Fishing Rep. Share Discussion Threads

[dlku] 19/10/2015 07:40

bbus


One of the best posts i saw





Graham1TY 2 Sep'15 - 07:32 - 6 of 11 3 0

Pretty pedestrian results. Internet sales are meant to be booming, so retail sales must be falling ( top line effectively unchanged). Next year real rent to be paid ( Gross owns all the stores and has charged no rent to date.....adding £100,000 to costs as disclosed in IPO document). Next few years salaries to be paid to Board ( historically they used a complex way of taking money out, but took no salaries). The eps given is not fully diluted as the new shares existed only post IPO. The divisor is 25m now, not 15m. Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?

This looks like a private company that should never have floated

[graham1ty] 19/10/2015 07:39

Phoenix, TW is raising issues with FISH that are in the public domain. He claims he has seen " the pre IPO presentation" that reveals that FISH did not pay rent on the properties owned by the CEO and majority owner. That was in the IPO document quite clearly, so known by investors. There is no scoop.

Forecasts take into account the introduction of rent payments, up to £100,000 over the next few years.

He is trying to create a scare story because of the links with Crowe Clarke. In fact, if he had only read the IPO document, there are things that are much scarier in there ( and probably someone will "leak" those to him over the coming days so he can continue his tirade).

I am not saying that FISH is squeaky clean, not by a long shot, but TW is pretending he has discovered something sensational.

[phoenix1234] 18/10/2015 18:56

jon123 are you so sure? TW just publicly commended by regulators on Quindell & back on FISH today

www.shareprophets.com/views/15838/fishing-republic-now-the-maggots-really-start-to-emerge

[norbert colon] 16/10/2015 20:04

hxxp://www.anglingtrust.net/news.asp?section=29&sectionTitle=News&itemid=2788

Good for general angling profile.

[graham1ty] 14/10/2015 07:32

Norbert, the future of FISH as you say depends on new store openings and acquisitions. The trouble is that FISH have not opened a store for ages, and for some reason the Birmingham opening, promised at the IPO has been pushed back to mid next year. As for acquisitions, first FISH has never done an acquisition. We have no idea if they will pay the right price, whether they can get synergies, whether they can merge with a different culture. Secondly, the just do not have the fire power for a meaningful acquisition.

Jury is out here. FISH have to produce good operating numbers. Then they will be believed. Eps are forecast to fall this year: why back that ?

[battlebus2] 13/10/2015 16:21

Wait for diku to post one of the best post i ever saw, that'll swing your decision lol...

[jon123] 13/10/2015 16:17

ha if TW told me it was dark outside at mid night I'd go n check and I still wouldn't believe him lol

[dlku] 06/10/2015 21:06

One of the best posts i saw





Graham1TY 2 Sep'15 - 07:32 - 6 of 11 3 0

Pretty pedestrian results. Internet sales are meant to be booming, so retail sales must be falling ( top line effectively unchanged). Next year real rent to be paid ( Gross owns all the stores and has charged no rent to date.....adding £100,000 to costs as disclosed in IPO document). Next few years salaries to be paid to Board ( historically they used a complex way of taking money out, but took no salaries). The eps given is not fully diluted as the new shares existed only post IPO. The divisor is 25m now, not 15m. Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?

This looks like a private company that should never have floated

[jon123] 02/10/2015 08:47

no escape n nowhere to pee either lol

[pj 1] 02/10/2015 08:43

Good grief man is there no escape now?

''wives joining hubby on the bankside''. No wonder participant numbers are falling!

[norbert colon] 02/10/2015 08:40

For anyone who is interested, the Angling Trust are doing a survey to help the development of the sport by understanding Anglers thoughts on various issues. You dont currently have to be an Angler - perhaps you may have fished just as a kid - all input i'm sure will be appreciated.

hxxps://www.surveymonkey.com/r/ATEA9?campaignid=EM_EA15END

[jon123] 02/10/2015 06:53

there's a big drive on to get youngsters into the sport but you tend to find if dad don't fish the kids don't although a lot of wife's now join hubby on the bankside

i think you need to put the cost of bait in to context yes it is expensive but it catches more anglers than fish lol the serious one's especially carp anglers make the own

[arlington chetwynd talbot] 01/10/2015 22:36

NC, And I'm not even going to quibble about funerals v fishing lol, your reply was so good.

