Share Name Share Symbol Market Type Share ISIN Share Description
Mallett LSE:MAE London Ordinary Share GB0005583504 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 55.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 11.8 0.5 3.1 18.0 7.59

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Date Time Title Posts
11/2/201507:16Rainmaker's Mallett(MAE) thread:60p/64p-Ј1 coins for just 50 pence pieces!672.00
29/9/201410:40DEFINETLY NOT Rainmakers Mallet Thread192.00
05/1/201111:46*** Mallett ***90.00
25/3/201021:09Mallett Antiques: A takeover target?20.00

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DateSubject
30/5/2014
19:23
orinocor: Rainmaker 26 May'14 - 19:40 - 6109 of 6114 0 1 Re Mallett(MAE) which closed at 56p bid, 60p offered. TOT-I agree Investors need to look forward rather than backwards. A successful Masterpiece exhibition will put them right back on track as the Company says sales these days are very much "event driven". It was only a couple of years ago when Mallett enjoyed their best returns at Masterpiece in any fair this side of the millennium and they continually exhibit at all the major fairs, TEFAF, Palm Beach etc,etc.There is more than enough money spent at this exhibition to make it a very successful and profitable one for Mallett. With all respect to holders who have been unloading recently, I really don't believe they can be thinking too clearly or rationally but instead are acting in automatic panic mode,gripped by irrational fear, fixated on a falling share price. I've seen such drops before when Investors completely ignore the underlying Company and its fundamentals and its when the best opportunities occur. Running the numbers- As at the financial year end of 31 December 2013, Mallett had £12mln of current or liquid assets less all liabilities so 87p a share.This is the calculation for the Company's net working capital a proxy for its minimum liquidation value. Post year end in a deal completed on 21 February 2014,they realised £2.75mln for the sale of their Clapham High Street Property so some 19p a share and with a 12.7p special dividend,this means we can bring bring the remaining 6p a share into the net working calculation which concentrates solely on current and not fixed assets, increasing the figure to 93p a share v a current offer price 60p to give a "bargain ratio" of 1.5 and in the eyes of Ben Graham an automatic purchase.
26/5/2014
18:39
rainmaker: free stock charts from uk.advfn.com TOT-I agree Investors need to look forward rather than backwards. A successful Masterpiece exhibition will put them right back on track as the Company says sales these days are very much "event driven". It was only a couple of years ago when Mallett enjoyed their best returns at Masterpiece in any fair this side of the millennium and they continually exhibit at all the major fairs, TEFAF, Palm Beach etc,etc.There is more than enough money spent at this exhibition to make it a very successful and profitable one for Mallett. With all respect to holders who have been unloading recently, I really don't believe they can be thinking too clearly or rationally but instead are acting in automatic panic mode,gripped by irrational fear, fixated on a falling share price. I've seen such drops before when Investors completely ignore the underlying Company and its fundamentals and its when the best opportunities occur. Running the numbers- As at the financial year end of 31 December 2013, Mallett had £12mln of current or liquid assets less all liabilities so 87p a share.This is the calculation for the Company's net working capital a proxy for its minimum liquidation value. Post year end in a deal completed on 21 February 2014,they realised £2.75mln for the sale of their Clapham High Street Property so some 19p a share and with a 12.7p special dividend,this means we can bring bring the remaining 6p a share into the net working calculation which concentrates solely on current and not fixed assets, increasing the figure to 93p a share v a current offer price 60p to give a "bargain ratio" of 1.5 and in the eyes of Ben Graham an automatic purchase. We can look at the difference between the intrinsic value of 93p as calculated by the net working capital figure-which is the correct way to value a loss making business and the current market price of 60p as a buffer or cushion protecting us from any unforeseen adverse future circumstances or the continuance of poor trading conditions or any estimation errors or maybe a combination of all three factors very likely ensuring, since the margin of safety is substantial, that the Company's severe undervaluation remains intact. However we also get Mallett's 23.75% stake in the annual "Masterpiece" exhibition completely free of charge.This is a consistently profitable and established business franchise and very much the leading Art, Antiques and Design exhibition in the UK. Established in 2010, the year following the demise of the Grosvenor House arts and antiques fair,this business stages the six day exhibition in late June/ early July and generates its turnover and profitability from the sale of stands to exhibitors, sponsorship and the sale of admission tickets.Last year there was 34,000 visitors, a 20% increase on the previous year and 157 exhibitors. Masterpiece is a great service business so in effect has very little in the way of assets which