Member Info for f15jcm

It's not better in a low interest rate environment. It's higher rates that are causing the financial distress they benefit from

Jet2 are trading well. Expect this to be equally positive

Average term on remaining loans of less than 1y. I think we will get a few more divis and an exit close to NAV. Risk/reward looks good at this level. Clearly very little interest. Management have been very good at keeping shareholders informed

I bought some more this morning. 17% discount to NAV (the level the tender was at). Internal yield of 12% and

BEG sells off then drops an inline update, market shrugs its shoulders. FRP rallies, drops and inline update and puts on another 8%. Despite owning both, I just don't get this disparity in valuation and price action. Massive opportunity IMO. I sold half my FRP holding today for a 36% profit

It's worth looking at the relative performance of FRP v BEG over the last week. Nearly a 20% disparity. I own both but have a much larger position here

FRP is up 7% and we are down. So frustrating! Employer's NI increase should be very good for business. Increasing interest on amounts overdue to HMRC was also mentioned by CX. That will a further blow to already distressed companies. I'm very happy to sit and wait here. There is high volume today so presumably a large seller is suppressing the price

Some people are too impatient

Given Ric comments on the current share price, I think it's reasonable to assume they are at least trading inline. He'd look a bit of wally if he said that and then warned

*last year

20th November year

Interesting comment about employer's NI. Same is true for FRP though, and their stock is doing much better. Buyback/tender would be good at this level.

BEG has a very impressive record of dividend growth. Calling it a 'turd' is ridiculous.

In answer to your question, good news :)

I did manage to find a few pennies on Friday https://x.com/F15JCM/status/1842162554442809563?t=Y25qhWzWGtDtzD2FkexuZw&s=19

There's over 20% on offer if the takeover goes through. Even if it doesn't you are buying shares in a half-decent business at a reasonable price. Risk/reward looks quite good, shame I don't have any money!

I've sold up for a 6% profit. Good job on cost control but there needs to be top line growth. This mgmt team don't have a track record in delivery. Back on watchlist

I take back most of what I said. Cashflows are poor but for justifiable reasons (working capital movements as they said): https://x.com/F15JCM/status/1820421601814286648

Presentation could be clearer IMO

No, billing cycles are just background noise (or wilful distraction if I were to be cynical). The very poor (-£0.9m) cashflow is due to lease payments which aren't included in the operating numbers, hence the operating profit figures hugely flatter the actual performance of the business (which isn't very good).

Lease repayments were £6.5m in H1 alone. If you treated those as an operating cost (which to everyone but accountants, they are), it would reduce PBT for H1 to only £1m. This makes the business look incredibly expensive against its £200m mcap.

They are paying the dividends from borrowings. I reckon this might actually be a good short given there seems to be froth in the price from bid speculation.

As we can see from this and previous numbers, operating profit is rather meaningless when the lease payments are so substantial and not included in the operating numbers

I've sold, the cashflow is so bad here

On what platform is the presentation?