Member Info for Doodoo1987

Hi Villideas,

Dr Martens is always a brand that is loved by new generations. I'm a lot younger than you and can reassure you. I would like to see the company making modern advertising and taking advantage of top-line influencers that can promote the brand recognision. But only the top ones, I would like to see a marketing campaing with Zentaya for example or why not Scarlett Johansson. This is a tailwind ahead, as they've not done it yet.

Hi Fevertreeman,

If you go down on the feed you'll see myself comparing DMs with Birkenstock. Birkenstock's market cap should be 2-2.5x DM's, not 10x. Dr Martens stock at the current price is distressed. If you want to see how individual fashion brands perform go have a look at a stock like Prada (1913.HK). Don't look at fashion conglomerates like LVMH, they have multiple brands. This decreases the beta of the stocks and smoothens volatility. There might be a general tension upward or downward depending on the good or bad times, but some brands are more stable than others while other brands have negative correlation to others. In my opinion, if we see stable middle to high single digit top line growth here, the stock can easily rerate. The latest report showed a great improvement in margins, while revenue stabilised. Free cash flow is great, the company can play very well with the cash. And finally, when the turnaround happens, the company can be sold at a premium. Just my two cents.

We listen all the time about turnarounds. Fashion is one of those industries where turnarounds have more probabilities, because many brands can be very cyclical from time to time. Dr Martens is in this brand category. Hopefully we have hit the bottom. If we have and the ship turns, the stock price can 5x.

Thanks buddy. I have bought a lot below 2 GBP, averaged down and it's a pillar in my portfolio. Although confirmation bias can make one overconfident, I will consider adding up at this currently distressed price. I'll tell you something. I was screaming for buybacks before the recent results announcement and I send e-mails to five different sources that can influence the company, saying who I am, how many shares I own and what I believe about the valuation. Of course, I didn't get a reply neither did I expect one to be honest. The results came and they said "we're doing buybacks!". However, they didn't start the buybacks immediately, they located them in a future time instead of a dividend. This means they know how undervalued they are and it showed when insiders started buying stocks. This future promise and the small amount of insider trading gave me an indication that they are reluctant regarding the short-term liabilities and the CFO change might have played a role there. I'm now thinking that if a bid like that comes and the board proceed to immediate rejection, we will see a great upward trajectory in the stock price. This will show conviction. The cherry on the top is the amount of the buybacks. If they buyback as much as the divvy they used to pay, it won't materially affect the stock price. But if they do more, they will put upward pressure and make the stock repurchases more than 10% of the daily trading volume, which is the sweet spot for upward share movement (this is just an empirical rule that I have and can be objected). Just my two cents.

Where did you hear the rumours? This is a siginificant undervaluation and if they sell at this price I'll consider them fools. This company has data that have been collected over twenty years. They don't just show you what happens now, but what also happened in the past, which indiuctively means that they can easily visualise tensions and project the future. This is a massive unrealised asset. The company was going excellently until they replaced the CEO/owner/founder with an external and did a massive acquisition because they were overvalued and didn't want to do buybacks or return capital to shareholders. The urge to show growth made them do a massive acquisition. This eventually created a financial mess, it is difficult to re-value many businesses after massive acquisitions, the short-term liabilities created uncertainty etc. This company is conservatively valued at 7 GBP per share and the crows in the market know it. It will be a mistake to sell it for peanuts.

It's always good to get confirmation from the market when you choose a stock you think it's undervalued. I believe that a fair dividend yield for L&G stands at circa 5.5 to 5.7%. How did I come o this conclusion. If we apply a slight premium that the acquirer will need to pay to buy the business, then we have a 5.2% dividend yield and a potential acquisition price of 4.19 GBP per share. This might look too much though, but the final figure will be close.

Mohammed Anjarwala, non-executive director has bought 1 million pounds in trustpilot shares. That's huge. It shows great conviction.

They don't buyback aggressively and if the stock price raises buybacks won't do anything. They've worked at the past, but they will not continue working in the future. They won't support the stock price as much as they've done at the past. The thing that will send the stock to 100 pounds is growth.

Fantastic update, let's see where the market will place the stock. I see 50s for the first time in history and new all-time highs. The company is positioned for great things in US and India, many tailwinds ahead.

Today Trustpilot publicly issued its Annual Report. One of the most interestingunder-the-radar things is the following:

Progress in 2025

Deploying Advanced AI: We deployed upgraded generative AI models for content moderation, significantly improving the speed and accuracy of our automated detection systems. This technology also drives significant operational efficiencies. One of these models now detects five times the number of businesses submitting fake reviews, and our new moderation tool cuts agent time from 7 minutes to under 10 seconds per review.

Enforcing Platform Integrity: Our technology, combined with our expert teams, led to the removal of 7.8 million fake reviews, with 91% removed automatically.

Sorry, I misread. They will do buybacks instead of a dividend! I expect to do moe than 10 million then. Hopefully,they can do more than 20.

