Epe Special Opportunities Share Discussion Threads

[value viper] 06/2/2023 08:20

NAV 334p errr......

[value viper] 27/1/2023 11:44

Their LUCE stake I believe currently worth around 54 million gbp
This is more than their entire mkt cap
They also have over 20 million liquid I think and other investments.
Stress, I think ......

[value viper] 26/1/2023 16:08

One annoyance is the valuation question marks though re the private companies they also own in Whittards etc etc Hhmm

[value viper] 26/1/2023 16:07

They are very liquid hidden to my knowledge maybe 20 million - if funds meant primarily for investment they need to address discount and I believe the matter is in hand

[hiddendepths] 26/1/2023 15:30

Hardly anyone deals in this share so the growth in value is often overlooked. The discount to NAV must be very juicy now. It would be nice if they could somehow get it to narrow. I suppose it's too much to hope they've got enough cash to buy back shares - that would increase NAV/share nicely.

[value viper] 26/1/2023 15:20

LUCE now up further 55 per cent since last NAV update which was 255p end of December - if they own 22/23 per cent of company that must be meaningful

[value viper] 26/1/2023 15:00

Awaiting some share price catch up .......

[value viper] 25/1/2023 16:09

Thanks trade
I believe circa 22% (EPIC) and Giles Brand personally holds a further 6% or so

[value viper] 25/1/2023 13:23

Anyone know how much LUCE they still own Ta It does seem tad opaque here

[rp] 22/10/2020 22:40

Was thinking of investing until I saw that "Sir" John Redwood is on the Advisory Board.

[n1mgn] 22/10/2020 10:44

If I have done my maths right this needs rerating.85p in cash 27 ?of LUC 102 mln 338plus 4 other investments next Nav will be interesting.

[horndean eagle] 12/2/2020 12:27

Looks like a decent uplift on Whittards. Hopefully they are planning on partial exit of LUCE. Offering distributions to shareholders wouldn't go amiss in order to help with discount control.

[hiddendepths] 24/5/2019 09:54

Look at LUCE go! Great turnaround there.

Tried to add here a couple of months back but II wouldn't let me. I'm allowed to close my existing position but they won't let anyone buy stock any more for some reason I can't understand.

[value hound] 09/4/2019 12:44

Well, there is the 87.5pps in cash less all liabilities, in addition to all the other investments that aren't LUCE!? :-)

[spectoacc] 09/4/2019 08:21

Short termers, long termers, every other type of termers I'd suggest. Whole time I've followed EPE it's been a poor performer on a massive spread.

If you like EPE then you have to like LUCE. If you like LUCE, buy LUCE :)

[value hound] 09/4/2019 07:49

Results out - NAV per share now 241.5p according to my calcs, based on LUCE's increased share price since end January of 76p before the start today (LUCE's finals also out) whilst the rest of their P/F is "conservatively valued".

Much too wide a discount IMO (37% at 153pps), but the spread (150-170p) remains off-putting for short-termers.

[value hound] 09/3/2019 13:27

They did a portfolio update in March last year because there was specific news, but not in 2017 or 2016. The annual report is due in late April / early May.

The last NAV we knew was at the end of September since when the uplift in LUCE's value alone would put NAV at 234pps according to my calculations (a c.32% discount). Of this, there should be around 120-125p per share in cash (depending on how much cash was included in the previous figure that was held in Process Components and how much has gone on buybacks.

Of course, a lot depends on how the other investments are doing. IMO it's either undervalued, very undervalued - or extremely so. But given the spread, you have to be confident enough to hold it for a while as it makes it very much not a trader's stock.

[n1mgn] 08/3/2019 23:14

gents , any idea when the next Nav update is due , surely with LUCe having doubled I recent weeks we must have a large increase , any one that can,shed some light it would be much appreciated . thxs

[value hound] 29/1/2019 21:23

Well FWIW, I know purely anecdotally that Whittards is much in demand with teeanage girls.

Unfortunately, I'm now of an age where I only now this vicariously - via my offspring :-)

[horndean eagle] 29/1/2019 21:17

Apologies. Never saw your message. They give ranges on the valuations within their accounts somewhere or other. Pleased with LUCE results today. I was tempted to buy low 30s but decided not to as I was a bit worried about retail backdrop. In all honesty I was a bit of a wimp. They flagged up a whole host of easy wins for the second half and hence they were so confident. Now we can hopefully start to see ESO re-rate in tandem.

[value hound] 29/1/2019 08:46

LUCE up a bit - nothing here. Even more of a bargain but the spread means it's not a trader's stock.

[value hound] 01/11/2018 13:46

Horndean Eagle; what's your reference point for Whittards' current trading / estimated valuation?

TIA