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This for you Theo:
https://www.p2pfinancenews.co.uk/2020/11/02/analyst-speculates-metro-bank-could-become-the-target-of-an-acquisition/
Jinny I would say better quality management and a business model with is sustainable. Hopefully one of them takes this out at £1 and that will be the end of this pile of dog poop.
Theo, business rates are the least of Metros problems. Metro branches are usually 2-3 times the size of other banks most of which were signed and locked in at cyclically high rents for 25 year terms with zero breaks. Now those market rents are coming down 30%+ leaving metro with operational leverage which the rest of the industry are eager to get rid. I don't think anyone else in the industry has such a ridiculous property portfolio, compare to the financials of the other banks and the problem becomes glaringly obvious.
https://www.avisonyoungretail.co.uk/uploads/media/Clients/Metro%20Bank%20April%202016.pdf
"Saga eventually locks in a loss I'll just add 'travel' to my list of uninvestable sectors."
Fundamentally this is the issue with SAGA, punters think it is a travel company, whilst the lions share of earnings £70m is made in insurance segment. Insurance companies with such earnings usually have an enterprise value of £1bn+.
Roguemale, have a look at the latest results and the note on goodwill. Pay attention to the discount rates applied to the calculation. Looks like they wrote-off the insurance goodwill last year for nothing, didn't need writing off, based on their latest assessment of the business.