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ANG Angling Direct Plc

3.50 (9.59%)
28 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Angling Direct Plc LSE:ANG London Ordinary Share GB00BF1XGQ00 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  3.50 9.59% 40.00 337,367 15:35:12
Bid Price Offer Price High Price Low Price Open Price
39.00 41.00 40.00 36.50 36.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Sporting & Rec Goods-whsl 74.1M 539k 0.0070 57.14 30.91M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:52:38 O 50,000 40.00 GBX

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Date Time Title Posts
06/11/202317:34Angling Direct plc406
13/6/201809:17ANG stinks of old cod, earnings per share 0p2
28/2/200119:39Anglian - looks good value2

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Angling Direct (ANG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

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Posted at 28/11/2023 08:20 by Angling Direct Daily Update
Angling Direct Plc is listed in the Sporting & Rec Goods-whsl sector of the London Stock Exchange with ticker ANG. The last closing price for Angling Direct was 36.50p.
Angling Direct currently has 77,267,304 shares in issue. The market capitalisation of Angling Direct is £30,906,922.
Angling Direct has a price to earnings ratio (PE ratio) of 57.14.
This morning ANG shares opened at 36.50p
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 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/transactions. All this points to heightened competition. I think they need to create more 'stickiness' with their online offering akin to other online retailers i.e. flat annual fee for next day delivery. With this type of hobbyist customer base, I think this would be valuable and equally only something someone of ANGs scale could offer profitably. Crowe openly stated the European division absorbs a disproportionate level of effort relative to the UK business. Emerging signs of weakness like this raise concerns.

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 31/10/2023 15:22 by fevertreeman
in which case there is no reason for them to be a publicly listed company:

1. If shareholders are not going to be rewarded with decent & sustainable eps growth (and therefore appreciating share price)or regular & sustainable dividends, why invest?

2. If management is not going to make use of its listing currency to identify eps enhancing M&A deals, what is the point of this company remaining listed if the vision is so bloody pedestrian?

Seriously Crowe & Copeman KNOW this! Given the balance on the BoD, imho Crowe stayed and Copeman joined because they recognise the only way out for them & shareholders are either through
(a) engineering an MBO so they can pursue the existing strategy away from the glare of s/holders if they believe in the strategy that is! OR
(b) getting the founder to agree to put the whole shooting match on the block for sale to PE or Mike Ashley.

I'bve no idea what the timeframe for eht above is, but I dont think anything is going to happen till they can prove /disprove Euro we're talking 12 months
Posted at 26/10/2023 16:04 by dexterburt1
Hopefully a good opportunity for him to give clarity on a few areas that are holding the share price back at the moment...that said, couple of decent days so ANG is starting to get some credit at least.
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 24/10/2023 13:18 by darrin1471
Cash has been an insurance policy against rough markets. I am sure the management could put it to work on expansion if markets allowed.

I held SCS pre GFC when they were opening stores across the UK. Profitable every year, investing profits into expansion. Entering the GFC SCS had no debt and a small cash pile to fund expansion which disappeared as the downturn hit. No debt but no working capital as share price crashed and banks nearly went bust. Unable to raise equity or borrow, SCS went into a prepack with PE. PE continued to fund expansion before IPO. Today SCS bought again at a 60% premium.
DFS pre GFC had big debts and the banks needed to support it to protect their loans.

I think ANG have proved their business model in the UK. Expansion could be turbo charged with new equity or PE.
They are testing that model in Europe. If successful then finance will be needed to expand rapidly.

IMO the most likely outcome is a buyout by PE. If Gresham paid 50p then they have to be looking to double that, but they may accept less.
Posted at 24/10/2023 12:21 by fevertreeman
I disagree - if the current share price undervalues the business then any steps by management to acknowledge that fact is positive i.e. if the market won't recognise the value of the business, we do and we are taking steps to address the undervaluation!

A modest 5pc buyback wouldnt drain the coffers; it would show management's mettle; sned a positive message to the market about teh value of teh business and reward shareholders by boosting earnings.

My real problem with the £17m is that it is acting as a comfort blanket for the executive & board ( as it has done for a while), providing a ready-made deterrent to creative thinking and an excuse for continued pedestrian progress. Either they have faith in their growth model (which is incredibly pedestrian...opening a couple of stores every 6 months is hardly showing vaunting ambition or turbo-charging the top-line). Their hesitancy about Europe is also not encouraging: blaming the market etc is an excuse imo. Either they are fully committed or they are not! Their European strategy is neither it seems.
Posted at 16/7/2023 09:58 by darrin1471
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"
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.
Posted at 03/7/2023 10:24 by fevertreeman
All the catalysts here have been negative for the share price up until Gresham's move to go large and take the Octopus stake, which did move the share price positively.

I really despair sometimes with these small-cap management teams. Surely must have dawned on this lot by now that what's needed to generate share turnover is positive newsflow. They had a golden opportunity to strike a positive note with the 22 June trading statement but gave just one line - the bare bloody minimum. They're continuing to sit on cash; there's no sign of any bolt-on deals in Europe, and no sign of any sense of urgency. So share price has nothing to cling on to.
Posted at 14/10/2021 17:57 by tole penny stock is up almost 20% in 2 days! Here's why it could rise moreManika Premsingh | Thursday, 14th October, 2021 | More on: ANGA pile of British one penny coins on a white background. Image source: Getty ImagesAIM stock Angling Direct (LSE: ANG) was up around 11% day before yesterday following its robust results. It closed up by another 8.5% today. This means, that in two days, it is up by almost 20%! But its performance over the past year was not spectacular before this week. It is up by nearly 25% now, but until its latest results were out, all the gains made over the year had been wiped out. So, its share price was not significantly above last year's levels. I think this is an important point to consider when figuring out whether to buy the stock or not. What happened to the Angling Direct share price?To answer the above question, I went back to its last results released in May. I had written about it then, and my sense was that its share price could continue to rise in the present environment. At that time, the environment was one of overall bullishness in the stock markets. The FTSE 100 index had been rising pretty much steadily for the last few months since vaccines were announced in early November. Since then, however, stock markets have been more moody. Longer-than-expected pandemic-related disturbances, rising prices and a slow recovery have weighed them down. I reckon this shows up in Angling Direct's share prices as well, along with some expected moderation in growth from the lockdown boom. The penny stock had a value of 86p when its full-year results were released in May, and has fallen by more than 17% since. It did not help that its price-to-earnings (P/E) ratio at 26 times at the time, looks high in hindsight. What's next for the penny stock?However, I think fortunes may be about to look up for the now-beaten-down stock. Based on today's results, I estimate its P/E ratio calculated from the last 12 months' earnings is around 13 times. This is half the P/E it had until a few months ago.This alone makes it an attractive stock to me. Especially considering that strong earnings growth it has recently seen. Its earnings per share, for instance, are up by 83% from last year. So, at the current share price, its P/E could fall even more if it keeps up with this performance over the rest of the year. This could make it even more attractive. What I'd doI think we can continue to expect a rise in its share price over time from this point on, barring any unforeseen developments with the company. I do not, however, think that it will rise fast. The broader environment has weakened considerably. Numbers on the UK's recovery released yesterday show continued sluggish growth. And while the company has not so far been affected by inflation, it does say that it is not immune to cost pressures. But for my long-term investments, I still think this is a stock to buy.
Angling Direct share price data is direct from the London Stock Exchange

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