II Editor
22 Jan 2016
NEW ARTICLE: Aga’s blimmin’ pension fund "Despite its monumental cookers, I think the investment case for Aga (AGA) depends on something even more monumental, its defined benefit pension scheme.Last June Aga’s pension liability was £682m, and although the scheme was in surplus, which ..."[link]
Ripley94
23 Sep 2015
Re: NEW ARTICLE: Trends and Targets for 22/0... Any payout yet ?price fell back from 210. after whirlpool pulled out.not trading from today.
Ripley94
23 Sep 2015
Re: NEW ARTICLE: Trends and Targets for 22/0... Any payout yet ?price fell back from 210. after whirlpool pulled out.not trading from today.
Ripley94
23 Sep 2015
Re: NEW ARTICLE: Trends and Targets for 22/0... Any payout yet ?price fell back from 210. after whirlpool pulled out.not trading from today.
II Editor
21 Sep 2015
NEW ARTICLE: Trends and Targets for 22/09/2015 " AGA RANGEMASTER PLCÂ (LSE:AGA) , as a member of the Household Goods Sector produce the preferred weapon for cooking large chunks of pig. Something weird happened with the share in July as the price moved up and we'd guess there was game ..."[link]
Cranleigh
03 Sep 2015
How can one vote for 185p? Difficult to see how shareholders can sensibly vote for the current Middleby offer on 8 September when Whirlpool has until 14 September to put up or shut up. If Whirlpool do make an offer, how far is up?!
Ripley94
01 Sep 2015
Re: 185p Bid New offer on the cards up 12% this mourning.
Omaha man
15 Jul 2015
185p Bid III doesn't seem to have up to date news now so here is a link to the bid which has been made this morning for Aga:[link] doubt there will be a counter offer and the shares being below the bid price imply the same.
Scwbi
26 Jun 2015
Quandary Any thoughts out there on this one?
II Editor
23 Jun 2015
NEW ARTICLE: Stockwatch: A bid is on the cards for this share "Is a US takeover of this iconic brand in the making, and at what price? LSE:AGA:AGA Rangemaster shares have jumped off an 18-month low of 82p to about 143p following news that NASDAQ:MIDD:Middleby Corp is mulling a possible cash offer, with a ..."[link]
II Editor
17 Jun 2015
NEW ARTICLE: Don’t Bet On A Blown-Out Cash Offer For AGA Rangemaster Group Plc! "I bet you smell the opportunity with Aga Rangemaster (LSE:AGA), but you'd be wise to consider the risk of betting on its stock at a valuations of 140p, where it trades following the announcement that the British group may be taken over. Its ..."[link]
Ripley94
17 Jun 2015
OFFER NEWS UP 32% Is there any idea of what price offer will be ?
Omaha man
30 Apr 2015
AGM statement What to make of this end piece to the statement?"In January we appointed Rothschild to explore a number of strategic options andprogress is being made"Normally wording such as this is used when putting the company up for sale or looking to take it private. My guess is that the spike in the shares in response to the statement is people making that assumption.
cobolt
20 Mar 2015
I own shares in Aga which i bought at the bottom of the market and sold half my holding when it reached the 1.90 mark. Im now trying to decide if I should keep the remaining shares or off load them. I also had a look into the pension issue and it does seem that the extra 50m shortfall comes from the actuarial accountant reducing the discount rate from 4.5% to 3.5%. If you consider that low inflation and a rising market are both good for pension funds generally with regards to funding gaps then this 1% change in the discount rate makes a huge difference. I have noticed that this situation is cropping up with lots of companies not just Aga. One of the reasons Mr Green sold BHS for 1 pound was due to the funding gap in their pension scheme. I think it is possible that the funding gap might take care of itself when (or perhaps if) interest rates go back to normal. That said it does not change the fact that Aga is due to make 94m in pension contributions over the next 7 years as part of its deficit recovery plan. This is totally unrealistic and I think you're right that it might be reviewed. I bought Aga as a value play and I have been trying to work out whether it really qualifies as one. In terms of tangible assets per share diluted I think you're getting about 2.13 per share book value. The EV per share diluted is 3.01 So if you bought the entire company sold all the parts you would be left with 0.88p effectively not far from the share price as it stands today. When you add in pension headaches, no dividend possibly for the next 8 years, gross margins of 3.67% and a ROCE of 1.2% it just looks like a value trap. If they had kept all of their 9.2m profit this year the P/E would 7.3 and the ROCE around 5%. Really Aga would need to make around 20m to be a healthy company. My other bug bear is with the management. Aga a manufacturing company with high fixed cost is now solely reliant on retail consumers for its revenue stream. From what I can make out they sold a pipe making business in 2001 and the industrial catering division that accounted for 80% of sales in 2008. The CEO seems to be pinning his hopes that they can have a Land Rover moment in China. Just seems like a shame, Aga makes really nice things but in struggling to justify holding these shares any longer.
Hardboy
15 Jan 2015
Trading Update Good trading update.Operationally things seem to be going well; but I'm still avoiding because of the pension deficit.
