Member Info for hoper

http://uk.advfn.com/news/UKREG/2012/article/53520450

http://www.ft.com/cms/s/0/284c1c24-d17d-11e1-bb82-00144feabdc0.html#axzz2141gvKvM

I was waiting to see if I could get in at sub 50p, but if that rumour has any truth in it, we could see a bounce, so I've taken the plunge with 20,000.

SEA said their net assets were £27.6 million on the 31 Dec 11 which is roughtly 40p per share. We can only go by the companies own figures so it would appear that KNIGELK is right.

http://www.guardian.co.uk/media/2012/apr/26/mecom-issues-profit-warning?newsfeed=true

I don't really disagree with you, it's just that I would hope for a much better entry level in the months to come - somewhere around the £1 mark. To me the update was disappointing. I also think europe will have a slower economic recovery than the UK.

Mecom has been a lucky share for me in the past and I've been keeping an eye on the SP with a view to getting back in. However, seeing those large falls in advertising has put me right off. "advertising revenue fell by 12 per cent during the three-month period. The declines were 12 per cent in the Netherlands, 10 per cent in Denmark (7 per cent as adjusted for the closure of the Urban freesheet in January 2012) and 19 per cent in Poland (15 per cent on a constant currency basis)." I think the SP could drift a fair bit lower in the near future.

Once he was made CEO there was never any mention of him stepping aside - it was certainly not known to shareholders if that was the plan.

Twice demoted in under a year - not a very good reward for basically saving the company - I don't see any positives in the way IB or the rest of the old board have been treated. Not saying CAD won't come good, but anything could happen with the type of board they have now.

Why CAD chose to change I don't know, but if you hold a Standard Listing you are not eligible to be on one of the FTSE indices. Eg: the FTSE 100, 250, 350, SmallCap etc

My take on the transfer from Premium to Standard Listing is that it takes powers from shareholders and gives it to the directors. Not something I would be happy with, but if you trust the board it does allow them to make quick decisions without having to keep consulting shareholders.

I sold out at 42p so perhaps I'm the wrong person to ask. If they manage to find any gas it could soar, if they don't it will hang around these levels because of their cash. You pays your money you takes your chance.

I think a lot of the drop has to do with the change to "Standard Listing" which if I remember right is any day now. Because of the change CAD will no longer be listed on the FTSE Small Cap, this could force some tracker funds to sell. That is if any tracker funds hold CAD shares.

Went Christmas shopping with the wife yesterday - no sign of any recession. Clinton Cards, HMV, M&S, Thorntons, Perfume Shops all packed with customers. Passed the Thorntons shop several times and it was absolutely full of shoppers each time. I'm not a holder of Thorntons shares, but I think I'll do a bit of research this weekend and see if it's worth a punt.

I'm out with a small profit. This market is to frightening for me, I'll sit on the sidelines with my cash for a while.

http://www.growthcompany.co.uk/features/1108493/editorial-standard-listing-caveat-emptor.thtml

This morning's note from Collins Stewart on the IMS Mecom Group BUY | 132% upside to TP 312p | UK | Media | 20 October 2011 Slow news What’s new? Mecom’s Q3 trading update reported reassuring trends, with advertising declines slowing from 4% in H1 to 3%, and advertising in its core Dutch market declining by 6%, vs 8% in H1. Norway has deteriorated (-1% in Q3), but the performance was modestly encouraging. However, it is a small quarter, and with a challenging macro-economic backdrop, management guides to Ebitda of €140m (inc associates), vs our previous €149.2m, assuming accelerating advertising declines. The Collins Stewart view We anticipated a weakening trading performance, with downgrades to forecasts on September 30th, but disappointingly, we cut again. Our FY11 Ebitda falls from €145.5m to €136.4m (ex-associates). PBT is cut from €81.9m (47.2c) to €74.5m (44.1c), a 6% downgrade. However, management flags that “further adjustment to the cost base may be necessary” and we keep FY12 forecasts broadly unchanged, although these were bottom of the range. Details are overleaf. Impact on investment case The trading backdrop is challenging, but the business model is more resilient than the UK peer group, with a considerably higher proportion of revenues from subscription revenues (c.30% of group sales), a much stronger balance sheet (Debt/Ebitda of 2.0x in FY11), greater scope for revenue growth (digital, vouchers etc) and rising dividend yield. This morning’s statement changes none of this. Valuation Mecom is on a FY11 PER of 3.5x, yields 9.5% on a 3x covered maiden dividend, EV/Ebitda is 3.6x (adding back minorities and pension) and it has a free cash flow yield of 21.6%, after restructuring costs. Quest has a default valuation of 519p. We reduce our TP from 320p to 312p, which would be a 7.0x FY12 PER. Share performance catalyst The group trades at a material discount to the valuations it achieved on all its asset sales over the last 3 years. Key catalysts would be further disposals, clear guidance on cost savings and a more compelling digital growth strategy.

Had hoped for a little better, but not complaining. If their minimum EBITDA and debt figures are right it gives us a market cap and debt total of just over 3 times EBITDA - that's got to be to cheap surely?

Don't know where I got last years earnings of 55 cents, it was of course 44 as you say. Mecom's a funny old share - one which I've been very lucky with over the last 18 mths or so. I've just had a medium size punt and hopefully my good luck will continue, I will find out soon.

In at just over £1.32. Last years EPS was 55 cents for the year, at the intrims the chairman said they expected them to be considerably better this year and for debt to be materially lower. If every thing goes to plan this looks like a bargain, just hope he doesn't change his mind in tomorrow's update!