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In Northwest.
There are many contracts. Which one?
Just to let you know wincanton next year have lost a contract with coop . I had my letter today .
Read-across from CLG's results today should be rather good - but CLG service the likes of Arcadia, John Lewis and other high street retailers to a far greater extent than WIN, yet are on a much higher rating than WIN :
Https://www.investegate.co.uk/clipper-logstcs-plc--clg-/rns/interim-results/202012030700053528H/
"Full year earnings expected to be ahead of the Board's previous expectations.
Shortly after the period end, Clipper has delivered a successful Black Friday weekend, with many sites reporting record volumes."
"The Group benefited directly from the structural shift and acceleration of online retail such that our e-fulfilment and returns management division saw underlying EBIT growth of 63.3%"
I wonder whether WIN's refrigerated vehicle fleet will have a role to play in the huge task of distributing the Pfizer vaccine which was approved today?
Https://www.wincanton.co.uk/markets/grocery/
Buying coming in at 262p now...
Mark Watson-Willams on Master Investor updated on WIN this weekend - he has the same 350p target as Liberum:
"Wincanton (LON:WIN) – Really trucking now
Despite this third-party logistics group reporting its end-September interims with a 2.4% fall in revenues to £578.7m and a 27.1% fall in underlying pre-tax profits at £19.1m, its shares are in the ascendant.
The half-timers were published on Guy Fawkes Day and obviously displayed some fireworks of potential.
CEO James Wroath stated with the interims that, “I am greatly encouraged by the new contracts we have secured so far this year to become a key partner for some of Britain’s biggest brands and public bodies, and we continue to see a healthy pipeline of new opportunities coming to market. Performance has been resilient in the first half, we expect the good momentum with which we end the period to continue and consequently expect results for current year to be materially ahead of market expectations.”
Analysts at Liberum suggest that the group can continue to win even more business, giving hope of higher growth and margin potential. They say the shares are a ‘buy’ and are looking for 350p.
The shares were just 201p at this time last month. Last night they closed at 252.5p after hitting 257p during the day.
(Profile 07.05.19 @ 247p set a Target Price of 350p)"
Think you spoke to soon Rivaldo!
Moving up again and buying at 257p now....
Nice article on Citywire this morning....
Https://citywire.co.uk/funds-insider/news/the-expert-view-hargreaves-lansdown-jd-sports-and-wincanton/a1429891?ref=citywire-money-latest-news-list#i=4
"Liberum: ‘misperceptions’ at Wincanton
Wincanton (WIN) can continue its trend for winning new business, which Liberum says will correct ‘misperceptions’ about the logistics group.
Analyst Gerald Khoo retained his ‘buy’ recommendation and target price of 350p on the shares, which rose 4.6% to 253p yesterday.
‘Recent new business wins provide evidence of Wincanton targeting new opportunities with higher growth and margin potential,’ he said.
‘We see upside potential from further wins, which may correct the misperceptions about the earnings growth that the group has delivered in the past and the growth it can continue to deliver in the future.’
Up 5p and looking strong.
Now that the drain on the company has finally been dispatched, perhaps we might see a SP that relates to the actual condition of Wincanton. Clipper has consistently increased from May from £4.00 to £5.00 with Wincanton trailing behind with a unrealistic SP. The true valuation is surely £3.00 + lets hope the market agrees.
This situation has been known of apparently for some time.It is not a Wincanton problem actually.A customer using their bonded warehouse has imported goods, not paid the tax,then gone into administration.Nothing to do with Wincanton.Guilt by association does not wash if you have followed the strict guidelines of bonded ware-housing,which they did,hence no need to set aside 1p.
i suggest that everyone here reads the company statement again very carefully .
this is coming soon .
It's not news, you know? It was at year end.
rivaldo you cannot ignore this it is 50m+ and although win has taken legal advice on this matter means nothing do you think that the vat man does not no have a top legal team believe me they no what they are doing!!!
this is different to hmrc under the customs & excise laws you are guilty until you prove them wrong not the other way round.
so that means if the vat man goes through with this claim win will have to pay the outstanding claim and then have to prove the vat man is wrong.
sounds very expensive to me .
i hope i am wrong but i dont think so ?
good luck to all here i am not a troll i was in here until yesterday morning. dyor.
Under sub heading contigent liability in the half yr numbers....
Found this in Annual Report
The Group has recently been notified by HMRC of potential claims for unpaid export duty in connection with a customer’s transfer of stock from
Wincanton’s bonded warehouse to a third party UK export agent. The Group’s view is that its processes and controls have operated as designed at all
times, that the Group has discharged its responsibilities, and that any duty due is payable by third parties. Wincanton have received legal advice and
the claims are being disputed. As a result of the robust legal advice, no liability has been recognised in respect of these claims.
In my experience companies can be joint and severally liable for these type of issues. does anybody know how much is at stake?
Yeah, it's basically thrived and is perfectly set up to move onto bigger things when the economy recovers. 250-275p my price target, but no reason why it cannot reach all time highs now, especially with more e-fulfillment contracts.
The full 240p offer being paid now.....looking like a real and well-deserved re-rating is starting.
Chart breakout?
Dormus
Good to see the full 232p offer price being paid.
Steve305, WIN have definitively stated that they've been advised there's no VAT liability. As a responsible and credible PLC they would have had to act prudently and provide against any liability if so deemed. They have not. Ergo this is not a problem at all imo. Indeed, a similar (and much more potentially costly) problem has been hanging over AUG for the last couple of years - which hasn't stopped the share price tripling.
50m + would be very bad if it goes wrong so taking my profits.
good luck to all.
Nice £20,000 buy at 230.15p just now - well above the 229p offer price. Encouraging.
Nice - PFS disposal just now confirmed in today's second RNS:
Https://www.investegate.co.uk/wincanton-plc--win-/rns/agreement-for-sale-of-pullman-fleet-services/202011051000023136E/
- small gain on disposal
- underlying profit increase despite £30m turnover reduction post-disposal
- reduction in risk to Group