Share Name Share Symbol Market Type Share ISIN Share Description
Dart Group LSE:DTG London Ordinary Share GB00B1722W11 ORD 1.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +6.25p +1.74% 364.75p 364.25p 365.25p 365.25p 355.75p 355.75p 164,392 14:46:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 1,405.4 104.2 60.2 6.1 540.10

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Date Time Title Posts
28/10/201610:51*** Dart Group ***2,601
21/8/201420:39dtg charts75
16/4/201318:57Dart Group : Jets and Logistics turnaround opportunity ?1,185
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31/5/200522:36Dart Group charts and news 20053

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Dart Group Daily Update: Dart Group is listed in the Travel & Leisure sector of the London Stock Exchange with ticker DTG. The last closing price for Dart Group was 358.50p.
Dart Group has a 4 week average price of 383.10p and a 12 week average price of 431.82p.
The 1 year high share price is 684p while the 1 year low share price is currently 354.50p.
There are currently 148,072,746 shares in issue and the average daily traded volume is 641,385 shares. The market capitalisation of Dart Group is £540,095,341.04.
tongosti: Thanks for that - agreed, the broader macro picture remains far from clear (stating the obvious but that is always the case isn't it I hear you say) especially in the light of a post-Brexit worldI know we have touched on it briefly before but I also think the uncertainty regarding debt finance expansion must definitely have had a say on the share price going down recently (personally it has been a key reason of why I bailed out from my long position a while back). Not surprising considering the fact no one knows how to vaguely quantify the potential hit on the balance sheet that the Southern expansion will be bringing about debt-wise. As I have mentioned here before, I am happy to go both long and short but I agree that if I were a long only investor I would probably hold myself back at this stage as the downtrend looks fairly strong at this stage. Finally, not sure whether you may be aware of it but what you are saying about DTG price anticipating certain fundamental headwinds fits in very well with Soros' Reflexivity theory (effectively saying that the link between fundamentals and market prices is not a one way street [as is widely believed] but rather a two way one as prices also help determine fundamentals) which I strongly believe to provide one of the best insights I am aware of for approaching the treacherous stock market game.
castleford tiger: yes I said that. However the falling FX is starting to worry me. taking dart Next year is fully hedged fuel wise but we have seen a 50% increase in aviation fuel since the summer in pounds. 22% of this is FX rest increase in Oil Rising inflation may well take the feel good factor away and even taking official level of 2-3% next year it will wipe out increase in wages. Add in extra cost when there and we must all agree that fewer will travel as often. On the plus side New fleet will start to reduce cost per mile All inclusive holidays will be in demand, So overall I remain bullish on the long term return on dart but feel a period of stability in the share price is needed. The down trend looks to be coming. If I miss first 10% back up so be it ,at least I will be sure its coming. Of course even on mid 30`s pence earnings the share price looks ok . tIGER
tongosti: Well that's hardly helping the share price isn't it?DTG has massively underperformed - this year - not only major UK averages but more importantly the FTSE 350 Travel and Leisure sector. Negative relative strength (especially in your immediate peer group) is never a good omen.
woozle1: High Priest Tongo, You clearly know little about odds. Low valuation improves odds and not the direction of a share price. One is interested in share prices or businesses. You are interested in the former, which makes you little more than a speculator or gambler but you dress it up in pseudo science (technical analysis, I think that's what you call it) and think you are an investor. You are just lazy but get a thrill from looking at a screen with a bunch of lines. A bit of self knowledge can be helpful. You need to read Ben Graham's book where he provides a clear definition. There's nothing wrong with speculation and Graham acknowledges this and says that we all have a disposition for this, which is why he suggests allocating a small portion of one's portfolio for this purpose. For your further edification, I would also recommend Winning the Looser's Game by Charles Ellis, which examines historical returns and looks at different investment styles. Regarding momentum and technical analysis, you are lucky to get it right more than 50% of the time, in other words the tea leaves is no more than a flip coin. That's not good odds, although you seem to think so. The 5% and 10% that you make is almost certainly erased by the 5% and 10% you loose when you get it wrong and dwarfed by the double digit returns available to the long term, patient and a bit lucky investors. All investment requires a certain amount of luck due to incomplete information. Research and fundamental analysis of business is what improves odds but that's just too much work for a lot people. In Dart we have a low p/e, low EV/EBITDA and double digit earnings growth. That my friend, is good odds and not the tea leaves that you examine. W
