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Jeez I missed that - thanks @pike
Jeez I missed that - thanks @pike
ex-dividend today, relax ..
Looks like this will soon be valued at zero.
What's going on?
No, I don't buy that Monty.
If I could raise £280m, I'd but it without hesitation
Sell the property, be debt free, lease it back for £15m and be left with a £45m profit.
Don't forget they recently sold a Chiswick freehold with a book value of £10.5m for £28m.
Market cap £280m, net profit £61m. property It’s cheap but doesn’t have assets above debt negative at all. Note £40m debt at increasing costs to service Net funds over debt of only £3m. Keep it real and stop over hyping please.
Removing the value of its property, the business of Lookers plc, which made £61m post tax profit last year, is today valued at NEGATIVE £18m.
£90m pre tax, £61.2m post tax.
Either way, it is absurd that the business now has a negative value placed on it.
According to BBC News - Sales of used cars in the UK rose 5.1% between January and March, compared to the same three months last year.
and
Sales of used battery electric vehicles (BEVs), which run purely on electric power, grew from 6,625 to 14,586 in the first three months of the year, a rise of 120.2% from a year earlier.
Actually it’s £61.2M net profit, not £80M. Yes it’s still an undervalued share as are many today. When the tide goes out all the boats sit lower in the water. A lot further to fall I fear….
This is a business that is making a profit £80m a year, and which has a market cap in excess of its freehold values of zero.
An £80m annual profit - for nothing!
Anyone been tracking Cazoo - becoming very tempted
Good to see (modest) director share purchases this month.
I think TDR paid £1.02 for their shares so at todays price of about 80p look must be sitting duck if TDR want to take control.
My thought is that the business of Lookers plc, which is making around £90m annual profit, is currently valued at £20m.
(Market cap is £310m, Property is £290m, so Business is £20m. (And remember they just sold a freehold that was in the books at £10.5m for £28m, so the £290m is probably very conservative)
Anyone who can to buy Lookers but doesn't is a very high level buffoon.
As we all know by now TDR bought the 20% stake held by TB in about Jan this year, and we don't at this stage know what TDR are going to do about that holding.
But we do know that TDR is part of Constellation Auto group which also owns
Cinch, we buy any car, and BCA formerly known as British car Auctions.
we do know that Constellation group hold / want control over their businesses. so just how long will it be before TDR makes a full takeover offer for Lookers. Just like cazoo might make an offer for Pendragon.
So if TDR do make an offer for lookers what will they pay for control, £1.10-£1.30p? and with the SP still at about 80p they look like a sitting duck. any thoughts.?
Monty888 - hope you're keeping an eye on Bisichi...
why this drop today? doesn't make much sense after yesterday results. I went back in at 84ish with some profits just in case.
(backed by no research, strictly hope)
I agree something is up.
Excluding the conservatively valued freeholds of £290m, this is basically a £90m profit business valued at just £35m.
If this was at 500p, it would still make good sense.
Something not quite right here i had to buy my shares in lots of just 1000 !
cant get a quote to buy!!
They did also confirm FY22 Q1 is excellent already as well. Once brokers re rate and Investors Chronically and Midas etc catch up with this I'm sure we will get to 100p pretty soon. Just a delayed reaction I think.
I bought some more this morning expecting analysts would see this a great buy - time will tell if they do.
I agree the positive circumstances are still present. But each quarter they persist is a pleasant surprise.
I actually don't think £90m is a one off. The market conditions that drove it are, if anything, even stronger in Q1 22 than they were in Q1 21.