Facilities By Adf Share Discussion Threads

[disc0dave45] 09/11/2022 19:54

If Disney+ fails to turn things around by 2024 I wonder what the impact will be on ADF if it folds. As with a lot of things ADF don't say what the split is for the Disney group.I'm guessing as the percentage contribution for them has increased since D+ was released that circa 3%-4% of Rev comes from D+.Disney's fourth quarter revenue rose 9% to $20.2bn, while operating profit rose only 1% to $1.6bn. The lower rate of profit reflects higher investment in Disney+, where losses widened to $1.5bn in the direct-to-consumer business. Growth in Disney+ subscribers was better than markets expected. There are now 164.2m subscribers, a 39% increase, including Hotstar, the group's Indian venture. Disney+ is expected to be profitable in the 2024 financial year. However, the rate of revenue growth is expected to start slowing.

[disc0dave45] 09/11/2022 19:25

So according to another ramper on here, just the £16m yet to be invested in new vehicles will achieve a return of £15m over the next 2 years WOW!How very misleading, do hope newbies looking in aren't taking that claim seriously, DYOR......their ROCE is 17%.

[disc0dave45] 09/11/2022 19:12

Filter away it won't stop me posting.This coming from a person that posted up that their ROCE was 94%, clearly threw his dummy out when I challenged him that it was only 17%.....another individual that posts complete rubbish and then attacks posters that challenge them.If people keep mentioning me in a disparaging way I will post more and simply FILTER them.BYE Adam

[adamb1978] 09/11/2022 18:30

Please can people not give disco the attention which he is craving?

Just filter him and he'll go away.

[chubb24] 09/11/2022 16:53

Hi Dave,

No not a locksmith, although good money to be made in that game.

I had a look at ITV, should do well with their studios business but not sure on ITVX.

All the best

[disc0dave45] 09/11/2022 15:45

ChubbNo problem, as I said can't recall I did so no apology needed.If you've not already seen, take a gander at ITV's Q3 results today.Are you a locksmith?Good fortune

[chubb24] 09/11/2022 12:27

No I know that Disco, I know that you are just giving your views on things.

Apologies if I said you were short, I assumed you were. I don't recall saying you were fixated with possible interest rate rises.

Interesting comment on CAD services. What are they paying them 12% interest for? I know the ADF founders are the people behind them

All the best.

Share price up a bit more :)

[chubb24] 09/11/2022 11:35

The good news Disco is that the more you talk about ADF on here, the more it goes up in price. Have you taken a position yet?

[disc0dave45] 08/11/2022 17:54

Don’t worry Florence, I don’t know either. Their H2 should be better but I do wonder about their brokers knowledge of the business, not wishing to keep mentioning the £16m cash but Cenkos said following their H1 results (thanks for posting Riv):
“Following a successful IPO and a strong FY21A, there is currently c£16m of cash on the balance sheet that could be deployed into potential acquisitions or investment opportunities, none of which are included in our current forecasts and therefore presents significant upside potential.”

Can’t their broker read?, net cash on the BS £2.4m, didn’t they tell their broker beforehand that they’ve ordered £16m of vehicles? what acquisitions?….and they’ve based their forecasts on what exactly?, the mind boggles.

[disc0dave45] 08/11/2022 17:24

FlorenceFor the last time, from H1:"The Group has committed to new fleet capital expenditure orders of c.GBP7.8 million and GBP8.2 million for 2022 and 2023, respectively. Final capex for these years will be ahead of this with ad-hoc purchases and the fitout costs of some vehicles and trailers."They've placed fleet orders (with DAF and General Coach) for £16m and they will spend even more for fit out costs etc. How much more they don't say, but IMO fit out costs can't be cheap. Sorry but no more on this, move on.

[florence141414] 08/11/2022 16:42

No I’m not sure, this would be a lot easier if I was!

They haven’t spent 16m they have earmarked 16m. I think the 2.4m net cash figure they gave to 30th June must be on an IFRS basis and inclusive of Lease liabilities. The real cash figure was 16m and is probably still close to that to this day.

They can’t have spent as much as you say up to 30th of June otherwise it would have been included as Purchase of Property, Plant and Equipment.

[disc0dave45] 08/11/2022 16:32

“Meanwhile the operations of the existing fleet more than cover the costs of running the business leading to an operational profit.”

Are you sure that will be the case going forwards. A 10% increase in revenue culminated in a 50% decrease in operating profit and bottom line profit!.

[disc0dave45] 08/11/2022 16:20

FlorenceNever said the raised funds wasn't cash, but sorry try reading the H1 RNS again. It's already been spent and more than what they raised. They have signed up to £16m of additional fleet over the next two years, it will going forward be a cash outlay, so you can't keep including it as being available it's simply not.They raised £13.5m (or £13.2m they give different numbers) and have already spent £16m. Then as they say there will be additional Capex required and fit outs and expansions here there and everywhere, plus they clearly state net cash at H1 was £2.4m.So how will all these extra capital costs be funded?.Please can we move on now, sorry but bored of it. Besides which the rampers don't like it.

