Member Info for Mulder

Looking again at Q3 results: - Merchandise revenue was flat at £177m with LFL sales down 0.5% (hardly a disaster?) Services/other revenue was UP a massive 47% at £26m Total group revenue was UP 4.4% at £204m Does this warrant a 40% fall in SP? The 20 new stores and the massive rise in services helped to erase the 0.5% fall in LFL sales. I am seeing similarities here with Card Factory which was hammered for not 'growing' quickly anymore and for compensating for a fall in LFL sales by opening new stores. The SP was pushed down to 240p by shorters and within weeks was back at 330p when sense and logic returned.

Regardless of what happens tomorrow it is disgraceful how the FCA allow shorters to place a clamp on the SP and force the SP down every day regardless of the overall state of the market, retail figures etc. Sudden large drops in SP without justification, even whilst the wider FTSE may be up by 1-2% It is blatant manipulation - how can this be considered fair? Where is the regulation? The shorters tend to infect the smaller companies (Carillion, Debenhams) as I can only assume the heavyweights like Shell, BP, Vodafone and HSBC would not stand for it.

Can't believe some fools have been shorting this! Shorts down from 4% but still stands at 2.4% You have been burnt! Nice dividend to come also.

Well all the technicals point to this being coiled up ready for a rebound. The shorters and the current SP are pricing in a disaster in Q4 - what I will say is what are they basing this on because Q3 was not bad with flat/rising revenues and profits. Also management have a duty and responsibility to update the market if they are not going to meet the current expectations so should have already done this weeks ago if it was the case. This is showing up as one of the most oversold shares across the entire UK sector - including AIM. Those who followed this principle and bought into SSE and Centrica in recent weeks would have done well. You may want to look at Vectura, Connect Group and Royal Mail.

Could trigger a 'short squeeze' rally if so. It had been trading in the 180-200p channel prior to the recent collapse in SP. I can see a 10-15% rally from here. I suspect revenues and profits will be broadly flat - the market should not feel 'disappointed' by this - it should never have been classed as a 'growth' share. The fact the current P/E is a measly 10 tells me the current SP is certainly not priced as a 'growth' share - these trade on P/E > 20x in which case the SP would be back at 300p+

Institutional shareholders of PETS - some big names here with Old Mutual and Schroders recently increasing their stakes. Legal&General also holding. TOP HOLDERS Holder Shares % Held Old Mutual Global Investors (UK) Ltd. as of 11 May 2017 60.01m 12.00% Schroder Investment Management Ltd. as of 25 May 2016 32.31m 6.46% Norges Bank Investment Management as of 18 Apr 2017 19.48m 3.90% Marathon Asset Management LLP as of 02 May 2017 15.28m 3.06% GIC Pte Ltd. (Investment Management) as of 07 Jun 2016 14.95m 2.99% Kames Capital Plc as of 25 May 2016 11.39m 2.28% The Vanguard Group, Inc. as of 02 May 2017 9.20m 1.84% Legal & General Investment Management Ltd. as of 02 May 2017 8.70m 1.74% FIL Investment Advisors (UK) Ltd. as of 02 May 2017 7.66m 1.53% National Financial Services LLC (Broker) as of 02 May 2017 7.50m 1.50%

Well the shorters will have to fund the upcoming dividend as I understand. A special dividend or buy back has been considered for a while also. A P/E of 10 and a dividend yield >5% with good cover. This was 300p not so long ago. Like I said unless something dramatic has happened in the last 12 weeks i.e. a total meltdown by management then one could argue the shorters are doing people a favour to buy in so low.

You may find it useful to read other posts in future! The results day of this Thursday was mentioned several times including in my previous post. In terms of the SP after a decent day yesterday it is being tampered with again with some wild fluctuations no doubt triggered by the shorting scum.

