Member Info for Culpepper

I'm an Mxc shareholder. Done well (so far ) since they delisted. They're rather sharp in my view. If anybody's going to come out on top, it'll be them.

I detect posters are keeping they're powder dry. Don't blame you.

And we start at +18%

Very positive sounding RNS.
"The Company is now seriously looking at options to remove the debt overhang and is liaising with the debtholders to ascertain the best way to resolve this and finally allow the company to prosper for all shareholders."
They're liaising with themselves.

Stock exchange has Wickes down for a quarterly trading update on 27th. October, but I do not know if that can be relied upon. Nothing from Wickes in that respect.

There's probably a lot I don't know about the intricacies of short selling. But on what is disclosed publicly, and on my understanding, it seems to me it doesn't always work well. And they are not as nimble as pi's can be.
I think what we don't know here is when they started shorting. In the UK, they don't have to notify until they reach 0.5%.

Seem to be running just the one tracked open short in the UK.
https://shortics.com/shorter/marble%20bar%20asset%20management%20llp
Not made anything (yet) on their largest short position, Vastned Retail, since the filing date July 2020 anyway. ( 21.05 and now 24.15 Euro )
Pretty meaningless. Just out of interest.

commercial director, Sig UK, appointed chairman. Bit of news, is all.

https://rcimag.co.uk/news/roofing-suppliers-group-is-rebuilt-with-new-members-and-chairman

Yes. Nuisance. Wickes is a solid company. And the lower it goes, the cheaper whatever value one sees gets.
Logic is that if shorters ( just part of the system ) have their way a fundamentally sound company will anyway eventually reach a price where somebody, other than pi's, may say I'll have some of that. Theory and conjecture. Share chatting.

Legacy from Travis.

Thanks. Stating the obvious, the sellers definitely have the edge since spin off. Highlighted I think, by the reaction to excellent results and outlook into next year. I have, rather repetitively, posted my opinion on that. Just have to get rid of them to make any progress. A new or increasing institutional shareholder would do us good, beyond those legacy from Wickes. ( some of whom may not stay ) Incidentally, I haven’t seen Wickes publish a list yet.

Yes. Construction is recovering strongly, but, with and despite, widely reported current logistical problems. And with govt support, regulatory tailwinds etc, will continue post the existing complications.

Wickes is labelled DIY, but it's more than that. Smaller local trades, kitchens, bathrooms, part of the finished national construction output.

And the demand continues on top of recent results - "well-documented demand for installers, and in particular the builders that many wider projects are dependent upon, combined with ongoing product supply restrictions, means lead times to project completion have extended. This will result in a higher carry over order book into next year which will benefit financial year 2022."

Those few views repeated by Capital Com can in my view be summarised on balance as registering surprise the shares aren't doing deservedly better, rather than explaining why they aren't. That is backed up by the analysts against the existing trading background.

Citi. Buy. 282p. Wickes joint broker
Deutsche Bank. Hold 320p Wickes joint broker
Peel Hunt. Buy. 310p
Liberum. Buy. 420p

And the director buys.

That's part of my own investment case. We don't all see things the same way.
And I still believe Travis sellers are probably a substantial factor.

as mentioned the boom from the lockdowns is going to fade pretty quick"

Actually the article does not say that.

Though with regard to the share price it is reasonably suggested investors "may be considering whether the post-pandemic DIY boom is sustainable and whether the much-discussed global supply issues will have a knock-on effect later in the year"

The immediate boom may cool, but there are also lengthening lead times on availability of full project materials and tradespeople to consider.

A question of fact and degree across the industry, pending business as usual.

https://capital.com/wickes-share-price-forecast-where-next-for-the-uk-home-improvement-retailer
Obviously I’m in the positive camp. Nobody who has bought and held since spin off has made a bean, and in my view we are still getting rid of the negative Travis holders, who are maybe putting it back in Travis.

The catch is they need private funding. Pitch at Cop 26.

£10 billion programme to upgrade the insulation of all homes in the region.
https://projectscot.com/2021/09/glasgow-unveils-30-billion-greenprint-investment-plan-to-boost-net-zero-goals/

With the prices management have been prepared to pay, I've always thought the worse that can happen will be a buyout sometime.

"The momentum behind our Return to Growth strategy is positioning the Group well, and we have growing confidence in our ability to take advantage of ......including market tailwinds from sustainability initiatives."

It's been a bit of a mess so far and slow, but insulation will be on the way as part of it all.

Firms chasing spots on £750m retrofit framework
By Tom Lowe23 September 2021

Four-year Fusion21 deal to be used for decarbonisation works on homes and schools
Contractors have been put on notice for a £750m framework for decarbonising buildings launched by procurement firm Fusion21.
The four-year framework will be used for energy-saving retrofits, with work including installation of new heat pumps, insulation and solar panels. It also includes architectural, engineering and fit-out services.

They obviously see profit in their own labels.
https://www.insightdiy.co.uk/news/wickes-launches-eleven-brand-new-paint-colours/10260.htm

"Now that we are profitable again our focus is on completing the margin improvement programmes in the UK, Germany and Benelux, and continuing to expand the growth driven margin in other operating companies, and thereby moving the Group into stable and strong cash generation as a platform for the next stage of our strategy."

Following the plan, the next stage will be
"Growth investments include new branches in all operating countries, upgraded ecommerce capabilities and highly selective M and A."
I expect that stage is at the very least in the planning/enquiry process.