The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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back..perhaps the future is brighter than feared
I was wondering much the same..perhaps the same old same old exacerbated by twitter hype (rarely see any balance in tweets), the long long stale bull with little/no prospect of returns on any sensible investment and high employment (so little fear of rainy day and many with more money than experience/understanding) ...the new normal is morphing into a Japanese style zombie economy..but I do not expect this phoney war to last ..when the s&p brick crashes is impossible to know, but gravity will work imv
i'm somewhat taken aback at the sheer volume of posts and emotional mayhem on bbs like 88e, or AST before that, etc. etc. ... you've been about on these micro-cap equity bbs rather longer than i ... was it always this frenetic amongst the penny stocks, or does it actually feel different / more desperate in the last couple of years? (?? if so, b/c aims allowed in isas, or 'just' the v risky search for returns at any cost with lo IRs?)
do hope you mean £, not p.
@3.69 ...expect opportunity to rebuy stake closer to 3
good post... ...I wouldn't be surprised by continuing soft patch, mitigated by £ weakening against euro and usd
Hi jolly, catching up on events here. For what it's worth I think you made a right call. This weakness is unlikely to reverse anytime soon as macro indicators suggest BREXIT issue will continue to hamper big business for the remainder of 2016. The pound may lose some of its strength later this year in comparison but the Euro will likely follow it down with QE continuing. Precious metal stocks and Asian plays are my favourites to do well this year. Primarily because the USD should now weaken against those depressed currencies. The U.S. markets are in turmoil and there is no high street growth to speak of. Just big tech stocks propping up the pyramid... Gold has come back into fashion and looks good for the remainder of the year now, what's your take on it? Are you expecting DWHT to come out with surprise second quarter results?
guaranteed elsewhere ..I'm a little irritated that DWHA has shown so much resilience lol
perhaps simply in a market like this, where else do people go, lol? kicking myself, nearly bought into rio for a small trade yesterday, missed the fun! -- at least this time round, but a few more fairground rides yet to come.
to profits warning
indeed. i have a horribly mistimed purchase of prudential to cry over at present, thanks to global shenanigans.
of others if possible ..alas in the case..my mistake ..still my bearish stance in general is looking spot on
these things are sent to try us. but for what?
atm...I had to prune my holding sharply today ...look to rebuild a little lower ...always tricky esp after profits warning to have confidence in lt run rate ebit...is it £3-4m with last two years as exceptionally good? or £5-6m+ with this year and 2013 exceptionally bad ...DWHT/A doesn't have the consistence/quality of earnings to be rated like tfw (I get that now after this profits warning)...it doesn't seem to have the market power that would protect it better from exchange rate changes etc ..salutary
oh well...sometimes these things happen...370 was a good price ...I wait to see whether I can match that or better it ..discount to ords reduced a little but still 35-40% ...EV/EBIT for this year now much higher (?c10-12 perhaps), and the variability in earnings in now becoming more of a concern (we had a sharp drop 2-3 years ago as well)...so a rating of 6-7 doesn't look absurd to cover that risk ..so my strong buy is now on hold for a while at least
the thimbleful at 3.70
AGM Statement Dewhurst plc, will hold its Annual General Meeting at 11.00 a.m. today. The Chairman, Richard Dewhurst, will make the following statement: "In the Outlook issued in our 2015 Annual Report in early December we indicated that demand in the UK was weak but that overseas demand was stable. That weakness in the UK has continued and shows no immediate signs of improvement. The strengthening of the pound against the Euro has certainly damaged our competiveness and encouraged an increase in imports of packaged lift components from Europe. The recent falling back of the pound from its peak levels is welcome. In addition, demand for our keypad products unexpectedly and rapidly slowed in the first quarter although it has since stabilised in January. In those markets where sales remain reasonable we have been under greater pressure on margins exacerbated by adverse exchange rate movements. The lead time from order to invoicing of our products is generally very short, which also means the visibility of changes in demand is equally short. At present there is no significant improvement expected in the immediate future. In the medium term it seems the encouraging pipeline of prospective projects we have been discussing with customers are converting to orders more slowly, but these projects have been delayed rather than cancelled, so there are signs of future recovery, although timing is uncertain. With the combination of lower short term demand, margin pressures and adverse exchange rate movements we currently expect 2016 revenue and profit to be materially below those for last year. The Group's balance sheet remains robust with net cash (30 September 2015: £15.0m), which can comfortably support our current dividends and working capital requirements."
exactly right...I am fairly confident (but DYOR, all) that the family have control sow up via ords...which is great alignment with their management...and our interests ...what possible value would my vote - even on 9.5k shares - have???? ...so a 40% discount is puzzling (understatement)...and at extreme of historic range (again DYOR, all) ...so narrowing of discount from 40% towards 10% likely/possible ...also the EV of total Dewhurst risk capital looks too low rel to EBIT ...risks exist ofc..but the returns...potential returns...are mouthwatering rel to those risks imv
seems to be. bear in mind, that some index tracker funds or similar entities may not be permitted to hold the non-voting shares. if i remember correctly, (not checked recently), non voting stock would not be in the all-shares index, whereas shares in DWHT would be. the voting rights tend to matter particularly if you think there are take-over possibilities looming, or other struggle for control in BoD. voting rights tend to matter rather less when the majority control is already fairly sewn up; in this situation, i think the family still control a very large block of votes anyway, so you could argue that each vote on the shares that they don't hold is not worth that much anyway, since it is fairly unlikely it could be used to force stuff thro'. ... but i'm relatively new to this one, i may misunderstand.
But why is there such a discount between these shares and DWHT. I'm guessing there are no voting rights with this share; but is that what causes the difference ?
investors of my generation (made c£10m+ from nothing much... before he was 25 yrs old...by spotting what afterwards seemed glaring error/arbitrage in commercial property bust of late 1980s) says much the same.. ...he also vaguely/casually says he is interested in buying some DWHA... but I don't see the 10,000++ share buying...yet lol
i can't really see why the voting rights are being so highly valued in a company with this history. in some other co. with more court intrigue a la machiavelli, it might make more sense, but not here? (... hope i'm not missing something)
buys... ...see 450 being retested (the near 40% discount to ords is just too much imv) ..soon
ah....delightful to have your poetry on hand.. ...this BB is about as quiet as is possible ...as ever, a great sign
too late? doubt it v much... ...this will run and run...unless current generation of family decide it is time to sell (which shd offer attractive exit for us) ...clearly equity risk so profits warning = loss...but the upside (narrowing discount to As; multiple expansion to tfw, and plain ol fashioned profit growth) is mouth watering