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I mean is no one sending this company the memo about the extreme downturn in ad spend and consumer confidence?? I thought there performance should at least correlate directionally with those macro factors...

it really is astounding...i was expecting a drop from Q1 given the environment and would have been happy with anything over 170mm...but they just keep absolutely smashing my expectations.

just think for a minute - we still have the rewards to reap from the Bing partnership that will be sparked through Q3/4...

I don't know...many congrats to people who hold big here. really think this is the kind of share which may help with early retirements.

Lest we ever forget the spiv who wouldn’t stop going on about the other comprehensive income line!!!! Jesus wept….at least we have those morons that we can pick up shares on cheap from.

Haha very much so...as we always said....value - or in this case FCF yields - will always win out. Absolutely hoovered up shares at the 1.11 mark.

Hopefully in for a strong H1 update on Monday.

Hey Dissipline...glad to hear someone else watching this. It's my biggest holding...managed to load up at 6 quid. Noticed the insane MM activity as well on the way up. They will be well aware that although this is one of the biggest FCF machines in UK market, it's underfollowed due to complexity of business.

Don't understand why people obsessively follow S4 Capital vs. NFG...this is a much much better business and much much cheaper.

Not posted in a while and my my what a story this is becoming. For those who didn't listen to the interview with Michael recently on the domain wire website...you must. I've always thought he was rather a poor communicator vs. Ben and hadn't seen him perform in a way which instilled me with confidence. Well how that changed on that interview...what a stellar presentation of the company and all its exciting growth opportunities going forward. And great to be talking about the domain name part of the business again and how it gives them a market advantage in its online marketing i.e. other online marketers don't have 20mm domains under their belt to monetise. This point always gets lost on people...but probably the big story here. Michael came across confident, clear and composed.

And then today....some incredibly savvy capital allocation while the SP is down at these ridiculous levels. Amazing and hats off to the team...the fact you can still buy this at current prices is just insane, it really is.

No ideal...there hasn't been any shock dramatic drop off but cannot believe where the SP is. Must be one of highest quality names on the AIM and it seems to just go on completely un-noticed even after stellar results. any thoughts from you? I'm just happy to own and weight...topped up a lot 2 days ago. Under 7x PE for 20% organic growth high margin name...insane.

I don't know what people's views are, but I find Paul Jourdan a distinctively unimpressive investor...he is always chucking money at really highly valued speculative stuff at share price highs and is not someone who can even come across as impressive in interviews. Even that video on Vox re Tinybuild...it just came across as like he had some money there but didn't really care all that much / know what was going on. He is an example of what is wrong with the industry in my view.

Been watching this since c.£1.20...what a performance. Many times I've been close to buying in but held off...not even sure why...certainly not because I had any special foresight.

Ultimately this now sits at probably 3x earnings...which in most cases would see me load up. However...there are just too many red flags. The people involved is something that I could get over...CEO is bold and owns a lot, something I see as a positive; but his boldness lacks a measured CFO - that was all to clear in latest update. The cash burn will continue this year...which again I could live with - and even encourage - if it was being spent on hit games and a potential investor could see that being reflected in game reviews and satisfaction levels. But there in lies the risk I just can't get over...they seem to not be hitting the spot with their new games, and they have invested heavily. Games aren't like a factory being built and not giving the expected return either...they knock the Company's reputation which is so critical here. Word of mouth in gaming world spreads like fire and the fact they now have had a few games not hit the spot really worries me.

It's for that reason I'll be staying away but will be watching everyday with intrigue to see how this plays out. Btw - my knowledge is as basic as it comes here...just my take above. For those that can do the required digging here...there is clearly a potential multi-bagger on offer. Best of luck!!!!

Hey shearclass - we’ve spoken before over at tinybuild…always like your input.

I must admit, this has been a painful watch for me as lost 20%…but fundamentally do think there is value here. It’s a cash hungry model but there collection rates are also growing a lot and are very substantial. They had a difficult year in credit hire with the court delays and the insurance contract going wrong which was not their fault. I’m looking beyond credit hire here….the housing disrepair segment is highly attractive, has much quicker pay back and returns on capital of +50%. It’s a hated stock at the moment but I think the VW case will come good and you gave that added upside as well.

Always just about assessing risk and reward but I think there is good upside here. Agree though that VW must be used to get rid of that horrendous expensive funding got last year - that was silly.

Not really insightful at all….basically just saying what happened to ince is a sector wide issue and that broad brush these are bad businesses.

The company generates high returns on capital and margins alongside revenue growth as a result of being a specialist niche business. It has additional lion fish sale upside.

The business generates 15mm in ebitda and a good amount of FCF. It’s undervalued and once the ex ceo is out of the picture I’m sure will do fine.

Capital cycle is heavily relevant in this sector right now…its despised and at a trough. Bodes well for those who can look to the future and understand tha cycle.

good to see us rebound today after that absolutely hissy fit yesterday which was simply ridiculous.

i don't understand people's complaints...does anyone really expect them to be posting +20% organic growth rates after the numbers last year in an ad downturn...get a grip and some realistic expectations formed.

they are doing fine and trading on high teen FCF yields now, with plenty of scope for upside.

unfortunately the current run rate of growth is a very very long way off justifying a high 20's earning multiple (assuming a much higher multiple than that if one uses current trajectory of profits)...this is the problem for the SP now, not Candy or Bonnier. If investors see value...no matter what the shareholder structure people will chase it...however, growth vs. value here has been grounded to a halt.

Hi All - someone needs to start of the conversation here. IMO a massively undervalued long-term hold now. Are into single digit P/E now with massive cash generation. Could the next year be harder...possibly. But this is one of the very high quality UK names which is priced way below where it should be. Looks like BlackRock offloaded here hence the dramatic drop over last few days, great entry point.

Oh god Monty will you drop it mate....go and do some valuation lessons for investing - Free Cash Flow - it is the sole driver of any net present value calculation....I'm not making it up for you pal...it is an axiomatic law! Please go away and learn this and stop repeating the same garbage about IFRS / GAAP earnings numbers. Jesus...

The problem is at run rate earnings they are back to 30x EBITDA level of valuation....yet growth has materially slowed. Tons of stuff out there atm at levels of 5/6x EBITDA with much higher margins and growing robustly.

these cannot be dressed up as even remotely OK results....they are disastrous.

As you say Rivaldo...truly excellent update given the performance of other names in this sector e.g. SWG. I was actually quite nervous for this update...was expecting a potential horror story. Exceptionally managed business this and the value on offer is brilliant.

haha this made me giggle...very true...out of the entire family, definitely not the sharpest.

fair to say looking into this that brave investors here could be sitting on a very large multi-bagger....this is a good business model and its priced in the absolute gutter...

ha acoldfloor....literally I just found this today and also looking for a story from an experienced OG...how the hell did we get down here when fundamentally we look pretty OK?? would much appreciate a synopsis...