is great advantage for its Owners-this one of the factors that Warren Buffett was referring to when he said "not all earnings are created equal". Furthermore the business requires very little working capital since the proceeds from the sales of stands and also sponsorship are collected ahead of the exhibition which is when the vast majority of operating expenses are incurred.It's known as a "negative conversion" cycle so as a business Owner you're not having to finance a trade cycle.This also means there is no bad debt risk which is another advantage.It's also a highly scalable business which means that it can grow rapidly without major investment and thanks to its high operating leverage-the vast majority of its costs are of the fixed rather than variable variety-profitability will soar with a meaningful increase in exhibitors. So all in all I consider this a terrific business franchise and potentially very lucrative if it expands from current stand numbers of around 160 and closer to TEFAF's 260. However unlike Mallett you can't value the Company through assets but instead use the earnings power of the business.Masterpiece has very valuable assets but they are of the intangible kind-its brand, its knowledge base and archive history(Mallett have records of every item they have ever sold), trading relationships etc. Last year Mallet made £87k from the exhibition so Masterpiece whole made £366k but good reasons to expect this year's exhbition's profitability to roughly double ie a £5 hike in ticket prices this year so applying a 21% corporate tax charge gives a £578k profit then valuing it a bond using the current gilt yield of 1.91% gives a valuation to the whole business of £30mln and Mallett's stake worth £7mln v their current market cap of £8mln. You could argue that that UK yields are at historically very low levels but you could counter that by stating that this valuation is a "zero growth" model and factors in no growth but I confidently believe the real value in this business is the growth in future cash flows over the lifetime of the business. AIMHO, DYOR
23/4/2014
08:02
rainmaker: Hi HP, exactly, that's £12mln or 87p of liquid assets less all liabilities-a proxy for the Company's minimum liquidation value. Then you're got inventory that according to the Company, is way more than its stated value acting as another margin of safety.The last earnings forecast I saw for the current year was 3.2p and 7.1p for next. Even though there is little change to the number of exhibitor stands at 151, look for the contribution from Mallett's 23.75% holding in the Masterpiece exhibition to rise at least 50% from last year's £87k due to a £5 hike in the admission price or perhaps even double if they have another 20% rise in visitor numbers leaving aside the financial contribution from their first ever headline sponsor for the exhibition-"in association with RBC wealth management". Surely Masterpiece must be collecting an annual six figure sum for this. Incredibly despite turnover in the UK dropping by roughly a third, group sales rose some 16% due to turnover in New York doubling and some £1mln of sales to China.Surely Mallett can reverse the decline in London, one of the worlds cities for arts, antiques and collectables? I would expect London's profits to recover sharply as they are the next capital to enjoy bouyant trading as the worldwide cyclical upturn gathers steam but we shall see. I believe historically New York tends to lead London in this respect. Anyway, I agree that I wouldn't expect the share price to drop much from current levels of 77p/80p when the 12.7p special dividend goes ex. I would also expect the share price to rise further between now and 27 May 2014 to somewhere around 85p/90p-ie liquidation value when the special dividend is sanctioned AIMHO, DYOR regards
20/4/2014
17:31
hugepants: http://www.investegate.co.uk/mallett-plc--mae-/rns/preliminary-results/201404020700328039D/ So NAV = 106p If you take out "property plant and equipment" there is 87.5p of good assets. Anyone know what the £2.5M of "property plant and equipment" actually comprises? After returning 12.7p cash Id hope the share price doesn't drop by more than 10p to maintain the same discount. At 78.5p still looks pretty cheap to me. There cant be much downside unless trading falls of a cliff and if sales growth continues at this rate there could be decent profits this year.
23/2/2014
20:56
hugepants: callumross 15 Feb'14 - 15:20 - 524 of 533 0 0 Rainmaker - pretty sure that there will be an announcement on the 21st but unlike you I don't think it will make much difference to the price as this news is already discounted by the market. Also, for the reasons I have stated previously, I don't think a special dividend will make any real difference except to give shareholders an income but an equivalent loss in capital. What I think tends to happen is the discount to NAV is maintained after the return of cash. As an extreme example consider a cash shell with a share price of 10p and net cash of 14p. The company then returns 10p of cash. What happens to the share price? It will probably drop to about 3p but definetly not to zero! Given Gyllenahmmar owns 30% surely he is pulling the string here. Id be surprised if he doesnt demand at least 15p per share returned. That still leaves £0.5M from the property sale to go into the business.
