Logistics Dev Share Price (LDG)

Decent update - small decrease in NAV but seems to me to be due to conservative mark to markets on three investments (Finsbury Foods, Alliance Pharma and SQLI) which are performing strongly, and slightly weaker performance at WS Logistics which is still early stages and probably the most cyclical / exposed to fuel costs etc due to Iran...

26.4p NAV vs 14p share price - we're still trading at a ludicrous 47% discount to NAV!

Just seen the news re further WS logistics deal. All part of the strategy. At 400m run rate revenues now, they want to get to 500m so would expect a few more little bolt ons.

Increasingly over time I expect the value of this to become more and more weighted to the logistics assets, especially as they start to divest the other bits as and when it makes sense. SQLI has been in the portfolio for 4 years now, has just delivered record H2 profits and is most likely the first one on the block. PE usually operates to 3-5 year holding periods. Finsbury has just refinanced so expect it will be in for a while longer, Alliance Pharma similarly just made a divestment so I think will continue to be owned for a while unless there is an attractive approach from a buyer. I think all three are valuable assets that will be attractive to both trade and other private equity buyers.

Nothing new in the results. Continuation of very average IR. These results are almost 5 months out of date and nothing of substance on trading ytd.

I think we will get more useful info when the Q1 valuation comes out which is end of May I believe, which will still be backward looking and 2 months out of date.

We're almost at a 50% discount to NAV atm, which is crazy. You kind of need to close your eyes and back mgmt to realise value from the assets in due course, but you need to just buckle in for the long haul I think.

.wealthoracle.co.uk/company-results

Logistics Development Group, the AIM-listed investing company managed by DBAY Advisors, reported FY25 results reflecting a year of active capital recycling. Underlying EBIT was £14.6m (2024: £18.4m) and profit before tax £15.0m (2024: £19.8m). The fair value of investments rose to £107.8m from £87.2m, marked at 7.5x EV/EBITDA against a 6.0x weighted entry multiple — material upside versus 10-15x for relevant comparable companies. Unaudited NAV per share stood at 26.7p at 31 December 2025, up from 22.3p a year earlier. £21.0m was returned to shareholders via a tender offer at 19.0p, and £15m was invested into WS Holdco to build a national UK logistics platform. Post period-end, Finsbury completed a refinancing returning £11.4m to LDG, allowing a further £10m reallocation into WS Holdco, lifting the stake to 50.7%. Vs consensus: No formal published consensus applies to this AIM investing vehicle; NAV per share rose to 26.7p from 22.3p a year earlier — an effective ~20% NAV uplift after a £21m capital return — though underlying EBIT was lower year on year as the prior comparative benefitted from larger fair value gains. Verdict: IN-LINE

.wealthoracle.co.uk/company-results

DBay and the current management team have a solid track record in consolidating and adding value in the logistics space with TDG and Eddie Stobart. I am hoping we are seeing the beginnings of a similar consolidation project here. Fingers crossed for a lucrative outcome. Patience required I suspect.