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Real-Time news about Capital Pub (London Stock Exchange): 0 recent articles
|meict: Up 2½p, how nice! Perhaps we are going to see some more action. Trading wasn't great today, I wonder if we're going to be treated to a trading update or the long-awaited property revaluation?
No news as yet of the reopening of the Victoria Inn (once the Wishing Well), which I was told would be trading after Easter. The Uplands was also being refurbished, it too should be ready in good time for the World Cup.
Hopefully we'll see the share price breach the £1 mark before too long.
|meict: Seeing as we'll probably be getting some 'Investors Chronicle' aficionados who have bought in on the minimum of information, let us look at what we've all bought into.
The management is top quality.
Admittedly, gearing is high but repayment is easily sustainable from earnings. Although debt is high the balance sheet has strength with the Net Asset Value (approximately 160p and growing daily) being considerably higher than the share price. In fact, the NAV dwarfs both the debt and the share price.
Whilst debt is growing, CPUB is utilising this debt to increase turnover and profits, which are far greater than the interest payments.
Yes, £28 million of debt for a company that has a market value of £18.44 million is not everybody's idea of a winner but I think that a cash generative company that is selling at a little more than half its NAV is cheap. Surely, it should be selling at a premium to NAV not at a huge discount.
With a NAV of around 160p and a Share Price of 90p it remains a takeover target. NAV plus a premium of 25% is £2 and cheap at that!
Probably because of the amount of cash being generated there has been mention of reinstatement of dividend. This was in 2008, 3.15p (2.10p and 1.05p). Although I've said before that I'd rather see the company build the pub portfolio before paying dividends; I can see the management's reasoning for paying a dividend, it'll probably bring in institutional money, which in its turn will move up the price.
The management has the ability to grow sales in any financial climate with an excellent tried and tested business model.
Chief Executive and Co Founder, Clive Watson retains 1,960,889 shares, which is 9.5% of the total.
A further 21% is held by:
Giltspur Nominees (1,550,208 shares, 7.5%);
R.J.R. Keeling (1,386,550, 6.7%);
Rathbone Nominees (734,398, 3.6%) and
Operations Consultant and Member of the Management Team, Scott Collins (660,620, 3.2%).
If I had to name one complaint, it would be that the company does not provide enough information. Recent mention of an attempt to Sell and Leaseback six pubs (in 'The Publican' on 2 March) means that the Company cannot, at the moment, secure sufficient funding to take advantage of quality public houses
Mention of the Victoria Inn Public House & Lodgings (The Wishing Well) was hidden away on the site and there was no mention in neither 'The Morning Advertiser' nor 'The Publican'.
|237gmoney: 12,500 shares just gone at 88.5p which is the current mid price. share price dropped another 0.5p today when all I see is buys unless the MM's were generous and sold @ 88.5p......|
|237gmoney: Agree David. boads well for the future as the Bar group had 20 pubs I think all with locations near to some of Capital pubs. London town just had too many pubs and werent able to look after them all....
Another busy weekend in the Alexandra in clapham, the amount of money I'm spending in that place I cant believe the share price is not over £10 a pop now!!!
Still I will keep trying.....|
|237gmoney: nice comment in today's evening standard. Mentioned that Watson might be interested in selling the company...I am sure he will want a hefty premium to todays share price if he is going to sell up...
|237gmoney: Its a shame the wishing well will not open until Easter time as they will miss nearly all of the 6 nations trade but will be open in plenty of time for the world cup so all is not lost.
Would the purchase of 40% of the Havelock not trigger an RNS? But then I guess they will annouce this formally in the trading update.
The trades is an odd one Meic. seems there has been quite alot of buys today, volume is picking up which is good. share price has ticked up again as well.
LSE now showing two trades so pehaps Plus is better to gauge how this one is trading. Another buy gone through at 86p...
13:27:47 86.00 3,459 2,974.74|
|meict: Perhaps I'll see you in the Alexander one day, it looks like it's taking over a million a year; the average for the portfolio is £15,000 per week (£750,000+ per year). They wouldn't hang on to the Belle Vue if it wasn't taking decent money.
The pubs takings should increase slightly on the weekends from 6 February when the Rugby Internationals start. Kick off for Ireland v Italy is at 14:30 and you'll have time to drain the dragon and get another pint before England plays Wales at 17:00.
The Annual General Meeting last year was at The George on the Strand on 10 September 2009 at 11.00 a.m. A bit early for me to start drinking but I'm sure that it would be free on that day. Less than a month later, will be the end of the interim period so I expect that they'll make some announcement, as to how the year is proceeding and what effect the World Cup had on trading.
By then, I expect the share price to be above 120p. Think of it 237gmoney, a near 50% profit and free beer!
I see that the share price has dropped back to 79.5p, perhaps the recommendation in The Scotsman will generate further buys to push the price through the 80p barrier.
|meict: They can undoubtedly buy a couple of pubs a year from the cash they are generating.
The Wishing Well will be trading in February and we have the Word Cup starting in June, this should boost sales somewhat. Turnover should be £21+ million by 31 March 2010.
Whilst turnover for the year ending 31 March 2011 is impossible to prophesy I can't see it being less than £25 million whilst the figure that I have in my head is £30 million.
I won't be surprised if the share price is around £1 by the end of March.
|tooredtobleed: In the last property crash 20 years you were looking at an average 30% fall - obviously, in some cases the fall was greater if the vendor was in dire straits. The management think they can still generate a lot more income than the cost of the borrowed money, let's hope the share price will relect this soonish. The banks would be looking for a twenty-five percent safety factor re net asset value, otherwise they would want a large premium on the cost of borrowed money. AIM Co's that are definined as having dodgy credit can lose eighty percent of their value even when trading profitably... but given the directors' backing the share price with huge holdings in their pension funds it should do well in the future.|
|williamm2: A quick calculation of the current share price at about 90p suggests that the average value of the pubs is about 350,000 pounds today compared with 660,000 pounds last september. Has commercial property in London really fallen so rapidly to this new "low" in the last six months? If so the gloomy outlook for property prices suggests more falls to come, maybe. Hence 90p may still have more to lose.|
Capital Pub share price data is direct from the London Stock Exchange