monet: Money Observer ADD: DART (DTG) Dart almost doubled profit in the year to March 2016. Revenue increased 12 per cent. The company earns most of its revenue and profit from leisure airline, which flies to holiday locations; its rapidly growing integrated package holiday business, Jet2holidays, helped Dart earn a 20 per cent return on capital, a record by some margin for the past decade. Return on capital has averaged a respectable 12 per cent, backed by strong cash flows. Dart says it's more profitable selling complete packages, often including rooms, transfers, meals, drinks and even lollipops for the kids. The more package holiday customers it flies, the better. In 2016, the mix shifted decisively. Jet2holidays took 22 per cent more people on package holidays than it did the previous year, representing 40 per cent of the total number of customers flying with, compared to 33 per cent previously. Rising revenues and growing profitability confirm that Jet2holidays, a start-up 10 years ago, is flourishing. The package holiday business may seem like a throwback to the previous century, but Dart says that in straitened times customers like to know in advance exactly how much a holiday will cost. Investors should be cautious about this year's bumper profits. Jet fuel prices are low (Dart saved over £23 million in 2016, compared to 2015); moreover, Dart raised prices, earned more selling passengers stuff, and flew fuller planes. Just about every key metric moved in the right direction, which won't always be the case. Fowler-Welch, Dart's grocery distribution business, also performed well. The company is currently accumulating significant debt, borrowing to refresh and grow its fleet. Nevertheless, the company could be good value. A share price of 470p values the enterprise at £812 million or nine times adjusted profit. The earnings yield is 12 per cent. A more cautious valuation using its average return on capital implies a 7 per cent earnings yield. hxxp://
tongosti: you must be a genius pal - everything i have learned from trading legends in the shape of Livermore / Darvas / O'Neal / Tudor Jones / Druckenmiller / Kovner / Soros etc apparently it's all useless. Poor me - all I had to do was to get in touch with you ... If you ever decide to do the world a favour and share your investment thoughts in a book drop me a line so that i put the order on Amazon first. P.S. I will try to remember your sound advice that there is nothing to worry about even when a share price maybe 90% down from its peak as it's only a matter of time before it comes back up roaring.
castleford tiger: Woozle Yes but no! I calculate that over a million extra people will fly and that 750k in Darts first half year starting April. If they can keep a good number of planes going to canaries in the winter it may help but its the same problem ...........most of the demand is summer ( april to October half term) Maintenance costs should fall but depreciation charge will go up. The company is certainly going places and the brokers forecasts of reducing earnings per share is wide of the mark. Not sure where the price will bottom but I am sure there is now much more upside than down. I see EPS of 100p by 2019 so a share price of 10.00 is very possible. Downside must be limited now to 50p or so. the market has no idea how to price them because there are so many bits of the jigsaw missing 1) How much debt will they take on and from where 2) What are the start up costs of Birm and STan. 3) What reaction will the South have to JET2. Tiger
tongosti: ShakerIf you go check my posting history you will see that I have been here long from mid 250p to about 500p. Reason: fundamentals were in complete sync with DTG price action then. I have no bias to long or short side as I am in to make money. Not take sides. Long or short are the means to hear the cash register ring. Tiger:- Kudos for calling this at 16p, I am well aware of it. Wish I could have done the same. When you got in at that level, the market just turned and that's why you were able to make more that 30x your money. Bravo for aligning your fundamental views with the then (inflection point) market view of the company. - re reason for my current skepticism: you are simply looking at the valuation side of things but ignoring the shift in market psychology (momentum has gone into reverse) towards DTG. The market price has turned and I am not prepared to be run over (not a certainty of course but more of a higher probability). In my book, I can only support my intrinsic value views if, and only if, in sync with the market. Combined Value-Momentum approach if you like. Buffett VS Soros schools of thought in other words. Buffett anticipates markets whereas Soros waits for the market to confirm his fundamental views before he jumps in. I am happy with the latter approach as that works for me but each to their own.
sharestobuy: It says: It's been a superb year for investors in operator Dart Group(LSE: DTG). The airline's share price has soared by 59% during the period as an improving economic outlook has caused demand for flights to increase. And with the price of oil falling and staying low, sentiment in the wider airline sector has improved somewhat, too. However, the main reason for Dart Group's share price rise has probably been the anticipated rise in its profit. For the financial year to 31 March 2016, Dart is expected to have recorded a rise in its bottom line of 71% and so its share price increase could have been due to improving investor sentiment. Looking ahead, Dart is forecast to record a fall in net profit of 13% this year and 31% in the following year. This could cause investor sentiment to come under a degree of pressure, but with Dart having a price-to-earnings (P/E) ratio of just 11.6, its margin of safety seems to be sufficiently wide to merit purchase even with a rather uncertain outlook.
