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Pittards Share Discussion Threads
Showing 626 to 648 of 650 messages
|this is looking really bad......if their lenders loose patience, they are ten and out quickly, there is no chance they will get away with another rescue placing of shares........well maybe at 2p.|
|Exactly clocktower. You have beautifuly summed it up. NAV craters, debt balloons, massive loss posted. 29p per share is massive. I sold at open and I'm delighted to have got out at 82p because I thought these would open in the 50p-60p range.
There is no apology either. In fact they thank the staff for their sterling work! What about the investors who pumped in loads of cash at a price of 120p in May 2015. They've been completely screwed over.|
|The debt balloons, the stock value deflates,the management roll out promises of better things to come but as usual with warnings, so they can say we warned of the possibilities - the whole board need the boot. Surprised the share price is holding up - 50p may not be that far away.|
|as expected - stock provision and increasing debt........what a disastrous board and management team! how on earth could they appoint this useless Jill Something as a NED following her appalling performance as CFO for a number of years? these shares could well come down below 50p before being taken over by a more competent organization - the question is if this will be in relation to a bankruptcy or not.|
|It's about time they wrote down the stock.|
Big stock write down|
|Great interest in this share-NOT. About time this serial disappointer was put out of its misery. As I write I'm sure the ceo is working up on his excuses for the current year. Is it to be roaming lions eating the workers/plagues of locusts/ civil unrest in the Devizes area -who knows. Guess it all adds to the excitement. Still those monthly salary cheques keep rolling in like a comforting warm embrace-plus exes of course.|
|Watching commercial TV over Xmas; there has been an endless stream of adverts for leather sofas. Also having leather seats in cars is not so unusual even mid market models have this option. Conclusion -there is good demand for leather -maybe Pittards lacks pricing power. If Mulberry can sell a lady's bag for £600 then you might hope that some of that margin might stay with the leather producer.|
|As to the market for quality leather goods it depends on who you believe I suppose, Pittards or LVMH
|I've followed these for years but can't see any reason to invest just because of the large discount to NAV.|
|"The prolonged depressed demand for leather has culminated in disappointing sales volumes in the last few months of the year."
90% of Pittards production is exported. Given the fall in the value of the £, you might have thought it would do better.|
|but are they controlling what they can.
Sales keep falling but stock keeps rising.
Stock is only any good if you can sell it.|
|the market cap is not just below NAV, its below half of NAV. What does that tell me? It tells me its undervalued.
PTD does not have more than 12 months of stock. You keep banging on about this but you are wrong. In fact they only have £9M of actual finished goods for sale, but even if you include the raw materials and the goods under constuction they still do not have more than 12 months of stock.
PTD are being hit by problems they cannot control at the moment. The Ethiopean situation and a temporary falling demand for leather.|
|Inventory is rising and Cost of Sales falling. What does that tell you.
Because inventory/cost of sales does as a good proxy figure about invenory levels.
How many profitable manufacturing companies have more than 12 months of stock?
Why is the market cap below NAV? Ask yourself.|
|They bought the Yeovil property 2 years ago and said it would cost a lot more to build the same thing elsewhere so its likely worth a lot more now
Land and buildings worth 70% of the market cap
Fundraising 2 years ago at 120p
Ethiopia assets worth £0.7M
Definitely not a family business as touted. Look at the major shareholders.
Saying inventory is more than 12 months costs of sales is just wrong. Plain and simple. Can't you even take 2 minutes to check facts before posting
Inventory is not just finished goods. Its not like a big pile of laptops sitting in a warehouse somewhere.
Inventory consists of -
finished goods is 45%
raw materials 37%
work in progress 18%|
|most of the NAV is inventory and that is more than 12 months of cost of sales and rising.
There is £5.5m of borrowings to sort out in the next 12 months (from the interims)
and £500k of interest to find.
I expect there is a large chunk of deferred tax shown as an asset.
and what proportion of the assets are held in Ethiopa and are they realisable or usable as loan security?|
|Nothing changes at PTD - the same old excuses just keep rolling out - huge stocks - slow sales - poor management - keep our jobs and roll along. If you could replace them all you might be looking at £1.50p a share.|
|The number of excuses for poor results never ceases to amaze. The rating suggests there is no faith in the management or the strategy.|
|Profitable leather business
NAV of £24M. Lots of juicy assets in there.
Market cap £10.5M
You've got to be in it to win it as my old Auntie Gertrude used to say.|
|An earthquake in Yeovil would certainly improve the place|
|Expect the Pittards team will now start winding down for Xmas after their efforts. Still for some its another year of getting paid and the pension topped up.
I wonder what the next RNS will be about -probably an earthquake in Yeovil.|
|Yes its like a comedy show at Pittards. One is reminded of a circus with baggy trousered clowns throwing pies around.|
|You have to admire this lot. If something can go wrong, it invariably does! Been watching company for literally decades and never seen any business so accident prone.|