JoseFrio
02 Mar 2017
Re: Valuation I emailed [email protected] to ask for a discount card, having found some info on the web site thatnks to LKH. I reckon I have spent at least a grand in Fullers pubs since I became a shareholder, mising out on a 15-20% discount. In fact given the value of my shareholding (not that much) the discount would have added an extra 1% to the yield. No matter.No reply yet. My shares are in a SIPP so I'll email the SIPP manager if I don't hear soon.
In the dark yet again
01 Mar 2017
Re: Valuation LKH,Indeed. An email has been sent. In the SIPP so my name not on the register. I shall see what they say. No huge loss as I don't get up to Fuller's territory that often but you never know where one might cross your path (unless of course you look online and check).They were very fine pints. Can't quite remember at what point I lost count.....Regards,ITDYA
LK Hyman
01 Mar 2017
Re: Valuation ITDYA,"Just wish they'd give out some free vouchers to investors"See mine on Monday at 14:18.LKH on the flybridge
In the dark yet again
01 Mar 2017
Re: Valuation I met some old friends last week in the Counting House on Cornhill - I would be lying if I said I had one spectacular print of Fuller's London Porter.... because it was way more than one. Now that is a nice pint!As for the shares, well nothing much is happening but it doesn't seem to want to go down. About a tenner sounds fair to me and I'm happy to wait on a quality business backed by quality assets selling a quality product.Just wish they'd give out some free vouchers to investors.Regards,ITDYA, feeling thirsty.
JoseFrio
01 Mar 2017
Re: Valuation Fuller's own coffee brand: [link] if it's any good, I'm not a coffee drinker. I do like a nice pint of Pride though.FSTA is undoubtedly the dullest share in my portfolio. It barely moves at all. At least it's dependable. if only the yield were higher.
gamesinvestor
28 Feb 2017
Re: Valuation "FSTA sell quite a lot of coffee now. I think they have their own brew and they may even have a dedicated coffee outlet."All the pub chains have got in on the act, opening early to serve breakfast. Wetherspoons sells Lavazza which is half decent. GNK do also, I think they use Costa I'm not sure.Games - there are over 70 coffee shops in the town here.
LK Hyman
28 Feb 2017
Re: Valuation Games,"My only concern is that there are so many coffee shops in the high streets now"FSTA sell quite a lot of coffee now. I think they have their own brew and they may even have a dedicated coffee outlet.LKH on the flybridge
gamesinvestor
28 Feb 2017
Re: Valuation "I'm not very keen on retail in general."I just walked into Next this afternoon.Huge shop covering Men-Women-Kids and Homeware.If there were half a dozen in there I'd be surprised.I looked at the suits, man are they cheap. The material - mostly polyester - vinyl.Made in Vietnam.I had two suits made in Hoi An in October - 100% wool, made to measure - each about the same price as a polyester off the peg in the UK.Games -- I'm watching Next, but possibly for a long time -- and Whitbread? -- My only concern is that there are so many coffee shops in the high streets now and crowd out the place, next to Charity shops, and the odd chemist. Andy Harrison got out right at the top I think.
LK Hyman
28 Feb 2017
Re: Valuation Games,"Have you any thoughts on Next, now that it has dropped from £80 to £38?"I'm not very keen on retail in general. Too much competition, can't see where the growth is coming from.LKH on the flybridge
gamesinvestor
28 Feb 2017
Re: Valuation "Did you know that, if you have more than 500 shares, you can get a shareholder discount card that gives you money off the bill at their managed pubs and hotels?"I didn't - I should have given it some thought as I did get a 20% off booklet from Greene King.I'll look into it.Out of a separate curiosity I know you mentioned an interest in Dunelm and Whitbread. You binned the former but are watching the latter -- I'd go for Whitbread if I get a much lower entry point. Have you any thoughts on Next, now that it has dropped from £80 to £38?Games
LK Hyman
27 Feb 2017
Re: Valuation Games,"I'm happy to hold the 1.04% of my portfolio this represents"Did you know that, if you have more than 500 shares, you can get a shareholder discount card that gives you money off the bill at their managed pubs and hotels?LKH on the flybridge every little helps
gamesinvestor
27 Feb 2017
Re: Valuation "(though nothing is as good as freehold!)"LK - I'm guessing it's a smaller element - so I'm happy to hold the 1.04% of my portfolio this represents, and together with Greene King at just under 1% - that's my pub and beer portfolio.Fullers is a bit higher end and well priced, Greene King is lower and middle end stuff and trading pretty cheap - together I hope they are a good mix and will provide a growing income over the next few years.Games - Cheers!!
LK Hyman
27 Feb 2017
Re: Valuation Games,"How many of these properties are leasehold?"I recall that FSTA have regularly stated that the great majority of their pubs are freehold and most of the rest are held on long leases that are almost as good as freehold (though nothing is as good as freehold!)LKH on the flybridge
gamesinvestor
27 Feb 2017
Re: Valuation "There are 392 pubs and hotels (excluding the Stable)"LK - How many of these properties are leasehold?Just looked through this presentation from last 1/2 year results :-file:///C:/Users/larryr123/Downloads/FullersHalfYearResultsPresentation2016%20(2).pdfIt gives a breakdown of managed and tenanted but I can't find a split between freehold and leashold. It's on page 26191 managed pubs and hotels200 tenanted inns That takes it to 391 but they also now have 76% share of 13 Stable outlets, which seem to be doing pretty well.Games
LK Hyman
25 Feb 2017
Re: Valuation Games,"So the real market capitalisation, taking into account equivalent A shares, is £552.12M"The latest net debt was £202.8m, so that gives enterprise value of £755m. Value the brewery at, say, 10x EBITDA or £111m, and you get a value for the pubs and hotels of £644m if you attribute nil value to the brands. There are 392 pubs and hotels (excluding the Stable), so a rough and ready average value per property is £1.64m. Those properties vary from London hotels worth indubitably tens of millions of pounds to small local boozers.Trawl through the Fullers website and form your own view what the average market value of each property is. My own view remains that the average value is well in excess of £1.64m given the excellent location in London, within the M25, and elsewhere in the (mainly) south east.Whatever the number is it is entirely hypothetical because Fullers is never going to sell all its assets and hand the cash back to shareholders, but it is good to know that the company has such solid asset backing.LKH on the flybridge