davebowler: Investors Chronicle 14 September 2015 SIMON THOMPSON Catalysts for investment gains I always make a point of reading the annual report and accounts for each company I research. And not just for the past year, either, as I go back over a number of years to ascertain whether the business has delivered on previous guidance of the board. The other benefit of wading through what admittedly is a substantial document is that you can get a real feel for how each segment of a company's activities are performing. This is relevant to me right now because I have been carrying out this task for one of my 2015 Bargain Shares, Aim‐traded activist investment company Crystal Amber (CRS: 162p). The company's annual report and accounts for the fiscal year to the end of June 2015 was a real eye‐opener and I would strongly recommend you read it as part of your own research. The depth of detail attributed to each of the component companies in Crystal Amber's investment portfolio is mightily impressive, as is the breakdown of how the company managed to achieve its returns. True, the fund's total return of 5 per cent in the 12‐month period was nothing to shout about, being three points less than that of the FTSE Small Cap index, and that was after the benefit of banking substantial gains on holdings in Irish airline Aer Lingus and chocolate retailer Thorntons, both of which succumbed to takeover bids. However, the relative underperformance looks to be a thing of the past. Indeed, during the market rout in August, Crystal Amber's portfolio actually rose in value by 0.5 per cent, which compares rather well with the 6.8 per cent fall in the FTSE 100, the 3.2 per cent decline in the mid‐cap FTSE 250 index and the 2.5 per cent drop in the FTSE Small Cap index. Having analysed the investment merits of each of the fund's 10 largest holdings, which between them accounted for 127p of the end‐August book value of 165p a share, I feel this relative outperformance could continue for some time to come. I have good reasons for taking this stance. Grainger shares primed for re‐rating Firstly, Crystal Amber recycled a chunk of the cash from those takeovers into the residential property sector, having picked up a 3.4 per cent stake in the UK's largest listed residential property owner and manager, Grainger (GRI: 236p), a FTSE 250 constituent with a market value of £981m. It's a substantial investment, accounting for 36.1p a share of Crystal Amber's equity portfolio worth 151.7p a share. Crystal Amber also holds 13.2p a share of cash on its balance sheet to capitalise on further investment opportunities. What interests me about Grainger is the robust cash generation the company is set to generate over the next 13 years. That because its traditional reversionary business is based predominantly on regulated tenancies, which provide substantial, high‐quality, predictable and resilient cash flows. The company's portfolio of 7,400 reversionary assets has a carrying value of £1.5bn, but when these properties revert to vacant possession after an average period of about 10 years, Grainger sells them on and reaps their full open market value. Grainger's board estimates that they will generate a surplus of £500m, equivalent to 120p a share. But it could be far more because this embedded value is the difference between open market value of the tenanted assets and their higher vacant possession values at today's prices, and does not reflect any future benefit from house price inflation. This reversionary portfolio alone is expected to generate £120m of gross cash each year until 2030. Bearing this in mind, Grainger highlighted in last month's pre‐close trading update that sales of vacant properties achieved prices on average 8.3 per cent above September 2014 vacant possession value. It also outlined a pipeline of vacant reversionary assets worth in aggregate £213m of sales that have either completed, exchanged or are in solicitors' hands. That's important because the cash generated from the reversionary business is being recycled into private rented sector (PRS) residential developments. Grainger owns 8,400 properties as part of a market rented portfolio valued in excess of £1.1bn, including 3,400 homes in the UK where it is the market leader in equity release schemes principally for retired home owners. The company expects to complete around 1,070 market rented units over the next two years. Catalyst for re‐rating It's therefore worth noting that Grainger has just appointed investment bank Lazard & Co in Frankfurt to advise on the disposal of its wholly owned residential property assets in Germany, which are non‐core to the company's UK‐focused strategy. Grainger held around 5,600 homes with a market value of £311m in Germany at its last balance sheet date, so if this capital was released it would help accelerate the company's strategic and financial focus on its UK residential activities to enhance shareholder value while taking advantage of the currently strong market for residential property in Germany. I strongly feel that a disposal of the German properties, combined with the release of Grainger's full‐year results in late November, could provide the catalyst for the company's share price to make a decisive breakthrough the 250p level, which has acted as a glass ceiling to previous rallies in March 2014 and also this year. A chart break‐out would be justified, too, as analysts predict Grainger's triple net asset value will be around 250p by the end of this month, and that figure excludes the reversionary surplus of 120p a share I have mentioned above. Dart on the right plight path Another reason why I believe shares in Crystal Amber could do well in coming months is because it holds a 1.4 per cent stake in Aim‐traded Dart (DTG: 490p), the parent company of leisure airline Jet2 and distributor Fowler Welch. Around 90 per cent of Dart's annual revenues of £1.25bn and 93 per cent of its