Member Info for schwee

Ever since the announcement of the acquisition of adhesives from Eastman, the shares have being going South. As noted at the time, overpaid for a declining business. BoD needs a clear out.

Anybody understand why both receivables and payables increased by such huge amounts.

To summarise: running to stand still.

Buying turnover. The cheque book is too tempting when stuffed full of cash earning diddly squat. Better to return it to shareholders.

ITV is a pension fund operating a Tver business as a sideline.

Inept Buffoon

An excellent observation you make. The conclusion I am drawn to is that Cost is in terminal decline which of course If properly managed throws off cash. As evidence, the trading update made no mention of the value of the order book, which is an unusual omission for a company in the construction industry.

The trading update and shareholder circular are rather light on the debt situation, in particular to the £100m Debenture Stock. At the half year £18m of disposal cash was being held against that debt. Sure the properties were secured, so why not put forward substitutes. Perhaps because the Trustees of the Debenture Stock have no faith in the formal valuations. If that is so why not just pay off the £18m. Negative pledges?

Am i correct in reading that the offer is for 14% of the outstanding shares rather than the published 7%. This because the Ziffs own 50% and are not going to tender any of those.

If so, this could be construed as trying to buy out the minority shareholder on the cheap.

At £3.4m in the books, so in theory a hefty profit.

Pathetic piece in the Times this morning blaming HMG for the current air industry shambles (as though this is unique to the UK). Clearly feels the taxpayer should have bailed Menzies out. Pl be aware that is the job of the shareholders not the taxpayer.

There are counterpoints to all your list. I will just stick to the first and last ones. The FTSE 100 is no higher now than at the end of 1999. This hopeless performance is down to bad management, and nothing I have seen or read suggests that the management of Harbour is an exception to that rule. Tax credits are only of ever use if substantial taxable profits are made in the future sometime. In other words jam tomorrow.

Previous posts have identified the challenges that are facing TPT. Cash flow at the interims was poor, but of course a plus point is that there is no debt other than leases which are probably still too expensive.

Not until Directors come clean about Costain's problems. They are silent possibly in the hope of obtaining a pay off.

Too many expensive leases will continue to be a drag on Halfords. They are eating up the free cash flow.

Unlikely to be gone as it is a good cash flow business as long as it precludes paying divis and buying back its shares. More pressing issue is the location of some of its outlets and their associated lease liabilities.

Why isn't it written in plain English of pounds shillings and pence?

Yes it is rather strange. Nevertheless 7 share trades in one day is rather unusual. Probably coz it has just published its annual figures and they compare well against M&B and Marstons, including returning to the divi list. Everything is relative of course, but the good news for their pensioners is that they are going to live until 86 to 90. Must be the beer.

But 30% or so lower profits outlook for this year.

Only $300m forecast free cash flow for this coming year despite double digit growth in forecast revenues. With its acquisition spree, is it having to buy revenue to grow or is inflation disproportionately hitting its operating costs?
Either way, debt will increase to a less comfortable level.

Just surprisingly received fancy and expensive marketing hype from Aberdeen specifically on DIG. BOD are wonderful, the managers fantastic etc etc, but no mention (quelle surprise) of driving down fees. Only invest for the long term, but a quick look at the accounts shows that DIG turns over its holdings every 3 to 4 years. Words and figures do not match, but worse than any of this is perennial underperformance mainly because they have jumped on the ESG bandwagon without clearly considering the downsides.
I say surprisingly received the marketing hype as luckily for me I saw the warning signs a few months ago and got out.