George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
I don’t know is the short answer, not up to speed with FL, perhaps they are being hit more by the Yeezy affair. All I know is they only missed earnings forecasts by 3%, they did warn in March that sales and profits would be lower, and dropped forecasts a bit more I think following Q1. They have so I believe at least 400 stores that are not profitable which they are now looking to close. My take is that FL are a poorly managed business, don’t know what else you can put it down to tbh.
The market as ever has over reacted IMO.
Captain
Where did you get that Foot Locker pre their Q1 was 40?
From the link below you can see that it was around 11.7 before results and it’s now 8.5x. The 5 year median is just below 10x, the low last year was around 3x and its historical high was 27x.
For disclosure I’ve held these on and off over the years and bought back last year.
Thanks
https://ycharts.com/companies/FL/pe_ratio
Moving staff to existing premises is hardly an “expansion”
Video streaming subscriptions fall by two million in 2022 Https://www.bbc.co.uk/news/business-64450202
Despite the CEO saying the cost of living crisis will have zero impact, try telling the Netflix ex subscribers that:
https://www.theguardian.com/media/2023/jan/01/netflix-to-lose-700000-uk-customers-in-two-years-analysts-predict
Olmsey
The new bond was listed on Dublin stock exchange on 2nd July (check out the exchange website - search for Saga bonds). So an extra £80m cash on the books, that’s circa £158m now.
The new financing clearly stated as part of the covenants that no dividend with leverage greater than 3x, so that’s up to July 2023.
Can you confirm what free cash they do have as you seem to know more than most?
Thanks and good luck
IMO would be very surprised if they delay any important announcements with regards to getting the economy back on track. The Government haven’t been particularly brilliant at supporting the travel industry and they definitely need to start providing more clarity for the sector - but stranger things have happened.
Shapps announcement last week seemed to fall on deaf ears, so clearly more meat on the bones is required and sooner rather than later (they can’t keep kicking the can down the road as it takes months for the logistics to be implemented).
Jefferies increases target from 344 to 500.
HTTPS://www.thisismoney.co.uk/money/markets/article-9457275/Warehouse-deal-transform-Boohoo.html
Yep a lot of mentally deranged individuals on that site, it’s definitely been getting worse recently and decent threads are the minority now unfortunately.
Hopefully on Monday Boris will confirm cruise staycations can commence after May 17th which will give this the next leg up.
Apologies you are correct, the 4% growth did not include lockdowns (I misread the following which states they did benefit from the lockdowns).
From the last accounts:
‘Like-for-like revenues (I.e. excluding the impact of acquisitions made during the FY20) from April 2020 - September 2020 (I.e. since UK lockdown began) were 22% higher than the same period of FY20. Other than a small area of the Lighting category (supplying lighting to trade) all other categories of the Group have experienced revenue growth during the pandemic, compared to the same period in FY20. Management attribute this to the nature of its product categories, some of which are considered to be consumer staples and their low price points (relative to other brands available). As the British public has stayed at home, they have needed more household batteries, have spent more discretionary income on home-improvements (including lighting) rather than travel; and have been able to vape more flexibility at home (compared to their work environment).’
Yep, massively incentivised to get the share price up to ratings which won’t reflect their growth.
Your choice, laugh away.......only 4% growth in bottom line profit last FY and that was with some Covid tailwinds.
We each have different views and I wish you the best.
Agree the Directors remuneration has been modest over the years (£256k over the last 5 years but £196k in the last FY).
There’s no justification IMO for any company to be paying out £16m in dividend (could have been £4m to each Director) when their profit was only £10.4m. Whether the recipients deserved it or not is not really the point, that is some payout in a single year, and it seems the “rewards” are set to continue now it’s listed. Just my opinion based on numbers in the public domain.
You still haven’t explained your previous comments about the loan and dividend being related.
Hi Joker
What do you mean the loan and dividend were related?.
I’ve simply posted what was in the accounts, they paid a £16m dividend, they didn’t reinvest it for growth they gave it to those holding the ten shares.
Cheque!
‘annualised growth of about 26% is required’ - to achieve 100% growth in three years (sorry meant to add and unfortunately this site doesn’t allow posts to be edited, so sorry for the 4 in a row (brain doesn’t keep up with my typing!).
Based of their last FY eps post listing equates to 9p, so already on a PE of 22.
Taking the IPO price of 134p, and assuming the price correlates with earnings (not that it always does) then annualised growth of about 26% is required, to be “value” I will assume a PEG less than 1, so a PE of 25.......a lot seems to be already baked in IMO.
Interesting though!.
The acquisitions of Shannon Protein Technologies and Protein Dynamix during 2018 is perhaps the reason for the significant step up in profits between 2018 and 2019?.
Yep some nice options for the CEO et al.
In 2019 net cash generated from operations was £6.2m, bottom line profit increased significantly, (more than double for some reason but the prior year it declined 21%) to £10.4m and to celebrate they paid out nearly £16m (yes £16m) in dividends, they also took out a nice secured loan to the tune of £16.4m, draw your own conclusions!. Believe there was a total of 10 shares receiving £1.6m per share in dividend that year, I wonder how many shares each of the four directors held?.
If the options were linked to anything other than the share price then I might be tempted, still might but the BOD pay offs sour it for me at the moment.
topshare
Any sells won’t be shorts closing, they have to buy the shares back in order to close their positions.
If I’ve misinterpreted what you are saying then my apologies.