Member Info for andsoforth

Sort of agree with you Compass. The dividend is being lowered by a third. That should give an annual return of c19p per share. This seems sensible given the uncertain times ahead, and it leaves a well-covered dividend. The current yield is therefore c6.3%, though I can see it dropping further. The statements today make it clear there is to be geographic retrenchment, and a concentration on what is probably the least profitable, most competitive and most comprehensively regulated markets. Business and therefore capital growth is consequently likely to be limited. The price here is driven primarily by the yield, so I would reckon an upper limit price of c360 is more realistic. At that price the yield, even if reduced further, will remain attractive to both private and professional investors. (Unfortunately that is less than I paid for most of mine!!!) A possible takeover is not an unreasonable expectation if the new management prove less competent. 500 a share would probably take it.

" Playtech will announce its
interim results on 17 September 2020. Playtech took early and decisive action in response to COVID19 to ensure the health and wellbeing of its employees and to preserve cash flow, while continuing to
provide customers with Playtech's leading technology. Despite the pandemic severely impacting some
of the Group's businesses, Playtech had a resilient H1 2020 with Adjusted EBITDA of more than €160
million. This result was driven by the Company's online businesses and the exceptional performance
of TradeTech, which benefitted significantly from increased market volatility and trading volumes
during much of H1. Playtech had a strong performance in July with continued strength in online and
TradeTech, in addition to seeing the benefit of retail locations reopening and many sporting events
resuming. Playtech's Adjusted EBITDA in July approached normalised levels."

It seems people have been bored in isolation, and are happy to gamble away their worries. Pretty decent results here, and nearly back to normal. The renegotiated covenants are an indicator of the banks' confidence.

wass_mo "They similar in a sense they both make bread and cakes": like Hornby and Hitachi both make trains! But I agree this is a decent business and undervalued still. Though it is heavily indebted and thinly traded. It will take a year or two to see meaningful movement here. Results are due in mid-September.

This appears to be value now at sub 1360. Yield is massive again (c7%) but also sustainable at these levels. Cash flow is strong, and for what it is worth the PER sits at 5.5. This is an unloved sector, and in truth a declining one, but for the short to medium term this seems a decent buy to me.

I have cleared out here today at a crushing loss. The management team are essentially the same, and I can no longer have any confidence in them. They will emerge unhurt here; I will not. Good luck to all those remaining.

https://www.bbc.co.uk/news/uk-northern-ireland-53578645

Three of twenty one branches in NI will not re-open. Earmarked for closure prior to virus. Is this a precedent?

Could well be worth waiting here. The NAV is pretty beguiling, but the dividend is far from covered, and there is too much uncertainty regarding property at the mo. There are much securer dividends out there, though they may not be as big. HICL may be attractive, or even BATS. Good luck.

Likewise plc has a board of twelve. Ten are ex-HEAD. This could be interesting (in a not nice way!)

FIF and PFD are very different businesses, and are in very different financial positions. Same sector, but not really comparable.

I voted against continuation, but think our thoughts are irrelevant for two reasons. First, as you say, the big share holders will prevail. Secondly, the assets may be of very little value anyway.

Just had web chat with Hx. Any figures showing are purely indicative. They claim to have had neither the shares nor the returned cash from DLAR's broker. Poor service all round.

A massive loss for me too. This was part of my "don't do anything but collect the dividends" portfolio! I have sold off half to look for a new home. The AD portfolio seems to me to be worthless, that's a 28% write down straight away. 60% is "stressed" or "distressed", so again probably worthless. Massively disappointed!

Yes, very dispiriting. I reckon NAV is now c30p. No dividend as "it is unlikely that a sustainable dividend can be re-established in the near future". I see little point in owning these, to be honest.Is anyone else considering selling up?

The number showing is the number of shares you requested. The actual shares have NOT been allocated yet. Unless you requested only your open allocation this number will change (possibly later today) when the shares are actually allocated.

Hi elb
Topped up myself too, in the usual tiny way. The claim by TOT today that the last six months have been "satisfactory" seems to be a good indicator.
The gluten-free products are indeed a big plus. I recently finished working in the" food service" area. Around a third of customers looked for gluten-free meals. This has always struck me as a pretty decently run company, but always priced about right or a wee bit too dear. Sub-60 seems very reasonable!

Also meant to say:
No posts here for nearly a year.
Price being depressed by Gresham House selling down holding.
Ruffer hold 19%.

FIF make cakes, buns and bread. As well as their own licensed brands (inc Disney cakes and Vogel bread), they supply to supermarkets, such as Asda. 20% of production is for food service (catering trade) and this has effectively ceased. There has been "overtrade in bread and pockets of weakness in cake" (what a lovely phrase!!) according to the update in March. Financially the net debt of £35m is not good, but credit facilities totalling £90m are available. The price is currently 56p, giving a trailing PER of 6. Could be a decent profit here in the medium term?

Broker upgrade this morning, with a TP of 300. I think you are right about waiting until August. This is less dependent on oil prices than it was, due to diversification. Declared short interest is now 3.9%, and has been falling since February. This is well down on the 9% or so it was eighteen months ago. Positive signs?

Is anyone else unable to log into their interactive investor account? Thanks.

Hi Aucuba
The revenue drop is actually better than I had expected in the light of the virus. The order book decline is currently inevitable due to the current oil price. The only real positive here is the expected fall in debt. BUT the company is still serving in a decent profit, and cashflow is strong. I think this is worth closer to 300 than 200, but the jury is still out, and I will carry on holding.