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Share Name Share Symbol Market Type Share ISIN Share Description
Cake Box Plc LSE:CBOX London Ordinary Share GB00BDZWB751 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -4.50p -2.65% 165.50p 9,599 08:00:00
Bid Price Offer Price High Price Low Price Open Price
163.00p 168.00p 165.50p 165.50p 165.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 66.2

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Cake Box (CBOX) Discussions and Chat

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Date Time Title Posts
08/1/201917:37Cake Box Holdings247
09/11/201011:04Cashbox110
03/5/200713:57Cashbox Going bust? shorting opportunity40

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Cake Box (CBOX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-01-23 11:09:14163.50454742.29O
2019-01-23 10:07:19166.00266441.56O
2019-01-23 10:02:09164.006,82411,191.36O
2019-01-23 08:41:21164.752,0003,295.00O
2019-01-23 08:05:18167.005591.85O
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Cake Box (CBOX) Top Chat Posts

DateSubject
23/1/2019
08:20
Cake Box Daily Update: Cake Box Plc is listed in the Food Producers sector of the London Stock Exchange with ticker CBOX. The last closing price for Cake Box was 170p.
Cake Box Plc has a 4 week average price of 158p and a 12 week average price of 158p.
The 1 year high share price is 190p while the 1 year low share price is currently 116.50p.
There are currently 40,000,000 shares in issue and the average daily traded volume is 13,062 shares. The market capitalisation of Cake Box Plc is £66,200,000.
27/11/2018
08:58
smerch1468: Jumped on board this morning. Been a CAKE customer for the last few years, and love their product. I didn't know they where AIM listed until yesterday. They offer a niche product(eggless cakes) but there is no reason why they can't succeed in the wider market with their 1-hour personalised cake service. The share price has held up well despite the recent wider market turbulence.
16/10/2018
07:18
goldguru2017: The figures will be slightly less year end 2019 due to one off costs incurred on the listing. This should be ignored for valuation purposes. Please see my previous analysis where I mention this. Happy with the share price bouncing back - I suspect the same fund, Odey, was trimming recently again for whatever reasons (could be profit taking or general market fears. Also with all the turmoil around Patisserie Valerie some may have got cold feet, though this is illogical as it was company specific. With the market unease I expect the shares to tread water for the next while which is fine.
09/10/2018
09:22
s_a_b: Thanks all. For what it's worth I'm a fundamental investor but if you read Damodaran on valuation he says you shouldn't ignore market price drivers, including momentum and liquidity, when making an investment. IMHO if they can deliver the roll out here the fundamentals would support a significantly higher share price, but keen to understand the bear case if anyone has a different view!
02/10/2018
12:10
nitbhav06: Another excellent uplift in share price. I am looking for anothet entry but the share price keeps going up!
01/10/2018
14:37
goldguru2017: It always comforts me to see limited activity on chatrooms as this means there are many more retail investors yet to discover the CBOX story. The recent dip in price due to Lombard Odier Asset Management (Europe) Limited trimming their holdings to just less than 5% allowed me to double up at lower levels though I have to admit I questioned myself as it was going down! Good news to see CBOX hit 100 stores. Adding 16 since year end March 2018. A reminder of my figures posted Aug 4th 2018. "To achieve the March year end figures of AT profit of £2.77 million they had 86 Franchise stores generating revenue to them of £12.834 million. This is £149k per franchisee (having risen from £119k in 2016 and £138k in 2017). Cost of sales were £7.263 million giving operating revenue of £5.571 million and an operating margin of 43%. This is consistent with 2017 and 2016 which is a good sign. Admin expenses were £2.3 million (£1.67 million:2016,1.3 million:2017) which have been rising in line with profits. This gives an EBITDA for 2018 of £3.7 million and After tax profit of £2.77 million. They opened 23 stores between 2017 and 2018 so lets assume conservatively they have opened 23 stores for the year ending March 2019 (forecast higher). Ok I am not exact here as we don't know at what point each store was opened but this evens out over the years when doing EPS comparisons. Also as the revenue per store has been increasing I assume that this rises from £149k/store to £159/store which is consistent with previous years increases (its profile is now higher with listing and national advertising campaign). 2019 Revenues for 109 franchisees at £159 per store is revenue of £17.3 million. If you assume the same operating margin then the Cost of Sales are £9.88 million, Admin expenses assumed to be flattening out but still increasing so £2.6 million. This gives an Operating profit of £4.85 million and AT Profit of 3.98 million. This is an EPS of 10 pence a share. The PE ratio has dropped to 17 and the PEG ratio is 0.4, still extremely attractive. My estimates for 2020 using the same methodology is 132 stores for revenues of £22.3 million and an AT profit of £5.49 million and EPS 14 pence. At a PE ration of 25 (still way below 1 PEG ratio) this is a share price of £3.50. I would expect the increase in number of new stores to be higher than my assumptions due to the current momentum of the business and proven track record over 3 years. People love the product and this is translating to the bottom line." It looks like the momentum is better and hopefully year end March 2019 total stores will be more like 115-120 instead of the 109 assumed above. I read the Shore Capital research report which is comprehensive. It has a lower figure for 2019 Earnings due to one off costs associated with listing but this should be extracted for valuation purposes at its a one off. Good luck everyone - I expect the share price to make further ground from here.
