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Rob, that’s the problem. I think the market will probably just see a diminished balance sheet I.e. a hit on the capital assets for a comparatively small increase in cash.

The Capex lite contracts are where they are achieving ROCE of 25% & more not this cumbersome WMT nonsense.

,As far as I see it it fits in with their Capex lite focus. WMT has been nothing but a burden. Good riddance

West Midlands has been loss making so getting rid should be good news especially if they get a decent price for the fleet.

In the absence of any news the shorts will continue to chip away here. Could go sub 20 again in the week.

Cosmens would veto any low ball approach.

All depends on Germany issue to be resolved. A positive outcome there would rerate this. A poor outcome will keep it in the doldrums.

My view is focus on the ROCE. If no worthwhile return get rid. They need to focus on high return stuff!

Yes, true. In fairness they may be happy to walk away. Sounds like a Capex high type contract anyway which they want to move away from!

That should have been RNS worthy but nothing said.

-0.68 isn’t a big change. People seem to be flagellating here on the smallest moves either way. This share will move properly on RNSd news otherwise will bumble around this price for a while I expect.

John, yes FCF & ROCE numbers important. Great to have huge revenues but if theirs no ROCE it’s pointless. I’ve seen a lot of commentary on here about the debt reduction implying the company would use any large cash income to knock a chunk off the debt. I don’t think they would do that. Debt here has always been high due to the nature of the business. Was over £1bn when SP was £4-5 & was paying a dividend. They need to chip away at it. Around £1bn is manageable & as earnings grow just chip away a bit more.

JW, so you believe the entire business with no debt to be worth @450m?

Rob, yes based on what appears to be going on the new management team seem to be rebuilding things in the right way. Personally I’ve been in this one so long & am so underwater it’s difficult to know what’s really going on & I’m sceptical until I see it all in black & white after 4 years of lies, BS & total company destruction by the previous clowns. I imagine the market shares that scepticism too.

With no German impairments & ALSA remaining at current levels, after debt interest charges etc you’d be looking at a net profit outturn here of £50m+. That performance would not be a company valued at just £150m. Something not right here!

If the Germany stuff is all running ok now I can’t understand why the SP is at these levels still. Surely the market would be copped onto it?

Well, Germany has been the main hit to the bottom line here. Regardless of historic compensation, if the penalties are no longer there MCG would end up in positive ebit territory.

You’d think NEX owned Luton Airport if ever you venture around there. These Jam sandwiches are all you see around that area. Flix bus are fly by nights. Trying to do what Colt Telecom tried with BT in late 90s. Not a serious competitor in the long term.

At least White seems to have a grasp of what’s going on & he has CEO experience. Garat came from a non CEO background with no passenger transport experience !

It was 90p this time last year. Had doubled from 45p earlier in the year. If the management deliver this can rerate very quick!