Member Info for fatprofits

as highlighted in a previous post this appears to show

a very large reduction in profit per plot than just a few years ago?.

In % terms it appears to be a really significant drop.

Is this why the SP has failed to make much progress??...

Rig, what levels are you seeing, thanks.

Appreciate the reply.

I don't see Omicron as a major issue for financial markets,
this appears to peak quickly. Unfortunately a much
larger issue for hospitals and capacity. Would hope by
mid Feb the situation begins to look significantly better
in UK terms. We may get some volatility in January, but who knows.

The biggest headwind to valuation is the large annual
pension contributions at circa £70 million.

Also have some concerns on the size of their UK retail
estate re legacy lease liabilities, if CUR wanted to trim
store numbers with increasing migration online.

UK inflation may increasingly hit disposable income
in 2022 - although consumers may spend more on
electricals and trim spending elsewhere?.

Plus points, they look to be capable of competing
with Amazon, an incredible achievement and
the web call facility, where you can speak with a
team member looks a competitive advantage.

Their Nordics business may be listed separately, with
Currys keeping majority control at a guess.

Ruffer now hold and they are usually very sharp.

In terms of SP targets that's anyone's guess,
what we know from this week is current support
looks at very approx £1.11 a share.

In UK retail I prefer Kingfisher on valuation grounds.

EC, how long have you been investing in the stock market?.

The best prices are often in the teeth of adverse news
as mentioned previously.

The market is a forward looking discounting mechanism
and is rarely focussed just on the next few weeks.

I am not making a case to buy Currys specifically,
I prefer KGF in UK retails it goes, however there are
some interesting longer term opportunities.

They report in USD, you need to convert EPS in to GBP
and then calculate.

Next 3 weeks should provide some nice opportunities
as mentioned.

Now whether that includes Cury is a different discussion.

On a personal basis, my better half works in frontline healthcare
as previously mentioned on the GSK board, so well aware of
current challenges. I also have asthma so COVID is particularly
dangerous for me.

Mel, estimates already price in significant growth,
yes there could be further increases and the reverse also applies.

I've know SN. for nearly 30 years so have a fair understanding of
the business and prospects. In any case good fortune with your holding.

FY '23 consensus already factors in a rapid profit recovery.

Consensus currently expects just under 970 USD on pre tax for '23.

Where's the great value? - unless you are saying the multiple
should be even higher.

Current consensus on FY '23 put the multiple close to 19X.

EC, to answer your question personally, no

however, SP lows are often seen in the teeth of dreadful news.

THe market may present some very nice longer term opportunities
over the next 3 -4 weeks.

they're even

apologies for the typos - I've got a hyperactive kitten
jumping over me.

If the PE partner decide to sell the TATE is also required to exit.

PE are not long term holders of assets, exception on rare occasions,
so it's either an IPO or sell on - sell on would guess.

Reading the statements it's clear the JV will be at frist
managed for growth - so I would guess on divi in year 1,
may be small payment in year 2, and a nice day payout
from year 3 - very much my guesstimates ONLY, please DYOR etc.

Some of the questions raised here this morning are at least
partly answered in the circular, all available to read on the TATE
IR site.

IN a nutshell, TATE retain operational control of the manufacturing
facilities.

They have pre agreed a 3 year business plan for the JV, from memory.

Yes TATE can agree to sell down their stake in the JV - subject to
certain conditions.

PE usually look for a 3-5 year exit, so would expect this will
be along those lines.

Specialist food ingredients is usually a highly rated industry.

Kerry group ..etc. Gave the example of Treatt yesterday.

FY '23 on pre tax is over £230 million on current consensus.

Now a lot can change before then etc, however the market
currently sees both margin and revenue top line expansion.

!!

Hopefully you are correct.

Treatt PLC on current FY 22 consensus is estimated
to make approx £21.2 million is today valued at £670 million approx.

Tate - the £500 million capital return is today valued at less than £2.5 bn
and on current FY 22 consensus is forecast to made over £170 million -
over £230 for FY '23.

That valuation gap is astounding.

Brutal.