and just to put my cards on the table i am now pretty much fully invested in PFD at just over 40p average - close to £300K - mainly sipp, part cash - so i really really want the share price to rise !!!
I'm as peed off as anyone that the deal wasn't done at 65p+ because it would have been a nice certain profit BUT the valuation of this vs the fundamentals just dont make sense - and things always revert back to fundamentals in the end.
this is on a PE ratio of around 4-5 when the average in this sector is 15-20. Yes debt is an issue but less of one than it was a year or two ago. Like it or not management have delivered on their 1-2% growth in two of the last 3 quarters and is on an upward gentle trajectory (the quarter it didnt it is surely reasonable to at east partly attribute to the warmest winter for years.)
The nissen deal and the international growth should add material growth in new markets. I suspect in the next week or two there will be upgrades from some analysts with price targets in the 60-80p and in an ideal world the management would buy some shares at this level to add to confidence.
I have no doubt if this level of performance is maintained and debt steadily paid down over the next 2 or 3 years this will be 1 pound + but it is one for investors not traders
Let's get it right please. MC turned the company around and saved it from going under. GD picked up the reins and continued what had been started. Not to take away from any of his achievements, just think we shouldn't rewrite history, that's all
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