LIVEDaily Stock Market Report (Wed 11th Nov 2026) - TW, CAV, CRPR, CRE
The Anthropic IPO is fast approaching after a registration statement was filed with the SEC yesterday.
Bloomberg reports that the IPO is set price on Wednesday next week.
And according to the FT, the initial valuation could still be raised to $1.5 trillion or more, higher than the $1.4 trillion valuation that is suggested by the SEC filing.
As things stand, the IPO is expected to raise between $90 billion and $100 billion, for the company and for selling shareholders. The biggest test so far for AI sentiment!
Overnight market movements:
The FTSE is up 0.4% at 10,815
S&P 500 is up 0.6% at 7,565
Brent crude (January) is up 0.6% at $92.10/bbl
Gold is up 0.8% at $4,065/oz
Bitcoin is down 0.3% at $73,550
Roland Head joins me today.
The table is complete.
Companies Reporting
Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
ICG (LON:ICG) (£5.4bn | SR83) | AUM of $145bn, fee-earning AUM +9% YoY to $90bn. Management fees +12% to £374m and fee-related earnings per share +18% to 58p. | ||
Spirax (LON:SPX) (£5.4bn | SR72) | Organic sales growth and adjusted operating margin for the 10 months to 31 October were in line with expectations and ahead of H1. Outlook: confident in delivering full-year guidance (mid-single digit organic revenue growth and an adj operating margin >20%). | ||
Taylor Wimpey (LON:TW.). (£2.9bn | SR90) | Autumn selling season was “more subdued”. 2026 outlook: now expects 2026 completions excluding JVs of c.10,500 homes and group adj operating profit to be around the bottom end of the consensus range (previously 10,600-10,800 and £262m to £299m, respectively). | AMBER = (Roland) | |
ITV (LON:ITV) (£2.46bn | SR84) | Nine-month revenue -1% with external revenue -2% year-on-year. ITV Studios revenue -1%, with M&E revenue also -1%. Outlook: ITV Studios remains in line with previous guidance. M&E total advertising revenue now expected to fall by 5-10% in Q4 and by 2-3% in FY26. £30m of cost savings have been identified to align costs with advertiser demand. | RH note: previous consensus was for Q4 advertising revenue to fall by 1.8%. | |
Conduit Holdings (LON:CRE) (£695m | SR98) | Nine-month gross premiums written -3.8% to $999.9m. 9M reinsurance revenue +1.6% to $673.2m. Pricing has softened so far this year, particularly in Property and Specialty. | AMBER/GREEN= (Graham) | |
Fuller Smith & Turner (LON:FSTA) (£430m | SR91) | H1 revenue +6.5% to £220.9m with LFL sales +6.1%, outperforming the market. Adj pre-tax profit +25% to £28.2m with adj EPS +32.6% to 39.81p. Net debt excluding leases stable at £140m. Outlook: YTD LFL sales to 7 November +5.8%. Christmas bookings +16% vs last year. Now expects FY27 adj pre-tax profit to be ahead of current market expectations. | ||
Forterra (LON:FORT) (£355m | SR74) | Revenue for the 10 months to 31 Oct 26 was -11.9% on a like-for-like basis. Cost savings and asset disposals (surplus land) are underway. FY26 Outlook: now expects full-year adj EBITDA to be c.£50m, below consensus of £54.8m. Year-end leverage is expected to be c.1.9x. | PROFIT WARNING | |
Somero Enterprises (LON:SOM) (£154m | SR95) | Special Meeting held on 10 Nov 26 was adjourned to allow further time for shareholders to vote on the proposed amendment to the Company’s Certificate of Incorporation. So far, 65% of outstanding shares have been voted with over 99% in favour. However, approval is required from holders representing at least two-thirds of the company’s outstanding shares. The meeting will be reconvened on 10 Dec 26. | ||
Guardian Metal Resources (LON:GMET) (£137m | SR10) | Plans to spin-out non-tungsten portfolio into a new company, with the intention of listing this SpinCo on AIM in Q2 2027. Assets held by SpinCo are expected to include a number of gold and silver projects in Nevada. | ||
Motorpoint (LON:MOTR) (£117m | SR59) | H1 revenue +6% to £686.7m with pre-tax profit +80.6% to £6.5m. Earnings per share +84.4% to 5.9p. FY27 outlook: expectations remain unchanged following September’s upgrade. | ||
