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Occupation: Investment Banker

Interests: Bonds, Economics, Hedge Funds, Interest Rates, Stocks

JakNife's Latest Comments

Stockopedia has Versarien labelled as a "momentum trap", ie a company where the share price has risen dramatically but there are no supporting value or quality metrics. The market cap of VRS is £200m.  For £200m you could buy all of VRS, or you could buy: Five Billingtons: Inland Home and have £80m left over: Latham and have £40m left over: These…

Are Stockopedia going to the UKIS tomorrow? The booklet that they printers last year was enormously useful!

Note that Grant Thornton is paying the money to AssetCo and NOT directly to shareholders. The concern with a so called "shareholder action" is that this would normally be a "derivative action" and the proceeds would go to the company first, in which case they then potentially go to creditors rather than shareholders.

Banks use EBITDA as a proxy for free cash flow (pre capex) and partly because it's better defined internationally than "free cash flow". The theory is that if you set a debt to EBITDA multiple of say 1.5 * EBITDA (as proposed here) then the bank should be able to take control of the business, turn off the capex tap and get enough cash back…

The specific issue though is that Grant Thornton only audited the UK plc accounts and the fraud was in the Greek subsidiary. What responsibility is Grant Thornton supposed to have in those circumstances to question the Greek auditor? Perhaps they did query them and had their questions resolved appropriately? It is a relatively common arrangement where one auditor might be appointed to the PLC and…

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