Member Info for AceofClubs

Still awaiting the final results but the preliminary announcement gives us this:

Free Cash Flow £20M
Net Debt £757.4M ("described as sensible but cautious!!")
£225m of that debt carries a cash cost of 8.35%.
£203M Shareholder Equity (Preferreds are Debt)
£504M of Goodwill and other Intangibles on the Balance Sheet

Wilding got his cash out years ago. It's a House of Cards and in my opinion a zero sum game for equity holders.
AceofClubs

Those that bring in the business are being cast aside for those that manage the business.
https://www.marketscreener.com/quote/stock/TP-ICAP-GROUP-PLC-9590162/news/Interest-rate-derivatives-broker-Jonns-exits-TP-ICAP-41135000/
AceofClubs

ConServ announces that it has divested the assets (rigs and other well plugging and abandonment related equipment) of its Well Services Group to Diversified Energy Company, PLC and those assets will join Diversified’ s existing asset retirement subsidiary Next LVL Energy.

Commenting of the divestment, ConServ President Scott Freshwater stated: “After 52 years in the well servicing business, we believe now is the time to streamline the company and take the next step in ConServ’s evolution. The Well Servicing Group represented ~ 20% of ConServ’s total annual revenue and we believe have abundant opportunities in the other markets that ConServ currently serves to make up that difference in the short term. I would like to thank our many Well Service Group employees for their dedicated service to the company and our many customers over the years for selecting ConServ as a vendor of choice. On behalf of ConServ, “THANK YOU”.
AceofClubs

http://www.csiofwv.com/
Looks like a useful addition with capabilities beyond well-plugging and DEC has 7,000+ wells, so at 200 a year they are in it for the very long haul.
AceOfClubs

Things haven't been going well for Victoria PLC for a number of years but the Wilding waffle has generally overcome a more objective examination of the financial results. It can't go on for ever and the rise in gas prices and falling consumer confidence might just be enough to focus on the actual rather than "underlying" results.
https://www.marketscreener.com/quote/stock/SNAM-S-P-A-95732/news/Gas-price-surge-pushes-Europe-s-ceramics-industry-to-breaking-point-36806799/
"In September (sic) Keraben, owned by Victoria Plc, spent seven million euros to fire up its 140-metre-long ovens compared to a monthly average last year of two million euros."

We shall find out more with the publication of the full accounts but I fear for the future of Victoria PLC - I doubt if even Wilding is slippery enough to escape the bear hug of the Koch family.
AceofClubs

Over the past 5 years the Entain share price is up 45% - MGM Resorts SP is down 8%.
Who do you want to be with?
MGM Resorts is not big enough to buy Entain - they might suggest a merger but apart from the joint venture they are very, very different businesses so I don't think so. The best MGM Resorts could hope for is to buy out the 50% of the JV but they need the Entain expertise in the online sphere.
AceofClubs

"Chairman and CFO been buying chunky amounts in last 6-8 months at prices 30/40% higher than today. Fingers x they know more than Citigroup."

The evidence is all in the first sentence Becomingpoor: crossed fingers won't alter reality.
AceofClubs

The fact that Burford failed to challenge the Muddy Waters statements has hit its credibility hard and the share price has never recovered. Here is just a sample of what MW put out: " Burford was accused of manipulating ROIC and IRR metrics and actively misleading investors, a deception, as Muddy Waters called it, that it (MW) believed caused investors to give credence to Burford’s reported fair value gains (a major element, it was said, of Burford’s investment income, as reported by it). Burford was said to have risky liquidity, and to be “arguably insolvent” and “a perfect storm for an accounting fiasco”.
Bogart puffed out his chest and promised retribution on MW - but self-interest prevailed, not shareholder interest - or possibly he couldn't find anybody willing to fund his case?
Bogart did take on the London Stock Exchange in court for permitting MW to short his stock - he lost.
Bogart also took his case to the FCA claiming market manipulation - he lost.
MW again: “We are short BUR. For years, it was the ultimate “trust me” stock.
AceofClubs - no position in Burford stock.