[arlington chetwynd talbot] 01/10/2015 22:32

One of the finest replies I've ever had from a thread creator. Well done NC and a I sincerely hope this does well mate ;)

[norbert colon] 01/10/2015 22:28

Interesting comments guys. There are a few different dynamics at play here as the take up of fishing is in decline according to the industry but offsetting this to a degree are established anglers (especially carp anglers) who spend a lot of money on gear and rigs / bait and the methods of catching carp are constantly being developed with new terminal gear coming onto the market all the time (or variations on a theme) tempting anglers to put their hand in their wallet.

FR did not raise a lot of money at IPO are were IMO fleeced by their various advisors (read the IPO document for the scale of fees incurred). This partly comes down to experience but looks like a hard lesson learned.

The future of FR will be determined by the price they have to pay for their acquisitions. There is no doubt that they have a small profitable business but can they execute their growth strategy well and gain the confidence of investors? Others such as CVS and Dignity have done it very well - there is no reason why FR cant do the same if they don't overpay and can retain and build on the customer base that they acquire.

EPS will now be hit by the dilution of the new shares and costs will increase as rent will be charged going forward. I believe sales since IPO are looking good due to various factors including increased buying power, their improved website and a move away from 3rd party sellers (Ebay etc) that take a 10-15% cut.

With the share price back near the IPO price of 15p its still not a bargain and investors need to wait for Birmingham to open (around H1 2016) and / or any firm news of strong sales growth or acquisitions to put some support under the valuation.

Steve Gross is a self confessed workaholic and seems to have a very firm grip on the purse strings. He also has a lot at stake himself. Such factors give me some comfort. Patience is needed.

[arlington chetwynd talbot] 01/10/2015 21:35

Yeah loyalty (goodwill) is key te the shops, but not being funny, are youngsters taking up the bait? This stock is an oddity for sure, I am struggling to see good growth and for that reason it seems on the money unless it can expand after Brum and grow by placings/debt/organics.

[jon123] 01/10/2015 20:30

the smaller tackle shops r struggling they can't compete yes the market is fragmented but they have no online presence they rely on customer loyality

as an angler I don't buy expensive tackle items online I go to the shop more often than not climax angling due to price its local and I've known the owner for over 20 yrs look at his web site and compare it with FR

[arlington chetwynd talbot] 01/10/2015 20:20

jon, I don't like the growth rate tbh but for a slow growth stock which might get better as online kicks-in it looks about right for now.

[arlington chetwynd talbot] 01/10/2015 20:17

Okay, had a look... 7 shops, online, floated to open a Brum branch, turns over £3m+ and makes around £250k. On the money atm assuming Brum pro-rata's.

[jon123] 01/10/2015 20:02

sports direct have bought waterline and dragon tackle

drennan struggling they own kamansan which have stopped making hooks so drennan can concentrate on sorting themselves out

maver can't supply tackle shops with enough hooks

preston innovations is up for sale


manufacturers r struggling what does that tell you about tackle shops

[arlington chetwynd talbot] 01/10/2015 19:00

How much money will this make this year NC? What is the earnings growth rate? tia

[norbert colon] 01/10/2015 16:22

Further industry news via Maj Invest (Private Equity) who have bought D.A.M tackle and Svendsen Sport for circa GBP 50m

hxxp://www.angling-international.com/lars-svendsen-sells-businesses-for-e67m/

Clearly some interest in the fishing tackle market....

[norbert colon] 29/9/2015 16:38

Diku - well aware of all of these points thanks and its now been posted 3 times...

[dlku] 29/9/2015 16:27

One of the best posts i saw





Graham1TY 2 Sep'15 - 07:32 - 6 of 11 3 0

Pretty pedestrian results. Internet sales are meant to be booming, so retail sales must be falling ( top line effectively unchanged). Next year real rent to be paid ( Gross owns all the stores and has charged no rent to date.....adding £100,000 to costs as disclosed in IPO document). Next few years salaries to be paid to Board ( historically they used a complex way of taking money out, but took no salaries). The eps given is not fully diluted as the new shares existed only post IPO. The divisor is 25m now, not 15m. Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?

This looks like a private company that should never have floated