Member Info for Couerdelion

There are plenty of reasons to invest in SQZ. Dividend is the most obvious one which allows you to hold as a long term stock with dividend reinvestment or for the income. Another is the wide trading range in which it tends to operate. Buy at 120, sell at 150 and you've got a healthy short term gain with the fall-back option of holding for the dividend.

Jefferies reinitiates Playtech with 'buy' - price target 395 pence

Suspiciously close to my calculations....

The market is clearly applying a discount to the cash which I believe is unfair. For me JET2 are playing a cautious game holding the cash that they do but this is a readily deployable asset in a volatile industry that gives them the sort of options that debt-laden companies simply don't have. But probably something that a credit-facility couldn't solve.

Still happy with the holding but at these prices I am feeling the urge to take a slice of profits.

The compensation package had an EBIDTA target of 300m Euro over five years: - let's call that £250m. Apply a (potentially stretched) multiple of 8x will give a Valuation of £2bn. Compensation then takes that down by 10% for a £6 per share target. Discounting 4 years to a 1 year target (10% as a fairly arbitrary rate) gets us to £4.10 per share as a 1-yr target.

Overall, I think my assumptions here are optimistic. For the record, I sold around 16% of my holding today to realise a modest capital loss as this was one of the reasons I bought in in recent months to become heavily overweight in this stock. I am still confident there is upside but nothing like the underpricing when I first bought a year ago at £4.70.

350p is too high for my money.

Not to mention the impending US-UK free trade agreement expected to be announced at 3pm.

Yesterday's close - 800p

Today's open - 313p

The difference is the Euro5.73 dividend

I wonder if someone here might be able to help me understand one aspect of these results. One part of the presentation shows the bridge between the fair value of the portfolio of cases showing new deployments, unwind of interest, change in discount rate and realisations. What appears to be missing here is something to represent gains made from successful cases (or losses made from unsuccessful ones). Since this is what investing in Burford is all about, I'm a little surprised I can't see where this is hiding in the figures.

Any ideas?

McDonald's were added to my sanctions list for the 2018 WC though I can't recall my last visit. I'd like to know what the 6&W49 location is but fear it might put me in danger.

Apparently AJ Bell cannot support the offer for dividends to be taken in Scrip form which means that I can only reinvest dividends through share purchases rather than in new shares. The rate at which scrip shares are offered looks generous given the current price so I was wondering if anyone here was able to take advantage of this.

Agreed broadly with your calculations, TargetPractice. As an investment fund, we want them to be investing that cash though if it does drift into the potential ANX bid, I may have to plead the 5th - or at least suggest that the investors there will appreciate the cash rather than getting a bunch of loan notes.

I'd be wary of comparing the current SP to where it might have been or suggesting it will recover to these levels in the foreseeable. With the largest part of the business now sold, and the proceeds getting distributed in a few weeks, it becomes a different beast to the one that I invested in. It is now almost a pure B2B player - whereas a year ago the split was 40-45% B2B and the rest B2C. New investors are now buying the B2B business you can value at an EBITDA ratio. but the ex-div SP is not as heavily undepriced as it once was.

In theory the drop should be equal to the dividend (with a small adjustment for discounting to payment date) but the market will decide for itself what adjustment to make for the dividend. For my reckoning, sub £3 would be cheap but £3.50 is approaching something like fair value.

I'd argue that the tax situation is neutral in an ISA. Here you don't "make" money from the dividend because you'll simply loses that from the SP. Unless you have a clear view of the price shift between close today and open tomorrow, you are basically paying for money to be given back to you in around 6 weeks. In that situation, I would not be buying for the dividend but would be holding onto the cash and paying the ex-div price.

That's worrying. With AJ Bell, I saw today that all my LDG shares had gone and that the cash was credited with the full 100% sale - Kerching!!! I recycled it all back in this morning so will be more than annoyed if they make any adjustments now.

Did anyone here come up with reliable estimates for the costs? I've seen so figures but nothing that translates into a MCap hit.

Stefwoj, your "Buy tomorrow, don't touch today" would make a lot of sense for a higher or additional rate tax payer buying outside of a tax wrapper. I, however, plan to be a basic rate payer this year (at least when it comes to dividends) and can trade dividends (taxed at 8.75%) for capital losses (CGT is 18%) if I sell PTEC after today.

Not sure yet if I will sell tomorrow at c£3 because I think the shares are still undervalued. But whichever way I go, I will acquire c£13k of capital losses to use.

Did the price fall when earning were released? Most trading here is in the US and prices there jumped over 3% before retracing.

I got lucky today with a limit order I set early-pm. I had a small exit point marked at £10.70 but decided to be a little greedy and set it at £10.80 which only just found a buyer. I can now top up again when the price get's close to £10 which it shows every sign of doing.

It all looks quite encouraging and I don't understand why the shares dipped on the release of the results. But there's markets for you. US market's opened up 2% tho.

Not entirely clear from the presentation what the PFS was reporting on but it seems to be dependent on the shape of the area being exploited - rather than the bits where CTL owns the licence. If CTL are paying for the PFS, this seems a little wrongheaded as it would make more sense for it to cover the bits where CTL had the mining rights.

It's all getting rather personal here which is not the MKS way. Let's not forget that we are all here for different reasons so messages can be misread if taken in a different context.

By all means challenge the message; not the messenger.