Young & Co's Brewery Plc... Share Discussion Threads

[essentialinvestor] 11/4/2024 18:41

Lol, I was just about to post along similar lines - this has been a reliable Buy under £6 - I manged to get a very snall amount under £5.90.

It may possibly revist this, if the A shares take a hit on a wider market sell off.

[wad collector] 11/4/2024 18:35

Have we finally bottomed out?

[essentialinvestor] 04/4/2024 13:48

Back in, small amount only.

[apad] 03/4/2024 08:49

As you predicted, EI.
Given the quality of the estate from CPC these are looking good.
apad

[essentialinvestor] 23/3/2024 13:09

I started this board because (at the time) the % discount between the voting and NV shares was well above the usual range.

That discount has now returned to a more normal setting.

Based on YNGN, you are paying approx 10 X forward earnings - provided trading continues in line. That looks the best value in the listed sector.

May possibly dip under £6.

[apad] 18/1/2024 10:32

YNGA and YNGN moved together over 5 years except for a 21/22 period when YNGA outperformed. Don't know why.
I am going to assume that CPC holders will dump their YNGA shares so reducing the price and I will hold on for a while then dump them. Can't understand why a PI would not choose YNGN over YNGA.
apad

[apad] 17/1/2024 21:12

Does anyone have an explanation for the 21/22 outperformance of YNGA over YNGN?
apad

[wad collector] 05/1/2024 23:33

We hold both (or more strictly, these not YNGA) and I guess the performance of the share price here since the announcement answers the question in once sense.

[darrin1471] 18/11/2023 09:37

EI, what do you not like about the deal?

[essentialinvestor] 17/11/2023 21:34

Darrin, not keen on the deal. Young's did not need it. Thanks for the view.

[darrin1471] 17/11/2023 20:38

EI. Young's acquisition of CPC includes "3,612,894 new Young's A Shares"
CPC was seen as a NAV value play by many, so some may be looking to offload YNGA over the next few months.
YNGA may underperform vs YNGN creating an opportunity in the future.

I thought CPC was badly run and underperforming. Little profits on owned pubs that did not pay any rents. Combining of head office functions should lead to significant savings, as should the combined buying power and the better Young's product.

CPC own a 53% stake in loss making Mosaic Pubs. Severn of the Mosaic Pubs are in or around Birmingham. It will be interesting to see what Youngs do with them.

[essentialinvestor] 15/11/2023 17:55

* FSTA today.

[wad collector] 15/11/2023 17:43

That's an impressive share price recovery ; presumably about sentiment more than news.

[essentialinvestor] 01/11/2023 11:13

Re profitability

[1tx] 01/11/2023 10:50

The observation that Young has recovered better than its peers;I assume IC means Fullers & Shepherd Neame,is correct.Share prices have declined generally over the last few months which makes it difficult for those who try to make predictions!

[wad collector] 31/10/2023 21:04

Another IC review still says BUY , FWIW , thinks it is ahead of its peers in recovering . But it has fallen a pound since their last buy recommendation.

[wad collector] 19/6/2023 14:49

Article in IC tipping them this w/e.Thinks outperforming the sector in recovery and investing more, but cautions about future cosumer spending and reduced margins.
The article is about YNGA specifically.

[1tx] 12/6/2023 16:29

Very few companies now listed have dual types of shares apart from Young's.Dewhurst,Braime & Hansa Investments spring to mind as having voters & non voters.Fullers has unlisted controlling shares.Caffyn's has partial control vested in preference shares.Heavitree Brewery also has a class of limited voting shares as well as fully voting.

[bertiebingo] 08/6/2023 07:24

Prior to the spike in Q1 22, post GFC the premium ranged between 25-65%, currently 36%. Looks pretty much inline with historic average here.

[1jat] 07/6/2023 19:17

Thanks EssentialInvestor230;..we need to look for other split share classes….Shell and Schroders have done away with theirs in the last few years.

[essentialinvestor] 06/6/2023 15:59

I started this discussion to highlight the very large % differential (on historical price data) between the NV and voting shares.


YTD YNGN Up just under 40%,

YNGA Up 13%.


I hope some may have benefited from this board highlighting what looked a low risk
opportunity on some gap closing between YNGN and YNGA.

[1jat] 04/6/2023 16:58

Jeffers
The merger of share classes has recently happened at Schroders (SDR). The non voting shares got a decent bump.
It is unlikely to happen here as it would trigger a transfer of value from the family in the A shares to the NV shares.
The enterprise value of the company would not change and that would need to be shared equally between the number of shares. Turkeys voting for Christmas….

In a bid situation, it would probably be open for negotiation who gets what, the A shares vote whether the company accepts, but the NV shares would still represent a sizeable minority who will need to be bought out, so i would expect a similar offer to both classes to apply.

ANyway a takeover is unlikely given the family involvement unless it is an unbelievably good offer.

[1tx] 25/5/2023 08:19

Pleased with results as we are now not getting rates relief & VAT reductions and have had to cope with price,wage increases etc.Divi increase welcome.

The voting structure is designed to protect the company/family interests from takeover.In reality I doubt the large pub groups could run the company better.

[jeffers613] 21/5/2023 09:46

YNGN looks much better value than YNGA. What are the chances of YNGN getting voting rights ie simplified share structure with all shares on equal terms? What would then happen to market value of YNGN's?

[darrin1471] 18/1/2023 12:15

EI. Sent you a PM