Member Info for SeaTank8300

"Our aim is to achieve 10-12% Adjusted EBITDA margins within 3 years."

A slow road to recovery admittedly, but new management have credibility and the prospects are again hopeful.

Well there isn't much downside is there. Asymmetric risk-reward here.

i'll help you understand because i am nice and you are poorly informed.

cash dividends:

2013: 13.5p

2019: 51.5p

2020: 110.8p + 20.4p special

2021: 71.4p + 16.6p special

2022: 72.7p + 8.9p special

this excludes huge buybacks in recent years, which by the way are buying back a great portion of cash on the balance sheet and are a tax efficient method of returning value to shareholders if you are above the 20% income tax threshold, which i guess you might not be.

further information is here: https://investors.plus500.com/shareholder/dividends

the ten year total return of plus is 2803% (1081% in price change, and almost three times that in total return).

presumably you understand the concept of "total return". look into it.

for you to suggest this stock hasn't been a huge money spinner and continues to reward shareholders with hefty total returns is ignorant verging on ******ed. if you don't know what you are talking about please try to be more humble in your posts and someone might help you understand nicely rather than be irritated.

That's a strange assumption you make. Management just reiterated a timeline for return to profitability. There's no disaster around the corner. The issue is the pace of recovery in profitability is rather slow. There are so many dead cheap stocks on the LSE, I can understand the antipathy. But it's also an illiquid share, so a large down day isn't often meaningful. That said, my view is that the guidance is very conservative and will be beaten. This still a multi bagger, but will take time. This share is for the patient for sure, but the reward should be great.

I'm not sure why this is bothering you - please explain. As I see it we have a really good dividend yield as it is (around 5%) and regular share buyback programmes to the extent that £114m was repurchased last year and a further £172m so far this year, which combined is a huge quantity of the outstanding shares. What's the issue? The share price has been weakening despite these huge repurchases, that firstly indicate management confidence in the future but secondly increasingly concentrate returns in fewer hands. What 's not to like here? If I were you I'd be buying more and worrying about when fair value will be realised to someone else - this will come in good time meanwhile we all have the opportunity to load up on more.

i don't see this river crossing being completed by q4 - it looks miles away from finished state. no timeline alluded to in the video. what a **** show.

but it will complete one day.

in the meantime, the currency devaluation will be pushing earnings

In my view it's nothing to do with trading, it's the noise with Odey. Odey didn't sell all of their stake because Plus500 is their highest conviction holding so they wanted to retain a significant position in proportion to funds remaining, which includes hefty personal investment in their own funds.

If they wanted to sell all of the stake Plus500 would have taken it. That they didn't says something.

This is a fabulous opportunity IMO.

Covenant fixed. Another big step taken on the path to rehabilitation.

That was from Berenberg

Outperformance drives upgrades to outlook

● Our view in a nutshell: This morning, PPHE delivered a strong H1 trading

update, demonstrating continued momentum, and upgrading its outlook

for FY23. The strong trading conditions and forward booking momentum in

Q1 have been maintained through Q2 and into Q3 across all main market

segments of leisure, corporate travel, and meetings and events. As a result,

PPHE expects H1 revenue to be more than 14% ahead of the same period in

2019 while now forecasting FY23 revenue of at least £400m and EBITDA of

at least £120m (c8% ahead of our expectations). We continue to believe that

PPHE’s current discount to NAV cannot be justified and that its core markets

will continue to be resilient as has been evidenced by this strong trading

update.

● Strong trading conditions continuing: The strong trading conditions and

forward booking momentum in Q1 have been maintained through Q2 and

into Q3 across all main market segments of leisure, corporate travel and

meetings and events. The company expects H1 revenue to be £177m and

revenue per available room (RevPAR) of c£109, which is 14% and 17% ahead

of H119 respectively. Regionally, the UK and the Netherlands have continued

to be the strongest performing regions while Germany, which had a slower

start to the year, has seen an improving trend in bookings through Q2. With

the company now entering its strongest trading period, forward booking

momentum remains encouraging with the revenue contribution from

recently refurbished and relaunched properties expected to be significant.

● FY23 outlook upgraded: With respect to the outlook, as a result of the

stronger-than-expected performance the group expects to deliver FY23

revenue of at least £400m. Furthermore, despite the impact of operating

cost inflation, and in particular energy costs, PPHE expects to deliver

EBITDA of at least £120m, corresponding to an EBITDA margin of 30%.

Looking on from FY23, management expects that as the impact of elevated

energy costs diminishes through FY24 and beyond, EBITDA margins should

begin to normalise, notwithstanding the broader cost inflation that has been

absorbed over the last 12 months.