operating profits are generated from leisure activities. The airline side really interests me right now. That's because since 2004, Jet2 has increased seat capacity by 16 per cent on average each year, rising from 1.2m to 6m, by adding more planes and departures and using larger planes. Around half of its UK flights go to Spain, followed by destinations in Portugal, Italy and Turkey. The airline's UK hubs are all based in the north of England, Scotland and Ulster. The business model is distinct from other low‐cost airlines like Ryanair (RYA: €13.84) and easyJet (EZJ: 1,771p). Whereas most budget operators purchase new fuel efficient aircraft, Jet2 has bought inexpensive but fuel inefficient second hand planes. Many competitors fund their fleet with operating leases; for instance, all of Monarch's fleet is leased. In contrast, Jet2 has grown its 59 strong fleet mostly by buying the planes outright, and now owns 44 aircraft. The average age of Jet2's fleet is much older as a result, nearly 22 years, versus only five years for Ryanair. So, given its fuel inefficiency, Dart sensibly hedges out almost all of its fuel requirements at the start of each year. Clearly, the fuel inefficiency of the fleet is a challenge when oil prices are high, but with Brent crude at very depressed levels, having fallen by a further third since the summer, this is providing a tailwind at current prices. That said, as part of its planned fleet replacement, the company has recently entered into an agreement with Boeing to purchase 27 new Boeing 737‐800NG aircraft to be delivered between September 2016 and April 2018. The total value of this transaction is approximately $2.6bn (£1.7bn) and will be funded through a combination of internal resources and debt. Riding an earning upgrade cycle Dart certainly has the financial strength to upgrade its old fleet as financial results for the 2015 fiscal year were accompanied by a sharp upgrade to the current year's earnings forecast. Moreover, in a half‐year trading update last week, the company announced that its performance for the financial year ending 31 March 2016 is likely to be materially above those upgraded market expectations. This news prompted analyst Chris Thomas at broking house Arden Partners to raise both his pre‐tax profit and EPS estimates up by 25 per cent to £75m and 41p, respectively. The company will provide a further trading update in mid‐October following the half‐year̴8;end. The trading statement should make for a good read because the additional capacity taken on by Jet2Holidays, the company's packaged holiday business that supports and feeds off the airline, as it only uses Jet2's aircraft, is helping to drive load factors and ticket yields. This higher‐margin part of the business has grown to carry one million passengers in the year to March 2015, or a third of Jet2's capacity. The goal is to reach 50 per cent of its capacity. That target looks achievable. With the UK economy growing strongly again, real wages at their highest level since the 2008 financial crisis, and sterling buoyant against the euro, foreign holidays are once again affordable. That's augurs well for the next trading update from Dart in mid‐October and I have a positive outlook on Dart's shares which only trade on 12 times earnings estimates. Turning over a new leaf The third reason why I believe Crystal Amber's shares have mileage is the fund's holding in Aim‐traded clean energy investment company, Leaf Clean Energy (LEAF: 41p). Crystal Amber owns 29.9 per cent of the shares in issue, so the stake accounts for 15.4p of the fund's net asset value of 164p. Following engagement with the board, Leaf Clean Energy has adopted a policy of asst realisation and capital return to shareholders. Operating costs have been slashed and the company has just sold four investments for a total of $8.4m (£5.5m) which almost doubles the cash pile to $17.4m, or a sixth of its pro‐forma book value of $105.2m, or 53p a share. That cash sum is worth about 9p a share, or over a fifth of Leaf Clean Energy's share price. It's worth pointing out that there could be upside to Leaf Clean Energy's book value too as asset sales progress. That's because well over half the value of the portfolio is invested in Invenergy Wind LLC, North America's largest independently‐owned wind power generation company. Leaf Clean Energy originally invested $40m in Invenergy and the company continues to execute on its capacity expansion plans and development initiatives across its core markets. The company is evaluating options for monetising its investment in this well‐performing asset, although this "is not expected prior to 2016". However, it's still worth noting that Invenergy sold 930 mega watts of wind power capacity for $2bn (£1.3bn) in July this year, highlighting the attractions of so called "yieldcos", entities that acquire and operate income generating assets from developers and operators such as Invenergy. Crystal Amber's investment advisers are of the opinion that the book value of the Invenergy stake in Leaf Clean Energy's accounts understates its true worth. So, although I am not suggesting you buy shares in Leaf Clean Energy, I feel that if the company can realise a higher value from its investment in Invenergy than the current book value, then the recovery in its share price could well continue. In turn, this could provide additional upside to Crystal Amber's own share price. The bottom line is that the odds favour an outperformance of Crystal Amber's share price over the rest of this year, both in absolute and relative terms, driven by likely investment gains on its portfolio as the catalysts I have outlined come into play. There is also a decent 5p a share divided too. On a bid‐offer spread of 157p to 162p, I continue to rate Crystal Amber's shares a buy.
Dart Group share price data is direct from the London Stock Exchange
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