Member Info for jollyspeculator

DYOR etc but I suggest better to focus on EV comparables not p/e or dividend yield, and (on EV/EBIT) LWB is perhaps a touch pricey given EU exposure: forecast say 7-8x, relative to say Trifast (6-7x perhaps), let alone DWHT (perhaps as low as 5x)

with real estate, surplus cash (sometimes yielding sizeable divs) and in decent growing market. Yes, micro size, weak share performance, ownership and perhaps even location (Israel) might deter PIs - but is it worth a punt?

Small premium to TNW (155/135), highish EV/EBIT multiple (200/2*13=8) and perhaps better bets elsewhere (AGTA or LONR)?

Anyone have any idea how they might exploit tax losses? Buying stakes in care home support sector et al does not seem path to utilising tax shield...

Declined over the past 12 months and interim report says "The full year outcome is subject to this [improved versus 1H] intake level continuing through 3Q". Are worries about possible profit warning -due to slower (relapse to 1H level) order intake - key driver of sell off?

The list is long, and these examples are not necessarily the most interesting (but the ones that come to mind immediately): Argo is both; Titon is well known net net; Cambria Africa and Phaunos are both funds on steep discounts; AGTA seems headed towards substantial discount to cash; many biotechs are below cash (ASM is interesting because so little cash burn).....

I should have written apologies

Though LOGP and Providence are not that correlated either. I have no mkt cap >= 2* cash opportunities up my sleeve, but there are plenty of collective vehicles on steep discounts to NAV and a fair few net nets.

No, Dave: my beef was with idea that cash plus LOGP stake >= 2* mkt cap; mkt cap is not at a significant discount to cash plus LOGP because cash pile largely depleted. That leaves LOGP stake (net of tax, a little more than current market cap) plus RtS

Decent value not enough..

What???

cash mostly consumed now on RtS purchase and share tender (both post interims)

Seems decent value given now profitable, still cash rich and projected growth in attractive markets - likely consolidation here around 28p, then progress back upwards?

Let's see whether mm prepared to run this up - may be good opportunity to get out if do

Out of line now?

Any more thoughts here? Are we worried about sharp fall off in cash? Last year of sizeable dividends?

AUM north of US$2bn and cash of US$25m - how can current EV of less than US$10m (i.e. less than 0.4-0.5% or 40-50bp of AuM) be sensible? Maybe needs to be a net net before reason returns?

Anything interesting?

Only the beginning? Cash plus 6-7 times normalised op profit is possibly way higher

What happens in 5 years' time when licence to main operations runs out?