Member Info for NotFashion

Alan added another director to the board yesterday—someone likely very aligned with him and expected to help push the deal through, even if it means accepting terms that are unfavorable to existing shareholders and had previously been negotiated by the current board. I'm expecting a disappointing outcome but ready to move on.

They guide c.£45mn of EBITDA in 2025, two thirds from fixed contracts. They state If EBITDA reaches £45-55mn in 2025, cashflow per share to be 4.5-6.2p, and that future dividend will be sustainable, and fully covered (after costs) - so expectations of an 8p divi looks to be way too high.

Long term outlook is encouraging if you think management can execute - at current I'm uncertain as to where they will raise the required capital to continue BESS expansion/upgrades. I guess refinancing against their new fixed cash flows will help.

I agree, but the market often groups stocks quantitatively, trading them as a 'basket' based on factor exposures. I'm just speculating given market pressures and market movements, but this could be linked to the selling pressure in WATR, considering the 90% exposure to US sales. That said, it’s a fairly illiquid name, so maybe not. Regardless, I like its US exposure.

I speculate indiscriminate selling due to news on trump tariffs, tho I dont expect this to impact the thesis and likely means a stronger dollar = stock tailwind.

I feel the new CEO's first acquisition falls short of his unofficial guidance in earnings calls of two further acquisitions in the short/medium term at ~£7m, a 4-6x EBIT multiple, thus contributing £1.2m-£1.75m EBIT. At first look InspecVision is costing more and contributing less than guided.

Having spoken to Investec and Berenberg, the view was the same—no news flow and uncertainty around AIM IHT, which was not entirely satisfactory, especially given that Jet2, FeverTree, and CVS, key names in the AIM index, were relatively flat on the day. That said, the shareholder list for GlobalData is much tighter, given the CEO's holding is still over 50%