Member Info for CHELMOCHASER

Very oversold this and completely the wrong price

https://www.investorschronicle.co.uk/content/e603b292-29d1-59b5-a732-e301c469b082

Yes I’ve been doing just that….ridiculously oversold

Hopefully get carried out…more shorts than a wham concert…

Be quickly wrapped up this @ 75

Yes all the towels coming in now-putting hoover on here everything has a price-this too low now

29.. then 18 tomorrow

No chance tomorrow market shut

Very good presentation and some great ideas being shared-I’m topping up here and noticed RS been buying recently at current levels..he well worth backing

Https://m.youtube.com/watch?v=uRYjDypLDpk

Ahhhh… get a room!

Totally agree JO very cheap share this and a multi bagger for those with patience which most don’t have it appears…happy to accumulate here as well and reap the certain rewards which will definitely come

CAPITA (BUY 27p to 30p). Full year trading update. Capita’s FY24 pre-close confirms an unchanged profit outlook, in line with consensus and just below our higher expectations, but with revenues and cash flow weaker than previously guided, with increased cost savings that also help support the long-term outlook but will carry higher cash cost in FY25. Revenues are now down c.8% over 11 months with a high-single digit decline now expected in FY24 (vs. prior guidance for a low to mid-single digit decline), with a free cash outflow of £120m to £140m now expected (vs. prior guidance for £90m to £110m). Capita will see a further c.£20m impact from increased National Insurance costs during 2025 but accelerating momentum in the cost reduction programme has resulted in an increase in targeted savings from £160m to £250m that should partially offset this impact in FY25 before fuller benefit in FY26. We lower our above-consensus EPS forecasts by c.10% in FY24 and c.24% in FY25 and reduce our DCF-derived PT by 10% from 30p to 27p. While a return to positive free cash flow is now pushed out to FY26, increased cost savings support credibility in a 6-8% medium-term operating margin target, with the valuation low on a FY25 EV/EBIT of 7.6x and a P/E of 8.4x.

Great post PB , I’ve been a holder here for years now and been steadily adding to my holding, looks very undervalued and I expect 25 to be a big year …this could easily double and some from here

Hi Mary

I can’t get full note but more bullet points from yesterday’s updated Deutsche note re IPO

Planned IPO of SSP's most valuable asset

SSP has owned 49% of the TFS JV since it was formed in 2016. Since then it has become market leader in airport QSR and Lounges in India. The JV will remain a key holding for SSP, but its partner K-Hospitality (Kapur family trust) intends to list part of the business via an IPO in India (Spring 2025). SSP will add c.1% to its holding to give it economic control (and it will appoint two board members).

In 2016 the JV had £8.3m of EBITDA and the business has grown at a 26% CAGR to reach £52.9m last year. It now operates 397 QSR outlets and 31 Lounges, meaning it represents c 13% of group outlets.

Rationale and valuation implications

The IPO prospectus (www.bseindia.com) points to an increased market prominence, greater credibility for the JV in India and potential to access capital markets as an entity.

More relevant to SSP shareholders will be the demonstrable difference in valuation between SSP (6x EBITDA) and the Indian peer group (>20x). Indeed, SSP describes the IPO as a vehicle to "showcase the value". The peer group which is likely to influence the IPO process (listed in prospectus) ranges from Restaurant Brands Asia on 21x to Jubilant on 34x and Westlife on 38x EBITDA (1y fwd - Bloomberg consensus). The JV has a net cash position (£10m) rather than debt.

Purely for illustrative purposes, applying a 20x EBITDA multiple to 49% of GBP52.9m would make SSP's holding in the business worth £518m or 65p per SSP share. As noted above the peer group multiple could be significantly higher. Following this arithmetic, 25% of the group's current enterprise valuation could be in the one JV, leaving the remaining 2,600 units valued at £1.5bn.

Clearly there is no guarantee that a deal will complete at this price. As SSP is not selling down, there will be no EPS or cash impact (other than a small outflow for an additional 1% holding). The more important point is that there is now a catalyst for a rerating from SSP's discount valuation. Despite a post-results rally (+15%), the share price is -20% YTD and trades on a 2025 P/E of 15.1x and EV/EBITDA of 6x. Bears have long-argued that TFS and other non-controlling interests are a negative in the investment case. We expect an IPO could prove otherwise and reiterate our Buy recommendation.

Here we go …very cheap this could easily see an approach soon

Putting the hoover on here, think we seen an approach before long…

Mary

Can’t load full note but see below the main points

On the tenth anniversary of SSP's IPO, the updated strategy unveiled with FY24 results reflects important elements that contributed to its success. An emphasis on ROCE and pause in M&A prioritise shareholder value, while there is clearly more attention on the European division under the new management. Structural growth in air passengers (particularly in the US and India) remains the key attraction of the business, and if it can deliver a combination of MSD revenue growth and a 20-30bp annual margin expansion, our forecast of 18% EPS CAGR (3y) looks achievable. We reiterate a BUY rating, 285p TP

Good presentation, any potential funding will be sorted away from the market , they happy with their cash resources and fully funded.

Very cheap share and will be adding to my already decent position , just a waiting game but potentially a multi bagger from these ridiculous levels

Deutsche Numis buy note out 285 target…

I think you guys should specialise in other things.

Clearly not headder,,, I know an oversold share when I see one…having been an equity trader for 30 years but now retired I probably should do though….

Cont

WHAT DID THE CEO SAY?

Lauren Brindley, Revolution Beauty’s relatively new CEO, said: ‘As we look to the second half and beyond, we have a strong pipeline of growth initiatives, including new and expanded retailer relationships, a reinvigorated pipeline of make-up innovation, the launch of our new Skincare range and the global expansion of our budget brand, Relove.’

She added: ‘With good momentum in the underlying business, I remain highly confident in the Reigniting the Revolution strategy and in our ability to become a top five mass beauty brand.’

Panmure Liberum, which has a 75p price target for Revolution Beauty’s stock, said ‘the shares are available at a significant discount to peers reflecting execution risk, but we think the strategic shift is progressing well and should deliver improved results soon.’