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Nexational express
Added 20% extra shares by way of rights issue to reduce debt.
Have a market cap of 1.4b
Earning of circa 200m
Debt substantially more only looked at last full years ending 2019 and said 1b in current and 1b in non current, cash was circa 500m hence the cash raise.
Stagecoach
No dilution due to covid
Market cap of 330m
Earnings past few years of circa 100m
Debts as of may 2020 circa 1b with 90% of that being non current i.e. nit due this year.
Cash position circa 350m
So debt difference aside, earnings half of nex, however market cap that is a 1/4 of nex! It's another for the buy case.
£330m market cap on historically 100m earnings...
Apologies for typos was texting/raging in bed...
Yes in essence, there is an argument that NEX could be overvalued. I don't think so though we are undervalued given gov support. It's an overlooked sector.
Buses are a long term play too.
https://www.sustainable-bus.com/electric-bus/stagecoach-received-the-first-byd-adl-electric-buses-for-guildford/
https://news.aberdeencity.gov.uk/aberdeens-pioneering-hydrogen-bus-project-arrives-at-major-milestone/
It was trading close to 170p in January. As the government has underwritten all losses, there's no reason it should not go back to around that price by spring .
Infact it's still profiable because of the government support despite the lockdown.
Plz any one confirm is it true all stagecoach debt written off from government.
Allso does stagecoach pays dividends?
- Divs - they used to and will do again, as it's stable business excluding covid just like insurance, banking. Not great for growth normally but constant cashflow so divs are good.
- Debt - no this isn't being written off what has been and continues to happen is that the government are saying to transport companies you have to run services, but with footfall down they are giving them grants to cover the loss in revenue. So no debt aren't being wiped, if the gov wasn't providing these grants then debt would be increasing due to a reduction in cashflow. Summary, it's fair to say debt is neutral through covid which wouldn't be anything special had the share price NOT gone from 150p to 34p....
Thanks good information
Extremely good value at this price.
ive topped up, lagging the industry and the industry itself is still at all time lows.