Member Info for andsoforth

Disadvantages here are:
Primary listing is in Ireland
Spread is near 10%
Dividend is only c2%
Dominant family holding by McCanns
Substantial debt, with gearing at 64%
BUT, the PER is c12, revenues are rising, and 80% of revenues are non-UK. The recent acquisition of 45% of Dole is the key factor. Results are due next month. Worth a look?

The published spread is nonsense. I decided to take a small position given the coronavirus-inspired drop, and my buy is showing as a sell.

The PER is 9, there is a 6% yield covered x1.8, and the company has £6m in the bank. There was substantial director buying in May 2019. There is a controlling interest, but the company seems well managed to me. What is the catch please? (The 'Opinion' box should have a 'bemused' option!)

...on profits in this trading update. Still being investigated in the US. Not good at all!

Worst case scenario from the RNS was a NAV of 75p. With the usual 10% discount to NAV we see in the market we have 67p. The continuation vote may fail to pass. Then we would see the assets sold of, and a return of capital. That could be at c62p a share. Buying now at 52p gives a possible 20% profit. Is there a special situation developing here? Should we be brave or fearful?

The Suniva investment can be written off, giving a NAV of 89p. The impairment today of 14p per share (worst case) therefore now gives a realistic NAV of 75p. Thus the fall seems overdone. The dividend will have to be cut, so there will be more sales, and possibly a further drop. Realistically this will drop below 70p, and then it will be a bargain.

Update on Sprucefield acquisition. The existing planning consent to build retail units has been surrendered. A new submission for a mix of restaurant and other leisure facilities (including a cinema) is being completed. The local authority is DESPERATE to see the vacant land put to some profitable use.

Deutsche Bank reiterated their 'buy' recommendation today, with an increased target price of 129 (from 120). Results are due at the end of February.

For anyone interested, Sprucefield Retail Park has more than half of its area vacant and undeveloped. This was earmarked for a massive John Lewis outlet, but planning was constantly refused and John Lewis pulled after after more than a decade. The land will make an excellent residential development. It sits on the main Belfsat/Dublin road, with a thirty minute commute to central Belfast. Seems a good buy to me. (No longer hold here, unfortunately!!!)

It was down for a scheduled software update. Should be up by 0800 today.

The company invests, directly and indirectly, in property. Around 45% of the portfolio is in the UK, about 28% in Ireland, 20% in Spain and the rest in France. The price is sitting near an all-time low, possibly depressed by Quilter selling down and wider economic uncertainty. PER (for what it is worth) is 14, NAV claimed is 102p, and yield is c6.6% (covered x1.2). This won't shoot the lights out, but the dividend seems sustainable, and there is some chance of capital growth,

Hello Up
The dividend has not been covered since 2015, so it has to be cut soon. But even if halved, it will still be generous at this price. But then again, as most investors are here for the dividend, that could prompt a substantial sell off. In the longer term, the sale of the cigar business is progressing, and will reduce debt. And with sterling low and consolidation in the air, a takeover is very possible. I hold here, have added lately, and am happy enough for now. Results are due soon, and the dividend a couple of weeks after that. This is a decent if declining business, but does seem to be undervalued with a PER of 6.4, and the price near a ten year low.

Agree with tomglan. BAT has lower yield, but it is better covered. IMB has greater likelihood of being taken over, and may give a handout to shareholders when cigar business is sold. Hold both myself.

An uncovered dividend cannot be held indefinitely, and there is a precedent for reducing the dividend. So, I stick with my "realistic NAV" of 89p, and note this normally trades at c10% discount to NAV. That suggests fair value at 80p; and with a sustainable dividend at 5p, we have a yield of 6.8% while we await a re-rating.
There is perhaps ore risk here than some would want, and the Suniva investment is illustrative of what can go wrong, but the concentration on wind, waste and digesters seems rather forward looking. Time to add, at what seems to be an all-time low?

The track record here suggests a dividend cut has to be in the pipeline. Cover is only at 75%, so a yield at this price of almost 7% is sustainable. Still quite handsome!

The company claims a NAV per share of 94.55p. However it has lent 5.7% of that to Suniva and other solar power enterprises. This may have to be written off. That suggests a truer NAV of c89p. But the shares trade at 77p.

EPS has averaged around 5.2p pa over the last four years, while DPS has been around 6p. A dividend cut seems likely, perhaps to a manageable 5p. That suggests a yield of c6.2%. For those comfortable with the risk, this may be a decent income play?

https://www.bbc.co.uk/news/uk-politics-49872190

May be of interest.

The figures are rather better than I hoped, and EBITDA marginally higher than forecast in the July update. This is not one for traders, but in the longer term we should see the price climb (albeit slowly!). Management seem very competent to me.

No comment on the Thomas Cook contract. I have been unable to find any details. Results give decent marginal rises across the board, though EBITDA was undermined by R&D expenditure. The transition to cloud goes well. Hard to be disappointed here.

...but since the update in July there has been a 30% fall in price. This seems strange given the update confirmed EBITDA of £3.4m, and 'continued strong cash generation'.
Company has £1.2m in cash.
Price should really be in the 30s.