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Saba rejects Workspace turnaround plan, opting for rapid wind-down

Paul Kazarian said the claim his 12-month disposal plan is a ‘fire sale’ is ‘entirely inaccurate’ and offers an immediate solution versus the Reit’s lengthy alternative.

You have your opinion i have mine. 2 makes a market. Niche business - is this adjective more suitable?

CEO buying...not sure if options or over the counter but a decent amount. Actions speak louder than words.

Don't think they want to take it over. 30% would get a seat or 2 on the board though which is probably the end goal.

Should be noted that even if dividend cancelled that capital has not evaporated - its still on the balance sheet and being deployed a different way.

Weighing machine in session. How many have the patience? If Boaz is still buying then there is definitely value there an imagine he'll extract a good chunk within 24 months.

I agree with both comments. It is a unique, quirky business which does make it hard to replicate but i think also means the valuation will always be limited. Cleaned up balance sheet and simplified accounts would definitely help to re-rate. If your looking for dividends then so much choice in UK market.

I remember looking at Paypoint nearly 20 years back when a more simple business (just utility top up) than now and share price is where it was. While its an ok business its not a great one.

Plus points - as the incumbent its difficult for any up start to displace it.

Dislikes - large 33% stake held by IM. Rules out any bid premium. High ish debt for what should be a very cash generative business. Accounts could be a lot cleaner with lots of adjusting items. Growth is basically flat.

£50m of £90m was the Royal Mail contribution so one off. Personally they would have been better to hold cash on the balance sheet so could buy back harder on weakness and / or pay down debt.

Valuation would be higher is accounts cleaner.

See that the 100m ebitda target has quietly been dropped and debt rising I hold but probably wouldn't add. The market has never understood Paypoint so unlikely to in the short or medium term going forward.

Year end is Sept so by end of May they're 8 months into the year. Pretty sure they've got a good idea of run rate.

Think you have to look at this stock on a takeover value. For me this starts at 10x FY27 EV which would be £6.57 up to 12 x for £7.87.

Ramsdens is a better quality business for me although large H&T loan book i imagine would mean strong revenues during downturns. If Ramsdens doesn't get bought out soon then it should definitely grow the loan book much larger. High gold is funding store build out so investing for future. It's run like a family business which i like.

Just seems like sector weakness because BATS reported faster drop in volumes. Full year still looks good. AI sucking life out of non AI equities.

Not sure I’d get to hung up on the valuation. Its 10% FCF yield, buying back circa 7% of stock (at this level) and paying you over 6% to wait. 13% return with SP doing nothing. If you're not selling if they fall any further then you're not losing anything.

Oil prices have retreated from recent highs as markets price in hopes of partial Hormuz reopening, while record U.S. crude exports and massive SPR releases temporarily ease global supply pressures.

The U.S. has become the world’s emergency oil supplier, exporting record volumes to Europe and Asia, but rapidly falling SPR and commercial inventories are raising concerns about future shortages.

https://oilprice.com/Energy/Crude-Oil/US-Crude-Exports-Surge-To-All-Time-Highs-Amid-SPR-Releases.html

Analysts warn oil markets remain structurally vulnerable even if Hormuz reopens, while natural gas markets are coping better thanks to expected LNG supply growth, particularly from the U.S.

The market is trading the stock for around 10 x expected forecast eps of 46p for 2027 and looking through 2026 as an exceptional year. I think will be upgraded again before year end.

For me gold is in a longer term up trend most likely until end of the decade which is a tailwind obviously for this business however the pledge book and jewellery side also seem to be growing strongly. H&T had a pledge book of 127m when it was bought out. RFX only in the 20's. Lots of runway here and with more stores a broader reach.

10-12 x EV valuation would be similar to H&T when it was sold so share price can at least double from here if doesn't get taken out too soon!

Buy out of H&T

Its either a value trap or under valued. How much longer is the smoking tail. Can see that government trying to ban smoking for anyone born in / over 2009. How you enforce that i really do not know. It will just drive demand to illicit supply much like too much tax does now.

As long as FCF stays constant then buy backs / dividends will continue even if the market cap shrinks the value of shares will likely increase.

I thought FCF was around £2.2bn with £1.45bn going to buy backs and roughly £900m to dividends so debt is growing marginally although buy backs are reducing dividend payout by £50-100m (very roughly) per year. Forward yield is about 6% with £1.67 dps.

Can see in RNS that fund manager was offloading 0.8% of market cap which is why SP went into reverse.

FCF yield of 10% £2.2bn on £22bn market cap. I've parked some cash here.

Pretty sure you need to lean into the volatility and you''ll most likely be rewarded...465p area seems supportive and this always bounces higher on any good news.

Who's brave enough to sell here and re-buy below 500.

I sold over £17 based on a PEG of 1.6 at the time. PEG is probably around 1 now. Other stuff below 0.75 i'm focussing more on.

CER is a quality company no doubt.

Interested to know if the war is delaying this project in anyway. Fees maybe delayed in first half. This deal is providing most of the growth this year.

Forward PE of around 15-16. If take EPS growth at 15% then PEG is around 1. Good but not screaming bargain.

That said i sold at £17 ish not even 2 months back. Not often i can time markets well.

Great company and moat no doubt.