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Not for me. Almost lost my shirt in crest yesterday and now thanking my lucky stars I sold out of that not so long ago.

Just goes to show what appears to be undervalued can quickly become much more “undervalued”.

*after you take debts and provisions off.

Hi Crossley,

That’s not how it works. The land bank value is stated to be approximately £1400m excluding goodwill.

If they took a 50% haircut, which is entirely possibly when the sharks smell blood, that would reduce the book value by £700m which wipes out any book value.

Strictly,

I’m not sure we’re singing from the same hymn sheet. Maybe I didn’t put my point across very well.

While the EPS may have dropped slightly since last year, the investment opportunity I see today is better than the opportunity 6 months ago for 1 simple reason.. the share price has dropped far more than the drop in EPS.

Also I guess comparing the first half to the second, you have to consider the seasonal effect. Less demand around Christmas etc. The profit for the year has actually increased slightly.

Another c.£75 million of share buybacks planned will also help boost the share price back up.

I see the company just as strong as it was 12 months ago, albeit 20% cheaper due to the fear coming from across the pond. This will pass. All I see at this price is a good buying opportunity.

Hope you’re well too Crossley. Our paths always cross just after a big dip. Great minds think alike 😃

Strictly,

Always value your posts, but I think you’re missing 2 things in your methodology.

1. A lot of shares have been bought back since 6 months ago, so there are considerably less shares in issue, which should push the value up, but:

2. The share price has actually fallen around 30%.

If you want to consider the value of the share, I think your figures have to be based on the share price at each point in time rather than the equity figure.

I have pulled all of my capital out of the stock market and will not put a single penny back in while Trump is in office.

Wouldn’t trust a word that narcissistic idiot says. He’s just buying himself some more time today. They’ll be back bombing again I’m sure.

Trump just buying himself some time.

Don't let him keep fooling the market.

They’ll be bombing again in no time.

I’ve dipped in and out of this a few times. £690m net tangible assets currently trading for £300m. Never did I think we’d see the SP this low. The thing about this share is it drops and then quickly rebounds.

This war will soon be over, and the sentiment will change. The market is very fickle.

The tide has turned. Soon be back in the 170’s.

I bought in at 1.34 after watching it move upwards from 1.28 a couple of weeks ago- think it’s unlikely to drop to 120, but I don’t care if it does, because I’m already in for the next rebound, and won’t be selling until it’s back in the 170’s.

Correction: just checked the historical data on yahoo finance. From its lowest point on 14 November 2023 at 170 it went up to 203 the following day due to a drop in inflation. It’s has a few similar jumps since then looking at the SP chart.

You’ll never find the perfect bottom. You can only get it roughly right. It could open 15% higher on Wednesday is the inflation data is positive. Seen it before back end of 2023. Was in the 180’s then about 210 the next day.

Seems to have found a bottom. SP has fallen 23% based on the 15% drop in expected APBT. The £28m APBT now expected is still higher than last years £22m when the SP was in the 170’s.

This share has a habit of dropping big and then rebounding soon after, as it has done 4 times this year. Also now trading at 47% of tangible book value. Bargain.

They’ve increased so weak heads go “oh no, I better sell”. The most shorted stocks over the past few months have been Ashtead and sainsburys and they’ve gone up a lot in that time.

Stanley has a £5 short on the basis that the sausage rolls aren’t 100% meat.

Stanley, tell me what meat content a Big Mac has in it, and what relevance that has as to whether MCD is a good investment. I bet it’s a lot less than 22%.

If we can get back to business, MCD is trading at 25x earnings, this is trading it 12x.

Rule 1 of shorting, don’t do it after the horse has bolted. This is recovering from a 52% drop. It’s never gone down more than that in 37 years on the stock market. That includes the global crash and pandemic. And what the problem now? Growth not as high as expected. It’s still growing. New shops opening, 2 new distribution centres planned. Ridiculous.

It’s amazing how nobody has a care in the world when the share price is high, but when it’s on half price sale people start whinging about the most trivial things like the meat content in a sausage roll (which hasn’t changed btw).

Short sellers prey on this nonsense. The underlying business, and financial position is just as strong as it was when the SP was £32.

Ha, you are indeed right, the Range is also loss-making. In that case, I can’t think of a single successful business, that has ever operated in this market. All go belly up.