Member Info for Jaxonsax

if you take the market expectation mentioned by Leo last night of EBITDA £7-9m (so say mid point £8m)
Take off DA of £2.1m (as last year)
apply tax at 19%
you get post tax earnings of c£4.8m
Current market cap £220m
therefore forward P/E of 45x

for a company that has no track record of profitability that doesnt look especially cheap

I agree Schomo. Very good post.

For me far too much focus on spin offs and not enough on the core business. Gave the impression he was trying to deflect attention from the disappointing results. CF hardly spoke about the main business. Seems more interested in doing corporate finance transactions (which is his background) and picking numbers out of the air (billion for this billion for that.......)

Thought Leo was ok and was the only part of the presentation that i learned something new

Understandable Bronx. No harm in taking some profit until the mist clears

Hes a very positive and talkative chap and i think a lot of times it boils over and he says something he probably shouldnt have said. I know the type as ive worked with a few. They are the entrepreneurs but dont get the objectivity and discipline often required in the PLC arena.

Interims to 30 June wont be released until 30 Sept

I think the cost of the demergers would be booked in 2021 not 2020

Agreed. I was cautious about the results but i expected better than it turned out. I expected to be going into 2021 from a profitable base point but the quote in the announcement - "we increasingly target H1 of 2021 for the Company as a whole to be operationally profitable" - concerned me. Theres 13 days to go so they should know unless its touch and go and "as a whole" infers some bits are profitable and some bits arent. Some may argue that he is being cautious 'underpromise over deliver' but i think he shot that bolt with these results and he needs to rebuild some credibility.

no ive just done 2 trades 5 mins ago

Well we dont have long to wait to find out

I'd hoover some up at 25p

GLA

im just basing it on the often stated from CF that it was 'profitable in Q4' inferring it wasnt in Q3 so across H2 as a whole i expect it to be a small profit with costs being largely fixed comes back to the kind of numbers Ricky mentioned.
Personally i dont see the 2020 results as important at all as all the action is after that period ended and thats what drives the valuation now.
Whats much more important in the results statement is how much info CF gives on current year outlook and whether he quotes any guidance numbers

i think youre about right Ricky. Lot of people are going to be disappointed with the actual numbers after confusing orders with revenue. I doubt if there was much impact from the orders signed in late 2020 . Its a long time ago now and much has happened since so this years interims will be much more interesting

As Poolbeg is a 'related party' any spin off will be voted on in GM so anyone who thinks its not fair is entitled to vote against but i doubt there will be many at all

Got to be a risk that other lump of warrants are cashed in at this level or Uncle Colin cant resist another discounted placing on some trumped up rationale about institutions.

trading at 34% of NAV but hard to see a catalyst thats going to change that anytime soon

Jonah, thats not correct the money has gone to the directors and ACAM. Read the RNS its all in there. The shares are issued to the directors and ACAM and THEY have placed them to the II's not the company

@Craigmccollum306 whats the £14m you refer to??. Theres no actual cash coming into the company from the placing. The directors salary accrued of £627k is no longer payable and the ACAM convertible has reduced by £2.5m plus interest. All the cash at 13p from the placing has gone to the directors and ACAM not into the company

SP drifting down isnt really that surprising given the recent rise and once the exercise of the warrants was announced

Thanks Jammer had a read and was very useful

Does anyone have a link to a recording of the webcast? unfortunately i missed the event but would like to see it

Thanks

which articles that?