gamesinvestor
21 Jul 2017
Down 7.93%? Any news?Games
gamesinvestor
23 Jun 2017
Fullers update A couple of months old, but worth a look :-[link]
gamesinvestor
12 Jun 2017
Re: Pubs Review "That should be my 3.3% IN FSTA LOL. It's not quite as much as 3.3% OF FSTA."Now wouldn't it be nice if the Gods told you it was really the latter and not the former and you had been labouring under an illusion?Games -- unfortunatey I labour a lot (not politically mind) and am not under such an illusion!
LK Hyman
12 Jun 2017
Re: Pubs Review Games,"I'm inclined to keep holding my 3.3% of FSTA."That should be my 3.3% IN FSTA LOL. It's not quite as much as 3.3% OF FSTA.LKH on the flybridge alas
LK Hyman
12 Jun 2017
Re: Pubs Review Games,Excellent post, m8. Have a bluey.FSTA is 3.3% of my wad, so relatively more important to me than your 1% is of yours.I hold it because I enjoy engaging with my investments (on the rare occasions I'm in Blighty) and a pubco is an enjoyable way to engage. In addition they have a shareholder loyalty card that gives one a discount in company-managed pubs and hotels ... and, as a Scot, I do like a nice discount. BTW, always check whether the Fuller's pub you're about to go into is managed or tenanted. It would be a real sickener to go into one, flash your Inndulgence card for the discount, and then find that you weren't entitled to it because the pub was tenanted rather than managed.I've also banged on in the past about how the value of their assets, adjusted for net debt, is almost certainly well in excess of their enterprise value because so much of their estate is either in London or, at least, inside the M25. However, as you say, if that value is never gonnae be realised, because the family ain't gonnae sell them pubs 'n hotels, there is in fact not that much "value" in the real estate, in which case one should focus on stuff like FCF and ROCE.Still, Fuller's is quite an easy company to see value in, and to understand, and I do like a nice enthusiastic family-owned and run company that invests for the long term so, notwithstanding your link's faint praise, I'm inclined to keep holding my 3.3% of FSTA.LKH on the flybridge
gamesinvestor
12 Jun 2017
Pubs Review This article is well worth a read.[link] have to say it's not an encouraging picture of the pub sector in general, illustrating low ROCE over many years, high capital expenditure to little positive effect on growing profits and generally high debt levels -- some that look dangerously high.FSTA comes out as pricey on a P/E basis.It does have a better share price performance over 5 and 10 years than most, but last year it has suffered a fall along with GNK, Mitchels and Marstons.ROCE for FSTA is currently vetted at 8.7% and is fairly consistent with 8.8% being the 10 years average. GNK is 9.9% with 10 year average of 8.5% - so they are both pretty close at least on that measure.Debt to Enterprise Vale (Debt/EV) is one of the lowest in the whole sector for FSTA at 42% and GNK is up at 59%. Youngs is only 20% - hence the P/E up at 20.7Not sute I understand the EPV ps column -- need to read it again.On balance the sector isn't favoured as a long term place for much of your wad -- out of all of them FSTA and GNK could be Ok for a short term bounce perhaps and then it's questionable if you want to hold long term if other attractive alternatives arise.How much of FSTA's underlying (perhaps forgotten) property value is in this analysis is questionable -- I suspect not a lot, but then again if it's locked in a box and never to be seen by man or beasty - does it make a difference?FSTA is just over 1% of my wad and based on this I'm not sure it warrants more. GNK just under 1% (was just over lol!)Games
gamesinvestor
10 Jun 2017
Business Rates [link] like the mxppets in government aren't listening.Another interesting point :-""""Accommodation is becoming an important third revenue stream for pubs alongside food and drink as it has the potential to increase the amount customers spend per visit. Rivals Marston’s and JD Wetherspoon have both turned greater attention to expanding the number of rooms across their pub estate recently."""If this is the case, there are a lot of pubs in town's and cities run by Fullers - Greene King - Wetherspoons etc -- if they all ramp this game up it might have a big impact on the likes of Premier Inn (Whitbread) and your average Holiday Inn (Intercontinental Hotels-IHG). That coupled with airbnb as well of course.Games -- I don't have any Whitbread or IHG - do you?