● Changes to estimates: We adjust our estimates on the better-than-expected

performance, raising our FY23 revenue and EBITDA estimates by c8-9%, and

forecasting revenue of £401m and EBITDA of £120m in FY23. Furthermore,

we also forecast additional margin normalisation in FY24 and FY25,

increasing our EBITDA estimates by 15% and 17.5% respectively. This drives

larger upgrades at the EPS line.

● Valuation: Based on the last EPRA NRV estimate of £25.17, PPHE currently

trades at 0.42x NAV, which we think cannot be justified.

Room rates are flying in London, which will be supportive of PPHE's growth and profitability. Their renovation of assets in Croatia will be income producting this summer and further respositiong projects are planned. Additional value being realised over the next 12 months with the opening of Hoxton by mid 2024. Share price has underperformed the wider sector by 30%+ this year. At the end of the day the core asset base is London which in my view has an appreciating and defensive income projectory. BUY.

Thanks Christo. The award doesn't seem to give a clear indication of actual spend, more of a range from 0 upwards, perhaps I am misreading it, and TPX is one of many, most of which are small unheard of suppliers. I'm skeptical about the value of this one.

I don't find any new Kent related contract awarded to TPX. Please provide a link.

Thought I would point out that the liberalising (still in progress) official Naira exchange rate has stabilised a little below the black market level having overshot it a few days ago (reaching almost 800 NGN to USD). We are at 752 today, versus the black market rate of 773. This is a 38.6% devaluation since beginning of June. The GBPNGN rate is 955. The bulk of the pain in readjustment has been taken. Now it just leaves the backlog of FX in the queue to leave the country to be satisfied, which will take a while but is in progress.

With this adjustment, the function of Seplat as a channel through which to offshore currency is basically over! Practically, this means fewer buyers of the local Nigerian line for non fundamental reasons, and fewer sellers of the LSE London line. This is only a good thing for shareholders of SEPL.

Meanwhile, SEPLAT NL has been ticking up on reasonable volume and now stands at NGN1399.80, which is equivalent to GBP1.46, which is a 22% PREMIUM to the London line. This is noteworthy! There are still buyers of Seplat locally because the fundamentals are good - and they are paying a premium for it!

This makes perfect sense. The LSE line is trading too low based on fundamentals. It will have to rerate.

Dirt cheap, cheaper even than a mid cap E&P co but is actually a good business that makes more money when there is volatility in markets and should sustain this cash flow for years to come. Good chance of breaking into the US options market too. Their tech platform has proven itself over many years. I'm happy for more buybacks to a point and then I would like more in dividends for income.

Good news for users of the ii platform. I received this today:

Cash Distribution

Terms: Approximately USD0.918491 in cash for each share held

Pay date: Upon receipt

Napster Music Inc has announced a Cash Distribution, whereby Holders will be issued with approximately USD0.918491

in cash for each existing share held.

The cash will be issued to entitled shareholders upon receipt from the company.

Your account will be updated upon receipt of the proceeds but in some circumstances there may be delays in the

proceeds being credited to us. Please allow 10 working days for your account to be updated.

Where are your FY results TPX?

Let's hear management's plan for returning margins to double digit levels and not waiting till 2025!

For those that may not know, I thought I would point out that when SEPL talks about circa 55kboepd production it refers to oil + gas equivalent. The issue with the gas side is that pricing in Nigeria is capped by the regulator, which makes the gas business not very profitable. Liberalisation of the industrial domestic gas market has been discussed for a long time but hasn't happened, but that could change with this new president.

Anyway, the point being that the vast majority of SEPL's cash generation derives from the sale of oil, which is currently circa 30kboped. This perhaps puts into perspective why ANOH's production (to SEPL) of 10kboepd is very relevant (a one third increase), and also why MPNU is so transformational (3x SEPL's current production).

What is more, MPNU has huge gas reserves that are unutilised which, given the offshore location, could be processed as LNG and shipped to Europe with relative ease.

So in summary, at the moment oil is the key driver and even ANOH is a step change in production for SEPL, while MPNU would be 3x; meanwhile the reforms unleashed by the new government increase the likelihood of gas market liberalisation that would allow SEPL to properly monetise its current gas production which would be very material to profitability for SEPL; while further out if MPNU closes there is the prospect of LNG production for Europe at a low capital cost.

These are all "hidden value" currently and not at all appreciated or realised by the market.

Yes you're right, I had read that too about him being ex Exxon and wonder if it will help. But in any case he's pro private sector and is willing to implement big bang reforms, which is a huge change in itself from just a couple months ago. Exciting stuff.