Angling Direct Share Discussion Threads

[fevertreeman] 24/10/2023 11:59

The Board should be pressing management very hard about the strategy frankly. The cash in the bank is 63% of the market capitalisation of the business. I wasnt aware that shareholders had invested in the company because it is a quasi-bank!

[fevertreeman] 24/10/2023 11:52

Or another way of putting it:

£17m cash sitting in high-interest a/c should return @ 5% = £850,000 p.a ...roughly 2x EBITDA return of 2H last year.

Am surprised that Mike Ashley/Private equity haven't pitched up - you basically get a strongly cash-positive omni channel business with £40m UK revenues (ignoring Europe), a valuable & growing customer database plus a UK-wide store infrastructure, all valued at virtually nothing if you strip out the cash on the balance sheet & the inventory....brokers have a target price of 48p....that massively undercooks the value of this business imo...

High time they started to be more inventive with the cash pile because if they don't someone else will.....

[argylerich] 24/10/2023 11:34

Yup, as above H2 is seasonally weaker (despite the peak summer months) and a net cash outgoings time of year. Only need a 12.8% uplift from 2022 to reach target so 13.9 isn't worth upgrading your figures for.

Considering cash 'in bank' the company is only trading @ £10m value!

[daz] 24/10/2023 11:24

Yes, H2 is seasonally weak - not many people go fishing during the cold winter but even so, with H2 off to a good start, they should do better than last year.

[darrin1471] 24/10/2023 11:09

H2 EBITDA was £300K last year (£2.2 FY) and £800K in H2 the year before (£5.2m FY)

[darrin1471] 24/10/2023 10:59

As we expected:
"Following strong H1 2024 results, cumulative August and September sales were in line with expectation, up 13.9% versus FY23. This was against a softer comparative period, with the prolonged extreme temperatures in the prior year."

UK online sales are recovering well and nearly back to the lockdown peak which is very impressive compared to other UK online retailers.

European online sales are also back to pre brexit levels. Even more impressive considering ANG exited some countries to concentrate on the main markets.

[fevertreeman] 24/10/2023 10:30

What a bunch of muppets! What is the CEO is playing at: "The Group is well placed to deliver revenue and pre-IFRS 16 EBITDA for the current year in line with market expectations"

- note 3: ANG report FY consensus as "Revenues of £83.0 million and pre-IFRS 16 EBITDA of £2.7 million."

BUT given they have just reported for 1H EBITDA pre-IFRS 16 of £2.3m (+26.6%),what is STEVE CROWE signaling for 2H? Cant believe that 2H EBITDA will only be £400,000 ffs.

Either things are going backwards badly in 2H OR Crow should be saying we expect to exceed market expecvtations for teh current year!

WHich is it? Shambolic management of the messaging imv

[daz] 24/10/2023 10:20

Interim results announced this morning and while the company say they remain in line with expectations, with Aug and Sep trading well, there looks to be scope to beat
Cash generation was good and net cash of £17.6m compares against a market cap of £25.5m meaning that the ex cash P/E multiple is good value

[argylerich] 11/10/2023 18:47

There was a little bit of brand exposure on Mortimer & Whitehouse the other evening. Free advertising.

[darrin1471] 11/10/2023 17:56

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 19:06

Nice find darrin, thanks.

[darrin1471] 06/9/2023 18:24

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 11:40

Moving nicely.

[dudishes] 24/8/2023 11:40

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 07:21

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

[argylerich] 23/8/2023 07:05

Solid results with Europe starting to show its potential 👌

[darrin1471] 22/8/2023 16:32

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 19:19

Trading Update 23 Aug 2023 (Wednesday)

[argylerich] 18/8/2023 16:42

Well we'll find out for sure next week.

[darrin1471] 18/8/2023 15:19

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 17:55

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

[davidosh] 18/7/2023 17:39

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 16:34

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 16:15

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