Member Info for tenobas

@ThetaDecay Read the 2025 Annual Report..

The important numbers are

EBITDA before exceptional items 1,421 16,415

Depreciation & amortisation 15, 16,18 (4,657)

Exceptional items 6 (1,410)

The 4,657 appears to be £0.5m depreciation, £3m Right of Use Assets, Lease Liabilities.

Why any of that should be considered exceptional I dont know.

The 1,410 appears to be Exitting Ireland : £5.7m offset by various business combinations.

(Although how note 17 feeds into the accounts I am unclear. Is this group level?)

The long and the short of it seems to be that run-of-the-mill losses are running at £4.5m and cash losses at about £3m.

This contract might take them to break even which I suppose is not bad.

World's first pivotal Phase III human challenge trial ("HCT") in Bordetella pertussis.

For a phase III trial 500 participants is tiny:

>>> Average Phase II trials have 2,400–2,800+ participants, while Phase III trials often reach 20,000–30,000+

Typical cost per participant is hard to estimate so I take £30,000.

That is £15m. Typical margin is 50% (but whether this is big pharma or subcontractor I dont know); so this is £7.5m over say three years.

Without this contract HVivo is losing £6m p.a. So I think with it it will be losing £3.5m p.a.

This is a very interesting situation.

IMO all the litigation stuff is a distraction.

What I see is an industry rapidly innovating and zero growth.

I think that this share does not justify a P/E of 21. Will the new products make a real difference? Alcobreath?

I see below concerns about debt and cash flow.

I see that accruals have risen sharply but with operating cash flow of $10m and debt of $1m cash flow is obviously very strong.

Rapidly growing revenue and a P/E of 4.4.

What is the story here?

Why the long term decline in the share price?

Is this why it is falling?

With a P/E of 10.5 it looks to be no related to yield.

I doubt that all their contracts are fully indexed to the price of oil.

Maybe only the CPI.

If you compare these two you will see how much spin there is in the maket:

Both companies have constant real terms turnover.

Marstons is at 50% of NAV Wetherspoons is at 200% of NAV

Marstons has a P/E of 6.1 Wetherspoons is on a P/E of 19.4

Wetherspoons churns its venues and has minimal property gains/losses which it recognises in the Income statement.

As a bonus to the above Marstons last had big property gains which were in the Comprehensive Income Statement and thus on top of the figures above.

If you compare these two you will see how much spin there is in the maket:

Both companies have constant real terms turnover.

Marstons is at 50% of NAV Wetherspoons is at 200% of NAV

Marstons has a P/E of 6.1 Wetherspoons is on a P/E of 19.4

Wetherspoons churns its venues and has minimal property gains/losses which it recognises in the Income statement.

As a bonus to the above Marstons last had big property gains which were in the Comprehensive Income Statement and thus on top of the figures above.

Does anybody know who this customer is?

With Tate & Lyle excluding CP Kelco contributing nearly profit £200m in Y/E 2025

we seem to have moved to it contributing less than £50m proforma Y/E 2026

As to whether this is a growth stock then I see it as a story of two halves:

1) Action

2) The rest

And the rest has been pretty dismal.

If I wanted to invest in a pan european discount retailer then why not invest in B & M which closely resembles Action?

Action has an annual EBITDA of about £2bn -> profit £1.4 bn? Dutch corporation tax @ 25.8%

With Action valued at £21bn this is a P/E of about 15.

B & M is on a P/E of about 8.

B & M has bigger debt but that is just gearing.

If the discount retailer sector is growing then invest in B & M.

If this is becoming an ex-growth sector then why invest at a P/E of 15 for the complexities and double taxation of 3i ?

If I understand tax law correctly then when 3i sells action it will pay at least £2.4bn in corporation tax.

This share is at a premium of about 20% to net asset value.

Never buy on day one when the price falls: buy on day two.

You mention (Boots, Superdrug, Tesco, etc.)

Warpaint brands are very hard to find in most of these shops.

(I hold)

OSB is very very similar to Shawbrook (IMO). (Shawbrook possibly more retail?)

Quilter, Man Group:

Why are investors driven by assets under management rather than actual profits?

Surely as finance evolves high wealth individuals have more and more options and margin for wealth managers comes under pressure?

Obviously the market thinks that price lists will be good for PETS.

One thing which occurs to me is that for those with insurance there is no gain from ordering drugs online.

Https://uk.trustpilot.com/review/sunlife.ca

https://uk.trustpilot.com/review/www.standardlife.co.uk

https://uk.trustpilot.com/review/reassure.co.uk

https://uk.trustpilot.com/review/phoenixlife.co.uk

This is a company with rapidly shrinking revenue and total losses over the last seven years of £2.72 bn

Also NAV is dangerously low:

NAV 5.6 7.9 6.8 5.2 3.7 2.2 2025=1.8

Has this risen today on prospects of peace in Gaza?