gamesinvestor
25 Sep 2015
Woody LK -- This was in his top 10 or twenty at one point :-"Allied Minds was hammered for a second time this week, plunging 29pc to 375p since Tuesday, when US hedge fund Kerrisdale Capital Management said its stock price is significantly overvalued and should fall by 67pc."Games -- he's being reamed from A to B time. maybe Woody's judgement is in question. Surely is exposure to Biotech is also uber optimistic in an area that has such a miniscule success rate.
gamesinvestor
25 Sep 2015
Re: Expansion "FAR in excess of its enterprise value (market cap+net debt)."LK, as an interested watcher, and not yet and investor, what do you estimate the market cap+net debt to be and how FAR above do you you reckon is a sensible (conservative) estimate?Games - I must admit watching, and completely missing out on the success of Whitbread, makes me interested that maybe Fullers could replicate that success on a smaller scale. Although I think they are too late for coffee shops, as like Tesco, there's one on every corner now.Games
LK Hyman
25 Sep 2015
Re: Expansion Games,They look like four fantastic pubs, with a few bedrooms, right in Fullers heartland, so it will be interesting to see who gets 'em and how much they have to pay.If I had any worry about Fullers winning it would be that they might be forced into a 'winner's curse' situation. The pubs look as if they need very little tarting up so there will be a lot of competition, doubtless from more companies than just Youngs and Fullers. But Fullers have an excellent reputation for not overpaying.The outcome should give us an interesting handle on the value of Fullers' own existing estate. I have long thought that the breakup value of Fullers' 360 odd pubs and hotels and the brewery and the brands is FAR in excess of its enterprise value (market cap+net debt).I know that the family stake means that there never will be a breakup and I'm cool with that, but it's always nice to know that summat of which one owns a small part is worth a lot more wedge than Mr Market attributes to it.LKH on the flybridge
gamesinvestor
25 Sep 2015
Expansion [link] battle with Youngs.Games
LK Hyman
01 Sep 2015
Re: Minimum wage and debts Games,"Gidiot's next move is more likely to be to increase it at the Supermarket end"Suits me down to the ground ... now that I've sold my Tesco shares LOL. Let's encourage people to go to the pub rather than buy their booze in the supermarket and neck it at home.LKH on the flybridge
gamesinvestor
01 Sep 2015
Re: Minimum wage and debts "and that may benefit FSTA to some extent"This is probably a good point in that there will come a day when the remaining boozers will be packed. The things that need to be addressed are business rates (a very silly tax) and booze tax which is not inline with the supermarkets etc.Although Gidiot's next move is more likely to be to increase it at the Supermarket end rather than lowering that levied on the pubs and restairants -- such is the cynic in me.Games
LK Hyman
01 Sep 2015
Re: Minimum wage and debts Games,I don't think FSTA will be very badly affected. The great majority of its pubs are in areas where I would imagine that their employees get paid more than the previous minimum wage already. The new rules will see plenty of spit and sawdust "wet only" pubs close, and that may benefit FSTA to some extent, though perhaps the number of punters who will go down to London for a pint because their local boozer in Doncaster closes may be a tad limited.The new rules on pay do give the brewers a bit of leverage to say to Gidiot that he needs to ease up on booze taxation, so mebbe it's gonnae be win/win I dunno.LKH on the flybridge I hope so
keydet
11 Feb 2015
Increased my holding just before the new year @ 932p, so loving this leg up. Agree w LKH on the general investment thesis. Happy to hold this one for a long, long time with (literally) the only significant downside the low yield...
keydet
21 Nov 2014
Great results, no leg down from here...
