Angling Direct Share Discussion Threads

[darrin1471] 11/10/2023 16:56

Angling Direct plc (AIM: ANG), the leading omni-channel specialist fishing tackle and equipment retailer, is pleased to announce that Steve Crowe (CEO) and Sam Copeman (CFO) will provide a live presentation relating to the Group's half year results for the six months ended 31 July 2023, due to be published on 24 October 2023, via the Investor Meet Company platform on 30 October 2023 at 2.00pm GMT.

[argylerich] 06/9/2023 18:06

Nice find darrin, thanks.

[darrin1471] 06/9/2023 17:24

September update from Onward Opportunities who hold 4% in ANG says:

"PE interest in fishing tackle retailers in the US & Nordics"

[blueball] 24/8/2023 10:40

Moving nicely.

[dudishes] 24/8/2023 10:40

G'day,

My nephew (keen sea fisher), has a posn here @ 28p.

He buys tackle, hooks etc...at least 4 times a year.

That is because he as others, fish both lakes and sea.

His local shop has been open since 1948. Forget turnover, but profit is in the region of £120K pa.

So, Uncle Tom W, I argue that your comments (on a subject you admit, know nothing), mention the word "Angling" and course fishing, you forgot the word "SEA".

Some way to go I reckon, but it is back in vogue.

South of France, not that many shops, but those that survived the pandemic, booming!

I have no position.

cheers

[evoque92] 24/8/2023 06:21

It’s in both the mail and the times this morning

[argylerich] 23/8/2023 06:05

Solid results with Europe starting to show its potential 👌

[darrin1471] 22/8/2023 15:32

Interesting end to the day.
I tried a few test buys after 16:25 and I could not even get 1000 shares.

Trading update tomorrow.

[darrin1471] 18/8/2023 18:19

Trading Update 23 Aug 2023 (Wednesday)

[argylerich] 18/8/2023 15:42

Well we'll find out for sure next week.

[darrin1471] 18/8/2023 14:19

Online retail sales appear to be on an upward trend again. Many UK online retailers are 90% down on post covid highs.

From the ONS retail sales July 2023:
"Online spending values rose by 4.1% in July 2023 because of strong growth in non-store retailing and other non-food stores.
The value of online spending rose, while the value of retail sales as a whole fell. Because of this the proportion of online sales rose to 27.4% in July 2023 from 26.0% in June 2023.
This is the highest proportion of retail sales taking place online since February 2022 (28.0%) and remains significantly above the pre-coronavirus (COVID-19) pandemic levels (19.6% in February 2020)."


Figure 5 in the above link shows online volume sales falling as stores reopened reaching a bottom in Dec 2022. Since then the volume of sales has been rising steadily

[argylerich] 18/7/2023 16:55

you may be stretching the negativity a bit there davidosh ;)

[davidosh] 18/7/2023 16:39

It may be a worry though if the Gresham House bidder does not like some of their holdings once the fund is acquired

[argylerich] 18/7/2023 15:34

It's happening everywhere else apart from here ;)

Picked up some more today, hopefully we're getting a little momentum now.

[darrin1471] 18/7/2023 15:15

Gresham House ANG's largest shareholder 25.95% was the subject to an agreed takeover yesterday.

[argylerich] 18/7/2023 14:49

Doubt it's a takeover vehicle, it's structure doesn't make sense.

He must have an input though.

[she-ra] 18/7/2023 14:31

Hope its of some use.

Ted Baker founder who bought Sealskinz back in November.

Is Onward a takeover vehicle maybe?

[argylerich] 18/7/2023 14:27

Very interesting, cheers she-ra

[she-ra] 18/7/2023 13:38

Onward Opportunities 2nd largest shareholder might be of interest here. AD shareholders may want to Google his name with the word "fishing".

[darrin1471] 16/7/2023 09:58

evoque92. Thank you for the heads up on the Onward Opportunities(ONWD)investment and factsheet.
I 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"

[evoque92] 14/7/2023 07:53

Interesting take on ANG in this factsheet

[argylerich] 03/7/2023 13:36

Darrin worst pollutants are actually milk and silage which have a high Biological Oxygen Demand (BOD) and can kill a river for years and can happen at any time. The storm stuff is more a combination of factors sucking the oxygen out and thus resulting in fish deaths which is often exacerabated if river levels are low. Anyway, so far this year, thigs are nowhere near as bad as last.
Great summary too. ANG is a good medium/long hold and I for one am happy if it stays off the radar short term as I want to pick up some more.

[darrin1471] 03/7/2023 12:36

ArgyleRich. Thanks, I did not know about storms and oxygen levels after dry spells.

[darrin1471] 03/7/2023 12:33

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.