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Very good update. Based on the potential impact on revenue due to the FCA proposals, back in March I forecast year end Rev to be £480m, so pleased to see it's ahead of that at £488m, so eps at least 46p IMO. With a modest PE of 15x then 690 to 700 should be fair value here, again IMO. Have noted that since the FCA announcement in Dec that the two respective quarters (or H2) since then equate to a revenue of £243m, like for like last year it was £241m. So it could be fair to assume based on H2 that rather than expecting a 14% annual decline in revenue overall (due to investor losses on leveraged products being about 30% less in the U.K.), then the FCA impact could be significantly less than I first assumed - only time will tell I suppose, but holding these until £7. DD
Yes was quoting underlying, which is the norm is it not. Whatever is your position I suppose :) DD
It reported 8.5p underlying eps for H1, where do you get 17p from? (even reported was only 15.6p). According to consensus forecasts, it's only 15.5p : http://www.digitallook.com/equity/Sports_Direct_International The 19.5 was based on a pre tax profit of £141m (as per previous post and all IMO). DD
IMO (wtfdik, DYOR, etc) Rev £3.2bn (H1 £1.6bn and usually not too much seasonality) Underlying EBITDA £285m (but who knows what impact on fx hedging, inventories, leases and wages) Pre tax £141m Underlying eps 19.5p So £3+ is a PE of 15+.....12 is pushing it IMO. DD
retail for May not looking too good. https://www.bdo.co.uk/getmedia/55d26e59-636c-4fb6-921c-8ce64a1c9b7a/BDO-High-Street-Sales-Tracker-May-2017.pdf.aspx About 50 million shares still to buyback by the end of Sept, unless it's extended. DD
Hi Matt, sorry not replied earlier, not been posting much of late. Not much happening with AHT apart from Trump not delivering on his promises weakening the share price a bit (nice bowl / cup forming?). Possibly a bit of nervous selling here today ahead of tomorrow's trading update? - time to top up!!. DD
Oh dear indeed. Once again QE you are full of hot air and posting false allegations. "I look back on my trading account and one of your outbursts was at the end of November 2015." You posted this not me, so post up what you looked back at, it's a simple request but as with all your attacks they are completely false and just lies, sad really. Now allegedly I have a bad temper and all my postings have been removed!, oh my goodness, lololololol, the lengths and excuses QE comes up with rather than simply proving the allegations that have been posted. Talk about tying yourself up in knots - just support what you have said, it's that simple, if you can't (as I know you can't), then just stop with your childish lies. Once again though, please pm me as we need to exchange details with regards to your slanderous postings (you know what I am referring to). I'm bored now with your pathetic postings, so other than pm's I have zero intention of talking to you again - your back on filter. DD
ps just for clarity, posted my views on MA taking this private at £3 (or less) before the details of the sharebuyback was released on the 28th July 2016..... just saying!, £3 was an educated guess!!.
Its for QE to support postings with facts not me, however, just to show that I have been consistent with my views here, I posted this nearly 12 months ago (July 16): "Also think at some point, despite MA stating that he "currently" has no intention of taking it private, that he will take it private when the opportunity is right for him - say £3 (or less the way it's falling) per share for the remaining 49%, £400m from his fat piggy bank and £400m by increasing leverage (still would be low against EBITDA), then he can tell the clueless MP's to go do one and stick two fingers up to the city." DD
"I look back on my trading account and one of your outbursts was at the end of November 2015." Really?, please post up proof. I have checked and did not post on SPD then, only the following:ORE, GTC, BVS, RBN, GAMA. Apologies to other posters, but if people post up false information then I am going to challenge, particularly if it's on a personal level. For the record I held these from 7th June to 27th June 2016. DD
"It would appear from recent rns that Mash has increased the stake here". No MA has not increased his stake. Have not been mentioning a takeover, just that MA will take this private, yes £3 is a guess but an educated guess. All I asked was you post up proof of your allegations against me and also other points concerning MA increasing his stake and the rubbish you posted about the takeover code. Yet all you seem to want to do is have childish and personal digs at me (very immature I must say) rather than partake in intelligent debate, says more about you than me tbh. Sounds also like you are stalking me, running around on this site (I notice you were given short shrift on the ENQ board!) and others. Now your bringing up very personal and slanderous attacks against me and my family which is completely out of order - pm me, we need to exchange details. If you cannot simply engage in debate about SPD without resorting to personal insults then, as before, you will simply go back on filter as have no wish to waste my time with playground banter. DD
Fair play to you Eric, will say this for you, never a bad word for anyone (well except for the ORE BOD!) and always a wicked sense of humour. Hope this finally gives you something back........still think AR is a complete ******** and should be locked up, but hey ho!. DD
Oh forgot: "This individual has a track record of abusing other posters and other stuff" Have I? pmsl. For others on here, try reading my posts and find out for yourselves. Okay won't say I've never retaliated when provoked but other than that..........as for "other stuff", please QE can you expand on this I'm fascinated!. DD
