Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.
@Krustysmegma
Impressed .... solid and clear presentation, liked the reassurance that essentially 80%+ of the revenue is baked in and index linked and the remaining 20% a little less so, but solid margins and risk strategies. Liked the link to revenue and not fixed fee. Interesting take on the growth of 'lower cost' competitors around saturation and ease of expansion. Liked the two director buys, good debt position and good drawdown potential for opportunities with a baked in cost rate that is modest and manageable (any investment likely to be accretive from day 1).
I scanned last years report but will read in detail. So far, don't see a downside. A bit unloved but a solid and growing yield so will have on my buy radar as I free things up to re-invest. Just a bit surprised given all this that the rating is only BBB+, but that is still perfectly acceptable to me.
Only think I might caution given the issues in BMN expansion and rather large cost increases, is that having the capital in place for the Capex is one thing, but invariably a whole raft of other costs get added in on the way.
For me, the picture looks solid, on plan and going well, but I rather expect (only born of past experience and not because I have any great ATM insight or additional inside knowledge), that there will be higher operating costs associated with the expansion phase.
Just my two peneth to temper thoughts
Been on my radar a while and going to listen in to the IM in 15 mins ... the report last Nov is really pretty comprehensive and makes for a solid read. Not sure I see much more than a slightly undervalued high dividend payer right now. Just the very high exposure to two big supermarkets and current 'cost of living' headwinds to be rather more clear on.
https://rtfilesprod.blob.core.windows.net/originalnotes/supermarket-income-reit_32856_20231106.pdf?sv=2019-07-07&sr=b&sig=0Yote%2FZFuLWJOA%2BM%2BrxzHyuOWJL6JVxh7kfN9PpD87k%3D&se=2024-03-15T10%3A48%3A20Z&sp=r
@Sue (GND) ... My commiserations, won't be there. I shall be raising a glass or two mind. I did not always see eye to eye with Paul, but he faced his mortality bravely and kept going to the end ....
I hope his long term vision of the SP does you (and all of us) proud
All the very best to you and your family for the future
Makes you wonder if there is a load more background buying going on ... all seems the big risk has essentially been removed. Arguably the balance sheet is stronger with a non-repayable $12.5m zero interest loan and still holding the share certificate .. none of that is reflected
@ClarkG ... mmmhh .. interesting spot .....
I have no direct evidence other than we do know at least half was sold down. Can't remember where, but I thought KS had not sold all ... so if todays add is to 30-33m . 100m shares ? ....
The man is a trader .. maybe this time he will make a few quid
He just posted on Twatter .. bought 67m at 1.3p ... does this make his holding around 100m ?
Funny how all that buying dropped the price !
https://twitter.com/kamsattar/status/1764647682767814889
Yes Lindon "A story right out of FMβs historical scrap book in fact"
I recall the late Pdub saying many times that in time when the 'story' is written it would be fantastical. Well, certainly a tale of over ambition and under-delivery, vaunted hope, bad luck and market timing
The sales are not complete as they are all interdependent ... quite rightly stopping SPR just waltzing off with Mokopane (for example) for the value of donut
Its a whole package .... so I am pretty relaxed (just irritated).
As for cash, they have cash from the fund raise. It is just earmarked for the works planned (obviously)