12/9/2018
18:10
nitbhav06: No chance this is another Fevertree. It has a £5bn market cap and has expanded tapped into the US market. Even with 250 stores Cbox would generate around £25m of revenue. If we say £6m for earnings and P/E ratio of 20 (very optimistic), that gives a share price of around £6.25. No way near a Fevertree. But a takeover would make sense for Patisserie V due to synergies, economies of scale and firming up revenues. Either way I'm very bullish but it all depends on how quickly they get new franchises set-up.
07/8/2018
19:47
s_a_b: Thanks for sharing your detailed analysis goldguru2017. Interesting you mention DOM given the franchise model – I missed out on that one so would be delighted with similar growth here! The main driver of growth and shareholder returns is clearly going to be the ability to continue opening an average of two new franchise stores per month. If they can do this at 24 per year up to the target of 250 stores mentioned on p16 of the admission document, while maintaining existing store sales, then I think it’s likely there will a major upward movement in the share price over time, particularly given the franchise model and minimal capital requirements for expansion. If they can continue to generate LFL growth from existing stores and / or introduce complementary products then things could get very interesting indeed. I had been through the same exercise on future sales/profits and got to some similar numbers. The main difference is that I assumed an average number of stores trading in FY18 of 75 (63 at March 2017 and 86 at March 2018, taking a straight average of the two). This would give a slightly higher revenue per store, but appreciate it is only a rough estimate. Good luck all! SAB
04/8/2018
16:44
goldguru2017: Firstly, the business model is simple. They make a product nobody else makes and make money from franchisee royalties and the fact they are the exclusive providers of the ingredients to the franchisees. They analyse 70+ potential franchisees a week and are extremely selective in choosing awardees based on strict criteria. To achieve the March year end figures of AT profit of £2.77 million they had 86 Franchise stores generating revenue to them of £12.834 million. This is £149k per franchisee (having risen from £119k in 2016 and £138k in 2017). Cost of sales were £7.263 million giving operating revenue of £5.571 million and an operating margin of 43%. This is consistent with 2017 and 2016 which is a good sign. Admin expenses were £2.3 million (£1.67 million:2016,1.3 million:2017) which have been rising in line with profits. This gives an EBITDA for 2018 of £3.7 million and After tax profit of £2.77 million. They opened 23 stores between 2017 and 2018 so lets assume conservatively they have opened 23 stores for the year ending March 2019 (forecast higher). Ok I am not exact here as we don't know at what point each store was opened but this evens out over the years when doing EPS comparisons. Also as the revenue per store has been increasing I assume that this rises from £149k/store to £159/store which is consistent with previous years increases (its profile is now higher with listing and national advertising campaign). 2019 Revenues for 109 franchisees at £159 per store is revenue of £17.3 million. If you assume the same operating margin then the Cost of Sales are £9.88 million, Admin expenses assumed to be flattening out but still increasing so £2.6 million. This gives an Operating profit of £4.85 million and AT Profit of 3.98 million. This is an EPS of 10 pence a share. The PE ratio has dropped to 17 and the PEG ratio is 0.4, still extremely attractive. A PE ratio for a company like this with annual earnings growth of 53%,70%,44% over the last 3 years in my view is should be around 30. If you assume it is 25 then the share price next year should hit £2.50, a near 50% increase on current levels. My estimates for 2020 using the same methodology is 132 stores for revenues of £22.3 million and an AT profit of £5.49 million and EPS 14 pence. At a PE ration of 25 (still way below 1 PEG ratio) this is a share price of £3.50. I would expect the increase in number of new stores to be higher than my assumptions due to the current momentum of the business and proven track record over 3 years. People love the product and this is translating to the bottom line. Risks. The risks are increasing ingredient costs and inability to pass on these costs and also if the Corporate Admin costs increase higher than I have forecast. The other one is how they fund the 2 new distribution centres and time and cost overruns on these. I sold out too soon on Dominos Pizza and way way too soon on Fevertree. However, speculating is learning process and I hope that this has taught me to not be scared by high PE ratios on retail companies with high growth rates and a proven formula! Good Luck to everyone!
