Member Info for Couerdelion

I don't understand this. Surely a weak dollar will make Playtech more expensive for to a US buyer.

And then Donald spoke.

I'm not passing up a sub £5 price.

Is that a typo? 3.2p

Donald Trump - the gift that just keeps giving.

My calculations estimate a current NAV per share of around 23p. I can't find any trace of the TEK Europe loan notes in the accounts but this isn't material. Smart food TEK is also a new business that I haven't seen before.

Hard to establish how fee income will look going forward and may even be safest to assume that costs now will need to be fully funded through income raised from the underlying assets. This appears to be in the region of 2-2.5% of assets so we can think of this as a sort of fund management charge, which perhaps would account for the large discount between NAV and SP.

Only other thing I saw here was Micah Richards being described as an Olympic Athlete - I know it's technically true but still....

I decided to switch some of my holdings into LGEN today. The case for taking some profits on PHNX didn't need the LGEN reference but the DY margin was starting to look stretched, particularly if you factor in the buybacks. LGEN was simply a place to park the cash from the PHNX sale

It's starting to get tiresome seeing all these so-called experts copying my price targets. :-)

I see the frustration but aren't most people here working on the assumption that even the worst update figures will still justify a valuation well in excess of these levels. Any "fair" valuation might have a wide range but it is still all upside so unless I am reading the room badly, the disappointment is as much about expectations that the SP should be higher. Perhaps exposures here are a little on the high side - for my part they are around 9x what I owned a year ago - but I know I am sitting on a store of value which won't be increased by any RNS.

After a month where returns are around +35%, I struggle to see why there are so many disappointed PI's here, particularly after it was noted than the 2-3 week timeframe looked a little optimistic. I am a very happy investor here.

I think EPS was below expectations. Not too worried personally and I've used the proceeds from yesterday's sale to buy a few more shares.

And yet oddly he bought more yesterday than were traded. Always important that senior management have a significant investment in the company so this is welcome news.

Today's SP movement looks to be more down to the upgrade in target price.

The share is only going in one direction. Every day that I fail to secure my limit order to recoup my early-April investment, the price goes up and my selling price steps up a notch - today was the first time that prices were trading above the target price so I guess tomorrow will be the day where I finally strike a suitable deal. If the last sale covered a weekend break to Scotland, this one should fund a week-long break in Cyprus.

A small vindication for my decision to rebalance to neutral a few weeks back. Hardly a win though and my fears that the results would be too good didn't come to fruition. The cyber attack story is still hanging so not exactly out of the woods here but I think we can now put a number on the cost at 15p per share so based on adjusted EPS of 32p, it's trading at a PE of 12x (less the cost of the attack)

To clarify, the adjusted EPS is the cleanest measure of earnings. Cash is perhaps a better metric but I don't know what cash multiples apply in this sector.

The market finally showing some expectation that results will be good tomorrow. I took the opportunity to cash some profits here but optimistic that there will be more to come soon.

I don't recall this share ever trading at a risk premium of only 2%. Not that I would be complaining if it approached that sort of level but I suspect I would have been cashing out a significant portion of my holding with dividend yields drifting as low as 7.5% - a return I don't think would be difficult from "growth" stocks.

I do take the point that there is a growth element here and as PHNX expands more in the investment side of the business (the DC pensions market) we could start to see valuation metrics drifting towards the likes of STJ or other such companies and away from the slightly dour "cash releasing" business of annuities and DB buyouts. For now we have a bit of a mixture which is why I tend to view the stock as tethered to the yield on gilts.

730p is a forward dividend yield of 7.7% which is very bullish.

Agreed, 500p is too much here. Top end of my range is 465p.

To answer my own question, the adjusted EPS figure excludes the £360m impairment charge to show the true underlying earnings of the business. At 31.9p EPS and current SP, we're sitting on quite a low PE ratio.

"Adjusted basic EPS was 31.9p, up 29.7% on 2023/24 reflecting higher adjusted profit in the period. Basic EPS was 14.6p, down 33.3% on 2023/24, reflecting reduced profit in the period."

Not sure which of these is the key metric but the only adjustment I can see is the impairment chare which I would have resulted in a lower adjusted EPS.

Quite instructive. Only last Friday, I was planning to sell down the final "ISA-transition" tranche at a price of 3.8p but upped my price over the weekend and now I think I will be looking for even more, possibly even into capital gains territory.

For my piece of anecdotal evidence there was plenty of premium range meals priced down to sell today. Much as I like to buy a steak pie for £5, it's not a good sign for the business as it suggests a mismatch between sales and deliveries that is leaving them with stock reaching their sell-by dates.

Small matter at this time of year. It's all about the results with a small nod to the cyber-attack impacts. But happy that my holding here is balanced now so I can trade on any strong positive or negative reaction in the markets tomorrow.