[florence141414] 08/11/2022 16:09

But why deduct fundraised cash? Do you not consider fundraised cash as genuine cash to be spent on the cap ex program? If you’re saying that it’s not repeatable cash flow then of course I agree with you but to say it’s not cash is just plain wrong. Could you nail down that specific point for me please? Why do you believe that fundraised cash needs to be deducted from a net cash calculation? Not a net cash flow calculation but a straight net cash position.

Coincidence or not, it’s really there and it’s really going to spent on new trailers in the next two years. Meanwhile the operations of the existing fleet more than cover the costs of running the business leading to an operational profit.

In two years time that has you with an enlarged fleet and however much in the bank that the existing fleet made in that time. Let’s say 4-6m.

[masurenguy] 08/11/2022 16:03

Nice uplift of circa 25% in the shareprice over the past 13 trading sessions. I see that the sad little troll is now in overdrive with 15 posts over the past two days. He desperately needs to get a life.

[disc0dave45] 08/11/2022 15:14

FlorenceSorry only just seen your earlier post, I don't see what you are getting at tbh.Cash at end of period was c £16m, I deducted the fund raise of £13.5m (although earlier they stated it was net £13.2m) which is £2.5m, then realised £1.5m was IPO costs accrued (not a normal outflow so deducted it) giving cash burn in the 6 months of c £1.1m (poss rounding giving £0.1 difference so as someone said so shoot me).It's pure coincidence that the period end cash balance (£16m) is the same as their Capex spend over two financial years. The point I keep trying to make is they haven't got £16m of cash, their net cash is £2.4m as it's clearly stated in the H1 RNS, and they burnt £1.1m in H1.There's only so many times one can say something before it gets tiresome - the business has committed to £16m of spend and their net cash at H1 was £2.4m and cash burn was £1.1m.

[disc0dave45] 08/11/2022 14:05

Just taken a gander at ZOO's H1 results, there's some interesting snippets - positive ones I dare add - Apparently the highest growth in investment in content is by OTT providers which PwC forecasts will grow by 15% CAGR by 2025 (folks should also check out the PwC reports, some good "ramping" data for the premiums here!). ZOO also said that production of film and TV content has now exceeded pre-pandemic levels in the US (I'd assume the same is true for the UK).I will now spend hours trying to find some contrary data :)Chubb - if I were you I'd cease dialogue with myself, the locals don't seem to approve - sad people.

[disc0dave45] 08/11/2022 12:45

Hello old bean, how is one doing this fine wintery day?.So you filtered me a while ago, really, 5 hours ago I wasn't. But going on your AGFX history I know that's also another porkie.Have a spiffing day :)

[chubb24] 08/11/2022 12:20

Good day to you too, Disco.

Yeah Killik most probably will be a combined number of private shareholder positions and not a fund, so that is likely to fluctuate.

with Ennismore, yep the fund manager cut his position. Not ideal and no way to know specific reasons, could be stock (ADF) led or macro events/small caps sector falling, but yes would much rather see them buying than selling. Could do with another fund or two taking a position.

Re the usage of agency drivers, I guess that's the way of the world. I know agencies supply drivers across all industries and agreed it must be the most cost effective way rather than having salaried drivers.

The key thing is these increased costs have to be factored into the contracts and covered from the client. Agreed on that.

[melton john] 08/11/2022 12:20

Still filtered.

[disc0dave45] 08/11/2022 12:10

Oh forget to say, Killik are simply back to their original IPO stake whereas Ennismore have significantly reduced there’s - do think it’s very relevant as they were, apart from BGF, the largest external investors.

[disc0dave45] 08/11/2022 11:43

Good day ChubbSeems okay for some on here to constantly post up old news so thought I'd follow suit.I hear ITVX starts soon, wonder how their paid subs will go?....they were the third highest income customer for ADF.Have you any views on the very high usage of agency drivers and the impact of IR35?, that said and being positive (wow) the H1 costs were slightly below budget. Just don't see how agency drivers would be least cost option as the agency takes a decent cut. But guess the contracts are possibly just for "driving time" rather than paying drivers to sit around at production sites. Possibly why they've been hit on the shorter production mobilisation costs (still don't get why this wasn't factored in to the contracts so the costs are recovered from the client).

[chubb24] 08/11/2022 11:07

Disco - Ennismore's reduction was announced on 1 Sept, why are you bringing that up now?

I don't believe Killik have funds business, so it's an interesting position.

It is a common problem for these small caps to only have house broker coverage.