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BOTB Best Of The Best Plc

0.00 (0.0%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Best Of The Best Plc LSE:BOTB London Ordinary Share GB00B16S3505 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 530.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
525.00 535.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 530.00 GBX

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Date Time Title Posts
10/8/202314:24Best Of The Best2,504
11/6/202319:44BOTB - 2023 8

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Posted at 20/7/2023 01:05 by triskelion
Hmmm... I see, so per the 14th July 18:00:02 RNS, GIL has including irrevocable undertakings "approximately 80.26 per cent. of BOTB's issued and to be issued share capital" (at that time) and "...A further announcement will be made regarding the expected date of Delisting in due course. ...." and urges remaining shareholders to cave in asap!
I have to wonder why certain shareholders found the offer irresistible.
Posted at 03/7/2023 16:33 by peart
I'm with you nOrbie. Whilst say the new owner say ends up with 95% with some shareholders holding onto 5%, management do not have to pay dividends. They could also dilute the 5% by say issuing options to controlling directors as a form of remuneration over time. With it not being listed I'm not sure they can simply demand the sale of their stock. Firstly, at what price, which judging on this transaction would be derisory, for whatever reason the main shareholder can drum up when dealing with a minor shareholder. A minority shareholder could perhaps take the owner to court to realise his/her holding, but at what cost and without a guarantee when undertaking such an exercise. Sagi has paid the minimum he could offer here, in my view, and he's not going to be generous with monority holders, who I guess he would view as an irritant, in the years to come. I'm not a corporate lawyer, but that's my understanding on this, and I appreciate that I could be wrong and will have left some detail out. The only way a shareholder would be guaranteed a cheque would be if Sagi sold the business outright in the future, then they would have to be paid. In the meantime, someone with say 95% of a business, quite rightly, has as good as total control.
Posted at 03/7/2023 07:05 by peart
I'm not sure if the deal management struck with Sagi to go international went sour or whether Sagi or management simply changed their minds on it or perhaps Sagi is just a ruthless businessman who in his business operations, it's all about him and he will say or do anything to get his way. My suspicion is he's operated very ruthlessly with management who were foolish to get into bed with him. When they realised the awful terms he was offering for the expansion, they baulked and took the option offered which was to get out at a derisory price for the business. They have already done very nicely with it over the years, so let's get out and move on. Long term holders have done well with BOTB, my mistake was not realising how much Covid was accelerating things (going fully online almost as Covid started disguised this) and creeping into the early 30's when I should have sold, and secondly not seeing management selling a chunk at £24 as another time to get out and move on. Anyway, I got in at floatation which was 63p, so I've done well with this, but it's all ended with a rather bad smell to it all, or as they say a sting in the tail. Maybe management just quietly wanted out (of day to day running), but still hoping on retaining significant ownership, Sagi saw this and then seeing the weakness manipulated the situation to his advantage. Who knows, but the delays with the proposed international expansion and Sagi's pretty derisory offer point towards a situation where Sagi has been utterly ruthless. That's my best bet. Good luck to all the people who have posted on this board for years - it's been fun. I sold out, baring a capful, on Friday for 525p. My thoughts were we might be waiting until the autumn for 535p and by then I can cover the 10p on returns on new investments, which I have already with dividends coming before then. BOTB will be dead money until the 535p's finally land (as in no growth and no dividends), assuming they do.... I'm holding the capful (81 shares) as if it's cash and am happy to wait for those monies!
Posted at 29/6/2023 15:37 by tabhair
GIL is now interested in, in aggregate, a total of 4,971,443 BOTB Shares, representing approximately 58.75% of BOTB's issued and to be issued share capital.

Assume Oddo also accept the offer that gets Sagi up to 62.34%.

Only 12.66% to go, should be achievable.
Posted at 21/6/2023 20:39 by davidosh
I am extremely unhappy as I attended the AGM last year and specifically said that Sagi will want to get his hands on the company for himself and the directors said that could not happen it was a strategic deal that benefitted everyone.

It looks set to happen.

I suggest we all write an email to the Takeover Panel as this is a slow creep takeover at a discount to the market price before the announcement and it is worthy of investigation in that the share price moved down from £6 during the 10 days before the RNS too.

I do not appreciate being legged over and the fact that FinnCap the advisers independently viewed it as unfair and not reasonable to be recommended is incredibly rare so the directors who went against that have completely let shareholders down.

On a P/e of less than nine and cash in the bank I am sure institutions would have taken William Hindmarch's stock with new incentivised management on board and delivering for all of us.

Let the Takeover Panel hear your concerns and request a review of why this can be possible. They are there to protect minority investors.
Posted at 11/6/2023 19:44 by feverfan
Article in March (google omaze profit) suggested it still wasn’t making a profit. But yes I have been spammed with ads this weekend it feels like. Sundays in particular they target it seems.