Castings (LON:CGS) (£116m | SR87) | H1 revenue -1.9% to £85.9m with pre-tax profit -60% to £2.0m. Underlying demand for heavy trucks improved during the year but disruptions to the company’s power supply has impacted performance. This issue is now resolved. Outlook: management expects full-year profit to be in line with recently revised expectations for adj pre-tax of £9.0m. | ||
Pantheon Resources (LON:PANR) (£110m | SR30) | Intends to undertake a subscription and placing to raise, in aggregate, gross proceeds of approximately £5.0 million. Proposed fundraise is at an issue price of 7p per share. It will “provide liquidity while the Company continues to have substantial dialogue with several parties regarding farm-in negotiations”. Trading in the ordinary shares will be temporarily suspended. | ||
Vanquis Banking (LON:VANQ) (£109m | SR52) | Appoints John Natalizia as CEO, subject to regulatory approval. He has been Deputy CEO since April. | ||
Solid State (LON:SOLI) (£97m | SR83) | Subsidiary Steatite Ltd has secured a follow-on order valued at US $26.2 million under Project CAIN, a major defence programme for a UK Government end user. Scheduled for the first half of 2027. “This order further underpins our existing guidance for FY26/27 and FY27/28 and gives us increased confidence as we look forward to 2027.” | ||
Ten Technologies (LON:TENG) (£90m | SR71) | Revenue +6%. Adjusted EBITDA +10% (£16.1m). PBT £3.4m (last year: £2.9m). “Trading since the year end has been in line with current market expectations for 2027, with the Group on track to deliver higher Net Revenue and improved profitability, versus the prior period.” | ||
James Cropper (LON:CRPR) (£80m | SR91) | Revenue +18.3%, adj. PBT increases from £2.1m to £5.8m. “As announced on 20 October 2026, the Board expects full-year Group Adjusted EBITDA to be in the range £10.3-£11.3m, being 10-20% higher than market guidance prior to this date and approximately 15-25% above FY26.” | AMBER/GREEN = (Roland) | |
East Star Resources (LON:EST) (£74m | SR23) | “We are pleased with the progress being made with our joint venture partners across both VMS copper exploration and development projects.” | ||
ECO Animal Health (LON:EAH) (£53m | SR91) | Submitted a Marketing Authorisation Application and supporting dossier to the European Medicines Agency for ECOVAXXIN® MG, its live poultry vaccine targeting Mycoplasma gallisepticum. | ||
Batm Advanced Communications (LON:BVC) (£50m | SR53) | Additional $4.0m order from its long-standing customer for the provision of further units of the Group’s quantum-era-ready cybersecurity platform. To be delivered during 2027. | ||
Gelion (LON:GELN) (£44m | SR8) | Gelion has been approved by the Australian Department of Defence as an AUKUS Authorised User and enrolled to access the AUKUS Licence-Free Environment. This helps to expand market access by reducing potential export licensing frictions and can shorten qualification cycles with defence partners in Australia, the UK and the US. | ||
Quadrise (LON:QED) (£37m | SR8) | Quadrise International Limited and Nouryon Surface Chemistry have agreed not to extend their Exclusive Global Collaboration and Emulsifiers Sales Agreement, until such time as Quadrise projects and volume requirements are confirmed. NSC have confirmed their interest in pursuing an agreement once requirements are known and will continue to support Quadrise’s trials with individual orders. | ||
Novacyt SA (LON:NCYT) (£26m | SR22) | Australian regulatory approval for Yourgene® Insight DPYD assay. The approval enables Southern Cross Diagnostics Pty Ltd, part of the Novacyt Group, to market and supply the in vitro diagnostic assay for its approved clinical diagnostic use in Australia. | ||
Cavendish (LON:CAV) (£25m | SR59) | H1: revenues of £22.9m (H1'26: £28.5m). Core profit before tax of £0.8m (H1’26: £2.0m). Moving to a single CEO structure. “We have a healthy pipeline of both public and private transactions including potential IPOs which are expected to yield greater fee revenues over the next 12 months than we have seen in this period.” | AMBER/RED ↓ (Graham) | |
Newmark Security (LON:NWT) (£9m | SR60) | Human capital management traded in line with Board expectations in H1. “We are confident in the outlook for the rest of the year and, as in previous years, revenue is expected to be weighted to the second half.” |
Analyst notes
- Taylor Wimpey (LON:TW.)