15/2/2014
15:20
callumross: Rainmaker - pretty sure that there will be an announcement on the 21st but unlike you I don't think it will make much difference to the price as this news is already discounted by the market. Also, for the reasons I have stated previously, I don't think a special dividend will make any real difference except to give shareholders an income but an equivalent loss in capital. If you had a good management you would advise them to keep the 10p special dividend and use their acumen to turn it into 15p. However, we all seem to agree that the management of MAE are not up to much, hence the depressed share price over the years. This is where, as baner says, you need large shareholders to come in and either invigorate or dispose of the board. You would have thought the Swedes would have been just that activist large shareholder but it hasn't turned out to be the case. Also, the 6.5p ePS forecast for this year. Is that all real earnings or does it include the one off property gain? As you can see I am pretty downbeat about MAE but continue to hold in the hope of future events. Hope I am wrong and you are right, however!
31/1/2014
02:21
rainmaker: callumross 29 Jan'14 - 12:53 - 510 of 515 0 0(premium) Rainmaker. I think you get too hung up on the benefits of a possible 10p special dividend. Why would this be positive for investors? I am a holder but all that will happen is that I will get a 10p capital payout and a corresponding 10p fall in the value of my shares when it goes ex the special dividend. The dividend by itself adds no real value to existing shareholders or offers any real incentive for investors to invest in MAE for the first time. Hi Callum-I don't think I'm too hung up on the special dividend but as a Stockmarket Value Investor, I'm concentrating on all known facts and definite prospects of which this falls into the latter catergory.You talk of a "possible 10p special dividend" but it's a done deal expected to be completed on 21 February subject to Mallett finding a new workshop for Hatfields, their restoration business but how difficult can that be? We're currently trading at roughly net working capital which a proxy for a quoted Company's minimum liquidation value so the (fixed asset) property sale for 19p a share is free of charge, as is their 23.75% stake in the annual Masterpiece exhibition.So IMHO at the current share you'll be getting a special dividend for which you're not paying for, in effect a free lunch. If the Company announce, say 12p special then with a share price at 72p that's a 16.66% return with a 10p, it's 13.89% and 8p it's 11.11% and I expect the dividend to be paid within 4 months.Mallett are trading profitably with expectations of a 6.1p in earnings this year and 7.6p next so why should the share price trade below its minimum liquidation value? So we have a current situation with no discernable downside and an estimated return of capital equivalent to between 33.33% and 49.98% on an annualised basis.Lets say the deal is delayed and it takes them 6 months to pay the special dividend that's still between a 22.22% and 33.32% However I think it gets even better than that as I should also add, since it's pertinent that the Company have said that they will return to paying an ordinary dividend "when financially prudent to do so" which IMHO we can safely interpret as paying one this year from the forecast 6.1p of earnings of perhaps some 2p a share.Anecdotal evidence has already confirmed the recovery in Mallett's cyclical markets(eg Masterpiece in 2012 and their New York sales first half of last year)added to a more than halving of their London showroom rent by relocating to Dover Street saving some £600k a year. With all other factors being equal, expect the share price to move up by that amount on the announcement and back down again when the share price goes ex dividend, AIMHO, DYOR regards
24/1/2014
20:06
rainmaker: free stock charts from uk.advfn.com Hi Callum, I think it was hurricane Katrina. I really don't think it makes much difference. It's like buying or selling M&S because of good or bad weather,it's intuitively appealing,topical and I suppose it's good for Brokers business but in the grand scheme of things I think, it counts for very,very little. However it won't stop some Companies using bad weather as an excuse.Will the heavy snow in the US, stop Mallett completing the sale of their Clapham High Street property for £2.65mln or 19p a share or moving their restoration business to a new address? Or prevent them from paying a special dividend in the order of 10p a share?Or what I consider to be a likely substantial upward rerating this year of their £11.5mln of inventory?Does it make their 23.75% Masterpiece stake(and free at the current sp)any less valuable? Will it affect consumer confidence? The answer has to be no on all counts. I think the share price slide which started before the heavy snow arrived in New York has more to do with long suffering shareholders restlessness and impatience.A falling share price then attracts more selling from unsettled shareholders unnerved when Company share prices in general, have been strong-there're thinking the market knows something when the market knows nothing. I should also add that aside from the special dividend, the Company have already said that they will resume paying an ordinary dividend "once financially prudent to do so" ie when they're making money.There expected to make 6.1p this year and 7.6p next.Under normal conditions this is a veritable Cash Cow, for many years it paid a 9p annual dividend. AIMHO, DYOR regards
08/11/2013
13:11
