RE: indepth Stats for last 24 hours26 Sep 2020 11:34
Interestingly, my historical posts of debt covenant breach likely, goodwill impairment and low revenues since re-opening are mentioned in the recent half yearly report. Although the rampers said it was bolox.
RE: indepth Stats for last 24 hours26 Sep 2020 09:07
@Bovey Many posts are responding to questions. Some posts are correcting posts where the pop ups on this site have messed up the post, by stealing characters, words and moving the cursor and inserting words etc.
RE: Adequate liquidity to Sept 2126 Sep 2020 00:13
When the Auditors say this, you really do need to take off your blinkers and OPEN YOUR EYES: "The absence of the waivers and the uncertainty over the short term as a result of the ongoing Covid-19 situation represent MATERIAL UNCERTAINTIES which are TOO SEVERE for us to express a conclusion on the interim financial statements."
@LTHCine There are many different creditors/lenders, they themselves usually answer to someone and have to mitigate risks and justify their investment decisions. It would appear that several waivers are required: "accordingly a waiver is required to avoid a default under this facility and the other facilities due to the cross default risk. Waiver discussions are ongoing with the lenders".
@jm4tw Basically I have said that Billy should read the auditors independent report. The Auditors were paid by Cine, the report is easy to find in the recent Cine 2020 Half year report. "We were engaged to review Cineworld Group Plc's interim condensed consolidated financial statements (the "interim financial statements") for the 6 month period ended 30 June 2020."
@billymiller7 Do not take advice from anyone on this BB, no disrespect to jm4tw, always Do Your Own Research. Cine is a High Risk investment. You need to be very careful, the auditors recently gave a disclaimer of conclusion, which is in the half yearly report for Cine. two key sections follow, but it is better that you read their independent report yourself: "Basis for disclaimer of conclusion We have been unable to form a conclusion on the appropriateness of the going concern basis of preparation of the interim financial statements due to the existence of a number of material uncertainties "
There is then an explanation of the situation, and then this: "Both the base case and the severe but plausible downside case are forecasted to breach the leverage-based financial covenant under the revolving credit facility at both December 2020 and June 2021, and accordingly a waiver is required to avoid a default under this facility and the other facilities due to the cross default risk. Waiver discussions are ongoing with the lenders, and as at the date of this report management has not yet been able to obtain a waiver in respect of either 31 December 2020 or 30 June 2021. At the time of our review we have not been able to obtain sufficient appropriate evidence as to whether the waivers could be obtained or additional funds could be obtained where required. The absence of the waivers and the uncertainty over the short term as a result of the ongoing Covid-19 situation represent material uncertainties which are too severe for us to express a conclusion on the interim financial statements."
@NOFEAR I do not listen to analysts. When you have one analyst saying 180p (peel hunt) another saying 45p (Morgan stanley) and another saying 100p (Jefferies) you get an average of 103.33p. But the spread of the forecasts themselves demonstrate how ridiculous it is trying to make a forecast. The SP is unpredictable !! The Fundamentals of Cine are not good to say the least.
James Wheatcroft Jefferies Wall Street Analyst Ranked #1,335 out of 6,919 Analysts on TipRanks (#2,135 out of 14,512 overall experts) James Wheatcroft's Performance Success Rate 56% 10 out of 18 ratings were successful Average Return +22.2% Average return per rating Each rating is measured over a 1 year period. https://www.tipranks.com/analysts/james-wheatcroft