Member Info for tenobas

There is no transparency in the AR 2025:

Administrative Expenses Euro 2bn with no explanation as to what they are. (No Notes!)

Can anybody explain?

What is

Separately disclosed interest (note 5) (9,410)

Nothing in the AR explains this.

I had though that SAFE was inversely correlated with bond yields but I now question that.

I feel that 10 year bond yields at 4.7 are indicating uncontrolled inflation.

This portends a flight to REITs

P/E now at 50.

This company grows turnover at nearly 10% but that is far from justifying this.

The defence angle can only go so far and will not be high growth.

There is no news on Duvelco which should have been trading by now.

So what is the story here?

Trustpilot

W7:

5 Star 50%

1 Star 27%

E.L.F:

5 Star 26%

1 Star 56%

And E.L.F. are much bigger are they not?

Maybelline:

5 Star 25%

1 Star 75%

L'Oreal

5 Star 10%

1 Star 50%

L'Oreal Paris

5 Star 29%

1 Star 49%

Firstly, I dont understand (Either LGEN or PHNX but I understand LGEN much better).

I think that everybody knows that only those with investment fund and pension knowledge do understand.

However, I hold LGEN and recommend it to relatives. I would never recommend PHNX.

One concern I have is that the DB pension market is shrinking rapidly and the revenue for both is falling.

As I understand it LGEN is increasing its gearing and thus as its profits continue to NOT DECLINE this works.

For PHNX the LOSSES are declining a little but now the losses are nearly 10% of the NAV. This does not work and looks dangerous. Losses have been as high as 45% of NAV!

PHNX is near its highs and LGEN is in the middle.

PHNX talks about deleveraging their balance sheet. Since they have not raised equity it can only have been achieved by shrinking their business.

This looks much more like an Icarus than a Phoenix.

Plunging income, mostly losses, and remaining asset value of only £1.8bn .

How can this be worth £6.3bn ?????

19 20 21 22 23 24 25

Income £bn 29.1 22.2 24.5 31.7 22.3 20.4 8.6*2

Profit £m 116 834 (709) ( 1762) 84 (1078) (209)

NAV £bn 5.6 7.9 6.8 5.2 3.7 2.2 1.8

At the core of the phenomenon of inflation is the erosion of the ability to store value.

When our savings become worthless we will spend them.

We cannot buy more necessities so we must buy luxuries.

Spending from income favours low ticket items but spending from savings favours high ticket items.

All this paints a bullish picture for the travel market.

First quarter earnings were exactly in line with expectations and growth remains above 17%.

This share continues to make progress like a locomotive.

At a P/E of around 15 and a US listing coming up this is a buy.

Thanks for your help

Not good enough

I note that in the 2024 Accounts the "Exceptional costs of closure of business Note 4" did not reduce the tax paid.

I also note that the Defered tax assets did not change significantly.

I dont understand this.

Does anybody know why in the 2024 Statements of Changes in Equity we have

Acquisition of NCI net without change of control – (5,385)

My understanding is that substantially this relates to an interest in PAL.

If this aquisition relates to the current value then why has it reduced NAV by £5m?

Https://www.youtube.com/watch?v=pZacv03Zx_Y

My take on this is that the directors are not paid much.

I do note however that the LTIP is trivial. To me this says that the directors do not expect the share price to rise.

My understanding is that government subsidies as CfDs to Drax is set to go from £1083m to £438m.

How can that not completely wipe out the profit?

Is there to be a massive showdown with Labour?

https://ember-energy.org/latest-insights/uk-biomass-phase-out-is-now-in-sight/

Who is going to offer that with the bond crisis looming?

I was expecting revenue of £120m * 2.

Probably the rise is due to the detailed explanation of the financing.

I said I would come in at £4. But I am not buying yet.

I am active in warehouse rentals.

These are the costs which will rise.

+ Planning Charges.

Most of these increases have already occurred but these future costs might not be fully reflected in future profits.

Obviously grandfather rights partially offset this.

+ EPC costs.

The energy efficiency minimum is set to rise going forward and whilst these escalations are frequently pushed forwards they drive better standards in new developments and thus drive down the valuations of old properties.

+ EV chargers