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so ...who controls the UK funeral industry? Used to be Co-Op were the biggest Rolls Royce owners because of all the funeral services but now?? is it all horse and cart, or Uber?
re crematoriums GC mentioned bringing in a external party to recapitalise the Crematoria Biz or even a spin-off (estimated 1bn GBP!?) Either scenario provide shareholder value. This is 1 of 4 strategies outlined at the last AGM. Nothing is guaranteed and the uncertainty is weighing on the SP methinks. Holding for now.....
Thank you for that. I was heavy in Dignity when £26 ish .
When the directors made a statement after removing much of their stock ? .
It fell like a brick costing us a great deal.
It seems to me this method of disposal is going to do the same unless we don’t keep abreast of it .
I thought we did similar but better ?. I’m going underground, very expensive.
No one taken up the challenge of doing similar at the graveside, only private arrangements.
There is no connection with “Pure Cremation” dignity is a traditional style funeral service provider.
In that it has a retail presence throughout the U.K.
They manage the service they provide and excuse the pun. “Undertake” all the services themselves.
Pure cremation is a disrupter. This is a collection of the deceased and taken to the crematorium. That’s it. Tbf this service has become more popular in the past few years and is certainly eating into the market share of the Dignity and the Co-op alike (the big two). There are a number of similar style service providers for disposal only.
Volume is everything as margin is very low. As such Pure Cremation have no retail presence and everything is pretty much carried out from a single service centre which keep the expenditure as low as possible. Man with a van you could say!
Dignity does have an entry level business trading as “simplicity” look it up.
Hope this helps.
FYI they own a load of the properties they trade from, add in a bunch of crematoriums and cemeteries and their market cap is below the book value. This should really be separated and parts sold. I’d be so bold to state the crematorium division is worth 500 million alone. I come to this number as a competitor recently sold 11 crematorium for over 110 million. Dignity have way more than that.
Are we allowing pure cremation steel our thunder. TV advertising, Funeral booking request forms posted to our properties. Hard sell no less.
Is this company connected to Dignity. ?
As expected, the presentation about the changes to Dignity's future operations made by Gary Channon at the AGM was very impressive. As I suggested in my previous post, he has the ability to analyse where the company can optimise its potential profitability and will undoubtedly deliver for Phoenix and all other shareholders. I feel that the recent rise in the share price is just the start of what is to come....
AGM today news to follow
I would say that Pheonix lost patience with the board who cant generate any free cash flow from a large asset base, so Pheonix have decided to asset strip the company to get back as much of their investment as possible. Good for shareholders? Maybe. OIn the short erm. But anyone waiting for a long term price recovery based on a strong business turnaround will be disapointed IMO
Ahha, I can think of no logical reason why someone as talented as Gary Channon would wish to take over as Dignity's CEO unless he can see where the company has fallen short of its full potential and has a clear vision of the steps required to take it to the next level. With 30% of the shareholding, Phoenix has a vested interest in maximising Dignity's success and there is no doubt in my mind that as CEO Gary will very soon create considerably more value here both for himself and all the other shareholders. I have full faith in his abilities, and have backed his judgment with a chunky top up ;-). GLA...
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I have been in management situations like this before and your thinking in this matter concurs exactly with my own. I think Gary Channon has been very tenacious and courageous to stand up to the lot of them. Of course now they will want him to fail and would love to see egg on his face. I wish him all the luck in the world. The plain and simple truth is, that it is good news the "cumbersome and retrograde" directors have been banished and the company can move forward with fresh vision!
Spot on! I have been in management situations like this before and your thinking in this matter concurs exactly with my own. I think Gary Channon has been very tenacious and courageous to stand up to the lot of them. Of course now they will want him to fail and would love to see egg on his face. I wish him all the luck in the world. The plain and simple truth is, that it is good news the "cumbersome and retrograde" directors have been banished and the company can move forward with fresh vision!
Bridgedogg, maybe that question would be best answered by the writer of the latest Investor's Chronical article, dated the 22nd of April 2021
https://www.investorschronicle.co.uk/news/2021/04/22/fighting-at-funerals/
Operating profit... but what baout the £800m bons ds and repayments?
Back in 2008 and subsequent years, I remember watching this share as a potential investment. It was solid but boring. It paid a very low dividend and seemed to stay for years within a very narrow price range, before eventually moving from £7 to £25!! However, by this time, I had lost interest, as I could not find a suitable entry point. So I never saw those lofty days of profit. Fortunately, today, we have an opportunity to get into these shares at a reasonable price and with the prospect of new new management. I believe that Pheonix do not see failure as an option! They will get value out of this company by "hell or high water" and I have absolute confidence in that. I cannot emphasize the huge difference the change of leadership will have.....from a company just to plod on in the same tired old ways, to one that is clearly focused on success!!
Unlike retail investors, the institutions take much longer before they get around to buying. But word must be out that these shares are a snip at this price. I'm surprised more people are not buying today. They may not be so cheap again!
I totally agree. I’ve been buying the dip in small chunks since Feb 2021.
Even the investment portfolio’s liabilities that back the pre-paid contracts are ‘prudently’ priced. Which means the surplus is actually bigger. Asset performance (no allocation to bonds) would have done great over 2020 and YTD 2021. All this add to shareholder value.
One worry( or uncertainty which I haven’t unpacked yet) is that I read the Phoenix AM think the crematoria business might be spun out.....
"We believe Dignity to be a good business with great potential, and as a Board are now focused on the future. We are very excited to unlock this value for the benefit of all shareholders, clients, employees and our wider stakeholders and look forward to engaging with all of these groups as we embark on delivering the strategy and vision for Dignity. Work is already underway and we will update shareholders in due course." Gary Channon
I should imagine that this company will soon catch the attention of the institutions in search of a solid, safe, cash cow. The future looks rosy. This is precisely the time to buy!!
The last RNS on friday after hours instills a modicum of hope
Lets get some outsiders on the board for some sort of security for shareholders
That is a scary proposition......I assume you believe this could be done without shareholder approval.
Well maybe as a safety measure, one could invest in Pheonix Asset Management's Investment Trusts, as they would benefit considerably from such action. Based on their past performance, we could do a lot worse!
"It is for reasons similar to those that I can gross up the weighted average of Dignity’s operating profits for the past five years – about £59m – annuitise that amount and, after a bit of tweaking, find that Dignity is worth approaching £800m, or £16 per share. True, put a value on Dignity’s likely free cash flow – often a better, though more demanding measure – and the per-share value drops to about half that amount. Even so, the underlying message is clear – there is a lot of value in Dignity waiting to come out."
Dear Shareholders and other observers, I should like to draw your attention to this excellent and most encouraging article in the Investor's Chronicle dated the 22nd of April 2021 https://www.investorschronicle.co.uk/news/2021/04/22/fighting-at-funerals/ F
or your comfort and ease, I shall cut and paste, what I consider to be a crucial excerpt for your investment consideration , in my next post. This is not investment advice, I am just curious to know what my fellow investors make of its views.
Ahah
They can offer the same as the last price they paid for shares in the last year
I am afraid to say that was on the nineteenth of may the highest being 234.5
Lets hope they havent got the front to do it ??
Lets see what the analysts and weekend press have to say about the matter. It could have a really good effect on the price of this stock. If a bid was forthcoming, I'd accept it like a shot....especially if it was in the region of £8. I invest in shares to make money!
Are the reason the share price is stuck
Nothing stopping them dissing all over us shareholders
With a derisory bid for the other seventy percent
Those who voted them in could be kicking themselves
I hope not
Come on my beauty........lets see spurt up to £7.50!