All Leisure Group Share Discussion Threads

[welsheagle] 08/11/2011 20:32

The prospective yield calculation is based on a forecast dividend by Panmure Gordon of 4.73p per share in 2012, which works out at 17.1%.
Considering that the yield was actually 1.82p per share in 2010, the forecast Panmure 2012 dividend is optimistic.
The 17.1% was right, but based on a hopeful forecast

[mesquida] 08/11/2011 14:06

That yield calculation looks a bit dodgy to me Welsheagle - or is it just a typing error - in my opinion the dividend yield is only about 7%.

[welsheagle] 06/11/2011 16:51

From November's 'Company Refs', when price was 27.5p:-
a/ Prospective PE ratio of 2.70 (based on one broker forecast, recommending 'buy').
b/ Three Directors buying recently.
c/ Forecast growth in eps of 144%.
d/ Dividend yield of 17.1%.
e/ Net cash per share of 25.2p.
f/ Price to sales ratio of 0.21.
g/ Turnover up from £47.8m to £82.6m in last five years.
h/ Net asset value per share of 45.4p.
i/ Positive cash flow per share of 22p per share.

Looks very undervalued

[welsheagle] 18/10/2011 09:10

RNS Number : 3107Q

All Leisure group PLC

17 October 2011

All Leisure group plc

Outcome of Court Case - All Leisure Holidays

Awarded GBP1,971,900.48

All Leisure group plc, the leading specialist destination-led cruise company has today been awarded an aggregate sum of GBP1,971,900.48 by Mr Justice Teare in the High Court of Justice , Queen's Bench Commercial Division, in respect of the court case lodged by All Leisure Holidays Limited against Europaische Reiseversicherung A.G., Groupama Insurance Company, Novae Syndicates Limited and Sagicor Corporate Capital Limited, the underwriters for International Passenger Protection Policy ("IPP").

The details of the court case were recorded, as follows, in the Group's full year results, published on 24(th) January 2011.

Background:

On 23 April 2009 (the "Acquisition Date") All Leisure Holidays Limited ("the Company") acquired the ship mv Hebridean Princess, trade, various related assets and immaterial detention creditors from the administrators of Hebridean International Cruises Limited ("HICL") and immediately began operating the vessel under the name of Hebridean Island Cruises. The Sale and Purchase agreement signed with the administrators expressly waived any obligation on the part of the Group to honour bookings previously made with HICL by passengers travelling after the Acquisition Date. After consideration of the significant level of non-charter bookings for HICL cruises departing after the acquisition-date, and in order to preserve the value inherent in the customer relationships acquired, the Company wrote to affected non-charter HICL customers to inform them that, subject to affected HICL customers entering into a new contract with the Company with various conditions including the requirement to make a claim on HICL's financial failure insurance policy, the Company would allow them to travel on a new cruise similar to the one originally booked with HICL departing after the Acquisition Date.

Many of the passengers contacted were covered by insurance designed to pay out in the event of a financial failure of HICL. Accordingly, the Company allowed payment for the new cruise to be delayed pending receipt of monies claimed under the passengers' insurance policies. A majority of these passengers assigned to the Company their rights to claim under this policy in return for consideration for the new cruise operated by Hebridean Island Cruises. The Company took legal action (as assignee) to recover the monies due under the policies assigned to it in the region of GBP2.0m.

Outcome:

At publication of the full year results ended 31st October 2010 in January 2011, the Company outlined the claim and confirmed it was taking legal action to recover monies due under policies in the region of GBP2 million. Given the uncertainty surrounding both the timing and outcome of the action and accounting regulations, no contingent asset was recognised.

All Leisure group plc will issue a trading statement in the second half of November 2011.

[3800] 17/10/2011 20:40

Looks like ALLG won a court case I didn't even know they had.
3800

[stemis] 14/10/2011 13:23

Forecast 2011 EPS now down from 6.85p to 4.21p. Still only a P/E of 6.4, with a forecast yield of 7.2%. tNAV is also 27.7p so trading at below asset value. Company also has no debt.

On the other hand, the political situation in Egypt can't be doing them any good and the risk is that with so much stock in the hands of management, they might just decide a listing isn't worth it.

