Member Info for PDS2023

So did the shorts increased earlier in the day or end of the day? And why was the price moving so much higher into the close?

Loads of automatic trades again.

I have to say, really can't understand the trading activity here. Completely confused.

What I would like to know is why did this/ these short(s) decide to cover today? Results seemed to give enough evidence of weakness or maybe they read it differently? Or like some have been posting around shorts knowing more about the results than other holders, could they possibly know more about what lies ahead? These are all just questions but curious given the timing. If you had told me after the results were announced if shorts would cover today, I would have definitely said no.

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Given the results, even as a holder, I had succumbed to a slower recovery. But like always markets have a card to play that throws everyone and even the bears will need to be looking carefully at this. The reality is the short position being closed probably amounted to

Makes for an interesting open. And holding the 30p low set in Oct22 is strong evidence that buying pressure could start from here.

There was a ton of automated execution, 10k-15k lot sizes but plenty of them.

Anyone seeing large trades go through?

The big question here is how much worse can it get? I don't see revenues falling precipitously at 10-15%, very much hangover from the post-covid era, inflation struggles and interest rate move. Just assuming we see an exact repeat of H1 in H2, operating profit likely has seen a trough. The fact that US margins remain at 58%+ gives me strong hopes that the capex and advertising costs will start to deliver revenues (US had the smallest yoy fall across regions, which is also decent to see), and ultimately could become their most profitable region down the line.

It isn't brilliant today i agree but the share price can now digest and look forward. The fact we didn't see a THG style fall today tells me enough investors are here for the longer term.

So, results were not good, although there were some better points.

But rather than option bashing on here, just look at the trade data. Yes the SP is down 8-9% right now, but the volume is shockingly low. I would have expected a lot more selling pressure from holders if these results were being looked at as negatively. Now, that is not to say holders are not being blinkered (myself includes but average closer to 37-38p, not 50s or even 100s) but staying power during poor results provides merit to a support line. Technically, if we can close above the lower wick of the Oct22 candle low, we may see a squeeze here.

Happy to hear other views

So I am bullish given I am long the stock. For me to re-assess this and reduce/exit my position I would need to see a few things:

1) We see negative growth again in each region, through the first half

2) Net cash position goes materially negative, like -20mm or below

3) The outlook for US growth remains single-digit % into 2024

4) Gross margin falls below 50%

A combination of these factors will make me reduce my holding, as then the fundamental outlook will be weak even if there are more tailwinds and buyers of the stock from the likes of MA.

What I would be interested to know Pedro is what the results need to be for you to re-assess your view?

Are you referring to the UK data?

One thing to have a view, no matter the direction (although given your almost guaranteed outcome here, if you are not short in some big way, you are not as convinced as you want to come across)

Second, trying to get validation on a board like this about a view on a stock is worrying. The only validation you will get is if you are right that you made a sh@t load of money on the view. Everything else is irrelevant.

Just to say, it is almost impossible for the lender that provided the RCF to allow the cash to be used to buy equity stakes in other businesses. Its called revolving because its meant to be a "short term" plug for working capital requirements, cash that is needed for the business itself to function.

The RCF was upsized in the last trading year to £325mm, it is fully drawn (as per year end accounts) and unsecured against company assets

You are right, but sometimes I feel like everyone deserves a chance to redeem their comment. Evidently not possible. I am not even frustrated by the view, its the lack of any content.

Ok, so no evidence to support the view. Thanks.