Re BOTB offering a house - I wouldn’t want them too. Too much capital and risk. Omaze has to splash out £4m of capital each time for buying that house before they get the revenue (unless they have some weird deal allowing them to market the house on tv without having paid for it but seems unlikely?). Bad model. BOTB takes money first then buys prizes.
Posted at 09/2/2023 17:20 by studentinvestor13
What did jackson say I only see "." ??

I am not surprised to see continued buying of BOTB today. As stockopedia shows it is only on 11 times forward EPS and should have nearly £8M of net cash at the end of April which is nearly 15% of the marketcap. marketing costs coming down, globe invest tie up to come in the future, this is still on a very low valuation compared to the market over all. Forecasts are too low too. finnCap are only saying a few per cent of growth in revenues a year when botb themselves say way above that, the caps lock is mine

"We are preparing the Company for a return to steady ongoing growth that, while not at the levels achieved in FY2021, is SIGNIFICANTLY ABOVE the historic levels that we achieved ahead of the conversion of the business from a bricks and mortar retail player to an online only operator. " and do not forget botb also say "make the business better OPERATIONALLY GEARED for future increases in revenue."

if they get to 15x 80p then that would be 1200p share price. investors have always under estimated how much profit leverage is in this model and the upgrade cycle
Posted at 06/2/2023 21:59 by studentinvestor13
ok... if anyone wants to give me things to add tell me and I will do and then maybe we can sticky this. i will add more to this tomorrow

Best of the Best
The UK’s leading online competition company
- TLDR; BOTB’s simple concept belies player credibility built over 2 decades with 1.9 million players in the database and >800% share price gains after IPO. ROIC and ROCE is off the charts with £5m revenue generated on £1m of PPE and negative working capital. Dividends and tender returns over and above the 800% share price gain have been huge and the platform is very scalable with operational gearing. The pandemic is over and BOTB will recommence its growth path. BOTB has more than £5m of net cash at the end of October getting to about £8m cash by the end of April this year. I do not see why BOTB will not trade on 14X EPS because of the big cash pile? That is 830 pence today on 60p of eps and eps upside could be far more. That is upside I expect if they go back to the UK growth history or if they get international humming is far more. finnCap have a 990p share price target based on a 6% cash flow yield.

- What is the UK growth case? Without any up side from international growth. I think 2025 revenue could be £35m (finnCap say £30m) and a margin of 26% (finnCap say 22%) to get 75p of eps. That needs growth of 12% in revenues in the next 2 years. BOTB was growing at these levels before the pandemic and BOTB in its annual report said itself “We are preparing the Company for a return to steady ongoing growth that, while not at the levels achieved in FY2021, is significantly above the historic levels that we achieved ahead of the conversion of the business from a bricks and mortar retail player to an online only operator. “ If it grows 12% then it can trade at 16 times that 82p which is 1300p, and it would be throwing off £6.5m of distributable cash flow every year on top of the £8m at this year end I expect and with a today market cap value of £48m.

- What is the international case? Based on my experience and who wins the games every week I would hazard a guess that more than 90% of the player base is in the UK every week. Thank you feverfan for pointing out international is about 10% of sales. There are very few international winners and that does not surprise me because BOTB do not put much effort into recruiting international players. What is BOTB with GIL Invest can replicate this model internationally? If they get 3 countries to only 10% of the scale of the UK in the next 3 years then that is a £10.5m revenue business. Even if that is only a 12% operating margin, that is another £1.3m of EBIT and another 15% to add onto the UK business to get to 87p. If international works then it can trade at a higher multiple because the growth would be much faster and the runway is bigger, but if we still say 16x that is 1400p and it would be throwing off £7.5m of distributable cash flow every year on top of the £8m at this year end I expect and with a today market cap value of £48m.

- What is BOTB? BOTB is an online competition platform for car, cash and lifestyle prize competitions. It was founded by William Hindmarch, the CEO, and was set up in 1999 in London. I am a player of the game and love it. Some formats (the Weekly Lifestyle and the Friday cash game) are skill question based like you hear on the radio but the main midweek dream car competition is a differentiated spot the ball competition where entrants must guess the coordinates of a ball in a picture that does not have a ball. A panel of judges will collectively determine where they think the ball is and that is used to set the prize coordinate. The closest entrant wins. If you guess close then you will receive a big share of your entered money back in dream car credit. It’s a fun game, with a slick user interface and a loyal customer base.

- The online competition market; The online competition market is fast growing and BOTB is a small fish in this pond. Removing the exceptional growth and exceptional fall back of the pandemic era, BOTB has been growing quickly on average for years. The other big competition company is Omaze which does housing giveaways and the rest are small raffle companies that are not running skill based competitions but which have fixed ticket numbers. These companies must offer a free postal entry because they are not using a skill format but I have doubts if they honour it. Total industry gross gambling yields in the UK are over £14 BILLION (hxxps:// Double BOTBs gross profit in the interim report and they are only at £16 million gross profit. BOTB is growing fast from a market share of 0.1%. The National Lottery has a gross gambling yield of >£3 billion... BOTB is tiny compared to the size of the National Lottery.