rainmaker: Guys-I've spotted sporadic selling in thinly traded Value shares, Mallett(MAE) and Titon Holdings(TON) in recent weeks. I have to remind all would be Stockmarket Value Investors that there are frequently long periods of inactivity with this style of investing and you have to have the mental fortitude or toughness to cope with them. It's often a battle of wills between you and the "Market" to realise a profit on those £1 coins you bought for 50 pence pieces-sometimes this will involve taking full advantage of lower prices.You need faith,self belief and confidence and this comes with knowledge and experience together with a strong work ethic to really research Companies properly.All Investors would be well served spending less time watching a Company's share price and more time researching the underlying business,it's products and/or services, it's markets and it's customers together with it's growth outlook. IMHO both Mallett(MAE) and Titon(TON) have excellent prospects, are trading profitably yet are on offer at less than their minimum liquidation value, at prices that would never be available to a buyer in the private market.Tangible NAV are 107p and 78p respectively but there are also important intangible assets thrown in for free-ie brands and patents. Titon's markets of supplying window and door fittings to Local Authorities and Ventilation Systems to private homes has an exciting future-look at the recent figures for Local Authority new build registrations and UK housing starts then look at their patented energy efficient ventilation systems. Also consider improvements made to the operating efficiency of the business in recent years-large cost cutting measures in the UK and the opening of their first overseas manufacturing base in South Korea in 2008 with costs half those in the UK. Mallett(MAE)currently 75/78p have liquid assets less all liabilities of 72p a share but will receive a further 19p a share from the agreed sale of a property in the next few months and have mentioned paying a special dividend-I would expect in the region of 8p/12p-that's a 10/15% return without any appreciation in the share price or a further dividend being paid and the Company has already stated that it expects to return to paying a dividend once conditions allow.There's great growth potential in China, now the worlds largest market for Arts and Antiques where the Company has had a concerted marketing drive in recent years.IMHO there's also a realistic prospect of a upward revaluation of their large £10mln inventory- this was written down in value by over £3mln in 2009-it's a natural consequence, with finite supply, as buyers return and their markets recover-note exceptional returns last year from Masterpiece and the doubling of turnover in New York in the first half. DYOR etc regards
12/8/2012
12:15
rainmaker: regards Shanklin 12 Aug'12 - 07:45 - 3640 of 3641 (premium) RM So, do you think the profit quoted by MAE for the Masterpiece event only covers the first half the fair or, perhaps, more materially, the second half of the fair will have provided a major boost to MAE's sales for the year? BTW, slightly O/T, I don't yet have shares in MAE or FCCN but would be much more comfortable holding MAE. Cheers, Martin Yes definitely Martin, as the fair ran from 27 June to 3 July and Mallett's recently releases interim results cover the six months from 1 January 2012 to 30 June 2012.However I have no way of knowing whether the majority of sales fell in the first or second half of the fair or whether they were evenly split. However what I can say, without fear of contradiction, is that the value of their 23.75% stake in the Masterpiece exhibition is in the current Mallett share price for nothing since the fair employs very little in the way of fixed assets and Mallett trades at less than net working capital.Last year the fair made an operating profit of £517k on sales of £5.3mln(I have a copy of the accounts for the year ending 30/9/2011)This year the fair will have made a profit of circa £666k.Value the business in line with the average rating list Companies of twice annual sales then their stake is worth £2.5mln v current Mallett market cap of £11mln, based on last years sales but for a number of factors already mentioned, Masterpiece is not your average company and therefore demands a much higher rating. If Masterpiece have a waiting list for stands of 150(a quote attributed to their chairman and also stated in The Economist) then it's very clear that they are able to dramatically increase the size of next year's fair from 166-170 this year to +200. However due to the effect of large operating leverage next year's profits won't be 200/166 x 666k=£802k but significantly larger. IMHO,with the sharp recovery in their decorative arts business already evidenced,the next stop for Mallett share price should be +112p some 37% higher than the current share price.112p is the Company's net asset value(it should also be noted their tangible net asset value)since Mallett will be making a return in excesss of their cost of capital(however you want to measure it, WACC etc). I'm looking for the Mallett share price to hit at least 250p over the next 16 months. Looking at a list of identified Value share multi baggers over recent years, I'll try to post it today, they generally have one thing in common that they're all strong business franchises. Occassionally you get the opportunity to buy such a business in a cyclical downturn at rock bottom prices but you need to exercise extreme patience whilst you wait for their market to recover.Mallett as the supposedly the worlds largest antiques dealer is one such business and with the demise of their main competitors in recent years that business franchise has become a lot stronger.With the recovery in their markets expect a dramatic rerating since at the current share price you don't pay for any profit let alone growth. I might have been a long way ahead of the curve with this Company but surely the Investors Chronicle have been a long way behind it. regards
Mallett share price data is direct from the London Stock Exchange
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