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Have held this for a long time and topped up recently - the French PE crew have steadily increased the size of their chips on the green baize, adding to the pile of purchases made over last 12 months by the ageing French autocrat Serge Crasnianski, who runs the show. Even with basically having no footfall across its global estate and being completely hammered as a result, the trading statement indicated it would still make a profit albeit it tiny. Also, it has no debt, and sufficient liquidity to keep trading. And this business historically has thrown off oodles of cash
Meanwhile they've spent the time productively streamlining the size of the global photobooth estate (18 countries), stripping 17% of their total, the most marginal locations, made a lot easier by lockdown that it would have been previously (easier conversations with the landlords, supermarkets etc). So the operational gearing in this business will be quite punchy with that reduction in fixed costs taken out.....and then there is the ever -present possibility that the Autocrat decides that now is absolutely the perfect moment to take this off the public markets with interest rates on the floor, plenty of cash for deals about, and the vaccination roll-out potentially about to unlock the global economy. Its been listed since the 1960s and no doubt Serge is looking at securing his legacy as well as some nifty benefits that could be derived in terms of estate planning once it is off the public markets etc.....A bid c80-85p would really put le chat entre les pigeons.....Watch this space
Sounds good fevertreeman. 80p would do me fine haha.
Swanny this is a long-term hold. Had to average down a month or two back, but with the ceo Serge in to his knees here, I am confident of a comeback.
I think buying it under 50p is a cinch for a 30pc return over next 6months on fundamentals reopening. Much more if as I suspect the ancient frog is conspiring with the frog venture capitalists to exit the public markets. heaven forbid they are operating as a concert party, as that is illegal !!!
I think buying it under 50p is a cinch for a 30pc return over next 6months on fundamentals reopening. Much more if as I suspect the ancient frog is conspiring with the frog venture capitalists to exit the public markets. heaven forbid they are operating as a concert party, as that is illegal !!!
If this gets back on an even keel, I'm expecting 10% dividends in a few years. Serge likes his dividends on his near-30% holding. At 80 odd years of age I'm sure he likes a bit of yearly generated spending money.
Expecting a further retrace...will be lucky if anyone gets a summer holiday abroad this year.. If people can't travel then there will be no demand for passport photos...
The shorters could have a field day with this now IMO, they have swung from a £44m profit to a £27m loss and shelved the dividend.And also the forecast for the next year to come does not look too rosy either,is a chance the ceo could come under pressure to finally step aside for some younger blood to try and save them.Glad i got out before carnage started.
Not really. The biggest issue is this: "the number of photobooths declined by 1,367 units" - that's revenue that is never returning. It's long term, structural damage.
Agreed Five Candles. Looking on Stockopedia brokers were forecasting turnover of 225M but these results indicate that management are ‘penciling in’ 175M. That’s a 28% difference. Plus, the forecasts included a divi which is clearly not going to happen for the foreseeable future. On the plus side we have the huge director and institutional purchases over the summer and Autuum... Which begs the question - what plans do they have for the company???
I'm not so pessimistic here Tommo. What you say is true about photobooth revenue not returning, however Serge foresaw this digital transformation and is slowly reducing photobooth numbers.
Yes this will take the guts of 2 years to get proper profits again, assuming juicing machine business has good uptake.
looks like the shorts are getting squeezed
So it appears that the Finance Director has just sold all of the shares that he bought last year (@ a price of 50p)...