[melody9999] 01/9/2011 13:30

Pity the spread is so large otherwise I might have picked up a few.

[3800] 30/7/2011 18:40

what was everyones take on the results? better than I expected BUT the outlook statment didn't sound too rosey. Does anyone believe that the current forcasts will be met or like me do you think a brokers downgrade is on the way?
3800

[welsheagle] 30/7/2011 17:58

These are a recovery buy for when recession turns to boom.

[ddahj] 29/7/2011 07:33

There is a cost in hedging, the net result being extra profit to currency traders. Despite tough conditions this company seems well run and the shares are a bargain at this price.

[ddahj] 18/7/2011 10:28

I think these seem good value? Is the share price due to hit an iceberg?

[woozle1] 07/6/2011 20:10

I bought some shares today to start a position. I'll probably top up but not buy too much. I got shafted in RAB a few weeks when they announced plans to delist! But that's always a risk with investing in small cap with management holding the majority of the shares. They can pay themselves an even bigger dividend without a listing!
W

[welsheagle] 07/6/2011 19:18

Good summary, Woozle1

[slapdash] 23/3/2011 10:39

trouble is oil price spike could smack them again..... that is a possibility with all the instability.....

[welsheagle] 22/3/2011 21:26

Share price now below the cash per share of 41.2p

[paleje] 22/3/2011 15:55

They do seem to always have a reason for this or that underperforming, admittedly some of it is difficult to predict....but that's the market they've chosen to be in so they should know it intimately and be more sensitive to risk factors than the rest of us. Disappointing. I sold at a loss because I just don't want to wait for them to recover, which I hope they do for anyone holding on.

[slapdash] 22/3/2011 09:45

hmmm... turns out not such a great company.. although external factors have hit it admittedly...
A

[welsheagle] 24/1/2011 20:41

Panmure Gordon reiterated their 'Buy' recommendation today.

[paleje] 24/1/2011 09:58

For what its worth HB Markets rated them a Hold this morning:-

All Leisure Group (ALLG, 45.5p, £28.09m) Final results to October 2010 from cruise operator saw revenues of £82.61m (£73.59m) with gross profits of £9.74m (£8.56m), gross margins of 11.8% (11.6%), with an adjusted profit before tax of £3.45m (£4.94m). Revenues primarily increased due to the addition of the mv Alexander von Humboldt and the full year ownership of Hebridean Island Cruises. A final DPS of 1.31p (1.22p) takes the group to a full year DPS payout DPS of 1.95p (1.82p) – a full year yield of 4.3%. The year's trading performance was interrupted by the difficult conditions as well as the Icelandic volcano that limited aircraft flights – impacting its fly-cruise business on the mv Discovery and Minerva. The group is calling a note of caution with increasing non-Sterling costs (not least fuel) which last year wit was partially able to offset by time charter arrangement on the mv Minerva and Alexander von Humboldt which will not reoccur this year. Around fair value at this price, a continued HOLD. (Julian Tolley)

[slapdash] 24/1/2011 09:14

surely the result of putting money into ships..... so they now have higher fixed assets.... should have higher profit cash generation going forward.... the balance sheet doesn't look too bad to me... probably better to have more long-term debt rather than short term receivables though.... however, having lots of receivables is also a sign that they can delay paying suppliers which is cash efficient...

[bookiebuster] 24/1/2011 08:18

Receivables £4.61m
Payables: -£33.36m

-£28.75m shortfall and only enough cash to cover half of it

[paleje] 11/1/2011 19:25

The share price is drifting the wrong way, there should be some interest at this stage, if results are going to please a few little leaks normally happen.

[paleje] 03/1/2011 17:24

Why did directors of Homebuy top up weeks before it went down, why did RBS guys buy before Fred was uncovered? I don't know and I've reasoned it out and I'm staying in but always looking for answers to niggly little questions. Not long to wait for results, I hope they please, I'll add at that point if they're OK, don't mind missing out on a few pence rise, there's plenty of upside if all's well.

[welsheagle] 03/1/2011 13:17

Why would three of the other directors buy, if there was a problem.