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Dividends should be in play before long so share price will matter less

True but even when working to pessimistic assumptions it still looks cheap.

*Miller and Carter

A branch of Mitchell and Carter has literally sunk
https://twitter.com/sophielouisecc/status/1606284784522518528?t=w57t5TodxagCAwB9oCdeNQ&s=19

After selling at 485 in May 2019, I'm back in again at 415p. The CEO's buy was reassuring and from the wording of the outlook in the interims, it sounds like they might beat full year forecasts. Decent dividend at this level, no debt.

Happy with yesterday's update. Added some more. Chinese reopening an obvious catalyst. Potential bid target too IMO

Rather underwhelming results. Average revenue growth, weak profit and dividend growth, margins down. Lots more staff and little to show for it. Timed my exit badly but happy to be out.

England getting knocked out over the weekend was probably a contributing factor.

That's true but the UK income tax and personal finance outlook has changed considerably since the last set of interims. Fiscal drag and the rising cost of living is going to leave people with far less disposable income. As such I believe the chance of a covenant breach has increased considerably. Furthermore, I don't actually think it looks that cheap on current forecasts which will almost certainly get downgraded. Yes it's on a discount to book value but look what happened at Hammerson...

It's just a formality

If Australia is the same as UK, you need to get a court to cancel the share premium account to enable dividend payments

Agree, UK outlook is grim and it's not a short term thing imo. I'm quite surprised that there are no institutional short positions given the debt.

Suggest you read the going concern section

There was never a raise coming. Cash has already started going back up again

Higgins also bought pre results as did the CFO, only a few in his case though. It does strike me that the FX hit was realised late in the day

Though today's substantial buy from Phil does make the H2 outlook more credible. I had doubts

That buy from the CFO towards the end of August looks slightly ridiculous now.

The intangibles can be ignored. PE is irrelevant as it includes amortisation of said intangibles. I think growth in tangible equity is the best measure to value this company, although cashflow is obviously very important too. Cash flow was a shock this morning but it is stated that cash has increased since the end of H1. Liquidity isn't an issue as I see it but it probably rules out an acquisition which might be no bad thing. If the cash position hits the £9m forecast for the end of FY24, SWG is very cheap.

12.30 Friday

Receivables and payables both ballooned. Revenue/cost recognition on long term contracts can be a bit of a headache. A question for the presentation