TP ICAP : appoints new CEO of Global Broking
https://www.marketscreener.com/quote/stock/TP-ICAP-GROUP-PLC-9590162/news/TP-ICAP-appoints-new-CEO-of-Global-Broking-40766042/

Is there anybody left to answer the 'phone who is not a CEO of something or other?
AceOfClubs

Global warming is already changing drastically the climate of our planet and there is no amount of any metal that can be mined in Southern Africa or anywhere else, to change that progression.
The Hoover Dam and Lake Mead were built to service a Californian population of 5.9 million in 1932 - in 2022 that population stands at 39 million. Global warming causing a water shortage in California? - try population growth. In 1947 the population of India was 340 million, in 2022, 1,370 million. Warm in New Dehli, you bet it is.
All the time the "experts" persist in looking at the problems, global warming, shortages of water, food, housing, et.al. through the wrong end of the telescope, there are no solutions.
Jubilee can prosper while our politicians persist in saying what they don't believe, that the problem can be solved with more wind turbines, solar panels on our roofs and a battery powered car on the drive.
AceofClubs

I subscribed to Stockopedia for many years until they switched off the "old" site which was far superior to the "new" site. The value of community comments declined markedly over the years as the well informed and experienced drifted away and is now dominated by Paul Scott groupies. It was getting expensive when including USA coverage. Now with https://www.marketscreener.com/ and https://seekingalpha.com.
AceofClubs

The poor performance of the AVIVA share price reflects one thing only: the poor performance of the underlying business.
You only have to look on the AVIVA website for the suckers (sorry customers) - https://www.direct.aviva.co.uk/myfuture/RetirementPlanner/PossibleOutcomes - at what they are promoting to people seeking a drawdown pension.
Low investment growth, -0.5% (yes a negative return is classified as growth in the AVIVA playbook) Medium return: +2.4%, High growth +5.3%. AVIVA Investors is the huge underperformer and cannot attract new business. £268 billion assets under management: £41M operating profit, £1.5B net inflows (Y/E 31 Dec 2021) - it's not even worth working out the percentages.
Amanda Blanc appears blind to the elephant in the room.
The shares are trading at what the market thinks they are worth - in this case the market is not wrong.
AceOfClubs

I have been a shareholder in IGG 10+ years. I was also a holder of PLUS500 in the early days and sold out for a good profit: I sold the wrong business.
In the past 5 years IGG share price is up 23%; PLUS500 205%.
IGG looks too cheap to sell: but then it always does and management shows no signs of the ability to change that
Today I sell my holding in IGG and invest in PLUS500.
AceOfClubs

The counter-parties to the DEC hedges are laughing all the way to the Bank: I am crying into my tea and toast.
Management desperately needs to wise up that the world is a different place to what it was in 2021.
AceofClubs

The redemption price was always variable dependent on the market price per share on redemption. Nobody will pay you £1.05 for a £1 note.
AceofClubs

In May 2019 analysts average share price target was $28.50 - Share Price was $19.00. Analysts have consistently "valued" this company far higher than the share price has ever achieved.
Current average "consensus" is $12.23, only 43% of what they "valued" it at 3 years ago but still 56% above the current $7.85 share price - join up the dots for yourselves.
AceofClubs

The useful cash flow was the $360m of debt raised on the 12 April @ 6.875%. The £90m of debt to be redeemed in 2022 was always going to be financed by more errrr... debt.
Burford and Mr & Mrs Bogart are munching machines for shareholder equity and the ever growing pile of debt: Bernie Madhoff must be chuckling somewhere.
AceofClubs

"MGM RESORTS International yesterday(2 May) offered to acquire Swedish online gaming company Leovegas for about $607m (£485m), paving the way for the US casino operator to expand its presence in Europe."

Is this necessarily good news for Entain? The fact that MGM have now pitched their own tent in Europe means bigger muscled competition with MGM having a full picture of the Entain business model.
AceofClubs

" TP ICAP, a leading electronic market infrastructure and information provider, announced today (28 April) the appointment of Mark Govoni as Chief Executive Officer of its Agency Execution division. Govoni replaces John Ruskin, who has decided to step away from the business having successfully led the integration of Liquidnet into the TP ICAP Group. Ruskin will stay with the Group until the end of June to ensure an orderly transition."

Read into the above what you will but my experience of "management speak" tells me all is not well here.
AceofClubs

"The share price should be double £7-£8".
Over the past 13 years IGG has traded at an average P/E of 13 - now it trades at 8 or 9 and the consensus expects that to continue.
IGG is no longer considered a well managed growth company. Management appears to be weak and a bit clueless. It generates lots of cash but no real growth - competition is strengthening. New leadership required?
AceofClubs