Your not on filter at the moment QE. Just to answer your questions first of all, before I challenge you to post up proof of your childish allegations. Pre Brexit was saying more than £3, cannot recall the exact value (£4, £4.5?), but that was when the sp was around £4 and they hadn't issued further profit warnings and obviously BREXIT hadn't happened!....durrrr. Yep saying it will now be £3 (was my posting not clear enough?). On another forum I'm saying the same £3. Think you are stalking me and need to read my posts more carefully. I have openly stated that IMO these are worth £2.70 (£3 at a push, but would not even think of buying for various reasons). Now please post up some proof of your wild accusations- have always posted honestly, yes I lost money here (not a packet) and yes it was completely down to me and nobody else, but I am in no way bitter, am an investor and expect to pick losers, par for the course. There used to be a poster on here (forget his name) that always posted up negatively and that the main issues here were due to lack of governance, to my shame and ignorance I completely rebuffed his views and think I filtered him in the end............hands up, how wrong was I. Your main issue with not only me but other posters on this site is you believe that nobody has the right to post anything unless your holding............news flash, people can and do, those with issues should ask themselves why and am I exhibiting confirmation bias. I'm posting my honest views, not deramping, not trying to wind people up.......just trying to learn from my experience, see how this fascinating story unfolds, but also to put forward a contrarian view, nobody has to listen, but maybe some will and they may end up not losing a "packet" - but as ever DYOR. Now, you stated that MA has been buying shares, and that you do read rnses, so can you post up some evidence to support that. Also you were citing the laws/regs around takeovers, would you mind posting up some proof of what you posted (I cannot see anything to support your claims, in fact quite the contrary). As regards "encouraging staff to hold onto shares for a lengthy spell and offering them a bonus for doing so" - it's only for those that actually meet the targets and get the "bonus" and do you know how many employees actually qualify?, well let's just say that if every single employee on the scheme hits their targets then it will only cost £13m, not exactly going to break the bank is it. Regards DD
You still here Eric! Im still waiting to off load the last of mine when they are worth at least the trading fee of £25...........if my calculations are right that's at 2.5p, foook still needs a 52% rise!. From gym equipment to gold exploration to women's clothing.........whatever next!. All the best if your still holding, your patience will hopefully be rewarded as you deserve something. DD
Because people thought on 18th April that it was worth that much, mainly I guess on the back of a strong £. Why does the Company feel they are only worth £3?.........buying cheap or fair price?......neither IMO. DD
Offer will be £3 IMO, SPD (MA) has clearly instructed brokers not to purchase above £3 for the buyback even though the maximum aggregated price is limited to £3 (thus they could buy some in excess of this limit but they haven't). Some posters need to read RNS's carefully, MASH (fat Mike) has not bought any shares, his holding in terms of the number of shares is the same as it's been for years, in percentage terms however it has increased because of the buyback. Mike's not stupid, increased stake without buying a single share. Likewise, some posters need to understand that the 12 month rule does not apply when said holding is a majority holding and has always been in excess of 30% since IPO. Likewise share option schemes, etc, have no precedent in determining a bid price for a compamy, besides the uplift to £4 is a cash sum and is a "bonus" relating to achievement of pre-defined targets / KPI's, has nothing to do with any potential bid price. Have to be careful, some posters handles are not what they appear, or would want you to believe they are!. DD
Offer will be £3 IMO, SPD (MA) has clearly instructed brokers not to purchase above £3 for the buyback even though the maximum aggregated price is limited to £3 (thus they could buy some in excess of this limit but they haven't). Some posters need to read RNS's carefully, MASH (fat Mike) has not bought any shares, his holding in terms of the number of shares is the same as it's been for years, in percentage terms however it has increased because of the buyback. Mike's not stupid, increased stake without buying a single share. Likewise, some posters need to understand that the 12 month rule does not apply when said holding is a majority holding and has always been in excess of 30% since IPO. Likewise share option schemes, etc, have no precedent in determining a bid price for a compamy, besides the uplift to £4 is a cash sum and is a "bonus" relating to achievement of pre-defined targets / KPI's, has nothing to do with any potential bid price. Have to be careful, some posters handles are not what they appear, or would want you to believe they are!. DD
Costa, IMO MA will take this private and won't even need to spend any of his billions to do it. Only 42% to buy now, at £3/share, say £700m, that's easily funded entirely by debt, FY17 EBITDA c £300m (if that!), so well less than 3 x EBITDA, they would be queuing up!.........simples. Keep the buyback going and more acquisitions/property/investments to be funded by banks etc.......MA keeps his billions and keeps his baby. For the record not invested here, I was for a while, just fascinated to see how this unfolds. DD
Was last Thursday. DD