IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
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Pearls......I certainly consider my comments fair otherwise I would not have made them.
Overheads....look at the top "execs"., marketing , etc.....sure they got rid of a lot of staff...but there are still issues...they have also recruited since cuts..
You are right SG is known internationally for the catalogues, ....not for dealing or auctions....
Before Phoenix.....well... they may have at least had some staff who knew about the philatelic business!!
SG will never be strong in auctions....they cannot compete....they have nice hard working staff in auctions but there is no gravitas there...and the catalogues are a disaster...I would guess designed by "marketing people"
Trade shows and exhibitions.....these are in a crash dive that is likely non recoverable...as I have said the dynamics are changing.
You ask who is "top of the stamp trade"....SG are in the dealing arena...but there are many others .....and as for auctions....well...Spink, Corinphila, Grosvenor, Argyll Etkin, Cavendish.....others are creeping up....Harmers....Corbitts, etc .
I have been involved in stamps for almost 50 years ...I have good relationships with most auctioneers and traders, including SG, for whom I have a particular fondness but they lost the way some time a go.
Its sad....but the reality has to be recognised.
Nevertheless the current market cap is ludicrous for a business that includes Stanley Gibbons, Baldwins, Murray Payne, etc.
On what metric? There's no earnings, and unlikely to be for the future, so it comes down to goodwill, and assets, presumably the assets are security for the debt.... that can't be serviced, they are in default, in fact they are having to increase debt levels, so it comes down to good will and value in, what appears to be a diminished, and from a shareholders perspective tarnished, name. Hence once the support from speculators has cleared and if they keep selling over the next few day, sensibly 0.5p is on the books.
There's a real chance that the company may report a small profit for the full year, and the chance for it should be even bigger in the interim results in November... Then the market will have to re-rate the price here even if it doesn't want to.