- Entry barriers; Some people claim BOTB has low entry barriers. This is true but it is not a problem and BOTB is a bigger player than most. These players all have a small share of the market and are taking more share. The biggest problem for a new entrant is legitimacy; who in their right minds wants to give money into a company they cannot trust in. There is also a problem with prizes. With small competitions you may only want to give away a 15 year old Ford Focus…. BOTB can afford to do yuge giveaways. 6 digit value cars with £50k in the boot, and this week a half a million cash offering. Small competitors cannot do this and this keeps BOTB ahead of the curve. Ticket prices have gone up because of inflation in the last 2 years but they slide lower over time and democratise the player base (because some people only want to play 50p or £1 tickets not £5 tickets and some competitors cannot do that as they will never cover their overheads. BOTB is also an enjoyable game format in dream car. I play it myself and talk about it with my mates. It is way more interactive than the National Lottery or straight raffle competitions. I often get my spot within zone 2 of the judging so get a good amount of my credit back to re play with and have the Silver tier loyalty of Supercharged Club.

- Visitor trends; hat tip to Doctor888 on advfn for the data. BOTB is a growing business but had a boom and bust player base pandemic infused period. This caused a big spike in players because people were locked down in their houses and handed furlough cash to spend. That caused quite absurd growth in 2020 but this also caused a horrible period of normalisation after that. Now we are fully settled down and BOTB comes out of the pandemic with visitor trends double that of the era before the pandemic and it is back onto its longer growth path. BOTB has 1.5 million visitors every single month to its website.

- Welcome Teddy Sagi; Israeli entrepreneur took 29.9% of BOTB at 400p from the founders last year and his family trust GIL is working together with BOTB to thrash out an international expansion agreement. I see this as a better way for botb to attack the international market as GIL have deep knowledge of international markets and can offer a cost light traffic channel. When you see 29.9% taken you always wonder if a takeover bid comes at some point in the future because the threshold to waive or offer is 30%. Teddy is a marmite character but he has been very successful in founding global software gambling leader Playtech before he was even 30 and it has been listed on the UK markets for more than 15 years. He launched and listed SafeCharge a Canadian payments company that was taken over and also launched very successful UK listing Kape Technologies. He also owns a large part of the London Camden market.

- Great history of growth; Before the pandemic distortion BOTB grew revenues from £5.9m in 2007 to £17.8m in 2020 and profits before tax from £0.7m to £4.2m (5 fold increase). The pandemic supercharged growth in a spike fashion to £46m of revenue and £14m of profits before tax which have now settled back down. In its formative years, BOTB operated primarily through airport kiosks, where customers could purchase tickets for its car competitions. Over time Hindmarch and co realised that an online model was the way to go so the company launched its online platform.

- Cash; BOTB market value today is £49m and in a few months it should have I think £8m of cash so £41m of value excluding the cash. Since 2017 I calculate BOTB has created free cash flow of £30m much of which has been distributed.

- 'Bear' case; I do not see this as regulation. They use the same concept that radio stations and other TV programmes use to filter entries with a skill question unlike much of the competitors who only do raffles but even if we use all of those competitors together they are a small pie in the context of uk gambling and I do not see they coming under the spotlight any day soon. Yiannimize and other competition formats like Omaze are around and i think the risk would be that they become a bigger and bigger part of the market and start eating botb's share. I do not see this as realistic any day soon for the same reasons that they all have niche small positions in the market and average joe bloggs has not heard of any of them (even omaze). BOTB is also one of the biggest players so would weather the storm better imo. Don't forget that botb has a loyal core player base who enjoys playing the game each week. Nonetheless if botb stopped growing profitability from now on it could trade like a mature gambling stock on 6 to 7x earnings excluding net cash which is 450p. I do not see the conservatives hiking RGD any day soon either but if the Lib Dems or Labour got into power in a few years time then it may well leap up to 30 or 40% and squeeze some of the smaller market players.
Posted at 06/2/2023 15:36 by someuwin
finnCap - 26/Jan/2023

Reassuring interims
BOTB continues to explore the business development opportunities with Globe Invest Ltd (GIL) and deliver results from the current business in line with expectations. The opportunity is to replicate the model overseas; today’s interims demonstrate that the UK model is proven, resilient and cash generative. We have trimmed our revenue forecasts to reflect changes in the mid-week games portfolio but leave our EBITDA and EPS forecasts unchanged. We retain our 990p share price target implying 141% upside.
Posted at 17/9/2021 06:58 by hotaimstocks
Dream car giveaways are uk leading car competition now .... I see BOTB share price drop to 350p over the next month.
Best Of The Best share price data is direct from the London Stock Exchange

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