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Tokenistic or what?
If we exclude any accounting issues that I need to properly digest, then the business could be justified in trading on a higher multiple due to its favourable model & economics (franchising, operations, etc) and expected expansion (maybe 2x more in the UK alone, who knows international)
To me the valuation here got way ahead of itself. Even now it's trading at 18x forecast FY22 earnings per share of 14.3p. This compares to 15.6 at it's IPO valuation of 108p. At it's peak of 400p it was on a 28x PE.... it sells cakes!!
I'd also question why they are paying a £1m interim dividend when they only had £4.1m of net cash - wouldn't the money be better used sitting on the balance sheet for a rainy day?
The fact the CEO & CFO held >35m shares pre IPO and are now down to just 11m also tells a story. I wouldn't be surprised in the slightest if this now drifts back to a PE of 10 in the current environment, IMO at that price it MIGHT be worth buying.
> Not to be dillusional or overly bullish on a stock and be biased but surely by the auditor giving their opinion that accounts are still good, whats the issue?
The auditor resigned lol. Read the actual report.
> Some funny accounting supposidly going on, CBOX is a unique business with no direct comparison, on a high growth trajectory so there will be accounting errors no?
High growth on paper that actually could just be fraud and completely made up.
This is why you should do proper DD before buying.
Reading the report , I am thinking that the company has internal accountants who are out of their depth rather than evil people. Think it will take a while to recover but does not look like a basket case to me.
Not to be dillusional or overly bullish on a stock and be biased but surely by the auditor giving their opinion that accounts are still good, whats the issue?
Some funny accounting supposidly going on, CBOX is a unique business with no direct comparison, on a high growth trajectory so there will be accounting errors no? unless its outright fraud (which the auditors would of picked up on), i really dont see why this has gone from 426 to 256 in less then 3 months?
Now trading at less then half the P/E it historically has and since the historical data, all signs point to it being on stronger growth trajectory.
Would really like other peoples opinions on this!
Patiently waiting for a RNS from CBOX now to give their view given the material share price drop.
Panic looks to have provided a good opportunity to buy at 250p
Not without risk but good value at this price Id say.
The institutional investors who bought millions off the directors at 350 recently must have forgot about the need for due diligence!
It's more than alleging, they have provided plenty of evidence to back up their claims of inconsistent disclosure;
https://knowledge.sharescope.co.uk/2022/01/21/cake-box-holdings-cbox/
After what happened with Patisserie Valerie, this is now on the bargepole list...
Someone alleging financial misstatement
WTF?
This feels like an under appreciated stock in terms of limelight for investors both in its growth potential and in how well run it is.
I go to my local cakebox stores regularly, yesterday it was completely packed.
Glad to see more offerings also with the cheesecake slices, gift boxes of some sort and cupcakes.
I’m not sure whether this is undervalued in terms of valuation as of today however the growth is definetly going to come so I can see this being a strong performer over the years.
There’s competition for this type of business at a local level but they have the scaled up efficiency of mass producing while still maintains quality of the offering aswel as what appears to be an attractive franchise model so I’m holding for now.
Good to hear others thoughts on this one
I don't like to benefit from others misfortune but as we have seen over the last 18 months folk turn to cake when times are tough.
I expect those taking up the offer at £3.50 have expectations of £5+ in the not too distant future.
it droped because of the value they sold at. I assume a price was considered prior to a recent high. Its a shame it wasn't 3.75 but I assume given the value of what they sold its why it was 3.50
as usual - market overeaction.
Nothing wrong with the owner wanting to sell a stake in the company - the company has strong growth fundamentals and they have over delivered against everything promised to date.
Like what they are doing . Numbers are looking healthy and cannot see any down turn especially with Christmas and NY celebrations not that far away.
https://www.sharesmagazine.co.uk/events/event/shares-investor-webinar-17112021
Yep well balanced article thanks for sharing. I have a target price of £5 and will review holding at that point
I agree with the online article, at 400p we are probably fairly valued. I see this becoming a steady cash cow and good divi payer once they hit their 250 store target in 2 -3 years time. But you never know they may be ambitious and go global after that!
I've been thinking about Cake Box for a while, the results yesterday really peaked my interest. Found this online which I enjoyed: https://www.thetwentiestrader.com/post/cake-box-publishes-impressive-half-year-results-but-can-their-growth-story-continue
The results may see positive media in the weekend financial supplements , if so sure to attract a number of new investors and a furthe rise on the sp.
I'm a big fan of this company, especially their business model. Had some great gains so far around 150%, just wish I had bought more at the time! I really think they should expand to airports and international as soon as possible, but I am sure management know exactly what they are doing, having executed so well thus far.
I also have target of 500p. This company is doing very well!
Very encouraging results and a healthy bank balance, the 500p target price could be reached by Xmas.