Member Info for Quickdip

Paddy, to answer your question, RI in 2009 & 2012 it seems.

https://www.proactiveinvestors.co.uk/companies/news/9027/national-express-reports-90-take-up-of-360m-rights-issue-11349.html#:~:text=UK%20Transport%20operators%20National%20Express,£360%20million%20rights%20issue.

https://www.standard.co.uk/business/national-express-rights-issue-coldshouldered-by-cosmen-6730745.html

KG, paddy isn’t concerned in the slightest about what us jokers say. He’s planted his hedge and will come back to it in a few years ;-)

Paddy, the end of the annual report says how many shares were in issue at the end of the year. It was around 135m-150m before the era of low interest rates.

Paddy, the horse won’t bolt overnight. Buy when there’s blood on the streets- but not I’ll the earthquake is still ongoing.

Locky, I’ll be back in when inflation eases but until then, this will most likely continue to head lower, so why watch my money decimate in the meantime? Only thing that could push it up would be a bid, but do you really think the directors would’ve sold shares a few weeks ago, instead of paying he tax themselves if that was the case?

Paddy, I got my figures from yahoo. Goodwill was about 1356m vs total equity of 1390m. I didn’t see any goodwill reading the historical accounts, but will have another look.

The other issue I have is the ROA at just 2%, not good when return you can get on cash is 5%. So it really depends how much you value the goodwill here, because the earnings just don’t cut it now the era of ultra low interest rates has ended. And if we go back to pre 2008 before the ultra low interest rates, although the SP was higher, more importantly the Mcap was lower than it is now due to there being about 75% less shares in issue.

Paddy, I made a blind buy here based on the chart. The reason I sold up was after doing a bit more digging, I noticed there used to be several hundred million in tangible book value here- now there’s nothing, it’s all goodwill.

Paddy, I’m intrigued to know what makes you think the share price is good value? That’s like suggesting purplebricks is good value. You really can’t compare the business today with what it used to be.

What ducks are in a row here?

Lack of director buys is what smells really bad here. As soon as they got their free shares a few weeks back, they sold some “to pay the tax”. Like they couldn’t pay the tax from some other means, when they’re on 6 figure salaries.

According to yahoo finance the return on assets is 2%. That would be acceptable if this was a start up with growth prospects, but it’s not. So when you can currently get twice that return on cash, where is the value in nex?

Paddy, thankfully I only drip feed in on all stocks. Anyway, with a lowest price target of +86%, and currently at the bottom of the yo-yo I’m sure it will come good. I’m sure nex will too, just not sure we’ve reached the bottom yet.

A fresh 52w low today. No doubt paddy will be on here later trying to tame the fire with his water pistol.

When the directors buy in, I will too. If they don’t see value in it, then why should I?

What’s the benefit? Why didn’t you just buy before market close today?

No soiled nappy here. So glad I had a good sh*t on Monday ;-)

Paddy, you agreed it would pull back, so did you sell up and buy them all back at 111?

What’s happening in October Peaky? Are you still in Nex?

The covid low was 66p in intraday trading. 92p lowest close.

Reducing the debt has to be no1 priority in terms of getting the SP moving upwards with the market so concerned about debt. All this goodwill on the balance sheet would look better if they could turn it into cash.

To my mind, there’s no doubt NEX is a good business with a long term future, BUT no matter what positive events happen, this only wants to head downwards, with any good news only propping up the fall.

Todays data suggests inflation is sticking around for a while yet, and until that eases or the debt is reduced this will continue to fall imo.

Mike, I see your point re FTB’s but other housebuilders selling to non FTB’s probably are relying on a FTB somewhere in their chain to allow them to purchase their new build.