Taylor Wimpey nudges profit guidance lower on weak volumes, but value may be emerging
The company has nudged full-year profit guidance towards the lower end of the range of analyst forecasts, but my number crunching suggests that consensus estimates were pretty much at that level already. While the valuation looks fair to me on a near-term view, I'd be inclined to turn positive on any sign of a market recovery.
- Cavendish (LON:CAV)
Cavendish still going backwards with no tangible evidence yet of a return to form
I was already very worried about this after the H1 trading update, when I said that the company would be doing very well to repeat its FY26 performance in FY27. On the basis of the latest Hardman forecasts, we are now expecting to see FY27 considerably worse than FY26. So I'm inclined to treat this as a fresh profit warning. The market is certainly treating it that way, with the share price down by 9%. The particularly troubling aspect of it for me is the reduction in the cash pile, which has been an important part of the investment thesis for me here. I'm downgrading our stance on this by one notch, to AMBER/RED. Perhaps a revival in the IPO market on AIM is just around the corner, but I don't see it yet - and it has taken far longer than I expected.
- James Cropper (LON:CRPR)
James Cropper: H1 earnings climb 80%, but H2 looks weaker and the paper business remains a potential drag
I'm going to maintain our AMBER/GREEN view today out of respect for October's large upgrade and the stock's high MomentumRank. But my concerns over slow revenue growth and weak underlying profitability in the paper business mean I'm getting close to the point where I'd move back to a neutral view.
We've been moderately positive on this on the basis that it offers value against its tangible NAV, and I'm inclined to stick to that stance today. Although today's update may have disappointed some investors, I never want to penalise companies for focusing on their margins and profitability over their short-term revenues. That's true in every industry but I think it's particularly appropriate in insurance. Today's update can be viewed as a revenue warning, but it's no profit warning. Today's share price is equivalent to $5.65, so we still have a discount of about 25% against last-reported NAV, and the earnings multiple is in mid-single digit territory.
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30 comments
Thankyou Roland!!
An interesting article in the FT Alphaville page. This is not behind a paywall but you do have to register.
https://www.ft.com/content/0c5f36d5-18e0-408a-852a-f773355a231b
They reference an newsletter article by Ed Zitron titled 'Jenson's Bizarre Adventure'.
My take on the article is that it clearly identifies a number of worrying elements to the current Nvidia CEO debacle. That is, that the Singapore based office of the company that his paramour allegedly ran was devoid of staff, and that it was a vehicle to ship Nvidia chips to Chinese data centres by the truckload ( and that there is probably another front entity involved in similar activities). I think it was implying that some of these chips may also have been channelled to Russia?
Further it alleges that the legal officer of Nvidia tried and allegedly succeeded in getting the matter which was being investigated by one US Govt agency referred to the Dept of Justice, where Trump influence was stronger with its present tendency to flatten matters which others might be too curious about.
