Member Info for DC2007

FT has two short articles that sum up Boo's underwhelming results today. A bid would pep up the SP but there's nothing credible in the quality press to say one is imminent; I think that might be unfounded rumour only. Once the dust settles, this will drift down like did today and visit the 30s again.

Potential owner-earnings over the next few years look non-existent. Therefore the equity can't be worth much more than whatever's left of the assets if the debt were to be repaid.

Yep, it's a bit iffy Daytrade. Along with misspelling 'calendar' and 'statement' in the slides. There's a spellchecker with almost all software nowadays; there's no excuse for basic blunders - it's sloppy and unprofessional.

What isn't mentioned is why revenues are down ~20% in real terms, because that's what's caused the profit to dry up.

Boo seem to be trying to portray this in results and publications as somehow being expected, even planned and a necessary pain to endure on the pathway to growth and expansion (or, more accurately, back to the growth and expansion of a few years back).

I don't remember them saying a few years ago 'we'll now embrace a period of operating losses and falling revenue for a couple of years, to enable greater success to be had several years from now'. It seems that they only begun to reason this way once the slump in performance was well under way.

Comparing your 'annual results' with those of three years ago too is a bit of naughty chicanery...allows bigger percentage numbers to be front and centre on the slides.

Yes, it's been drawn-down in full for ages PP1.

Okay graceful one. Told you you wouldn't be able to get through the morning without posting.

Your definitions agree with the ones I know of unhooked - hey are the orthodoxy. Absolutely normal for tradeyboy to have his own idiosyncratic meanings for words that only he knows.

'just objective analysis as normal from me' From the expert that yesterday was depreciating freehold land and buildings over three years!

There are some real shoddy spelling mistakes in the presentation; it's as if you could've been helping them with it. Day isn't over yet and I'm 50/50 on it sinking back in to the 30s.

Presume the MM's are manipulating the price, volume and so on today as always. Perhaps they're in a good mood or decided they were sick of you moaning and wanted to cheer you up for a day.

Posted a bit earlier tradeyboy. You must have missed it in your rapture at the SP going up a bit.

It's a frothy response from the SP. It looks like a relief rally that there's still been no mention of a cash call or capital restructure. I expect the air will come out of the SP again once the excitement dies down.

I've seen no convincing explanation yet about why steeply declining revenues are not a concern, or why the cash balance is represented almost in full by the debt of the fully drawn revolver. Why keep that in the business if they're not having to rely on it extensively? if that's taken away, the business is barely capable of sustaining itself. Similar is the cashflow: take out the reduced inventory position, and barely any cash is being generated from sales.

Revenue forecast down another 5% next year, US sales (and presumably reputation with it) drying up in a region that's absorbed loads of CAPEX makes it look like a costly misstep. Realistically, little chance of operating profits until FY25 at the earliest.

'There will be a whole load of angry shouting on here for the first couple of hours and some of the worst of human nature will be on display.'

At last, some self-awareness about your own behaviour. Well done tradey, have a lollipop.

You'll never get through the whole morning without posting.

Guess for the SP at close tomorrow is 33p.

Yep, ASOS is the canary: I expect tomorrow's results to not get a good reception from the market and the SP to be solidly down.

'Why would I wish to follow you anywhere.'

No idea what wishes you have in your head mate. Doubt even the psychiatrist wife got that worked out.

But follow me you did & then posted a repetitive rant of largely fictitious assertions to try and discredit me. Total bullyboy stuff but it seems to have been as inept as your typical investing theories. Nervous bout Tuesday, are ya? Betcha are, old chap.

That's nicely summarised jongle

Indeed, pompous plod has followed me to the Asos board (ironically accuses me of being a troll!) to spread lies and slander. Bullying sort of stuff.

Though he did recently refer to having been on the doors in younger days. I presumed he meant he sold them at B&Q or somewhere similar. But with that hair-trigger temper, who knows? Mind, combined with the paper-skin, it's hard to see how door-work could have went well. Would have been a liability at it; about as successful as his string of disastrous investments!

Have a lovely Sunday everyone. Even you tradey. Perhaps catch up with the wife, the family (if they can stand you), the retirement hobbies, etc., instead of wasting the depleted energies of twilight whingeing obsessively on forums.

But do find time to get the extra-strong denial sauce ready for Tuesday's reality burger – your gonna need it mate.

This is all with UK holders in mind. If you already have certificates or convert your nominee holding to them, what happens to a dividend if Poly pays one and you DON'T have the Tabys app registration to receive it?

I expect the Boo results to produce a similar but less severe response from both Boo and Asc.

There's a good concise article in the FT explaining the problems of online fast fashion. Accordingly, the difficulties are structural and sectoral, rather than.much to do with a specific business. The basic message is that the economics of these companies are fundamentally shaky and with the anomaly of their perfect moment – the pandemic – now past, the underlying facts have quickly re-asserted themselves in the equity valuation.

Yes Zebra, there's lots of uncertainty. I'd like to hope brokers will be in touch with clients with guidance on how it will work on their specific platform. But perhaps they're not fully sure of the detail of how it will work either. It's such an unusual situation.

Relieved to only have a speculative position and not a material investment here. I've got lots of sympathy for those PI's that are having to make decisions under uncertainty about substantial amounts in the tens or hundreds of thousands. Not to mention the complication if these are in tax sheltered wrappers like ISAs & SIPPs. Good point re. the prospective yield for investors with large enough positions to make the extra faff worthwhile.

Wednesday looked like classic panicked sellers with a kneejerk reaction taking it down to £1.25 Jotom. I agree that buyers - be they institutions or individuals - are probably those for whom a move holds no fear. I'd add that there'll be gamblers in there too after a moonshot and much smaller punters playing with fun money. It'll be very surprising if there aren't plenty of sessions that feature huge intraday swings.

Hi Jotom. The London listed equity is still worth over £1bn, so I'd not call that a firesale valuation. At the moment, holders are not forced sellers; but as suspension and delisting draws nearer and nearer, any holders left will be forced to liquidate (or their broker will automatically do it for them). As that proceeds, I'd expect the equity valuation to fall sharply and towards zero - stock that changes hands then will be at firesale prices.

I'm surprised it's grinding upwards too because recent events make it, to me, almost impossible to estimate a value for Poly's London-issued equity right now.

Only a couple of possibilities come to mind: institutions are content to accumulate here without demanding firesale prices because they expect to soon be able to flip shares after the redom for what they anticipate will be a large profit in any case. In other words they're seeing a big margin of safety for their purpose and so are still willing buyers at this price.

Private investors with high risk appetites are buying too in speculation that they can also net a quick profit (albeit with more complication, and certainly greater risk than the big boys), and that's been supportive so far of the upwards drift of the price around this level.

Issuing an ultimatum as a threat surely contravenes posting rules here on the ol' LSE boards.