I bombarded them with e-mails to do buybacks, I sent one to Gatemore as well. they haven't guided on the buybacks, but I believe that they will do 10 million for the next six months. They won't ditch the dividend, they will supplement it with buybacks, but they have to start yesterday, not today, yesterday. They are sold for peanuts at the moment, the valuation is obsurd. They have also re-structured the debt repayments and their leverage ratio has dropped significantly. The only bad thing about YouGov is that their higher margin business is losing momentum, but I see the other two improving margins in the future.

Trustpilot for first time has offered us a long-term guidance profile of how the revenue and EBITDA margin will look like for the next 4 years. If the company executes as described, then they will have circa 150 million dollars free cash flow by 2030. If we apply an 8% cagr growth of FCF after that date for the next 2-3 years, the stock can easily be priced on a 20 times free cash flow multiple at the time (especially with this ludicrous ROCE), thus a 3 billion dollars valuation at 2030. For simplification reasons I will use a GBP/USD ration of 1.35.

Now, the company has declared that they will return all the excess capital to shareholders via buybacks. Something which they've already done for more than a year, bringing the shares outstdaning down from 417 million to 393 million. At the moment the valuation sits at 960 million pounds, thus 1.3 billion dollars. Free cash flow is at 46 million dollars. Making the assumptions that 1) the free cash flow profile will be 70 (for 2026), 90 (for 2027), 110 (for 2028), 130 (for 2029) and 150 (for 2030) million dollars and 2) that Trustpilot will buyback stock at an average valuation of 2 billion dollars and 3) that Trustpilot will utilise 80% of the free cash flow buybacks, we can approximately measure the shares outstanding at this moment in time (2030). The 80% of all the cash flows will be 440 million dollars, circa 325 million pounds. For a 2 billion dollar valuation, the stock price is 3.8 GBP. This means that they can buy 85 million shares, while I pressume that 20 million shares will be offered to employees as stock based compensation. The total number of shares oustanding will be 328 million. For a 3 billion dollars valuation this means that the stock price will be 9.14 dollars, 6.77 GBP. That's a 28.3% annual cagr stock price appreciation every year for the next four years. This seems like a great buy.

Many Jewish want diversification from Israel, they invest in other geographies. One example I know is Athenian real estate. You never know why someone sells shares.

At the latest annual report, the operating cash flow is 63.3 million, but that's without paying taxes. The capex is 17.5 million and taxes are 6.1 million. The free cash flow is 39.7 million. The market capitalisation of the company is 244 million, thus the free cash flow yield is 16.27%. This is huge. The company pays a 9.25 pp dividend at the moment, which for 117.86 million shares is 10.9 million pounds. So, If they start a 20 million buyback, at the current price they will be able to retire 9.615 million shares, so the new float will be 108.24 and the new market cap (with the share price stuck at 2.08 GBP) will be 225.14 million. Supposing the free cash flow and the share price remain the same, the yield will now be 17.63%. They will also save 900,000 on the dividend. The maths are unstoppable. Plus500 had similar maths three years ago. Do your own due diligence and good luck.

The above is just the quantitative analysis. I haven't done any qualitative analysis of the company yet. In my opinion, their business model is superb, as they get real data from the public daily. Their insights are fantastic and data is king at the moment. YouGov continues growing the panel paying the same since I firstly used it for surveys six years ago. AI doesn't disrupt them, it enhances them. There's a possibility of the 'Dead internet theory' happening partially, YouGov counterfights this with real insights. Some companies will start taking decisions using AI that has wrong or no data with random results, mostly negative. YouGov will be there to contract the illusion. They're not alone, the industry is of course fragmented but there's too much room for everyone.

It fell to the sale price eventually. Insiders still hold a lot of shares, these individuals have bought shares at the past, they had a great return. This company is the best at capital allocation in my portfolio and I still hold until something systemic happens.

Ι think that they saw "exceed market expectations" in the morning's announcement and just started buying.

I remember owning this stock for 3 years straight (from 2020 until 2023) and seeing it going nowhere. I was totally convinced but the market wasn't. See it now!

I have exactly the same opinion. I want the new one to push the initiation of buybacks, the company is massively undervalued and they have to show it with buybacks. The average trading voulme is 932,000 shares, if they start buying back 5% of this daily (at the current price this is circa 100,000 GBP per day or 25 million per year). The company has 45 million of FCF. I think it's feasible, they will retire close to 10,000,000 shares at this price and will provide support for the stcok. EPS will grow exponentially.

The stock has risen too much in the last year and a half. If it hadn't. the shares on issue would have been less than 65 million. I had made a projection that led to 50 million shares in 2030 with a cagr of 15% on the stock price but for this year the stock price would have been 32.50 GBP (and I would be happy with it). This wont happen now, because the stock is on an uptrend due to prediction markets and already too high. The company knows it, they are fantastic in allocating capital. If you see again 30000 buybacks everyday it means they make bank and we have to buy more.