It seems to say that the CEO was overstating revenues because of the amount of purchases that were it turns out being funneled to Chinese entities. Maybe 10% of revenues?! I don't think it was any secret that the CEO wanted access to the Chinese market, but was stymied by US restrictions.
It is a developing story inasmuch as major US customers have been wound into its financing of advance purchases, bringing forward future demand, creating various supply chain pressures that favour upward or supportive pricing for product, which reinforces Revenues.
My conclusion is that the CEO is toast as the article suggests a knowing manoeuvring within the Company to repress issues about its customer base, but also given the scale of alleged potential sanctioned sales revenue, it could have more profound implications for Nvidia value, if these are not legally bankable sales. With the linked matters to US customer financing, the implications are quite serious for western AI companies and their current values.
The author is clearly not fond of Tech Bros, and has a very dim view of the character and actions of the Nvidia CEO, so there may be some attempt to douse the story as bias dressed up as truth seeking.
Has the CEO created a circular firing squad with his US Customer financiers. This seems to be a reasonable question among many other that may also come along later?
Happy reading!
Conduit Holdings (LON:CRE) 9 mth figures out today. Previously the rating has gone from AR to A to AG so is it still AG or does it drop back today ?
Taylor Wimpey (LON:TW.) itching to call the low….
Excellent results from James Cropper (LON:CRPR) and Fuller Smith & Turner (LON:FSTA)
I hold both and was fortunate to buy when nobody was interested. More to come from both I would suggest. Paul Barber who leads the paper division at the former has together with his team done an excellent job in turning the business around. As for advanced materials there is a significant runway for growth. Substantial increase in EPS, debt down and dividend reinstated. An awful lot to like.
Fuller Smith & Turner (LON:FSTA) Together with Young & Co's Brewery (LON:YNGA) are in my view by some distance the best among their peer group. Both have good management and a predominantly freehold estate. Debt is a little on the high side at Fuller Smith & Turner (LON:FSTA) but this is offset by the freehold value of the estate. Simon Emeny and his team are in my opinion good allocators of capital and the results show the benefit, an example being the scheduled refurbishment of the The Barrow Boy and Banker on London Bridge, an iconic site.
Young & Co's Brewery (LON:YNGA) that I also hold reports interims tomorrow that will hopefully be equally positive.
Views frm Graham and the team on James Cropper (LON:CRPR) and/or Fuller Smith & Turner (LON:FSTA) would be welcome.
UK markets seem like a basket case - the gloom and doom surrounding UK facing businesses is intense - look at Forterra and Taylor Wimpey today! Of course these are in the building sector but any UK consumer stocks or any business that depends on UK demand faces the same problems. The gloom has been going on for number of years now with many companies bought out or delisted. Holding such a stock on results day is like praying not to wake up to a profit warning. Is it terminal?
UK markets measured by the All Share, FTSE 100 or FTSE 250 are all up 8-10% YTD .... which seems like an OK return to me for a basket case. AIM has not done so well but small cap X ITs are also up a similar amount. Its understandable that consumer facing business are not doing so well with fuel prices and interest rates high. It's similar in Europe and the US.... away from these sectors which are in a downturn it isn't as bad as you might think. Therefore I prefer to believe this current cycle is not terminal and most likely is sowing the seeds of future growth.... and it goes without saying you can choose to avoid cyclical areas and invest defensively until the outlook improves. Most of the investors here seem to have found a handful of investments that all seem to be performing ok actually - so I would tend to stay more optimistic.
Agreed RD,
I would add that given the prevailing economic and geopolitical backdrop we face the fact that the indices you mention plus the FT Small Cap (SMX) have all made new ATH's recently and are currently within touching distance of them this year is very bullish.
