact filter criteria I redeployed were:<\/p>\n<ul class=\"wp-block-list\">\n<li>A price to net tangible assets of no more than 1;<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A dividend being paid during the most recent year;<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A 10-year average price to net tangible assets of at least 1;<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Net borrowings less total leases of no more than 0 (i.e. a net cash position excluding IFRS 16 lease obligations), and;<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A share price denominated in pounds sterling.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/maynardpaton.com\/sharepad\/\" target=\"_blank\" rel=\"noreferrer noopener\">SharePad<\/a> returned 10 companies, and I selected\u00a0<strong>Castings<\/strong>\u00a0because I used to own the shares and was surprised to discover the company was on the list:<\/p>\n<figure class=\"gb-block-image gb-block-image-0b451712\"><a href=\"https:\/\/maynardpaton.com\/sharepad\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img fetchpriority=\"high\" decoding=\"async\" width=\"980\" height=\"601\" class=\"gb-image gb-image-0b451712\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results.png 980w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results-300x184.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results-768x471.png 768w\" sizes=\"(max-width: 980px) 100vw, 980px\"\/><\/a><figcaption class=\"gb-headline gb-headline-94996c82 gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharepad\/\" target=\"_blank\" rel=\"noreferrer noopener\">SharePad<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<p>Sure enough, Castings\u2019 303p shares trade (just) below the group\u2019s 308p per share net asset value:<\/p>\n<p>My filter results indicated the shares have traded at an average of 1.3x book value during the last ten years, while the SharePad chart above shows the rating stretching to 2x during 2014.<\/p>\n<p>But there has been the odd occasion (such as now!) when the share price has fallen below book value.<\/p>\n<p>Castings\u2019 book value has advanced over time, and so has the dividend. The payout has in fact not been cut for at least 30 years:<\/p>\n<p>Special payments were also declared for 2016, 2019, 2022, 2023 and 2024.<\/p>\n<p>Given the illustrious dividend history, Castings does not seem the type of business that should be selling just below book value. Yet the shares have moved sideways for years; the 303p price was first achieved in 2007 and today supports a \u00a3132m market cap.<\/p>\n<p>Let\u2019s take a closer look.<\/p>\n<p><a class=\"gb-button gb-button-aae8c03a gb-button-text\" href=\"https:\/\/knowledge.sharescope.co.uk\/2024\/09\/18\/screening-for-my-next-long-term-winner-castings\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read my full CASTINGS article for SharePad &gt;&gt;<\/a><\/p>\n<p><strong>Maynard Paton<\/strong><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>***ShareScope New Subscriber Special Offer*** Readers of my blog can enjoy a 20% first-year discount! Click here for details &gt;&gt; 19 September 2024By Maynard Paton I always love a traditional \u2018value bargain\u2019. Hence this revisit to an old screen that pinpoints companies trading at less than book value. Importantly, this screen attempts to avoid \u2018value [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[31012,11381,31178,57651,13174,89371,5967],"dealstore":[],"offerexpiration":[],"class_list":["post-283959","post","type-post","status-publish","format-standard","hentry","category-investing","tag-castings","tag-longterm","tag-maynard","tag-paton","tag-screening","tag-sharepad","tag-winner"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maynard Paton | [SharePad] Screening For My Next Long-Term Winner: CASTINGS - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=283959\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maynard Paton | [SharePad] Screening For My Next Long-Term Winner: CASTINGS - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"***ShareScope New Subscriber Special Offer*** Readers of my blog can enjoy a 20% first-year discount! Click here for details &gt;&gt; 19 September 2024By Maynard Paton I always love a traditional \u2018value bargain\u2019. Hence this revisit to an old screen that pinpoints companies trading at less than book value. Importantly, this screen attempts to avoid \u2018value [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=283959\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-09T16:58:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results.png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=283959#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=283959\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Maynard Paton | [SharePad] Screening For My Next Long-Term Winner: CASTINGS\",\"datePublished\":\"2025-06-09T16:58:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=283959\"},\"wordCount\":336,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=283959#primaryimage\"},\"thumbnailUrl\":\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/09\/CGS-sharepad-filter-results.png\",\"keywords\":[\"Castings\",\"LongTerm\",\"Maynard\",\"Paton\",\"Screening\",\"SharePad\",\"Winner\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fivemor.com\/?p=283959#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fivemor.com\/?p=283959\",\"url\":\"https:\/\/fivemor.com\/?p=283959\",\"name\":\"Maynard Paton | [SharePad] Screening For My Next Long-Term Winner: CASTINGS - 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