The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
From note 28 in 2018 accounts ... The total of future minimum lease payments under non-cancellable operating lease rentals are payable as follows: .... blah blah blah ... totalling £260 million (£50m within 1 year)
is that it ??? circa £1.60 a share
Note 1 says ...
Impact of IFRS 16 The Group continues to work on assessing the impact of IFRS 16 ‘Leases’. As previously disclosed, the main impact of IFRS 16 will be to move the Group’s larger, longer-term operating leases, primarily in respect of property, onto the balance sheet, with a consequential increase in non-current assets and finance lease obligations. Operating lease charges included in administrative expenses will be replaced by depreciation and interest costs. The Group will not be adopting IFRS 16 early and therefore the first set of accounts prepared under this standard will be those for the year ended 30 June 2020.
The sale of Kier Living is expected to provide financial benefits beyond a reduction in net debt due to the release of associated working capital and a reduction in the Group's use of supply chain financing and off-balance sheet debt.
err - how much "off balance sheet debt" have Kier got ???
Total assets per share - £18.07 (comprising £5.12 intangible assets, contract assets of £2.82, other non current assets of £2.55 and the rest looking like normal working capital assets imo)
Capital and liabilities per share of £18.07 (comprising £4.40 shareholders equity, Borrowings of £3.94, trade & other payables of £8.05, contract liabilities of 77p, Provisions of 57p, retirement benefit obligations of 31p, finance lease obligations of 3p and minority interest of negative nearly zero)
Comment on whatever .... aaaarrrrggghh! ... very easy to imagine the worst or very bad stuff or bad stuff ... imagining better seems a tad challenging.
this is a bloody fuck up! ... holding 2k at an average of £1.87 ... i did a bit of research a couple of days ago when this was around £1.60 - £1.70 and thought woah - i better stand off from this for a bit ... then i saw it going up and got all jealous ... missed boats an all that ... so i bought 1k just to shut the green eyed monster up ... it carried on going up so i bought another 1k ................. and now this ... £1.30! ... could have been worse ... could get worse! ... the tempting thought for me with this is that i think all the effers have to do to make this company seriously valuable and stable is put their bloody prices up by 4% ???
Sold 2k @ a little under £2.34 each - P/E ratio 15 - 16 possibly fair? But a little too rich for me.
Holding 240k
Bought 15k @ just under 60p each ... holding 250k -- painful
Property of £86m other assets of £47m (including £20m cash) gross debt of £57m - i find this share irritating ... NAV of £43.3m - minority interest equity of 12.3m so other liabilities types stuff is circa £20m net