Well - on my data the gloom is definitely focused on housing. Since mid-August the housebuilders, building materials and construction names we track have cut their own guidance 16 times and raised it 5 times. Retailers, pubs and leisure have done the reverse: 23 raises against 3 cuts, and Fuller Smith & Turner (LON:FSTA) added another this morning with Christmas bookings up 16% and Marston's (LON:MARS) recently ahead too. Bombed out sectors maybe just with low expectations though.
Housing is terrible - and the new help to buy scheme will have deferred a lot of first time buyers.
I dont see this view elsewhere but i personally feel the strength in the listed pub trade is 'partly' to do with the increasing lack of competition from private landlord pubs, I cant recall the numbers but a ridiculous number have closed over the last two years, so if you want a drink where do you go!
J D Wetherspoon (LON:JDW)
i personally feel the strength in the listed pub trade is 'partly' to do with the increasing lack of competition from private landlord pubs
I would agree - on price its impossible to get the volume discount the big guys get - i remember i was gonna have my own pub once back in the day - it was heineken linked pub and they were simply selling on - guy from heineken was complete knob in that from day one they were gonna charge like 15% more than they were charging previously - not even any help at saying we will stagger it over 3-4 years - you are an independent so you pay 15% more for same product - i didnt even ask for any support ref stuff they may dish out to get your custom. i ssupect price differential for some is actually way over 15% /
in addition i also have my theory ref the pubs is that spoons have been playing the long game here - they have kinda made the decision to make times appear uber tough - that then hopefully focuses attention on fisrt up RR/KS and now AB and his new mukka.
Its all very delicate at the moment with regard to what initital plans the new (TB) new(KS) new (AB for now) labour have to raise extra funds. Eg how much extra can they extract in rates revenue - vat revenue tax revenue - ni revenue and the like for pubs.
If spoons announce 20% uplift in profits well thats not gonnba help their case.
I am guesing spoons are waiting till AB has done all he wants to befor they show better figures - to be fair to AB he has said he is a fan of pubs so there is some scope for him doing whats right rather than maxing tax take (easy target) - its clearly lopsides towards supermarkets the current rules.
So i kinda guess spoons have said we will keep prices low for customers - make less money and say its uber tough - when they could probably have raised the price of coffee - without knowing stats 20p on price of coffee could add £5-10 mill to bottom line they sell that much.
What does that do for the rest of the sector though ?
with uber low prices being charged by spoons well the weakest of competiton will all be gone trying to compete with that - there is perhaps still a few snobs left who wouldnt be seen dead in a spoons so there is scope for pubs in prime locations to charge through the nose.
Only a personal view, but the pub i go into is busy on a Monday night, cant get a table at the week end.
I think the wave of pub closures in over and the industry has found a bottom.
BTW
The clentele seem to be much older these days, those who have paid off their mortgage. The younger generation dont seem to go to the pub. Again just my observation.
Yeah - J D Wetherspoon (LON:JDW) fits what you're seeing. It has 87 fewer pubs than in 2019, but sales per pub are up 37% - which might be mostly inflation but is notable. And its estate has nearly stopped shrinking: two fewer pubs in the year to July, against 25 fewer in 2024.
Maybe less competition in a shrinking market can start to pay off in the sector ?
J D Wetherspoon (LON:JDW)
note the sales per pub stat will definately be due more to them concentrating on larger pubs and making more out of pubs rather than the pubs being busier per say - they have been adding beer gardens hotels etc and closing the smaller pubs - so the estate style is bigger pubs now - imho i think that s more to do with uplift in sales rather than more customers on true like for like basis. Note spoons pubs have mostly been consistently busy always anyway imho - albeit you may have the odd jaded one that really needed a nice beer garden and stuff like that to bring the punters in.
Ref marstons their lfl sales growth despite the protestations they make otherwise is actually very poor - so much so that theior lfl sales were actually down last year. Marstons have eeked out improvements by managing costs and also they have done quite well from refurbs where they are getting (perhaps temporary) a nice huge uplift in sales once they tart it up a bit. Above all else that suggests that there is aminimum standard non spoons customers want before they turn up en masse - its crazy over the years that then pubs in my local town that were uber popular are often not 5 years later and vice versa - making it nice to go to pub does make a difference unless its dirt cheap.
