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Likely to be paid his full 12 months notice , even despite being unceremoniously dumped.
One last filling of the snout from the trough.
Just a reminder that he ‘earned’ a £400k bonus in 2018.
Most of this was for the 100% achievement of ‘strategic objectives’ - whatever the hell they were.
Can’t wait to see if he snaffled a bonus in 2019.
This heading for sub £2
And I know someone who worked on the MBO in 2004 and one thing Dignity aren’t set up for is surges in deaths. They have to throw costs and overtime at the problem.
It takes a particular skill for the management to destroy 90% of shareholder value in such a predictable, bog standard business as this.
Want to know how many deaths there will be next year ? It will roughly be the same as 2019. Demand is constant and in normal times is pretty smooth (winter peak is fairly small).
They are over loaded with debt, costs are too high, can’t gouge the bereaved any more and will have regulatory burden heaped on them.
The management are utterly hopeless and unmotivated as they have gorged themselves on share options (quickly sold on vesting).
Ahha - don’t lose the faith yet. You rightly called it when people were boasting about Phoenix buying a huge stake at a tenner.
This scummy, scummy company surely got further to fall.
In these dark days it gladdens my heart every time I see them fall further.
And how will people pay for these funerals ?
Is it not likely that families will prioritising their housing costs and food over granny’s funeral. Particularly from sponging leeches like Dignity.
The best they can hope for is better utilisation of the crematorium, perhaps running 24 / 7
A truly rancid company, run by clowns and attracting the most parasitical shareholders, who deserve to lose everything.
Despite the companies best attempts to muddy the waters these are the metrics that matter.
Market share - down 0.2%
Average revenue - down 1.4%
Net Cash flow (£7.3M)
This set of results just shows how utterly inadequate the board our. Absolute joke.
Only managed to gorge themselves silly on share options while destroying shareholder value over 15 years.
A timid, puny so called transformation plan that looked at the time mere window dressing for the shareholders now abandoned.
If asked a year ago would this survive in its current form I would have said yes. Now I have my doubts. Arguably needs a rights issue to pay down some debt, but this would surely be deeply discounted.
Could private equity take it over ? Not at this price. Its been run like a quasi p.e business anyway, loaded with debt, focus on price gouging, only gain market share by buying other business.
In the end there are few barriers to entry for small local independents in the funeral services business.
If you were inventing this business from scratch you would have a national chain of crematoria and leave the funeral services to the COOP.
A truly rancid company.
Nice to see your comment Bridgedogg1
And to see the share price below £5.
A truly rancid company
This being MIC capital partners who are down £10m alone in a month on this share ?
Good luck if you hold this share, but it really is for pure gamblers only.
I'd be worried that the potential buyers have had access to the books and no matter how confidential the process is things leak.
The daily falls look very smelly indeed.
" but I won't be rushing to top on these until they are back in the 64 - 69p range, which I just have a gut feeling will happen."
Told you they would be back in the high 60's range !
Seriously though, great opportunity to top on these now.
this share is for degenerate gamblers only.
Could it be taken private for 60p ?
Of course.
Equally it could be worthless.
You might as well put your money on roulette rather than buying this share. Small shareholders literally know nothing.
Do people really think the final dividend will be paid ?
Business looks worryingly like Wonga which made £60m profit in 2012 only to collapse under a mountain of claims.
This stock for pure gamblers only.
Reference to PE and yield laughable
I’m not sure PE numbers or yield is at all relevant to this share.
It’s a bet on whether it’s business actually survives, or it’s taken private, or some vulture hedge fund sees enough value in it. We are basically guessing though.
Could be £1 of value could be close to nil.
"If true, why is the CMA investigating?"
It can be a competitive market if you are prepared to shop around. However relatively few do.
For the rest, its the ultimate distress purchase.
You are doing it at the a terrible time, have a few days really to get it booked, and have plenty of other things to do surrounding the death. There is deliberate price obfuscation even though the service is often pretty indistinguishable.
I suppose you could have a grudging respect to Dignity for spotting that it was a market ripe for gouging money out of people at a vulnerable time but if ever there was a market now begging for price intervention and enforced price transparency this is it.
It's a far more rigged and inefficient market than the electricity market but look where we are there.
Dignity supposedly welcomed regulation with open arms, except they didn't realise it would be regulation.
You reap what you sow. It would take a heart not to laugh at there pathetic attempts to wriggle out of the mess of their own making.
Almost Dickensian in their shameless greed, Dignity the kind of company that gives capitalism a bad name.
"3.2% pa and 4.0% pa"
Doesn't sound much when you say it quickly but over 10 years its 11%.
Added to that Dignity have been the greediest and their prices rises have been more, so a price cap will have a disproportionate effect.
Add that to the fact that takeover and price gouge is a busted flush, the dividend seems unlikely to be re-introduced shortly, they are awash with debt and the management (one trick pony) is very weak.
There seems to be absolutely no reason to hold these shares.
Could recover a little bit, but can anyone see how they could possible get back into the £12-£15 range in the next 5 years never mind the £20+
People simply blinded to the old share price.
Love re-reading this thread and posters claiming that it was only shorters keeping the price down, or lauding Phoenix buying in at a tenner.
Utterly rancid company.
"new IT system, branding and changes to staff roles. The are doing pilots at only 3 of the 826 branches"
Really ? That's laughable.
It's a people business, and I've always thought best served by trusted small local family businesses (and the co-op). Not faceless national companies. They trumpet web and mobile clicks but it will only lead to more price transparency. It's a massive own goal.
A business run by monkeys advised by clowns.
The other couple of things are just more general points.
1) The business environment has changed. The government and associated agencies are much less pro business than even 3 years ago. More interventionist and will kill businesses who are price gouging, and or predatory.
2) Apart from the Crem - this is a **** business, really **** & slim to no chance of substantive improvements.
Phoenix have been right mugged off. No chance of ever, EVER, hitting £20 again.
Not much too add!
The previous strategy of takeover small independents and whack the prices up is dead. The crematorium businesses is the best bit but that’s it.
The funeral business is at heart a local business and I’m not persuaded that there is huge economies of scale. They are close to debt covenants which could prevent any return of dividend.
No growth, no dividend, over valued intangible on the balance sheet.
Not convinced that management is that great either.
Why would you hold this share ?
Basically only hope would be a spurt upwards in number of deaths - possible I suppose.
we like Bridgedogg1 !
I'll add to that.
Deaths (England & Wales) in Q4 2019 about 4% down v previous year.
Dignity has 19 out of the 20 most expensive crematoria in the UK - greedy, greedy, greedy.
A small further fall in profits likely to breach debt covenants.
I HATE this business
which posts shorting Speedy ?
Thinking they will pause the gains from august 2019 isn't shorting.
I'm a long term holder and will continue to hold them.
You however are probably averaging down your amigo holdings - the classic behaviour of a gambler.