Member Info for varun25

Can someone write to Max Royde and ask him to pass the message to Board what we think about the buy back? Not sure how to go about it.

Agree with all of this. My average price is £1.20 and this is my 3rd biggest position so no spare cash to double down but the price seems all wrong at the current level.

I have written to the company via the feedback form. Not expecting any response or anyone to even read it but had to get it off my chest that the price is wrong and management should work quickly to work on the share buyback option. increased pace and / or an increased quantum of buy back.

Which means that the EV/EBITDA of 3.8x is wrong. Intrinsic value is much higher than 82p. I even did a simple discounted cashflow analysis and assuming 10% discount rate and low / no growth, I get £1.20 as the intrinsic value of the business.

Can someone lend me money so I can use leverage to buy more into this position? I promise to return it with interest... My promise, after all, is as solid as Shinez acquisition.. :-)

After today's 5% drop in share price, this is now an EV/EBITDA of 3.8x. That only makes sense if the EBITDA is likely to collapse. BUT the company said we are on track for record EBITDA... so either market is wrong with the valuation or management is wrong with their estimate of EBITDA. which one is it do we think? We really need management to double down on buy backs till they figure their strategic options out.

Someone who has contact at the company or at their broker (Zeus) should be reaching out to the company saying that a bunch of us investors are desperate for company to jack up their speed of buy backs or indeed to add to the buyback by say $5-10m.

This is also screaming for a Director buy to get the confidence under the share price. I notice continued price weakness today. We need ramped up buyback and a Director buy to get people like me to invest more / double down.

If I was on the board, I would be pushing for increased pace of buy back activity.

I have been thinking about the correct reaction to the underperformance of Shinez acquisition. They paid $30m for that acquisition so if we assume they burnt all that money forever then the market cap should decline by $30m i.e 10 percent decline to share price. Noted one broker reducing the EPS projection by 9 percent for the next 2 years so assuming same multiple, 9 percent decline would make sense. None of this is scientific but a $30m acquisition going bad resulting in $80-90m price reduction seems overdone. Currently valuation is c. 4x ev/EBITDA.

The intrinsic value of this business is significantly above 89p that the price suggests. The EBITDA is $97m. The business expects to make record EBITDA in 2024 and 2025. The P/E of sub 5x, EV/EBITDA of 4x and P/FCF of 5-6x suggests that the group is significantly in distress. This valuations suggests an expectation that earnings and free cashflow will decline substantially but not sure what do we see to suggest that it is indeed massively declining. yes, I expect earnings to decline driven by Shinez but even so, not sure how to justify this valuation level. Have added significantly today amid the stomach churning declines.

Agree that company is not collapsing but the share price reaction suggests so. I have personally doubled down since morning as I think this reaction is overdone. Also agree that Online presence business is stable and does not deserve sub 5x EBITDA valuation that the total business is currently being given.

I have cash to deploy but I am scared... As they say everyone wants to buy at a lower price until we get the lower price when such supposed buyers get scared out of buying... That seems me today unfortunately. Have cash but don't have the guts to make it even a bigger position.

Agree that buy back should be ramped up and ramped up significantly in my view. But it became clear listening to William today that increased buy back is perhaps not on the cards. They will first figure out "value unlocking" transaction and then decide on divi / share buyback after that. William said expect answer to the board discussions in Q1. I suspect we trade sideways for several months here before having clarity on the group structure and then figure out where we go from there.

They feel cheated on the Shinez. William just said they are discussing with lawyers whether there is any reason to pursue the legal route against Shinez vendors. He specifically said that "they wathced Marlowe spin-off of Optima with interest and all options are on the table to unlock value" and he also said "the current share price is unsustainable and does not reflect the underlying value". He said they are discussing what to do at the board level. I personally get a feeling that the price is wrong here and I also bought a bit more today morning... the famous saying "be greedy when others are being fearful"... my greed is coming out as clearly lot of fear that this business is collapsing.

This one hurts for sure. I have a big position with average price of 127p. Michael just said that they may spin off parts of the group to unlock value. I think that is the value that is being described here. Shinez profitability will not come till late 2025 so real / strong drag on performance. However, the share price reaction suggests that company is melting away but I do not see that in the numbers. The EBITDA was still higher than last year, cash flow generation was decent, share buy back continues and they will focus on value unlocking so wonder whether this reaction is excessive.

I would agree that an investigation of who sold should be done if the results are poor. Just wonder whether FCA would care...

There may be one buy order for sat 25 shares and the broker found 25 different sellers of 1 share and bought those 1 shares from 25 different sellers to fill the order.

I opened the annual report and quarterly to recheck whether I had completely missed the cashflow analysis.... either (i) we don't understand the risks in the business and the cashflows are falling off a cliff or (ii) this is underpriced at the current level. Nervous to see how it develops as SP falling off a cliff from here on would be a body blow to my portfolio.

Closed 11% down. absolute carnage... someone potentially knows something and offloading their stake ahead of results... average price at 132 so I am not down 10% in my third largest position. crazy.