Have a good weekend Richard, this was an excellent read as always, I am always looking for new ideas to research and particularly like the recovery stocks. So many thanks again.
Yes, quiet possibly. but there are never any guarantees in life or investing.
I do think market sentiment is improving and the real growth co’s of a few years ago are starting to see stronger interest so it isn’t likely a flash in the pan imo.
When unsure I find it’s often better to nibble in rather than buy a large chunk immediately. then perhaps average in more as it goes along.
I’m struggling with ANG and wondering what I’m missing….bear case:
- relatively high PE given pedestrian growth rates of late
- EV : EBITDA level relatively low but is EBITDA a useful metric here as the ongoing annual CapEx is very high relative to EBITDA
- CapEx reflects new stores and re-fits but no info provided on relative returns on each (RoE and ROCE remains poor)
- Medium Term aim to hit 6m EBITDA in the UK but what will be the maintenance Capec to support such? Historic levels of spend could suggest as high as 4m
- vanity project in Europe - relatively high losses to UK profits - little progress on such in the latest interims
- very high level of Group / central overheads, hence GP of >35% dilutes to very little Operating margin
- interest on Cash supports EPS but will reduce as interest rates fall
- management commentary appears light in terms of the step reduction in profitability in FY23
Great read as always. Thanks for the link to the excellent GROW presentation. As a disillusioned long term shareholder in IP Group, which is supposed to commercialise successful university spinouts, I was so much more impressed by the GROW presentation. If only IP Group's CEO could lay out his investment strategy as clearly I might be persuaded to hold on. But I am going to swallow my losses on IPO and reinvest my much depleted proceeds in GROW.
Have a good weekend Richard, this was an excellent read as always, I am always looking for new ideas to research and particularly like the recovery stocks. So many thanks again.
Thank you Mark
Recoveries-R-Us :-)
Hi Dolan
I use a real broker, by phone - Killiks
As always a very good read. Thank you for putting the effort in. I learn a lot from you. Good luck
Enjoyed last week on Filtronic - good call! Was just about to put an order in when the Press Release came out, and I missed out! So it goes.
Thanks Rebel for the much appreciated update.
I guess from your view on Boom you think it could quite easily double again from here or even more in 2025?
Yes, quiet possibly. but there are never any guarantees in life or investing.
I do think market sentiment is improving and the real growth co’s of a few years ago are starting to see stronger interest so it isn’t likely a flash in the pan imo.
When unsure I find it’s often better to nibble in rather than buy a large chunk immediately. then perhaps average in more as it goes along.
Absolutely no guarantees in life!
Yes I nibbled in boom back in December at £3.15 and bought more since, so my average buy price has increased. But done very well with it.
Hopefully next up will be OTB
Have you taken a look at ANG? Laurence Hulse very bullish on this and they report soon.
OTB grossly undervalued mo. I have a holding in ANG - the return to investors could be significant imo.
I’m struggling with ANG and wondering what I’m missing….bear case:
- relatively high PE given pedestrian growth rates of late
- EV : EBITDA level relatively low but is EBITDA a useful metric here as the ongoing annual CapEx is very high relative to EBITDA
- CapEx reflects new stores and re-fits but no info provided on relative returns on each (RoE and ROCE remains poor)
- Medium Term aim to hit 6m EBITDA in the UK but what will be the maintenance Capec to support such? Historic levels of spend could suggest as high as 4m
- vanity project in Europe - relatively high losses to UK profits - little progress on such in the latest interims
- very high level of Group / central overheads, hence GP of >35% dilutes to very little Operating margin
- interest on Cash supports EPS but will reduce as interest rates fall
- management commentary appears light in terms of the step reduction in profitability in FY23
- will be impacted by NI and increase in NLW
I suggest listening to Laurence Hulse and Paul Hill on Vox from end of last year (Nov or Dec)
Thanks 👍
Cheers - a lot of these presentations reveal far more than a set of results
yes, I heard that, it actually triggered me intro buying sooner than I might have done.
Hey Cockney - great read as always. What investing platform do you use to invest / trade?
Great read as always. Thanks for the link to the excellent GROW presentation. As a disillusioned long term shareholder in IP Group, which is supposed to commercialise successful university spinouts, I was so much more impressed by the GROW presentation. If only IP Group's CEO could lay out his investment strategy as clearly I might be persuaded to hold on. But I am going to swallow my losses on IPO and reinvest my much depleted proceeds in GROW.