Member Info for BlahBlahDoh

Presumably SwearinNige did not like the "MAP23" plan introduced in 2019. That plan failed, but not as badly as he predicted. It was supposed to raise revenue to "at least £45m", but only achieved £37.3m in 2023. I know this because they have not updated the "investment case" on their website, for months, possibly for years. While neither of those observations are encouraging signs, the company does nevertheless look cheap, on a p/e basis?

Thanks Couerdelion. Here's the official statement:

https://www.bloomsbury-ir.co.uk/media/press_releases/2024/010824

A milestone, indeed, but based on their long term track record, we can realistically predict and expect further success.

You've "met" bags of flour Moany? What, at a floral dance? Granary?

So they are saying that the trust gets paid so much more for using the old, expensive method that it cancels out all the cost savings associated with the new, vastly more efficient and far better method? Surely the highly paid people who preside over such an obviously stupid and wrong system need to be sacked and have a significant percentage of their wages clawed back forthwith?

Is a bit of a hurdle for any investment rationale?

Four years ago, at the height of the pandemic, many companies cancelled their dividend in realistic expectation of a collapse in revenue due to lockdowns. Bloomsbury instead took the imaginative step of issuing bonus shares in lieu of a final dividend. Those bonus shares have more than trebled in value, giving holders here a silver lining to the COVID cloud, while those investing elsewhere got nothing, company managers treating them as low priority and dispensable.

For anyone new here, shandypants has been here from the start. He knows what he's talking about

So you're saying that UK divi stocks are heavily undervalued, relative to global growth share prices, and have been for the past 5 years. Do you think they are at the bottom of the cycle then, and due for a re-rating in the the post-pandemic

market re-balancing?

This is quite a useful source: https://markets.ft.com/data/equities/tearsheet/forecasts?s=BMY:LSE

It shows that expectations for the current year are significantly lower than the one just reported, indicating that it was in fact "exceptional", but also that results have exceeded expectations for the last 3 years. The expectations probably don't yet include the recent acquisition. Only 3 analysts covering, but their consensus on the SP is encouraging.

The acquisition is what was missing from the results, and it's significant: " the biggest acquisition by Bloomsbury to date". The fact that last year was described as "extraordinary" doesn't mean next year won't be, in fact the same source said that next year would be slightly above expectations, so that interpretation seems to be based on selective reading. I would expect the non-consumer division to bounce back sharply from a very modest decline, and this acquisition is a major step in the company's growth and development, particularly in the vast US market. Note that they have borrowed money to cover some of the cost.

The declining revenue in the non-consumer division probably accounts for some of the SP decline. The consumer division has outperformed, but those factors combined produce an imbalance in the two main prongs of the business.

It introduces a hint of slug into an otherwise burgeoning garden

I guess the MM logic is that organic growth is down from 10% to 9%, so as a growth company that deserves a roughly 10% drop? How many other FTSE100 companies are growing at this phenomenal rate though? Similar growth opportunities are rare, so new investors may force the market rating back up, along with the share buybacks

It's worth highlighting the worst case scenario, thanks busicat, but realistically they are likely to find extra funding if they need it. Albeit, it could be another fundraise, but it could equally be another source. The growth numbers are impressive, imo, but evidently slightly below what the market was hoping for. This company rarely report upside surprises, but we live in hope. Possibly a buying opportunity for the quick and the brave, but the dip is relatively small, so far.

150p? Beam me up, Charlie, this planet is full of coconuts

After the awards ceremony in July Craig Gulliford will presumably be known as King Creo?

" results were still 6 months away ", "His "6 months" seems a bit like a finger in the air"

Didn't he actually say "within the next 6 months"? Not saying that's reliable, but it's different from "in 6 months"

24p may be a low offer compared to some people's expectations, the point is that it is a higher price than the market is willing to pay now. It is therefore worth thinking about. The price is only likely to reach 30p if there is a general market upturn or if there is significant unexpected news. Possible, but very optimistic, imo. The other possibility, a lower future price, is equally likely, arguably even more likely given the uncertainties of the next few months, including major elections.

The lesson from the settlement with Samsung is that in real, hard cash terms, Nanoco's patents are worth considerably less than they have been pretending from the outset, including during the entirety of the litigation. They are not worthless, but they are (based on this, the best evidence available) nowhere near the goldmine they were purported to be either.

As I understand it, the "tender offer" is effectively a form of share buyback (a small part of it is an actual share buyback). At 24p the offer is considerably higher than the current share price. The market, therefore, seems to be indicating that 24p is generous, so it's worth considering. The current share price should be regarded as already including the benefits of the "distribution", which has now been demoted to a mere chance to exit at a higher SP, a radically different option to that previously suggested by the board, imo. It seems likely most shareholders will probably not sell, so they will have to distribute the money in another form anyway, rendering this "more effiicient" method a waste of time and money?

Co- Co- Co-, it's magic:

https://www.sage.com/en-gb/sage-ai/

The Sage centre in Gateshead has been renamed the Glasshouse, because Sage have bought the naming rights to a new arena being built next to it: https://exhibitionworld.co.uk/sage-strikes-naming-rights-deal-for-new-newcastle-arena-in-the-uk