Member Info for adamj2021

WealthTransfer, where can I read the article that you are quoting this from? Got a link please?

7500 share limit of this on 212, what a joke

Where did you get 26m from?

The actual cash held by investors is £93m, the physical assets are £10m, the tangible book value is therefore £103m, trading 46% above book. Not quite the nobrainer I thought it was yesterday when seeing the cash pile (nearly all of which are customer funds), but still very cheap if this doesn't have any further nasty surprises instore.

Their take rates are also incredibly high for a payments provider, would hope to see that stop going up or its hard to imagine their client base won't just go elsewhere.

Latino that really doesnt answer my question focusing on semantics!

Sorry to be annoying I am just trying to make sure I am not missing something here. No debt and selling way below cash is very confusing.

OK so you are confirming they are trading well below cash right now? Can you please confirm what your understanding of their cash is.

:/ maybe I have the wrong number if no one else seems to care about it, would be the main investment thesis if it was true.

Anyone?

Why is this so far below cash? 850m in cash? Whats going on?

Not sure theres any way of calling the RNS positive? Priced in maybe, but there wasn't really anything but negativity in it?

Thank you ShearClass, but how can this trade for near 1/6 of cash?!

First time doing DD:

1. How much of the cash is actually their cash, rather than just cash being held for customers? It says on their balance sheet:

Cash and balances at central banks: £577.6m

Money market funds: £165.0m

Investment in debt securities £432.5m

If any of the above are actually their cash, it is way below book and seems a no brainer?

2. Is this actually just Crown Agents Bank, or is it a specific section of the bank? It seems to have no debt, but not sure how a bank would operate without debt, so assuming the latter.

3. How much of their money comes from Africa? Hard to find this exact figure

Indeed its very bullish, once the enterprise value gets close to market cap, this has incredible upside, just off ALSA alone.

Looking at £500m+ being returned to shareholders in the sale of NA business, on a 500m market cap producing good cash flow.

Minimum 5x ebitda.

American business will sell for more than the market cap of the company, when valuations are this low breaking up the company is an extremely good way to unlock value.

This seems incredibly undervalued, am I missing some glaring controversy / mistake / risk? Any help appreciated, just doing my initial overall DD today.

Cheers!

Any further insights given to the cash vs liabilities situation?

Any talk or mention at any point that they would like one day to go to the American markets? They would get a far richer valuation than currently.