Member Info for Culpepper

Apologies. Wrong thread.

https://www.lse.co.uk/rns/KGF/final-results-part-1-of-2-w8fbhoezb7ijb4z.html

results just out.

results just out.
https://www.lse.co.uk/rns/KGF/final-results-part-1-of-2-w8fbhoezb7ijb4z.html

Done that as I said. Bought on 10th. Bigger bit of a one off shout.

A bit from proactive looking at what’s up next week.

“Wickes Group PLC said earlier this month that its results would be held up for a week as a result of a delay in the auditing process.
The company expects adjusted PBT to be no less than £83mln, with a prior announcement indicating like-for-like sales growth of 13.3%.
“The finals are likely to focus on the sustainability of the current levels of demand in the core business, the group’s ability to pass through price inflation, and the state of the {Do It For Me] DIFM order book,” said broker Peel Hunt.
“We should also get an update on the group’s capital allocation policy, though this may be less detailed than we had previously anticipated given the change in CFO.”

Moderation/normalisation is to be expected in core as I said on 25th. Feb. It’ll still be very cheap.

Peel Hunt before https://www.lse.co.uk/news/wickes-shares-look-too-cheap-after-strong-fourth-quarter-trading-3alqtsf7313f7p8.html

They put 360p on it then.

Subscriber only, but the headline tends to give a clue. Just in passing.
https://www.marketingweek.com/wickes-cmo-covid-lessons/

https://www.newsandstar.co.uk/news/20000291.expansion-plans-wickes-store-carlisle/

Previous comment “Wickes has been making a return of 25pc or more from the money spent on refurbishments and at the current rate of about 20 refurbishments a year it should have upgraded its entire estate in four years or so.”
Ongoing.

I copied this from advfn.
Liberum: significant upside at SIG

The valuation of insulation group SIG (SHI) could double if the market starts to price in structural growth opportunities, says Liberum.

Analyst Charlie Campbell retained his ‘buy’ recommendation but reduced the target price from 65p to 63p on the stock, which firmed 1.8% to 39.2p on Thursday.

Campbell upgraded earnings per share estimates for SIG by 8-12% in 2022 and 2023, ‘due to the momentum in margin improvement that was evident in the 2021 results, and higher selling prices carried forward’.

‘It has momentum in market share and gross margins, with operating costs controlled. Its valuation could double if margins hit the 5% target, and we see over 60% upside if the shares move to discount the 2023 target of 3%. The market may also start to value structural growth in its insulation businesses.’

I can see the headlines. “Sig wife spends mere £20000 on husband’s company shares”.
When contacted for comment non executive wife Mrs. Dasani revealed it is her next years ISA money. She said “ We review our investments regularly. The company has reset expectations so we thought it best to sling some more in at the same price as last time - and there is the rest of our portfolio to consider.”
When challenged about the meagre sum she responded. “ Think we’re made of money? We’re just doing the best for ourselves, like everyone else. I do so wish they didn’t have to stick it in a RNS. All my friends are talking about it now.”

Just for the record.
https://www.lse.co.uk/rns/SHI/directorpdmr-shareholding-e5six3eezmogd4s.html

Results and verbiage reset expectations. There will be a new set of shareholders coming in to replace some of the old.

Major shareholders at 16th. February.
https://www.sigplc.com/investors/information-for-shareholders/information-on-major-shareholders
Greater Manchester Pension fund recently notified 3% to be added to that.

Blackrock UK still showing as a small short. Make what you will of that as against the Blackrock holding.

Spare a thought for IKO, who need something like 60 - 70p to break even, and very probably voted. ( and any other shareholder who needs a lot more than where we are - they get forgotten )

Bit of history encapsulated here. Remuneration policy passed.
https://www.sigplc.com/~/media/Files/S/SIG-Corp/SIG-updated-%20provision%204%20Code%20statement-%20ia-register-statement-GM%20July%202020%20V8.pdf

https://www.lse.co.uk/rns/SHI/directorpdmr-shareholding-l6ihx2j9bovdqy4.html

Some will say yet more money for nothing. Fat cats. Bonus including deferred shares. It’s done and dusted, Shareholders wore it in the end.
It’s 2025 plus for the share element so not much point in moaning. You’re talking 5 years to getting the cash if complied with.

“The normal vesting date for the Awards will be 14 March 2025, being the third anniversary of the award date. Once vested, the Awards will normally be exercisable until the day before the tenth anniversary of the award date. The Shares that are the subject of the Awards are subject to a further two-year holding period commencing on vesting.”

Lot of water to go under the bridge before then. Share price and so on.

Little bit summary for those that like them.
https://www.buildersmerchantsjournal.net/sig-posts-return-to-profit/
Rolling programme of targeted acquisitions, positive cash H2 and cash neutral over the year.

25tth. March.
https://www.lse.co.uk/rns/WIX/wickes-group-plc-update-on-timing-of-full-year-results-announcement-x64iuz602xj5hnn.html

https://www.sigplc.com/~/media/Files/S/SIG-Corp/reports-and-presentations/2022/annual-reports-and-accounts-2021.pdf

And this is the broad picture.

Supportive structural market growth drivers: energy efficiency categories likely to outpace construction.
• Step-change potential from portfolio businesses at different stages in their path towards operating margins of 5%.
• Relentless focus on operational excellence underpinned by capital-light investment and digitalisation.
• Fast-approaching cash generation with an increasing number of attractive acquisition opportunities to accelerate growth.

Though I trade Sig on occasions, I usually keep a core holding.

Sig ( Shi ) though fundamentally insulation, say this in their annual report released today.

“The shift to home-working that accelerated in the pandemic has increased consumer intent for home renovation, and the diversion of spend from leisure to renovation outlasted initial expectations.”

That’s to get me in a better position. Maybe. Anybody reading this board will know I’m down on what I put in before.
I think whatever the results say, they will illustrate the value at the price.
It may or may not hold.
There you go.