Member Info for Theanalyzer

If Worldview get over 90 per cent acceptance they can compulsorily buy your shares off you at 3 pence If they get less than this then you stay as a minority shareholder in PCI and have certain legal protection from being abused by majority shareholders

Further increase in dividend now over 5 per cent yield and EEV of circa 360 p per share versus share price of 330 p per share ie no value ascribed by market for new business to be written by Movestic or acquisitions like Waard Interesting that Movestic is now generating free surplus as well as profits Overall nice quality ir presentation as well

DOM in uk is still adding new stores and has been for around 15 years and is still growing sales and profits and it has over 850 stores for around 70 million people in uk Poland has around half that number of people and 24 soon to be 26 stores so lots of room to grow provided people in Poland like Dominos as much as UK versus other takeaway pizza choices The key point for me is as number of mature profitable stores grow as evidenced by like for like sales growth and being ebidta positive every month last year the cash burn associated with new stores in terms of leasehold costs and equipment and new branch start up losses has less of an impact on overall business The rollout over time builds should generate economies of scale on fixed elements of Plc costs and other overheads plus each new store should over time be profitable (if not it gets closed) DPP have to manage speed of rollout to ensure they don't require constant cash injections but as business grows it might be easier to get debt funding versus solely equity funding Now that DPP are in 5 cities as opposed to just Warsaw and Kraków we can start to see if concept will get wider traction in more cities. Poland is less densely populated than UK so I suspect the stores will be based in bigger towns

I made a lot of dough (sorry couldn't resist) in DOM hope to replicate over time in DPP I like the fact that losses in recent new openings have been better than expectations this will help reduce cash burn on store roll out Also interims should show impact of late 2015 opening programme start to flow through Hopefully as concept is now more proven let's hope there are a few uk Dom franchisees who fancy growing in Poland as opposed to buying off the corporate which could further accelerate rollout At current market cap valued at over 1.5 m per store which is too high but should drop as store rollout grows

Good news from budget Lifetime Isa Increase in annual ISA limit No new changes to Pensions Reduced CGT rate

Placing ahead just to keep going at current cash burn rate. Even 300,000 at .50 is almost a 10 percent dilution and that is just to keep lights on for a further six months. I suspect this will need a reasonable marketing spend to sell boilers. It will be interesting to see where FLOW are with their CHP boiler when they update market on 29 April.

Looking forward to seeing how DOM third share of enlarged German starts to perform could be another source of significant growth after previous false start

As number of mature ebidta positive units increases this creates more positive casflow which means company can open new units which take time to become cash flow positive at a reduced risk of needing a further placing

The answer is that broking is at present a people based business Good brokers have an ability to grow the business through their network and there are always people who want to run their own business within larger groups who want chance to make their fortune Brian knows the sector and people in the sector can see how many other brokers the company and his private business have supported over the years I don't expect this to grow rapidly but I do expect it to pay dividends and find new investments probably none as good as Hyperion but who knows I don't expect discount to narrow too much but it will pay a good dream of dividends and share buy backs will help keep discounts down

I like the ceo's spring clean of businesses that are no longer core means more management gets focused on improving further what is left and what is left are great businesses imp The pension no change is good news for further asset accumulations and thus fees PS Spikey this is a brighter and better class board than some other boards we have recently both posted on

I like the fact that of delivery is falling and sales are likely to increase cause by auto enrolment The IT spend over last few years is starting to show through in scale efficiencies Pension reforms for higher rate tax payables are a concern

Good growth and cash flow generation Starting share buy backs again great news for share price support and dividend cost German jv will hopefully generate profit going forward My yield on original cost of shares is now into double digits

Gbp drop versus Euro will have pushed up NAV in GBP terms

As number of units grow there become more mature stores over time which are typically cash flow positive (according to DPP) and help fund new stores and risk of new placing and dilution.

It's now 3p or potential 0p if banks pull the plug Interim results clearly state concerns over reliance on bank support to be a going concern Five more months trading at low oil prices won't have improved PCI's financial position and it's had those five months to pull a rabbit out the hat before worldview offer

There are plenty of people left and if some return from uk they may have taste for Dominos

Best bits for me strong client retention, growth in aum, client numbers and new initiatives and finally expense ratios declined again as percentage of revenue HL is going to be a tough competitor to beat as it continues to build scale advantages Some of its smaller rivals are still loss making and I can see a few giving up

Looking at their store map i noted there are now in 4th city gdanz and have 2 stores in third city Wroclaw plus another store in capital Warsaw so roll out programme is gaining some momentum As business scales up the costs of opening new stores should start to be more covered by existing stores

I sold out a few years back at a chunky loss in percentage terms and it was a penny stock when I sold it Directors always promised but never delivered I decided to exit when I looked at initiatives mentioned one year and next year there was a new promise on the horizon but prior year promised wasn't mentioned Good luck to any current holders hope you have a better run than me

Recent update means I will run small profit for time being Concerned about impact of Aldi and lidl on MJW