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Thanks to everyone who replied - always good to get views of other shareholders. Reading the Shore Capital note, I would say it's positive rather than negative. But in current markets even the slightest whiff of negative comment can send prices down. Anyway, I added this morning, and since reading your opinions, overall I'm glad I did.
Anyone out there?
Anyone got any thoughts on the interims. I've only glanced through them - need to go back and have a deeper look. They seem to treat capital costs like normal revenue. Gets me confused. (And it doesn't take much.)
Everyone seems to be focussing on the bad news in this morning's RNS. There was some good news. New Categories are about to break even, 2 years ahead of target. That is good going, and the rate it's growing bodes well for the future.
Is probably a more successful investor than anyone on this board, let me remind you of some of his wise words:
If you don’t feel comfortable owning a stock for 10 years, you shouldn’t own in for 10 minutes
The Stock Market is a device for transferring money from the impatient to the patient
Be fearful when others are greedy, be greedy when others are fearful (lot of fear on here at the moment.)
Thought it an apt time to mention them
Yes - I tend to agree - the RNS does not change the business outlook one iota. Income may be later than hoped, but detailed licence agreements take time to negotiate. "The Company is engaged in a number of discussions with potential licence partners. An agreement with the most imminent of the new licensees is progressing well." That sounds positive to me.
It would have been nice to get more details of these discussions - I accept confidentiality won't allow them to say who they are with, but geographical location, type of application, things like that would be nice.
Overall I was positive on reading the results. Revenues up ahead of inflation, and it does flow through to the bottom line (TO ^ 13.9% EPS ^ 13.4% - I prefer seeing profits growing more than sales, but they are of a similar order.)
Slightly surprised by such a negative reaction, though in the current atmosphere any negatives drive things lower - and a reduction in FY outlook & a softening of B2B demand is enough I guess.
Overall though, happy to hold.
"This China deal has been delayed so many times" -To be fair it's only been delayed once - it's the expected length of the delay which keeps changing.
Whilst we focus on the China deal, I am also very keen to hear more about interest from North America. After Biden's green energy bill, Ceres said there had been a large increase in interest from North America. It would be nice to see an American equivalent of Bosch or Weichai entering the Ceres world.