gamesinvestor
10 Jun 2017
Re: Good full year results Good results -- well they were OK and it depends on which way you turn the page to read the numbers.I'm beginning to loathe reading financial reports because of their ever fudged numbers.Take net debt for example -- it actually rose in 2017 from £198.5M to £206.1M, yet this is buried and the trumpeted number was a debt reduction using the "Pro Forma" Net Debt / EBITDAIn both cases there are further fudges since the EBITDA has a note 6 against it that highlights the exclusion of a load of stuff so the EBITDA number is also fudged, """"EBITDA is calculated on a 12 month basis adjusting as appropriate for acquisitions and disposals."""So most of these financial reports are a load of old baloney. I'm not saying they are particularly bad, don't get me wrong, but the economic circumstances in the last years have been reasonably benign. I wonder if we have another set of numbers if the higher business rates, higher wages and a screwed economy no thanks to the useless Mrs May will we see pain in the business?The tenanted pubs went backward 1%, albeit with an increase in ""profit as declared"". Is this down to cost cutting or are they selling the rooms and the beer at a higher price?Games -- getting very picky these days.
In the dark yet again
09 Jun 2017
Re: Good full year results All cylinders LKH? Is it only a twin then?Me, slightly disappointed. Not terrible but, ignoring all the positive 'spin', basically just a solid 5% across the board which is, well..... solid, definitely not spectacular.Given it's a (guess) a 2% economic growth, 2% inflation, near 0% interest environment, 5% is just about marking time, nothing much more.18.80p total div on 1075 SP is 1.75% growing at 5% pa isn't going to attract too many new fans I'm afraid.Still, Mr Emeny doesn't half talk a good story even if it's a bit hollow IMO.I shall continue to hold thinking this isn't going anywhere fast - sometimes not a bad thing.Regards,ITDYA, wondering why I always get thirsty when I read about brewers, particularly on a Friday when it's nearly lunchtime. Chatham Marina? That's a Shepherd Neame gaff isn't it?
LK Hyman
09 Jun 2017
Good full year results Fullers appears to be firing on all cylinders. Interesting to see that food and accommodation are doing particularly well.Slightly disappointing to see a £14 million increase in the pension deficit but that is down to discount rates rather than any failing on Fuller's part.I shall continue to hold this fine company. The enthusiasm that the management feel for all aspects of the business shines through every word of the statementLKH on the flybridge preparing for departure, Chatham mari
gamesinvestor
01 Jun 2017
On the up Finally seems to have edged out of the 950-1020 range.Something happened?Games
In the dark yet again
30 Mar 2017
Re: Inndulgence card Games,That would have been lucky!I had to get up in the morning at ten o'clock at night, half an hour before I went to bed, drink a cup of sulphuric acid, work twenty-nine hours a day down mill, and pay mill owner for permission to come to work, and when we got home, our Dad and our mother would kill us, and dance about on our graves singing 'Hallelujah.'And you tell some people that today and they won't believe you!Regards,ITDYA, off to give the NHS 470ml of my finest before ignoring their advice about abstaining and going to the pub for a quick one. Unfortunately it won't be a Fullers as nothing local even though the card arrived this morning.
gamesinvestor
30 Mar 2017
Re: Inndulgence card "one grew up in shoebox in hole in middle of road."ITDYA -- I bet your old man used to make you "lick road clean wit tongue", no?Games
In the dark yet again
28 Mar 2017
Re: Inndulgence card "LKH on the flybridge the meanest man in the world"It's not mean, it's not tight, the word is frugal..... difficult habit to get out of when one grew up in shoebox in hole in middle of road.[link] yet to arrive but have received an email saying it's in progress.Regards,ITDYA, who rarely gets up to Fuller's territory but looking forward to using the card.
gamesinvestor
21 Mar 2017
Re: Inndulgence card "LKH on the flybridge the meanest man in the world"LK - That's it you are barred for poor sentiment.Shareholders should pay more than the average punter, in an effort to chock up the share price.Games - I am excluded from that of course -- I must get my indulgence card and start - well - indulging!!
