The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
It’s been a long time though. Could they be waiting until they have a settlement confirmed? Or is that foolishly optimistic?
Um that is Manolete's entire business model so the answer is "definitely yes"
This actually happened almost a month ago, on 27 Feb. I assumed it would take longer so hadn't been keeping an eye out.
See for yourself here: https://www.catribunal.org.uk/cases/12905718-t-bt-group-plc-and-others
Relevant snippet:
164. For all the reasons set out above, I consider that the appeal should be dismissed on all
grounds. I should add that I have also had the opportunity to read the concurring
judgment of Green LJ, with which I entirely agree.
Lord Justice Newey
165. I agree with both judgments.
Kind of amazing that this hasn't been reported in the news anywhere! But this has to be massively positive for MANO. If they can finally get their payout from this case - and I'm not aware of any other blockers now - then they can clear their debt, invest in more cases, and even splash out on a little divi for us all!
Yes I keep wondering about this. I keep coming back to how Steve emphasised multiple times in the investor presentation last year that we could expect updates “early next year, even late this year” about the bank covenants, about the new BBL partnership, and about trading in general.
So what does it mean that this update hasn’t happened?
Did they want to wait until all the good news came together and give it in one big go? If so it’s turned out to be a poor plan. And why suggest that they would update us sooner?
Or is the news not so good, and they’re delaying telling us as long as possible? I’m sure the definitions of “material difference” and “timely manner” could be stretched this far.
I think his salary is already compensating him adequately for the “risk”.
No divis until the cartel case pays out! Until then reinvesting in cases and paying down debt are the only reasonable uses of cash.
FWIW, over on XLM, a similarly unloved and underpriced share, an unexpected RNS today sent the price up 2x. Not saying that will happen here, but a reminder that it is possible!
It's a wall of red, and yet no-one is buying at these prices. Don't understand it!
True, though in 2022 it wasn't until 11 April. So crossing fingers, but not holding breath.
Net income for the first half was $4.7M. That's from an "adjusted EBIDTA" of $6.5M.
They are projecting a FY adjusted EBIDTA of $12M, so $5.5 from H2.
But lets be super conservative and say that this $5.5M of adjusted EBIDTA translates to 0 of actual net income.
So that's a net income of $4.7M, or ~£3.9M, vs a Market Cap of £16.6, giving a PE of ~4.3, ASSUMING NO INCOME IN H2.
What on earth??
OK, it's not continuing to grow explosively after NY opened up; OK it looks like a while until the next big state opens up. But $50M of revenues is perfectly respectable, they have no debt, and they only have max $7.5M more deferred acquisition payments to make.
Why is this so cheap? What am I missing??
Thanks Jimmy, very helpful!
Is the second column the change? If so then yes looks like Killik - or one of their account holders - sold out big time.
It’s hard to know how much to read into this. The share performance has been terrible, people may be fed up, or need the money for other things. Do they have some particular insight into future performance that others don’t? Hard to know :-(
Where do you see those numbers for killik and PH?
Da_Master do you know why that cap exists? Does it exist for other shares?
Why not move to a different platform (e.g. II) that doesn't have such caps?
Do we really think there are 1000s of investors out there that would buy more MANO if only their Trading 212 account would let them?
Available to buy on ii for 121
What happened??
Ah yes, this board has been quiet for a while and I’ve lost track of who the good guys and bad guys are!
Although Canaccord coming out with a new lower target eps won’t help anything :-( maybe they’ll find an inventive new metric to talk up…
Surely this is the reason for the drop. Having to switch brokers because your current ones have lost interest isn’t a great look, and as Forensic says in the other thread PH are likely dumping their holdings and moving on.
So definitely not great, but hopefully only a temporary setback; let’s see if the new brokers can inject some enthusiasm
I don’t understand this thread. If you search Caseload for “Manolete” you get pages and pages of results. Presumably this is just business-as-usual for them.
Interesting point Forensic, yes let’s hope it’s that!
Just reread the December TU and today’s results, both revenue and ebitda, come in at the low end of the ranges given in that update, _after_ taking into account the trading disruption announced. So certainly a lackluster performance, yet again.
There’s no new information here. We know there aren’t many state launches lined up. They already told us about the issues with Barstool. “Consolidation” is exactly what we need - continue operating, signing partnership deals, and ideally more revenue share agreements. No more expensive purchases of websites, no more overhauling of the business model. Meanwhile the valuation is ridiculous. I don’t understand what the market expects of this share!