Member Info for shandypants2

Https://www.bbc.co.uk/news/articles/c79jg43vd8no

Whilst this has had a negative impact on UKW surely it is the right thing to do.

Surely these price spikes are not factored in to estimated earnings so hopefully the impact on NAV will be limited. Also noted it is voluntary for now, so not sure how this will work in practice.

I think the issue is EAAS always seem to give good news mixed with bad.

In 2025 they massively changed their accounting rules for revenue recognition and yet 12 months on it's changing again.

Whilst £38m for 2026 looks great - the original target was £30m, then £4m was added for 2025 contracts that were delayed and now £4m for the revenue recognition changes - so essentially the original £30m of contracts in 2026 haven't changed and have not been added to.

With £24m in H1 2026 that would mean only £14m in H2 which looks low and we have no 2027 guidance so it is possible that 2027 could be lower than the expanded 2026. Not a great look for a growing company in an expanding sector.

I still like EAAS and IMHO it is massively undervalued but these missteps and becoming frequent and it's the same CEO who has resided over all these issues, going back over 5 years now.

Interesting £65k purchase at 200p has just dropped. Tomorrow might be interesting.

Soletrader - i think the whole market did charge VAT, however, following the VAT case last year many companies chose to stop charging it. THG continued in case of appeals etc. So in 2024 etc when all charged VAT THG didn't perform brilliantly.

So whilst there will be an impact in addition to the rebate i'm still not convinced it will be as big as some hope/expect. Happy to be proved wrong.

If the VAT refund is a game changer surely that will apply to the whole market, so margins might not improve if others cut prices

Trading will be the main driver of the SP, however, the VAT refund will be c5p uplift per share. If no VAT can't see much impact as this hasn't been priced in.

Agree, even at 70p that only values Brck at £225m. Based on revenues and EBITDA that looks low.

However, i think the company are saying to Atlas if they come back with a half decent offer then they will be inclined to open the books and allow for proper discussions regarding a price to commence.

65p is clearly not enough to start negotiations. 70p plus may get things moving.

Gloating about money is always rather vulgar.

Remember how the Harry Enfield stretch ended

Here's a reminder

https://www.instagram.com/reel/DTyjoDjk-Sd/?hl=en-gb

You are quoting 2024 figures, within which there were considerable one off adjustments - £2m for restructuring and £4m loss on the EMD sale (despite being told it was a good price and the CEO got a big bonus for obtaining that price!) .

Private companies don't have the cost of being listed, i think in presentations CEO has stated this is c£1.5m to £2m per year.

If you look at EBITDA as a guide to where the company is, 2024 was £600k, 2025 is £1.7m and 2026 is guided at £4.5m.

Without a shadow of doubt EAAS has been poorly run - it grew too quickly via acquisition, got in massive cashflow issues and took on high interest debt.

The EMD sell enabled the balance sheet to be cleared of all debt and arguably it is now a new, more streamlined company.

For me the new CFO seems very switched on and is managing cash closely. EAAS is in a critical and high profile sector and it has got into GB Energy contracts, which is surely a massive opportunity.

Let's see where this is in 2 years - i suspect at a lot higher valuation than today - the broker has a 12p target based on 2027 guidance.

Yes, hopefully we should see £2 plus here soon as even at that price it's silly cheap.

We do need a slow but steady stream of new contracts just to show that things are progressing.

It's a shame the company doesn't publish a pipeline opportunity figure so we can get an idea of the size of the pie.

I also think a special divi could have been added to YE results to improve sentiment - even 10p would be only £1.7m and they have £14m sitting in the bank. Maybe also a small share buyback too.

If they are looking at acquisitions that's fine, but it's rarely mentioned and doesn't appear to be a priority.

Bunsen did you read the article and/or understand the issue. The UK is the 2nd largest European producer of crude oil (behind Norway) and produces c600k barrels per day. However, this is about half of what we need and the price is set by the international market so we are exposed to global market pricing.

The North Sea is quite a mature field so there is an element of diminshing returns - output has dropped 75% from its peak in 1999.

Furthermore, as the article states the new licences granted between 2010 and 2024 have barely produced any gas to date, so i'm struggling to see how any new licences will prove to be any better.

Labour hasn't stopped any oil or gas production in the north sea, merely not granted any new licences. How long does it take a new licence to start producing? It is not an overnight operation.

So surely getting the UK less reliant of fossil fuels is the way to go. Oil and gas will still play it's part but hopefully overtime that percentage will reduce year on year.

Incidentally this is a forum for a company that produces electricity via its wind farms.

The THG to Ingenuity link and 10 year deal is clearly impacting profitability and will clearly discourage any suitors but the Huel deal does highlight THGs low valuation.

If MP was even valued at 1 x revenue (as opposed to Huel's 3 to 4) that would be £600m and the total current market cap, which also includes the bigger beauty division , is £466m.

So we should get a 30% uplift just based on MP alone.

If Beauty was also factored in at 1X revenue then the SP would be over £1.

Just saying

If

Good results from Luceco today and in the outlook it mentions how energy transition is outperforming other areas of the business. As this is exactly the space EAAS is in this shows the demand for it's products and services.

H1 2026 is estimated to generate £20m revenues which is a 100% increase on H1 2025, assuming there are no delays.

Maybe EAAS 'need a bigger boat'

I like Spire. It's hospitals are valued at over £1.5bn and let's face it building new hospitals is not easy or cheap (what happened to Boris's 40 new hospitals?).

Only 30% of business is via NHS and more people are moving to private and this trend will surely continue.

Whilst it's profit margin is not great ATM, it's EBITDA is not bad and it's NAV is greater than the share price.

On the downside it's had a few suitors now and the BOD/large shareholders seem to overvalue the business.

Last week we were told a 230p bid was imminent and then the suitor dropped out - no doubt they were verbally told it would be rejected

I see you have wa nky kid on this board. A complete loser - i've had to filter. I suggest you all do likewise.

Mine too - immediately bought some SNX - ridiculously cheap for a decent profitable little company with a very solid balance sheet

Yes very frustrating. Have received it via Fidelity, however, have a lot more in HL.

This is ridiculous now. 2025 results recently published has an EPS of 28p so the current PE is about 5.5. This is almost priced to fail, which is bizarre.

Surely a very conservative PE would be 10 (so 280p per share). Even allowing for say a 20% discount due to 2026 lower guidance that's still c225p a share.

With the strong balance sheet - no debt and over £14m cash - that should improve the PE.

Short term anything under £2 is a steal IMHO, under £3 is still a decent medium term price based on 2027 guidance.

Oogle - EPS is c24p so current PE is 15 and this is after the share has dropped about 30% in value in the last few months. Not expensive, but not cheap too.

Wan ky kid - what a loser. Hated on every board he posts on. Hopefully he will sell up and leave this one. Now filtered - i suggest others do similar

Https://www.thegrocer.co.uk/comment-and-opinion/why-pricey-huel-will-be-worth-the-money-for-new-owner-danone/716806.article#:~:text=By%20Ed%20Devlin23%20March,offering%20a%20health%2Dled%20proposition.

Yes Huel deal is c 20 x EBITDA and about 3.5 x revenues. Very pricey, However even half of that for MP would still be significantly higher than the current entire market cap