Marstons have certainly made savings alright. Their food offer is appalling. I won’t go near their places and I certainly wouldn’t eat in one.
The clentele seem to be much older these days, those who have paid off their mortgage
thats so true my local town used to be a bit of a party mecca central for stag do's and the like back in the 90's (and before) one main strip with all then banging pubs filled by young uns - with the older locals always moaning about the racket.
well that street now only has 1 or two pubs left on it.
what we do now have though is at least 10 pubs and micropubs and the like that have opened up on the high street as you say thats all populated by the older crew (and some of the yummy mummies perhaps)
its complete about face that young uns have little to spend and te old uns lots
i would say - perhaps sensibly (somtimes?) that many of the younger generation dont see the attraction of downing 6 pints on a friday night or saturday afternoon as we did back in the day - it was bigger than religion in the north east back in the day your fixed drinking sessions 2-3 times a week minimum
I still think there are perhaps plenty of pubs still to close - i would say rate of change has slowed and the closure of certain places has to be against the backdrop of new pubs being opened - so perhaps we are close to the bottom - not convinced we are there yet though.
The younger generation just don’t drink anywhere near as much as my generation did, so pubs hold no appeal for them.
UK markets seem like a basket case?
It’s exactly the opposite-:)
All the best
High yielding Investnent Trust Henderson Far East Income (LON:HFEL) have issued their Results today. It’s a high yielding Trust and is one of the AIC “dividend heroes” increasing their dividends for multiple years. (Henderson Far East Income (LON:HFEL) has increased the dividend for 19 years and intend to continue with annual increase……a bit behind
(City Of London Investment Trust (LON:CTY) which I’ve held for years, has increased their dividend for 60 years in a row).
10% yield for HFEL at the current share price. So worth considering if looking for high yielding investments.
Ooo not to mention they have reinstated their dividend.
I would be very interested in your thoughts on James Cropper, if you have time Graham. You normally find something I have overlooked. For me the results do look very good with
I assume much of this is already in the price however there is often momentum within a business just as there is in a share.
James Cropper (LON:CRPR)
I have had a quick look here - to me its not really about the numbers delivered so much - its all about the outlook statement.
As they have gone to the trouble of updating expectations we know te numbers we have are going to be decent.
So what i am looking for is whether that good momentum can be carried on for the rest of the year (further upgrades?) and into next year.
ref outlook for the current year thatsa solid B its pretty much as to be expected that they are still on track with what they said 3 weeks ago - no further upgrades and i would expect anything - exactly as you would expect really.
Outlook
Trading since the period end has remained strong and in line with the Board’s expectations. The Board expects full-year Group revenue to show mid-single-digit growth over FY26.
As announced on 20 October 2026, the Board now expects full-year Group Adjusted EBITDA to be in the range £10.3-£11.3m, being 10-20% higher than previous market guidance and approximately 15-25% above FY26.
Do we get any clues into next year here - yes we most certainly do and they are the company slapping us in the face telling us they have had what i would describe as "really purple patch fisrt half" and that some normalisation is happening - ie there its some element of one off good news in the good news we have just had.
we have
Following a strong six months, trading in Paper & Packaging during the remainder of FY27 is expected to return to more normal seasonally adjusted levels to deliver high-single-digit full-year revenue growth and a mid-single-digit Adjusted EBITDA margin.
Advanced Materials revenue and Adjusted EBITDA in H2 FY27 are expected to be similar to H1 FY27.
Following a strong six months, trading in Paper & Packaging during the remainder of FY27 is expected to return to more normal seasonally adjusted levels to deliver high-single-digit full-year revenue growth and a mid-single-digit Adjusted EBITDA margin.
there is also warning about energy costs -thats to be expected though.
