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Well you've got EBITDA £0.2m ahead of the upgraded expectations for this year, so that's not bad. Next year you have an in line with market expectations forecast and comments around potential business acquisitions; cash position on 30 April (so post fitting out the European distribution centre) of £13.4m; and the usual statements from them about developing their digital capability etc etc. You then also have new forecasts for the year after from Singers with a pretty chunky revenue growth leap to £93.2m and EBITDA of £5m again. So there's a pretty reasonable forward projection of what they expect to happen in the next 2 years against which we can test/monitor them. I think that's fair enough, and it now comes down to whether they can execute the European plan and deliver those expectations. We should get more on that during the call on 23/5.
I think that's a really good set of results under the circumstances.
A 10x PBT multiple combined with that kind of balance sheet seems like very good value to me.
The negative is that margins are likely to get worse in FY23 due to general market pressures and less favourable sales mix going forward as the weighting returns to stores from online. However, the balance sheet is easily strong enough to weather this storm as long as it lasts.
Whether we make a killing or not investing at these prices will be determined by how the European distribution centre performs in the coming years.
It definitely feels as though the risk reward is investors favour at this price.
Good year end figures as expected, very little in future quidence however, that is worrying....
Raven Fishing B.V. is located in Lelystad, FLEVOLAND, Netherlands and is part of the Sporting Goods, Hobby, and Musical Instrument Stores Industry. Raven Fishing B.V. has 10 employees at this location and generates $2.60 million in sales (USD). (Sales figure is estimated).
Raven-fishing haha
Lots of expensive shops owned here with a recession looming, time to keep powder dry... GLA
Bringing information to the table should never be viewed as party pooping thanks Altus.
Unfortunately we seem to live in a digital binary world where people think that anything that threatens their rose tinted view is to be attacked rather than cogitated :-(
I do not wish to be a party pooper but the trade is not all one way.
Raven a large retailer in the Netherlands have just announced their intention to sell into the UK and they are very competitive.
Their online site has just gone live.
Last debt statement re (non)debt @ half year results: "Strong balance sheet with Group net cash at 31 July 2021 of £19.6m (31 July 2020: £21.0m)"
Lots of nibbles this morning but no big bites
They don’t have any debt. In fact they have a huge pile of cash.
Do they have any plans for sorting out out the soaring debt?
Funding round coming maybe... GLA
Glad to see the news in the RNS today, a share that I feel holds value for many reasons, not least as an Angler and Public Health Specialist as a means to better mental health for many. It's seen a falling price as so many shares across the board, but fundamentals are strong, and so I see a gradual and strong growth overtime.
With benign conditions, with these results, should have been had a modest rise 5 - 15%.
However, conditions are rather untoward.
cheap as chips
£16million of cash! £5m EBITDA and a growing £70million plus revenue at only £42million valuation. So take off the cash and only a £26million valuation. - thoughts on that being extremely cheap?
I think they have done a pretty good job of managing expectations. The European expansion is pretty low risk, they aren't going in cold. It will be a drag on earnings though until 2025 I think I remember but we should see some very rapid sales growth
On expectation, not ahead of expectation is my guess as to the muted reaction. That and the macro generally, obviously.
No surprises, they have been guiding towards £5m EBITDA for months now and sales was bang on expectation
Good update so why the meh?
Is the market worried about yet another UK company making a foray into Euro markets?
GL all, should be a good 'un ...famous last words!
I also made a little top up this morning. Volume, although still minimal, seems to have improved over the last week. Looks like we might have a floor at 50-55p and upside potential of up to 80p. UK retail conditions have declined and taken a lot of companies down with it but AD has a positive outlook and has never been in better health
Built a small position now, let's see what the week brings...
Yep forgot about Blackrock and the impact that selling has had on liquidity. I'm seeing that in a few other small caps I follow, looks like funds are net sellers of small caps rather than buyers in general, probably in anticipation of the expected spending squeeze on the UK consumer over the next year (or longer)
As you say I think the sector is out of favour and I'd add that I think we've had a seller in Blackrock that seems to have just wanted to get out at any price. That combination is probably what's driven the price down in my view, but we'll find out soon enough whether or not that's the case.
The entire UK retail sector is in the doldrums, food, clothes, crafts whatever. AD has been compared to Games Workshop with its loyal core of customers but even the mighty GAW is not far off pre pandemic levels. UK small cap retail is an ugly place to be right now. I realised that Singer EBITDA of 6.9 is probably post IFRS-16 while ANG of 'at least 5' is pre IFRS. So the two are much closer when on the same basis. A surprise would require £7.5m, but even that may not move the SP given the non existent liquidity
I think a lot of PIs are perceiving ANG as an online retailer.
However, it is important to note that they are strong in their physical shop operations which they have been improving the customer experience of.
So G4M, we are not (even G4M had a bump up in Dec 21)
xxxxhub affair may have required a small wad of cash to tighten up security online.
Overall, truly, a bit mystified as to why (other than the March 2020 dash for cash), we are bordering an all time low (at HI annoucement - net cash was £19mn). Thus, IMO, huge upside if ANG springs a +ve surprise to the market. Given H1's performance, it would not surprise me one bit.