||EPS - Basic
||Market Cap (m)
|Travel & Leisure
|diku: Instead of buying Page and Moy...Roger Allard could have facilitated ALLG to be taken over by a larger Holiday/Cruise Company when the share price was around the 40 - 50p....the slow down started (North Africa/Egypt) good few years ago...|
|ten bag man: If you want to see what a share can do (when others dismiss it)check out today's TERN share price and what it's done in under two years.
HEADER POST ON ADVFN
TERN started the week of 15th SEP 2014 with a valuation of just £180,000
Also known as market cap it is all the shares in issue times the share price.
The same week TERN bought a company with world beating software.
I hope to show investors that one way to make super profits from the stock market is to invest in situations just like this.|
|bozzy_s: One or two other things to consider, beyond the potential AIM delisting (not necessarily a disaster for shareholders, given the share price performance on AIM), and today's profitable results.
On the face of it a good risk/reward ratio, especially if they look to list on a different market in a few years.
Biggest risk is they are insolvent. Net current liabilities of £31m. However it seems they have often been in that position and still managed to survive.
It would take a brave investor to buy before they delist. Best make it a tiny proportion of one's portfolio and mentally write it off to zero. May be in for a nice OCZ type surprise later (announced delist from AIM when 5p, rallied on final day's trading to 10p, relisted on NASDAQ couple of years later and went above 500p before going bust).|
|canteatvalue: Thanks very much for that Slater link Somerset lad - slightly surprised they haven't considered it for the growth fund given the CAGR of sales for the past 5 years of 23%! Them selling in to the market will no doubt account for the recent share price weakness. Also I agree with your thoughts re: minority risk - they strike me as having made sensible long-term decisions in the face of a general industry slowdown and overcapacity (The P&M acquisition just seems ludicrously good when you look at what they paid for it) and the dividend waiver is still the most incredible minority shareholder action I've ever seen - they turned down money they were fully entitled to as a show of good faith - shows management's mindset IMO.
This is still my (joint largest) position.|
|canteatvalue: Agree with you Somerset lad. Whilst both the two events are pretty bad in terms of profit impact, this year was never going to be the stand-out one in terms of earnings anyway due to all the restructuring. In fact I expect them to probably post a loss this FY and can see the share price languishing for a while. However, the improved trading conditions implies a) the market overall is recovering and also b) the combination of the two businesses is probably bearing synergies. Both of these bode well for the longer term future of the group.|
Not sure - not a critical loss but probably quite a hit. The link to the cruise fares for what I think is the right one are here:
It looks like twin rooms are on average ~£2000, so £1000 per person.
Now assuming the second cancelled trip is of a similar occupancy size then ~1000 passengers have been affected, so that's ~£1m in lost revenue. There'll also be other costs associated with dealing with the cancellation I'd imagine. And I've no idea how much it'll actually cost to fix these generators. Maybe £1-3m profit impact?
To be honest I hadn't really expected this FY to be that great anyway - there's lots of chat in the management discussion about this year being a 'transitional year' and there being lots of synergy costs to bear. That's not a recipe for blockbuster earnings. It's the future a few years out that looks more exciting for me.
Again not a share for those who like short term holding periods - I've no idea when it'll ultimately deliver the proverbial goods but I still think the share price here is utterly ridiculous in the context of even a conservative estimation of the average long term earnings power.|
|masurenguy: Share price is up by 28% over the past 48 hours on a trading volume of just 75,000 shares. To put that into some perspective that represents just about 1/10th of one percent of the shares in issue !|
|mesquida: Somerset lad - where did you get those forecasts from - if they can be believed then the share price is still far too cheap.|
|gfrae: Thanks for that.I presume quite a few sharehlders would also be their punters,and therefore any buy back would be at a fair price,and as you say they have shown that are trying to look after shareholders.
Hard to see the share price going anywhere in the meantime,with so many shares held by insiders,without a privatisation.
As you say somewhere around 50p might be the minimum.|
|masurenguy: Trading conditions have recently deteriorated and the Costa Concordia disaster has clearly not been positive for bookings either. However ALLG are smaller, lighter and more flexible than their large counterparts in the cruising sector and have greater short term options to address these issues.
I like the management style of waiving dividend payments to insiders (74%) as an economy measure but maintaining them to external shareholders - a totally different approach to the "stuff your own pockets and sod the shareholders" that seems to be prevalent in many other companies today. Prudent currency hedging & forward fuel contracts are also indicative of their competent management capabilities.
The market makers have marked the share price down by 10% in anticipation of some Sells although there has been nothing yet. For those who take a longer term view than 6 months this represents a good buying or top up opportunity and I will certainly consider adding again over the next few weeks, subject to macro market conditions.
RNS Number : 0751B
11 April 2012
Annual General Meeting update
At its Annual General Meeting held today in London at 09:00am, Roger Allard, Executive Chairman of destination-led niche cruise operator, All Leisure group PLC (AIM:ALLG), gave the following update:
"Since my last statement on 25 January 2012, we have re-introduced both mv Minerva and mv Hebridean Princess into service following their winter dry dock periods. However, as a result of the tragic sinking of Costa Concordia and other related issues in the cruise market, sales have slowed down considerably and have only been revived by significant discounting. This is happening across the cruise industry and is compounded by the unprecedented headwinds of natural disasters, geo-political events, worsening economic conditions, low interest rates, increasing oil price and crisis in the Eurozone. Added to this, we have only seen a slow increase in bookings on our Discover Egypt brand since the Arab Spring of last year.
On a more positive note, we have performed reasonably well, and in line with budget for the current winter where higher than usual winter losses were planned as a result of two of our vessels being dry docked for winter. All Leisure Holidays Limited has been honoured with a Royal Warrant from Her Majesty the Queen for the provision of cruise holidays on Hebridean Princess and all the Directors, staff, officers and crew are very proud of this prestigious accolade.
We have hedged the majority of our currency requirements for this financial year at rates that are currently better than spot. We have also covered approximately 30% of our fuel requirements for this financial year through fuel hedges. As trading is considerably more challenging this year than envisaged, the Board has unanimously agreed to waive the proposed dividend in relation to shareholdings held by the Board (74.01% of the issued share capital), but have voted to pay a final dividend of 1.31p per share payable on 2 May 2012 to all other shareholders, in recognition of the strong underlying asset-backed balance sheet and brands, resulting in a full year dividend of 1.95p per share. Bearing in mind the increasing overheads and the Board's duty to maximise returns for the Group's shareholders, it is in the process of carrying out a full review of its cost base."|
All Leisure Group share price data is direct from the London Stock Exchange