Member Info for Pianista

Tuffnells are obviously trying to milk DX’s embarrassment for all it’s worth - which by all accounts isn’t much. After all, the information allegedly extracted wasn’t worth more than a row of beans, it seems.

That won’t stop a knee-jerk reaction from those who’ve read no further than the sensationalist headline, hence the wobble in the SP, but with DX already under new management, and with eagerly anticipated interim results just round the corner, some will see this as a buying opportunity…

KBYK - I suppose the current SP is possibly an aberration (as was the 250p peak!) due to the pitifully small share turnover - due in part to the small free float - making it difficult to establish a true market price.

So it could easily bounce back to at least the IPO level (around 140p). But it won't go much further without some substantive news on M&A.

If not, ironically ML may need Trak more than Trak needs ML! Even without a full takeover, ML stand to do very well out of Trak if the Allenby projections are anything to go by.

Know - I started to take a keen interest in ML because of its association with Trak, but steered clear of investing when the SP went crazy, reaching around 250p at one point. I finally dipped my toe in when it dropped to around 150p. At that level, I considered it a relatively safe bet, i.e. I wasn’t expecting to make a killing - it has a very demanding PE of 50, double Quartix’s 25 - but I wasn’t expecting to lose much either, since the business seems pretty solid.

But it's obviously been a disappointment so far: the market was expecting fireworks, and is now being kept waiting…..

So I’m glad I didn’t invest big time, but if I wasn’t already invested, I’d probably be buying a few at current levels.

But having already had a nibble, I’m wary about averaging down now. In any case, my main concern, and investment, is with Trak. If Trak performs as it should, the outcome of my flutter with ML will be unimportant.

However, all outstanding contracts must have been, or be very close to, being renewed by now, and they must have good visibility for the current year, so perhaps it’ll be next week?

It’s badly needed because, judging by the SP, there are evidently (understandable) doubts in the market that the alleged massive benefits of the restructuring will actually be realised in 23/24. A good start to removing those doubts would be to at least hit the expected adjusted PBT of £300k for the current year. If they do, and they go on to issue a bullish outlook statement, the SP should start to move up again, but it's unlikely to finally take off until after the trading update in September confirms the progress actually being made in 23/24.

Incidentally, ML need TRAK to come good as much as we do, judging by its currently depressed SP. Thus if TRAK’s 23/24 earnings do come in at the expected £2.3m, it will give a much-needed boost to ML’s earnings, which will include 20% of Trak’s, ie £0.5m. This is not an insignificant contribution: ML’s own earnings are only around the £2.3m mark, so it'd be enough to get its own SP moving again.

255p?! I'd also like to see the Berenberg note!

£1? I'm getting 116p to sell, not that that is anything to celebrate!

I agree about the update, but I think the sky high PE is predicated on the prospect of spectacular growth through M&A, which shows no signs of being realised, even 18 months after the IPO.

ports – I certainly agree that we shouldn’t ignore the macro picture – especially with Ukraine entering a new, potentially much more dangerous, phase - but that applies to ALL shares at the moment. However, stock markets seem oblivious to the macroeconomic risks….but for how much longer?

tommo - the company appears to agree with you: in December, following the interminable share suspension, the Performance Share Plan was extended to “create additional time for the continued strong trading by the Group and its positive outlook to be recognised in a fair market price”. 40p by the end of 2023 is what is required to give employees maximum awards.

ports - you must have missed the exercise by Lloyd of his 26.5m share options on 10.1.23 when the SP was around 28p. He now owns 12.79%, worth around £23m. The question is: what, if anything, will he do next?

Yes, a decent update from our main investor. An opportunity for us to bask in reflected glory, perhaps, while awaiting our own crucial update.

Just what we, and the market, have been waiting for! Will the SP now finally get back to pre-suspension levels - and more?

...is due at any moment.

As a potential c30% holder, and its only significant investment since flotation, one would expect this to include an update on Trak.

Fortunately for ML, the (partial) revival in Trak's SP has (coincidentally?) happened just in time to relieve it of the worst of its embarrassment!

17.25p looks cheap. It's currently 17.9p for 100k.

...says the man who was asleep at the wheel, when we could all see that inflation was taking off...

"For me, the long awaited RNS is one with the title: Recommended Cash Offer"

LOL, I was thinking contract renewals. Even with those, and the restructuring, the SP should (barring further banana skins) finally fly this year. Just as well, because we could wait forever a bid, however compelling the logic.

The "market" seems to be anticipating the long-awaited RNS. Imagine the reaction if/when if does land - SP back to the low 20s probably. But this time, with any luck, it won't drop back down again, but move on up into the 30s.

With nationwide service businesses, you will tend to get more negative reviews on social media than positive ones. In Halfords' case, if it makes them pull their socks up, it'll be a good thing.

All I ever hear from friends, though, is how impressed they've been with Halfords. And last weekend, when I went to my local branch, customers (who generally don't check social media posts first) were queueing right to the back of the store.

Just been quoted 15p to buy 10k or 30k.

Talatum - "Add" is simply a rating between "Hold" and "Buy". So basically a "moderate buy", rather than a "strong buy".

"i think this has got a long way to fall, it was 130p not long ago". Markets look forward, not back!