Ramsdens Hldgs Share Price (RFX)

Johncut - I agree with you about the gold price.

Whilst it may come off this year’s highs, it’s likely to remain high as long as current world “leaders” are in place.

The market is trading the stock for around 10 x expected forecast eps of 46p for 2027 and looking through 2026 as an exceptional year. I think will be upgraded again before year end.

For me gold is in a longer term up trend most likely until end of the decade which is a tailwind obviously for this business however the pledge book and jewellery side also seem to be growing strongly. H&T had a pledge book of 127m when it was bought out. RFX only in the 20's. Lots of runway here and with more stores a broader reach.

10-12 x EV valuation would be similar to H&T when it was sold so share price can at least double from here if doesn't get taken out too soon!

Buy out of H&T

Yesterday’s TU means that even with the recent SP rise, at the lower end of revised FY profit guidance, RFX is on a P/E of just 5.

Surely that’s way too low. Unless investors think the windfall from current gold price spikes is temporary. Which it may well prove to be. Even so, this looks undervalued to me.

US just ticking over to $39 trillion deficit not including healthcare and everything else. Gold not going down this decade.

£24m - 54p eps

£28 - 63p eps

Around 7 times earnings for FY26.

I'd say still cheap if you think gold has upside. Retail fear trade yet to come.

Hikes*