Occupation: Company Director
Interests: Stocks
Location: United Kingdom
About Me:
Investor with over 30 years experience.
Work in insurance.
Target 15% IRR. (19.2% IRR achieved January 2015 - September 2018).
2015: +20.7%
2016: +7.0% (rescued by a good December)
2017: +34.5% (just one down month)
2018: +12.3% (four down months out of nine so far)
AO World (LON:AO.) is an online electrical retailer. It describes its mission as "to be the best electrical retailer in Europe. It may well be succeeding in that mission, claiming industry-leading scores on customer review websites and very high net promoter scores. The price of delivering that level of service, however, as I will set out below, is that is a loss-making business that seems…
Water Intelligence (LON:WATR) came to the Aim market in 2010, through a reverse takeover of Qonnectis plc. Its principle asset is the American Leak Detection (ALD) business, which it operates on both a franchisee and corporate-owned basis. Background As described in the 2010 prospectus: http://www.waterintelligence.c... “ALD focusses on the accurate, non-destructive detection of all types of leaks including hidden water and sewer leaks, together with…
Based on Paul Scott’s analysis of ABDP’s recent interim results and the ensuing discussion, there seems to be a poor understanding, even amongst savvy investors, of the methodology through which share-based payment costs are calculated and the appropriateness or otherwise of including them in earnings-based valuations.http://www.stockopedia.com/content/small-cap-value-report-tue-25-apr-2017-bltg-cpr-abdp-180864/ I was one of those confused investors, and the ABDP situation spurred me on to do some research to…
Allowing for the Portland reacquisition and, at the same time, incorporating a couple of other small refinements to the model, has not made much difference to my valuation, which is now 378p. Of course, the price has collapsed since I last posted, so Water Intelligence (LON:WATR) has moved from 'Hold' to 'Buy' territory for me. I have put my money where my model is, and…
Given Johnson's involvement in the screwing over of Interquest shareholders, in my view he is unlikely to come to shareholders rescue here. Much more likely, I think, that he let's it go bust and then picks up the assets in a pre-pack.
I love this thinking! I have already cheered myself up with the thought that all my favourite shares are now available with 20% off (whilst putting out of my mind the large inventory of sale items that I already hold).
Water Intelligence (LON:WATR) active again, buying up certain northwestern franchises to complete a nationwide network for its corporate-owned franchisees.https://www.investegate.co.uk/water-intelligence--watr-/rns/reacquisition--of-portland/201810090700043465D/ The bought-back franchises generated $1.05m of revenue in 2017. That equates to a 10-15% increase in corporate-owned revenues. There will be a corresponding small (c. $100k) decrease in franchise royalty income. The $0.35m of profit these franchises produced in 2017 means this transaction will produce a…
I have now updated my forecasts to reflect the detail in the recent interim results. I have extended the modelling to a full valuation but, given the rapid growth of this company and the lack of history, do not present the results with any great conviction yet. I do feel I have got a decent handle on revenue, however. I'm projecting $23.6m for 2018, versus…
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