Member Info for Everton66

I agree. It’s fallen as the market’s risen. If the market falls it seems to me this is pretty friendless. Only question is how low. All time low is £1.34 but not hard to see us in the 120s or even lower. DYOR

More good news this morning

There’s something genuinely sad about people anonymously taunting strangers on anonymous bulletin boards about losses on share dealing. What a strange and sad life to find satisfaction in spending your time trolling one another. All very odd.

Https://www.investing.com/news/stock-market-news/upper-crust-owner-ssp-group-targeted-by-activist-fund-for-takeprivate-deal--report-93CH-4254554

Https://www.investing.com/news/stock-market-news/ubs-upgrades-ssp-group-to-neutral-cites-weakness-now-priced-in-4246454

This is worth a read. Flags up the short term risks to do with reduced air passenger numbers, as well as longer term attractions and scope for buybacks

UBS upgrade from sell to neutral, with a retained price target of £1.70. The broker concludes that the risks are baked into the price.

I think you’re right. The only consolation would be that this would be positive for SSPG

You are right Shropshire. It is like a primary school here with anonymous adults behaving like 10year old kids being rude to one another. I like posts which make me thin about my investments - not boorish insults and petulance. Anyway, today is a new high for the Indian business - SSP Group's stake in it is valued at £725 million (SSP Group entire market cap £1.19 billion).

I don’t think revenues are cratering. Do you have data to support this claim? Revenues are rising - the issue is whether they will rise sufficiently to support profitability expectations?

Thanks Macy. All makes sense and maybe not such bad news after all.

I was at Rome Fiumicino airport and I wanted to buy a coffee from an SSP Group establishment! Little did I suspect that they’d all closed (allegedly)

Google SSP Group and Italy. There are news stories saying that the expansion into Italy has failed and the Italian business has been placed into liquidation. Even those restaurants which have opened recently are said to have closed or be about to close. It all seems very, very strange and if true, would (I would imagine) be pretty damaging to the business, I would have thought. I have emailed the company to ask whether this is true. If I receive a response, I will let you know.DYOR .

Yes. Very positive news.

Hi Avocet. A number of people here, have investments in SSPG. We look to these boards for sensible discussion (including those with a relatively, more bearish outlook eg Macy’s). I have no right to tell you what to post or what not to post (and wouldn’t dream of so doing). But could I very respectfully ask that you take what I perceive as being beef with Savage to a different board (or even off line). Thank you.

141 the all time low. Market values thus at less than half the value it did after the fund raising and at the height of Covid. Something badly wrong or this is undervalued on a 12 month horizon IMHO. Time will tell!

Https://www.oryxinternationalgrowthfund.co.uk/?rt=68a8c3d890179

Worth a read - particularly page 12 of the most recent annual report. Basically eEnergy now forms part of the fund’s assets (Oryx is itself a quoted company). It seems pretty clear from the annual report that they do a great deal of due diligence, including meetings with management, before they make investments. Seems positive to me. DYOR etc

Thanks Macy. This is really helpful - much more helpful than either this is going to the stars or this is going to 100 pence. I think the more pessimistic assessments seem to be that at £1.63 this is a little short of fair value, but not much, whilst more optimistic brokers see a fair bit of upside. On balance, I will continue to hold.

Can you explain what you mean by the poor fundamentals? This is a company which polarises analysts and investors and i’d really be interested in your analysis of the figures. Thanks and best wishes.

The stake in TFS accounts for 75 pence or 43% of the current SSPG share price at its current 173p and yet only 15% of the earnings. Suggests to me the rest of the group may be undervalued. DYOR etc

I hold

Hang on. SSPG have announced the IPO for TFS which created £28 million of their profits and values their interest in that business at £600 million. And yet the market cap for the whole of SSPG is 1.398 billion. So the non TFS business is being valued at less than £800 million. I smell value here. DYOR