Member Info for DanMW94

JD sports don't have real debt, it's only lease liabilities on the balance sheet?

Wow, thats crazy amount of money to spend

I am shamelessly plugging my own video here on JD Sports :). Appreciate any feedback!

https://www.youtube.com/watch?v=SQQjvrEjOAM

Quite frankly exceptional results.

EPS held up better than i expected. Full year dividend up 35% to 13.5p, currently yielding over 11%. I believe buybacks totalled around 6%-7% for the year. At the same time equity has increased just under 13% from £44.5m to £50.1m. All this on a p/e in the 3s!!

Profits before tax would have been even higher than 2021, if it wasn't for business rates relief last year.

2023 will be a tougher year, as 2022 benefited from a large orderbook but ScS is a very strong company. I can't see the SP being this cheap for long.

Looking forward to the Full year results on Tuesday. In the short term i don't mind the Share price being this low, it means the company is able to purchase more of it's own shares back :). I am also tempted to add to my existing holdings, but i will hold on until results day.

Sold a little of my US holdings to buy more LGEN. hard to call when we have reached peak fear

Fedex futures down 20%. Almost certainly related.

Gary, unfortunately you can't time perfectly when to enter a market or stock...
Bellway (and Redrow) are both very cheap against historical standards. Bellway's share price is currently the same level as 8 years ago. Meanwhile Net Assets and EPS have more than doubled in this time. Although i have very little faith in UK government and the handling of the economy, i think we are at the point where a downturn is largely priced in.
As a % of my holdings i have never been more exposed to Housebuilders, than right now. But have only been investing for 5 years, so take this with a pinch of salt ;).

Hi Gary, Sometimes it is good to look beyond dividends. A couple of the ways Housebuilders are valued is by book value and equity growth. Bellway and Redrow are strongest on this measure.
I have just seen you are on the Bellway chat. You'll get a few good commentators on there. :).

I have been very critical of Boohoo, or at least their overvaluation. Back when this fell to 100p, i received a lot of abuse by people on these boards, who let's face it were angry because they were losing money. However, at current prices I am now thinking this could be a good buy. I am still not 100% convinced but I may open a small position shortly.

Looks very interesting. Does anybody know the expected EPS for 2022? Thanks

As the Uk arm only produces half the profits a strike wouldn't be the end of the world. There wouldn't be any wages to pay for to start with. Then in a couple of weeks, there will be an agreement and everyone will move on.

Thanks. I have cut out a section from the annual report regarding defined benefit liabilities. How does a high inflation rate affect this? my knowledge on this is fairly low.

"An IAS 19 deficit of £390 million (2020-21: £394 million) is shown on the balance sheet in respect of the DBCBS;
however, the scheme is not in funding deficit and it is not anticipated that deficit payments will be required.
The RMPP scheme closed to future accrual in its previous form from 31 March 2018. The pre-withholding tax
accounting surplus of the RMPP at 27 March 2022 was £4,182 million (28 March 2021: £3,666 million). The prewithholding tax accounting surplus has increased by £516 million (28 March 2021: £1,884 million decrease) in the
year, largely as a result of a significant increase in the ‘real’ discount rate (the difference between RPI and the
discount rate based on corporate bond yields), which has significantly reduced liabilities. This has been offset by a
decrease in the value of the RMPP assets as a result of a large increase in index-linked gilt yields, against which the
assets are hedged"

I have opened a new position in Royal Mail, only small approx. 3% of portfolio but i intend to increase this in the near future.
The investing case looks compelling. Trading below an ever increasing Tangible Net assets, decent dividend, good geographical diversification, some recent share buybacks and single digit forward p/e.

the interim results are on the 22nd March?

Evraz is a gamble ScS is a genuine Value investors dream.

Forterra are looking very good. Share buyback will mean shares in issue are back to level before 2020 dilution. New Factory and refurbishment progress clearly going well , otherwise there wouldn't be a buyback!

Net assets, dividends, Revenue, Profit all moving in the right direction and should accelerate into 2023 and 2024.

As the CEO stated, brick imports stand at record highs, currently 19% of entire brick consumption. Forterra have plenty of room to expand, this industry really does have a tremendous economic moat.

The move into Slip bricks is important in my view, this is a growing market and will likely future proof the business for a sustainable future. Although I really doubt the government are going to ban bricks, new forms of construction will mean full bricks are possibly used less. Slip bricks give the impression of a traditional full brick building when the structure could in fact be steel/ timber or modular formed. Many commercial building are clad in slip brick but probably the majority of people wouldn't know.

We may have to wait another year or two for significant Share Price increases but if we avoid a full war in Europe and Consumer Spending holds when inflation hits 10% this year, we could be near the very bottom of the Share Price cycle.

You could do much worse than invest here.

This is actually great news for NEX. Stagecoach far inferior.

I really doubt there is anything wrong with the company. In fact ScS could privatise themselves with the amount of cash on hand at the moment. Small caps get hammered when the market is under pressure. Roll on the Interims...

the risk situation has changed. A lot more uncertainty and cost pressures will limit near term profit.