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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Angling Direct Plc | ANG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 35.50 | 07:46:14 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 35.50 | 35.50 | 35.50 | 35.50 |
| Industry Sector |
|---|
| LEISURE GOODS |
| Top Posts |
|---|
Posted at 19/5/2024 12:00 by gopher Alerted to this company by Chris Boxall run through of the apparent value on offer but not sure whether the angling market is an opportunity or a value trap.The company is struggling to come up with a strategy to deploy its cash and is cautious. They looked at a business in administration but decided against it as the finances weren't good enough which is a truism for any failed company. Not the confidence in their own business model to crack the Netherlands by buying the no2 here. Uk should be self funding by this time and modest plans for expansion look right.I have no objection to Europe but one is working on a model that if you're the biggest then suppliers give you better terms, something that has worked well in many mature markets.No dividend is a turnoff whilst one waits. |
Posted at 28/12/2023 08:46 by darrin1471 ANG was tipped by Ken Wotton of Gresham house in "This is Money" as a top tip for the next 12 monthsGresham house owns 26% of ANG Laurence Hulse of Dowgate Wealth used to work for Gresham house.(5.67%) Its worth watching the youtube video in post 415 to see why they hold. |
Posted at 28/12/2023 08:14 by mattafc Have joined the ANG party this morning, looks like there's other opening interest also |
Posted at 17/12/2023 13:06 by darrin1471 Laurence Hulse of Dowgate Wealth talking about their investment thesis in ANGFrom 9:20 Adds more meat on the bones of previous interviews Sycamore Partners completed its acquisition of Pure Fishing(US)from Newell Brands in January 2019. and Svendsen sports in 2022 |
Posted at 29/11/2023 19:57 by darrin1471 ANG want that cash as a buffer, to expand in the UK and to test the concept further in Europe.ANG have already talked about the the short lease on the European warehouse and the likely short lease on their first store. Without checking, I assume a share buyback would require shareholder approval. |
Posted at 29/11/2023 08:47 by monet I see a RNS this morning Kelso GroupNew investment in Angling Direct Plc ("Angling") Kelso is pleased to announce that it purchased 2.32 million ordinary shares in Angling, at an average price of 35.1p, representing 3.0% of the total issued share capital in the company. Why no RNS from ANG? |
Posted at 01/11/2023 10:45 by dexterburt1 Unfortunately, it didn't offer up much new news for me. I appreciated the transparency on the rationale behind lack of action with the cash pile and to an extent the discipline to not do deals for deals sake is commendable...to a point. Private valuations will have been whacked over the last year so this shouldn't hold management back over the next two to three years.A handful of the metrics indicated some weakness in the UK online business. Active unique customers down, repeat customers down and rising customer acquisition costs. Seems like pricing/trading up has masked a volume decline i.e. fewer customers/transactio Admittedly, I need to do some more work to better understand the omni-channel offer and digital economics. Another point on the European expansion was around how their buying power in the UK didn't translate in the EU. I'm sure options exist to address this but it does lead you to believe management don't have the market or international experience to make this a success. Plus, Crowe seemed to think they needed an equity story and the EU expansion is key to that. In my view, this business has enough run-way to expand domestically, with a better risk/reward profile. Capacity is exiting the industry faster than demand is falling (if it is... probably stagnant) and ANG will benefit over the next five years...They should focus on the market they understand deeply. The European expansion is better executed by PE sowing together domestic operators. On the retail front it will be interesting to see how if utilities impact them in the second half given they hedged to September, plus the impact of living wage increases in 2024. It does feel like this is a well positioned business moving at a snails pace but I'm feeding my bias with a read across from a recent paper from Farnham Street Investments. The return equation (1+r)^n (r = annual rate of return / n = number of periods) - steady rates of return over a long period compound dramatically. Greater duration requires even greater patience and can look very boring for long stretches! I think holders will be rewarded over a long duration here. |
Posted at 24/10/2023 13:54 by darrin1471 In a difficult market I don't see £17m in cash as a problem. The markets valuation is the issue.IMO ANG were right to be cautious over the last few years. Lockdowns, supply chain disruption, inflation, Truss and mortgage rates were significant uncertainties. Buying up competitors and taking on debt was the easy and expensive expansion option. Now ANG appears to be in favour of new sites on main roads which are cheaper up front but sales are slower to build up. This growth should be helped by the data ANG hold from online sales. |
Posted at 16/7/2023 09:58 by darrin1471 evoque92. Thank you for the heads up on the Onward Opportunities(ONWD)iI have ONWD on a watchlist as they have an investment strategy similar to mine. So I am interested that their first core position is in ANG and only a month after I first started to buy. It is worth noting that Laurence Hulse the lead fund manager of ONWD prior to 09/2022 had worked for Gresham House since 2015 and was almost certainly involved in building Gresham House's stake in ANG which is currently 25.95% Gresham House and ONWD appeared to buy the 5% Octopus stake in ANG in June. Gresham House have been a long term holder in ANG. Adding at 50p during the March 20 covid crash, adding at 70p in 09/21 and again at near recent lows. "With Angling Direct, we believe we have found an outstanding value opportunity hiding in plain sight; an attractive asymmetric risk profile underpinned by a net cash balance (£14m), that is c.65% of the market cap (c.£22m). The company represents either a growth or value investment, depending on various strategic decisions in the coming months. The business has a dominant market position in the UK, where it is profitable and cash generative from a repeat customer base of anglers, where market share can be grown further. These metrics are targeted to improve under new management supported by a UK consumer recovery. More recently, the business has been attempting to enter the much larger European market to provide additional earnings growth. Success has been limited so far, with annual losses that are material in the context of overall group profits, albeit in difficult conditions, whereas the UK business generates an EBITDA that is about double the current group number (which includes European losses) even in the recent tough trading conditions of 2022. Upside comes from when the European strategy starts to bear fruit in the near term and contribute profitable growth to the group, or from when it can be wound down to remove the losses from group profits and opportunity cost, and we would be left with a value investment in a leading UK retailer trading on less than 2x EV/EBITDA. We estimate a 6-month payback on a closure of the European strategy. Either of these outcomes would add more than 50% to EBITDA and this optionality is in the context of our entry valuation on Angling Direct of c.£20m, of which c.£14m is net cash and there is a further c.£16m of stock. ONWD shareholders, who have backed our active and engaged approach, can expect us to be working hard to drive one of these two profitable outcomes on our investment. We have noted with interest the consolidation of angling retailers in the USA and Nordic countries in recent years." IMO opinion Gresham will have been buying at 50p with an exit strategy of above £1 and will need a takeover at some point to exit the large investment. Does anybody here know anything about "consolidation of angling retailers in the USA and Nordic countries" |
Posted at 03/7/2023 12:33 by darrin1471 I think ANG got caught up with the other UK online retailers. The sector got a boost after the initial covid shock which then turned sour with shops re-opening and the supply chain issues. ANG in addition had Octopus selling an illiquid share and poor river conditions last summer.Fundamentally the business and strategy looks sound so imo the share price should recover when online recovers. I bought ANG as a recovery stock but at above 60p I would still hold some as a long term play. ANG have cash but not enough cash to gamble and lose. Expansion in Europe has to be done carefully at first to see what works. ANG appear to of changed strategy in the UK with them opening new shops in under serviced areas rather than buying up local businesses. The trial of smaller UK shops also appears sensible. If the European expansion works along with the smaller UK shops then the share price should recover further allowing fund raising to fund faster expansion. Online only retail was a investment trend. Omni-channel now looks a better idea so ANG is well place if omni-channel becomes the new trend. |
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