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Strange price action at RFX the last couple of days. Normally market makers move RFX price up and down on virtually no volume, but recently it has flatlined at 225ask/220bid (although real share prices are actually 222p/220p)
Clearly there is an overhang to be cleared, but normally market maker would push the bid down harder after just a few more sales, especially when the UK FTSE 100/250 index has been down every session for the 6 days..
Weird. But a good buying opportunity for those who believe RFX as a pawnbroker is a likely beneficiary from economy slowing down further or going into recession..
I notice that OTB gets a mention in news today. That is a holiday company and are seeing increased demand for bookings to Turkey and Egypt through favourable exchange rates.
This sort of news provides confidence that there is activity in one facet of RFX business. On the horology side, watch prices are slipping at the very top end (Patek Philippe etc) at auction which might encourage activity at the next tier down (Rolex, Audemars Piguet etc) to convert stock to cash.
I remain a holder though the share price does seem weak at the moment.
Have taken advantage of todays weakness to add a few more shares today.
With the sniff of a further rise in interest rates and certainly some mortgage holders feeling the pinch, have added a few more shares to my holding today to average up.
Yesterday's UTs were apparently Otus selling a small percentage of its holdings. Otherwise a sea of blue.
Has been marked as a BUY in this weeks IC
Yes Stuart, you're right. When I checked before posting I read what I thought was there :) Common mistake. I sold out this week with a £250 profit which chuffed me after years of misery with WSG. I'm expecting a drop now to the 250p mark where a gap needs to be filled and I hope to jump in again with a much bigger pot. This looks a company with a great future and with a meaty dividend I'd like to see it as a pretty safe place to invest longer term.
Should that read “not woken up”, MT?
Following todays RNS Liberium have upped their TP to 290p. The market still has woken up to the potential here with a PER of only 10.
Really encouraging update and forward looking statements in todays RNS.
https://www.proactiveinvestors.co.uk/companies/news/1017179/ramsdens-on-course-for-record-year-as-profit-and-revenue-jump-1017179.html
With interest rates that have risen again (but IMO have peaked), I suspect that this will help RFX (and their clients that need some support), considerably.
Have tucked a few into a SIPP for one of my children today.
All they did was sell their LTIP shares, they still hold the same number of shares they held prior to exercising the LTIP. A non story
Directors have sold 37,950 shares at £2.24 = £85,008 worth between 4 of them.
The same 4 Directors still hold over 2,000,000 shares between them worth approx. £4,480,000.
Lets get some perspective. Perhaps they need a few quid for school fees, holiday, tax etc.
All is fab, except the directors sells today...timing is everything...
Thanks for posting Scoob. V encouraging. 280p fair-value target PLUS handsome dividend. What's not to like?
IC's report salient points -
PE (f) = 10 = is very very cheap for such a high quality company demonstrating they can perform in these environments.
With more upgrades likely.
Liberum’s upgraded TP of 280p fair valuation (from 260p)
Just came out - behind paywall!
https://www.investorschronicle.co.uk/ideas/2023/04/05/a-financial-company-that-keeps-exceeding-expectations/
A financial company that keeps exceeding expectations
It has prompted analysts to upgrade their earnings forecasts again and it’s unlikely to be the last time
April 5, 2023
By Simon Thompson
Nearly doubled my holdings with weak hands selling for pittance.
Looking forward to Mr S.Thompson's article.
Typical my broker's regular investment schedule is today. I was hoping to add to my position at £2.17 a share but instead, end up paying £2.29 a share.
Pre-close update reads well to me. Should translate to a rise in SP, but Mr Market can squirm a little and may prove me wrong.
TU c 1 week's time.
Really can not see anything but stellar.
Lovely £1mn buy today - absorbed all the overhang.
SP has sprung to life with such a dour risk off backdrop.
Hopefully, allows RFX to motor back to where it should be.
I've held these for a few years now tucked away in SIPP. I sold my separate CFDs when it spiked. Think time is right to start averaging in again. RFX make a lot on currency so I think it's the update after summer that is the key to this. Airlines say bookings are good so can't really see a problem there. GLA
'Perfect environment for RFXC to thrive.'
Agreed. This is a no brainer.