3i Share Discussion Threads

[jerseyman1] 02/8/2023 07:58

Any. Lies re share price drop? Tiny volumes but material drop in last few days

[jerseyman1] 21/7/2023 08:23

Patience is a virtue!

[craftyale] 21/7/2023 08:00

You jist had to wait a day ;-)

[jerseyman1] 20/7/2023 15:49

Funny world...I would have thought that after this morning's update the share price would have closed up on the day.....but what do I know!

[jonwig] 20/7/2023 06:49

Pretty good, too:



Great action at Action, and the rest "resilient". That word again!

[craftyale] 20/7/2023 06:11

Q update this morning.

[sos100] 14/7/2023 11:31

still not very user friendly with the adjustments they made

[orinocor] 11/7/2023 08:47

ii site down
bad. very bad.

[craftyale] 30/6/2023 05:29

My patience has been quite resilient waiting for this to go above 2000p again :))

[jonwig] 29/6/2023 06:12

AGM statement;

3i Group plc ("3i") will be holding its Annual General Meeting ("AGM") this morning. At the AGM, Simon Borrows, our Chief Executive, will provide an update on the portfolio.



Action has continued to deliver very strong sales growth in the year to date. Like-for-like sales growth was 22% year to date as at the end of week 25 and net new stores openings of 84 are on track with its expansion plans and ahead of the 75 stores opened in the same period last year. Action's strategy to deliver an outstanding quality customer offering at the lowest price remains the Company's top priority and continues to draw high customer footfall across all of its geographies. Action is set for another good quarter of profit growth and has a cash balance in excess of €660 million.

The remainder of the Private Equity portfolio continues to demonstrate resilience with the majority of the portfolio trading well. Lower customer demand and inflation pressures continue to impact a small proportion of the portfolio. Despite the macro-economic headwinds we remain confident that the 3i active management approach will build consistent value creation across the portfolio over the longer term.

"Resilience" is a much-used word these days.

[craftyale] 08/6/2023 10:11

Thanks for the info re PE. Perhaps i was more focused on its PE relative to its peers group ie other private equity companies. Nice to see abive 2000 again today.

[elbrus55] 07/6/2023 08:47

Yes, that's right - valuation multiple is based on Ebitda not net earnings.From the results."At 31 March 2023, Action was valued using its LTM run-rate EBITDA to the end of P3 2023 of €1,439 million. These includedour normal adjustment to reflect stores opened in the year. Action has consistently outperformed the peers that we currentlyreference across its most important KPIs, supporting our valuation multiple, which remained unchanged at 18.5x net of theliquidity discount (31 March 2022: 18.5x)."Shares price is at a premium to NAV.

[riverman77] 07/6/2023 08:21

I believe Action is valued with reference to EBITDA not earnings. Earnings will obviously be a lot lower than EBITDA so can't really do a like for like comparison with Tesco. As a very rough guess, Action is probably on the equivalent of a 25-30 PE multiple - so expensive, but this is based on a backward earnings. If you think it can continue to grow at current pace then probably still reasonable value.

[elbrus55] 07/6/2023 03:26

Agree that PE of c.4 is not meaningful. It is bringing unrealized gains into the E which are not ongoing earnings comparable to those of a non-investment company.A more relevant PE ratio is the one used for Action in their valuation which is 18.5 it is key assumption they discuss in their announcements. This can be compared with other retailers e.g. Tesco trades on 12xThe continuing growth prospects of Action may well justify the higher multiple. Difference in debt levels should also be considered - Action doesn't have too much debt.But that PE of 18.5x is relative to the NAV. Relative to the share price it will be higher - north of 20x.

[riverman77] 06/6/2023 19:45

Great rise here and can see it continuing. Another one where the IC were wildly out.

PE ratio not applicable here though as it's a fund so doesn't produce earnings in the traditional sense - should be valued with reference to NAV.

[chc15] 06/6/2023 19:18

I'm sticking of course, the global institutional demand for this stock is crazy atm, they are buying loads at this current price, so expecting further price rises. 'Momentum' investors will be piling in this now.

[craftyale] 06/6/2023 16:08

Hmm some may do that, Im sticking with 3i though. Interesting to see 2000p at the close. See what Fridays close holds, PE still at 4, revenue revised upwards.

[jonwig] 06/6/2023 14:46

Probably not. If the wider market was worth buying, folks might take profits here to jump in.

[craftyale] 06/6/2023 14:39

2000p this week or even tomorrow? I wouldnt mind if all my shares did this well. Whould it fly quicker if the wider market woke up.

[craftyale] 22/5/2023 08:42

IC on Feb 16 advised a sell. Since then the share price has gone from 1655 to 1950. Its PE is presently 4.1 while its peer group average is 12x. Enjoy your short. This will pass 2000 very shortly.

[skyship] 20/5/2023 15:28

APEO announced an April reduction in their Action holding. Price was the Dec'22 valuation.

Perhaps suggests 3i share price now rather overcooked at 1930 - some 16% up on the recent sell notice by the IC; and now at a 10% premium to NAV.

A good short at this level...

[chc15] 15/5/2023 11:51

Indeed, all good news, director buys, strong institutional demand. I think I'll hold.

[craftyale] 15/5/2023 10:53

Another good day. Let your winners run.

[craftyale] 12/5/2023 18:24

1887 intra day high. Wow. 19 pounds soon then.