Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thank you Davde and Gravenhurst. At Gravenhurst I think the Brunning & Price valuation at £200m is very low. Per other posts it’s probably insulated from COLC issues. I also think the write downs to date in property limit major write downs in future. In any case most purchasers will be interested in revenue and margin. Hopefully we’ll be able to make a better assessment in Sept of unit breakdowns. My concern is Kirk got the kick cos he got hedging wrong. Sept will advise. In interim here’s to all divisions smashing it out of the park esp. concessions that should put perform YoY
At Davde. Well put. I think the pubs may prove to more profitable than Waga. I suspect pubs enjoy higher average spend? Concessions should be killing it too. Maybe -oddly- the case that Waga is 3rd in performance of these three? Bring on Sept. My concern is our hedged energy prices
At sb1000 point well made : it would be churlish not to acknowledge the governance and executive improvements : stronger Board / stronger Exec. At the same time - a more statesmanlike MM would be welcome (it won’t arrive). What may are a decent set of results - to impress - THG has always underdelivered on result - always. Positive results with all above are cause for a re-rate. Even those that mock THG and hold a position would - if alive to it - recognise change in motion. For me September it is : THG put up (and critics shut-up) or vice versa.
Https://finance.yahoo.com/news/tmr-capital-ptc-limited-strategic-193800108.html
At licker the ‘value gap’ is our interpretation - market doesn’t agree (if efficient (!?)). Outside of external activity (bid) its the Sept trading update that offers data for a re-rate. Given updates to date have been woeful a good update should launch this. But who knows. My sense is this a better business than that that IPO’d.
I think we’re hanging around here until Sept update. Shame really as I thought interim update was positive and warranted a step up. Don’t see any activist shareholder action over August (hols) but as it happens that’s sometimes the best time to catch prey off-guard. Where do we think SP will be this time next year? I’d like to say ~100p but I’m always over optimistic so it’s probably 55-60p? Fingers crossed
Say a 300-400p SP are likely to be:
- improving sentiment … gradual uplift now - Sept
- Sept update (frankly if not a disaster it’s +ve)
Cements lift now - Sept
- Sept update good : possibly worth 50p in a wk
- PE rumour … not sure one will come pre-Sept.
- MBO : not sure it’s coming.
Appreciate it’s an odd view - esp w. GS gone. But management already treat THG as non-public so what’s the diff… fairly punchy thing to say .. but what is the diff. Just what the market thinks?
Don’t think it’s that great. Ability to grow it internationally is.
£200m for Brunning & price + rest of leisure feels low. … suggested this would be a good offer in article below. B&P are smashing it.
What’s everyone’s view? Is the SP just going sideways for yonks? Cracking update and within the week no movement. So odd
At same level before trading update?
Just shows what a fool the market can make of one. Update like that, falling inflation and 0.5% rise… ehhh
The pubs are doing very well. That’s a good business in its own right. I guess you’d get rid of leisure - bundle Waga with concessions and separate from pubs for sale. Was hoping for more bullish language in update but maybe I ask for too much : it’s good.