Member Info for DC2007

They could put what they choose in the TU. Debt levels for a company that's having a difficult period could have been useful and offered some reassurance.

Perhaps the revolver is more drawn down than they'd like anyone to know. That would imply even higher costs overall from the interest payments; are there covenants related to sales/profits too. If they'd paid a substantial amount back, It's difficult to imagine why they'd refrain from a passing mention of it .

Balls are not needed to buy in right here — lack of neurons are much more the requirement.

Surprise update is a good point. They've said nothing about cash, debt or the revolver. Can see a placing or rights issue in the 18 months with excuses that it'll 'accelerate the US development', or something similar.

How much cash did they burn through in the last 24 months? £300m plus I think. So what's the expected return on that, and when should it realistically be expected?

The 50s are here! Could be as great as the real 50s! It can only get better from here. Or worse.

Worst in that update is that the BoD seem to truly believe their own BS: if it was going down, they'd be blind to it and saying 'transitory' a lot instead of having the awareness to sort it.y

How much did revenues decline again? Near 10% if my maths is right. Even for revenues to stay the same, they had to come in around £530m. In real terms, revenue is down 15%, or about £80m on Q1 last year.

They're not being straight with investors and trying to pull the wool.

Ugly. Ex-growth and the disjunct between the numbers and the management speak widening. 50s before next update.

As you're equivocating T4G, I'll fill in some blanks.

With a 'decent' update tomorrow, some of the previous guidance would put Q1 revenue comfortably through £600m. The rest of the Boo's guidance is sufficiently vague and opaque it'd be impossible to infer what your expectation of 'decent' really is.

What would you define as 'decent'? That's a subjective quality yet you say you only deal in facts.

If it's according to you, I don't see I'd be anything but wrong. Meanwhile, back in reality...

Profit and cash dried up and that's what's hurting the valuation. With costs and inflation, and their market position, its hard to see how they can rectify this until the external situation improves.

Its the weakest of holds at the minute and no sure-fire buying opportunity. 50s looks more likely than not after all.

Not being invested is looking the smartest position here by some way though.

Yet Boo's accounts list freehold propert and land to a value of about £130m. Stockopedia have it wrong.

The £400m property portfolio is news to me. Can you give a source for this?

Look out Warren!

Revenue usually doesn't matter nearly as much as profit for how something is valued. They stopped making profits and in FY22 made a loss. Market anticipated that was going to happen in Q4 of last year and that's why the SP tanked since.

Retail is going to be in a state for the foreseeable future with even big, established companies expecting to be squeezed. Smaller, less established businesses like Boo will inevitably be more vulnerable as the various global crises play out.

Can you name your sources please? Trying to work out if there are any facts in your post. Looks like mostly opinion and speculation again.

Yep, 60s on the way, ready to test recent lows when the update lands.

You're conflating earnings with EBITDA again T4G and you know they're not the same thing.

A couple of years ago they had lots of cash on the balance sheet and no debt; now debt is on the increase and they've splashed all the cash on dubious purchases. It doesn't follow at all to describe those two balance sheets as equivalent; the latest is weaker than the previous.

What I predicted for FY22 was about right T4G: I said earnings would do well to break-even and they were minus £4m - i.e. they made a loss in the most recent financial year.

Opinions are allowed; just like your, frankly unfathomable, view of the balance sheet quality.

The cash use has been very poor. Still, they now have a juicy £300m loan facility to use instead. They'll end up well into that.

PE or other potential buyers would be waiting for a lower, more distressed price before possibly bidding for it. I still doubt it's likely because retail is about the most unloved sector at the moment and it's going to get worse yet.