Member Info for EdwardSeaton

I see that due to insufficient supply, China has removed all import tariffs on imported coal from today.

It is indeed a very decent dividend now. But I think SP is more likely to rise than fall now. H2 of 21 was a profit of £3.5m, and H1 22 is, if anything, ever better. Plus, there is a planning approval for 56 flats in one of their commercial properties that is yet to be realised.

Good to see (modest) director share purchases this month.

My thought is that the business of Lookers plc, which is making around £90m annual profit, is currently valued at £20m.

(Market cap is £310m, Property is £290m, so Business is £20m. (And remember they just sold a freehold that was in the books at £10.5m for £28m, so the £290m is probably very conservative)

Anyone who can to buy Lookers but doesn't is a very high level buffoon.

I am perplexed as to why these people think a picture of a really ****ty shed on the front page of their website is appropriate?

29th July.

In case anyone is interested, Bisichi released their 2021 results this morning.

Not too shabby.

Not me, Alfreddie.

I thought you were out at 200?

Monty888 - hope you're keeping an eye on Bisichi...

I agree something is up.

Excluding the conservatively valued freeholds of £290m, this is basically a £90m profit business valued at just £35m.

If this was at 500p, it would still make good sense.

I actually don't think £90m is a one off. The market conditions that drove it are, if anything, even stronger in Q1 22 than they were in Q1 21.

Agree they labour as negative the very things that are actually positive.

It is as if they wish to fuel negative sentiment.

None the less, profit is superb, cash generation immense, and the recent sale of one site which had a book value of £10m for £28m suggests the true value of the freeholds alone is far in excess of market cap.

What has this company got to do to achieve a sensible P/E?

I get the impression the chairman's description of the £90m profit as 'excepional' is the problem.

It is being interpreted as 'one off' rather than 'incredibly good'.

Have you not seen the price of coal over the last 12m?

Well, we know it is about to report profit from trade for 2021 above £80m (giving a sub 5 P/E).

So yes, trade is very good , as well as the property portfolio being hugely undervalued.

To be fair, it is just 1 site out of nearly 200.

The really interesting thing it how far in excess of book value the sale price is.

And that site had a book value of £10m.

£28m for 1 site. Hilarious.

With a P/E that could well be sub 2, why wouldn't you?

P/E is around 20 on these figures. Surely not high?