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sold another 1000 @ 1.71xp...holding 3600 @av cost c50p ..torn between feeling this is pricey and respect for mojo ...I guess c£2 would force me to cash in more of my winnings and get on to free carry
reckon where I a flipped out (in 140s) may be decent entry price ...trading update relatively encouraging...modest forecast pe, ok management...still nagging doubts about competitive position in UK; how strong UK and euro markets for rbn products are; and weak exchange rates v sterling
perhaps wait for retrace?
well recovery continuing well! i must put more in my OWN recovery plays!!!
As expected, nothing really of note. Happy to hold, nice to see a further (slight) increase to the dividend.
but a little pricey perhaps given headwinds
"announcement of its final results for the year ended 31 December 2014 [] scheduled to be released on 27 March 2015"
hold 4k @ sub £1 av ...perhaps, shan ...still concerned about UK position (margin, competition and pricing power with multiples) and weak Zloty (ap spelling) and euro ...management decent though, and multiples not awful
JMB breached and now recovering?
retrace
so holding 4800@?80-90p av (somewhere shy of £4k) ...will sell a few more c155, I guess ...still reckon £1 a possibility
the margins on the UK business have always been a little low and therefore vulnerable to modest pressure ...I am not convinced that even 120 will be "the" low (and it is certainly not a JMB lol) ...I am in (but not at all comfortable atm) because I am trying to look LT through the current undoubted stress, and I reckon rbn's management is decent and not trying to shaft everyone incl (in particular) us dumb money... which is (of course) scarce and vital to LT shareholder value creation
looking v.good now though...maybe even better if it can lows of 120 again?
are barely worth the post ...is the challenge in the UK to do with customer power...and rbn weakness? ...are the key relationships between rbn and one or two of the multiples? does rbn have some usp (some "moat")..or it a commodity provider in a fiercely competitive market with little / no pricing power? ...what cards does rbn have to play: substitution? selling to others (ALDI, LIDL?), different products?...I don't know, and we won't have any better idea of whether this is a blip for much of 2015 imv ...at least they have diversified into E Europe, about which I know even less lol
Haha you're right. A lot of GC'ers who are into our fundamentals seem to have ended up here lol. In response: No I haven't added / bought in. I'm still totally "out", partly because Paul Scott's comments tempered my inital enthusiasm. I was getting fairly close to buying and then saw that and thought "...maybe not." But I have to say I'm pretty uninformed as to whether his comments are fair. Wait for Jolly's thoughts - he knows the business better than the lot of us.
Shan/Libero have you added? I was tempted on financials/balance sheet (plus passing reference to developing property), but concerned about margin pressure? I see Paul Scott (who I have mixed feelings about) noted that many of the products visible on website are food brands, and linked the trading statement to supermarket price wars. Thoughts?
with potential for (much) lower in drift and/or further profits warning, but also handy upside if the UK market challenges are only a blip ...so happy with 30-40% of "full" stake (holding 5500 shares @ roughly £1 averaged cost)
but early days ...happy for bounce to 140 (for flip)
would be consistent with LT deterioration in their home markets ...I don't know enough about either their competitive position or the markets to be confident that 2015 will be only a blip ...at £1, there is perhaps sufficient margin of safety to load up
I think this is looking undervalued now / this is a buying opportunity. £1 would be unreal though and it may happen (considering the sentiment here) so will sit on my hands for now...
just in case lol
agreed mate anything around £1 mark for RBN is fantastic value putting it on recovery plays gc along with PUR
perhaps EBIT c£3m this year (mostly Maddox)...so EV/EBIT on the high side @8-9 times ...but then this is a well run company (as far as I can tell) facing challenging home market ...somewhere c £1 (perhaps a little under) might offer great buying opportunity
well who knows...the language for 2015 is alarming ...I sold my flip back for a modest loss, and will wait and see