Advanced Materials revenue and Adjusted EBITDA in H2 FY27 are expected to be similar to H1 FY27.
The Group actively monitors the impact of input costs, most notably the volatility of energy costs which will continue to be managed through customer surcharge arrangements.
My outake
whilst its all fine and dandy it seems like they have admitted that come h1 next year those figures will be up against hard comparatives - perhaps less so h2 next year.
Bearing in mind the current expectations are for next years profits to jump 40% over this years profits - thats a big ask normally. But if they need to do that with headwinds going into h1 and higher energy prices its an even bigger ask.
Note in % terms 40% seems like large number but the reality is they only need to eak out £1.5 millioin extra profit on £110 million of sales - so if they can improve bottom line numbers by 2% of sales well that s job more than done.
I dont really have a handle on the business to know whether the current numbers are as sustainably good or not.
If we say tehy wil hit £5.1 mill net profit 2028 - and can show sustainable growth in profits going forward current price looks absolutely fine and dandy. Especially if company can eak more on margins - they are well placed.
Whats happens if they are simply in apurple patch though - as they have kinda admitted in one of their sectors - say we only get minor growth and say we end up with £4 mill profits 2028 - and no evidence they are pushing for more ? pe of 20 woukld seem damn expensive.
Looking at the history of deliverance well they have hit over £4 mill net profit 3 times since 2017 - thats never stuck though previously and thats mostly been folled back to more dross.
Thats perhaps a symptom of the industry they are in - sometimes you will get sweet spot ref contracts pricing etc. the problem is do you have the power - if you dont have teh power the customer then expects a cut of that windfall or they would go elsewhere.
It may be different this time (i am constantly amazed that listed companies dont concentrate more on good solid margin stufff) but i would be wary that their sweet spot may not last and that may be them doing nothing wrong - it seems based on history that it aint easy to make good consistent margins multiple years in a row.
How confident are company ref next year forecasts - i have been very unimpressed how many cxompanies seem to put "anything up" for next year - and well if it aint great well they dont really tell you the full bad news until you are 1-3 months into the year. Perhaps a broker note can explicitly state that they can make up ground in other poarts of the business next year so that they are still firmly on track despite moderating comparatives in packaging - thats the comfort blanket i would want as holder. Without comfort bl;anket i might be tempted to bak profit here despite that going coimpletely against the grain that one should never fight positive newsflow. I would say in tehn absence of specific bad news my views here could be wide of the mark - they might be uber confident ref next year still.
they have slashed capex on PPE from 6,1mm in 2022 to 892k last year while still running 2mm annual PPE deprecation. that's after massive PPE impairments in 2024 and 2025. EBITDA is a terrible measure for this business given natural PPE needs and especially so if they've scrimped for a few years potentially on mere maintenance... this is very difficult to really figure out from the outside but I think cynicism is warranted. there was a video on YouTube recently about it Paper plant.. it looked *knackered*...
James Cropper (LON:CRPR) And not great reviews at the plant level on Glassdoors, although to be fair not many recent reviews have been left
James Cropper (LON:CRPR)
Good to see that there are investors around, giving their valuable insights after actually spending time researching and digging into the numbers.
All the best
It'd be great Graham and team if you're able to interrogate Cavendish (LON:CAV)'s results this morning . Some positives in this such as the IPO pipeline mentioned but I'm also intrigued that cash has halved.
I'll second that please Graham. It looks like a lot more patience is required given how tied to the economy the business is. Good to see they're moving to 1 CEO but shame they dropped the interim divi but entirely understandable. Could see this dropping to 5p and languishing for the next 12 months.
I sold up this morning with a 50% loss over the last few years. UK small market cap it dead and this pipeline of IPO's never materializes. Best chance is for it to get bought out
But even of the IPOs on AIM this year Cavendish (LON:CAV) only had one. So the problems here stem from more than just lack of IPOs.