Member Info for jollyspeculator

run rate EBIT is c£3m (2* interims)...or have you made some Jolly interesting adjustments? ...if £3m, this is highly rated at c15, no?

I agree... ...I vaguely remember that one of the well regarded bloggers commented that he thought TRI's offering/ markets were unexciting ...seemed to question 90p...that may help explain retrace ...but I am Jolly old and have had my fill of excitement lol

Lots of interest...but analysts (clever fellows?) warn of little excess (if any) over senior loans ...Jolly odd

...ain't that a fancy smoke?

..

that's exactly right...the really sweet play is TSTL now (or PEN 3 years ago)... before the double benefit of ratings expansion and EBIT growth...fingers crossed/not tempting fate lol ...but PEN & TRI are cracking opportunities imv...I just top sliced here to release some dosh for elsewhere...and will look for Jolly cheeky flip back in somewhere c70p

good q re returns...not aware of one... ...also a bit sceptical about aggregate data and how data constructed...I like to get down & dirty lol ..but if you found a promising site, I would be Jolly interested!

looks good prospect to me... ....not cheap as chips...but why should it be? Given its good recent performance... and upbeat commentary on prospects ...well done/good spot

my thoughts as well... ....I enjoyed a great run from 50p to £2...cashed out...and then played in/out poorly on the way down ...I thought their debt funded purchase odd (expensive and not transformational imv) ...watching for a mad bottom (that's what 50p felt like in 2008/9...looking for sub 50p this time around)

continuous learning seems one of your many strengths... ..any other tasty prospects that have attracted your keen eye?

great Warren quote...I am always amazed that quoted companies still use EBITDA in IR...brazen or what?

Libero, if you are using EV (MCAP plus net debt), you need to use a measure of profitability before interest has been deducted... you could use EBI lol

ebitda is a tool of mass deception lol ..EV/EBIT is the gold standard imv...the equivalent of p/e but adjusting for capital structure.......though there is no one size fits all approach, EBIT is my starting point.... but I always think whether I should apply Jolly adjustments to better match the measure of profitability with the measure of value, EV (so on DWHA, for example, I use EBITAG...excluding amortization and goodwill write down) ....there is at least one huge exception (blunder in) using EV/EBIT...that is where the T matters and is odd like for oillies (eg BG where the tax rate is v high)..there p/e is much better ...back to usual companies, they clearly need to invest to survive and grow...and dividing between sustaining and growth capex is about as difficult (and important) a challenge as any an analyst faces imv ...so for software companies (cf SPE), ebitda can give a wildly inflated perspective on profitability...relative to size, SPE's spend on R&D that is not expensed is huge..so either EBIT minus that year's R&D spend (if analyst is being severe) or EBIT but not EBITDA...if you go to the lse bb thread and go back a few pages you'll see a whole who's who of respected posters who perhaps did not grasp that enough lol ...so, for me, the fun, is working out what makes the company tick to decide what metric to employ ..I've had a Jolly dull life!! ...aaoo/pls consult an expert!!

Ha ha, Blue ...the time of the night when that mildly ribald humour hits the spot ...enjoy the rest of yr w/e atb Jolly

high risk/return punt... rationale: -relief rally from oversold; rumoured interest by bidders (moulton et al); asset backing (uncertain but there may be excess in value over c£50m of debt...perhaps even substantial excess) ...but risks are clearly substantial ...do the possible returns justify the risks? ...I had hoped to wait until sub 10p, but may have a flutter on Monday ..no advice intended!!

yes, Libero, that would help explain difference in our PoVs... ...for me this offers decent diversification for a cash rich pf... with a good running yield...and reasonably defensive (but as you say thin margin so certainly risk involved!)...not primarily motivated by capital appreciation here (but happy to top slice if/when on offer lol) ...good, shan, interested as ever in your assessment...anything else you got your keen eye on?

yep...got my eyes on him...reckon he must be a real Michael (winner) lol

spot on

yep, struggling in tough markets with significant operating risks/poor margins.. ..on the other hand cheap on NAV and free c/f v MCAP/EV (but not as chips again yet) and decent/aligned management

all looking strong here