Unless their stores have been shut the past 12 weeks then yes this SP fall does seem overdone and without basis. Most of us do not see the British public abandoning their pets even during times of rising inflation. I am aware shorts are up at around 7% from 4% and some brokers have been giving off bad vibes. Retail figures and spending help up well in March and April so perhaps some news of a skeleton in the closet has been leaked? If so a full FCA inquiry will need to be launched as the SP has collapsed several weeks prior to the FY results. In terms of technicals it does look like buyers are returning with RSI now 24 (still massively oversold) and the SP being held down by the shorters (how is this even allowed or possible?) around 159-160p. Revenues and profits have been flat/low growth for the past 2-3 years actually and this is currently only on a P/E of 10 which is not the rating of a 'growth' share - these are usually at a P/E>20 (e.g. Dominos, ABF, Shire). Share buy-back scheme may be announced on Thursday and could help the shorting situation also perhaps. Good results and a rising dividend would also help of course!

Analysts at Jefferies investment bank said the move would likely involve extending a cap that now covers users of domestic prepayment meters to include other customers. **It said the impact on energy firms might not as big as initially thought.**

Well only 2 more trading days before Full Year Results and goes ex-dividend in early June. I am expecting EPS around 20p which at the current SP gives a P/E of only 11. This was in the 250-260p range prior to the Tyson news. In terms of shorts <1% and unchanged for months.

Well, well. The brokers got this very wrong didn't they? Target price of 660p? Now above 1100p The brokers were almost all advising us to sell and look what happened....

I suspect the final dividend this year will be around 6.5p up from 5.5p last year equating to 4% alone and a full year yield nudging 6%. Citigroup raised the prospect of special dividends last year.

Another one where the fall seems overdone. Hitting 2 year lows. RSI in the mid 20's. This company has NO DEBT Net cash ~ £90M Annual profits ~ £40M with assets of ~ £800M A prime take-over target also given its solid balance sheet.

Market cap: £810M Assets: £1.3Bn Debt: £200M Cash ~ £40M Revenue: £800M Pre-tax profit ~ £90M Dividend 8p (progressive) equating to a yield now of around 5% (best savings rate is around 1%) Dividend cover 2.1 Projected EPS based on half year of 14.6p P/E 11 The historic P/E is 18 which equates to a SP of 263p

You may get your day trade if some shorts close this afternoon prior to the weekend. Monday may bring some news (positive) perhaps?

I repeat: - If bad news has been leaked 2 weeks early then those in the know need to be prosecuted by the FSA along with the shorters benefiting from 'insider trading'. The company also needs to act accordingly. The other companies mentioned by the so called expert yesterday were down only 1-3%. This was down 8% and another 2% today. Probably as the shorts have increased to 6.8% here from around 4% previously.

https://investors.petsathome.com/media/206169/Pets-At-Home-Q3-FY17-trading-statement-190117.pdf

Pets at Home Group Plc, the UK’s leading specialist retailer of pet food, pet accessories, veterinary and grooming services, today announces a scheduled Q3 FY17 trading update. Unless otherwise stated, this reflects the 12 week period from 14th October 2016 to 5th January 2017, compared with the 12 week period from 9th October to 31st December 2015. Financial summary • Group revenue growth of 4.4% to £203.7m o Merchandise revenues flat at £177.4m o Services revenues up 47.8% to £26.3m, reflecting Joint Venture vet practice fee income up 26.2% to £9.5m and the contribution from newly acquired specialist referral centres • Group like-for-like revenue growth of 0.1%* reflecting continued strong growth in veterinary services, offset by more subdued trading across the Merchandise business o Merchandise like-for-like revenue growth (0.5)%* o Services like-for-like revenue growth 7.0%* ***• Profit outlook for FY17 remains in line with market expectations **** ********************************************************************************************** So group revenue was up and profit outlook UNCHANGED,

These same so-called experts said Glencore was 'worthless' a couple of years ago. From 60p it was soon up over 300p. Clueless.