25/2/2007
09:36
the atm kid: This article in todays Sunday Times even mentions the flash cars as I did a few weeks ago. When it all goes under I'll put a small offer in for it - the wife could have it ! He's obviously completely skint as he's mortgaged up to the hilt according to this article. From The Sunday TimesFebruary 25, 2007 Cashbox and a strange case of business suicide Ben Laurance reports on a web of deceit that has left 'the world's leading cash machine supplier' in turmoil CARL THOMAS's mistake was to place a modest order for business cards. The date was May 19, 2003, and Thomas was working as the £120,000-a-year corporate sales director of Hanco, a company providing stand-alone cash machines - automatic teller machines (ATMs) to give them their proper title. But Thomas had ambitions of running his own company. So he secretly plotted to establish his own firm, Cashbox, that would place ATMs in pubs, clubs, off-licences and shops, charging customers £1.50 a time to withdraw cash on the spot rather than from a bank where they can do it free. Now, almost four years later, Cashbox is up and running and quoted on the Alternative Investment Market (AIM). But that fateful decision four years ago to order business cards has come back to haunt Thomas. The High Court has ruled that it proved Thomas was planning to set up Cashbox and take a clutch of colleagues with him while he was still at Hanco and when he should still have been looking after Hanco's interests. His behaviour, according to the judgment, was "deceitful and wrong". Thomas and Cashbox's largest shareholder now face a claim from Hanco for £2m. To add to his discomfort, Thomas, 42, has been suspended from his job as chief executive for indulging in a series of trades in the company's shares in the past two months. Without telling any of his fellow directors, he pocketed nearly £300,000 by selling part of his stake in the company - just as it was being lined up as a bid target. Cashbox makes the immodest claim that it is "the world's leading cash machine supplier". Its board includes at least two big names - John Maples, a former Tory Treasury minister, and Robin Saunders, one-time queen of private equity - that should give it some weight. But even by the standards of some of the racier companies on the lightly regulated AIM market, the saga of Cashbox is raising eyebrows. At the heart of the legal dispute between Hanco and Cashbox is a contract with the off-licence chain Threshers. By 2003, Hanco already had 100 cash machines installed in branches of Threshers. But Threshers was interested in having 500 more. Thomas was involved in negotiations for Hanco; but at the same time he was setting up his own business to try to clinch the Threshers contract. A High Court judgment delivered last year said: "It is clear that from February and March 2003, Mr Thomas was investigating premises, consulting design consultants and registered the relevant domain name in respect of a proposed new business." By May 2003 he was "taking advice as to the setting up of a company and as to procuring investment via an Enterprise Investment Scheme". And that month Thomas gave details to a design company for business cards that were to bear the names of Hanco colleagues he intended to take with him to his new business. It was this crucial piece of evidence that helped to persuade the High Court that Thomas had acted deceitfully. In June 2003 Cashbox was formally incorporated. Thomas's wife, Catriona, became company secretary. His younger brother Matthew was also a founder. Thomas resigned from Hanco 10 days later. Cashbox won the Threshers contract, and that became the bedrock on which the company grew. It clinched deals with Greene King, Scottish & Newcas-tle, Texaco and the convenience-store chain Nisa Today's. But Hanco sued Thomas and Cashbox. It claimed an interim award of £2m damages for breach of contract and said, among other things, that Cashbox had been involved in "unlawful interference with Hanco's economic interests". With the lawsuit under way, Hanco was taken over by Royal Bank of Scotland in 2004 for about £80m. But the Hanco claim did not stop Cashbox from floating on AIM last spring with a market value of £12.2m. The company boasted that by the end of 2005 it had 845 machines installed. A further 596 were "anticipated" and there were 5,510 "potential further ATM installations". The placing document stretched to 66 pages. And on page 64, it gave an outline of the action being brought by Hanco. Thomas and Cashbox chairman Anthony Sharp - the biggest investor in Cashbox - together gave an indemnity. They said that they would foot the bill if Cashbox were found liable in the Hanco case. And the placing document said it was planned that the two men's indemnity would be replaced by a new indemnity, this time from an offshore company, KKR Investment Management, in which Sharp was a shareholder, with a maximum liability of £1.5m. The City liked the look of Cashbox. The shares were placed at 20p, and within a month had jumped to 35p. Last summer the company announced it had installed its 1,000th ATM and won a new contract with Wiltshire brewer Wadworth to place machines in its managed pubs. The Hanco litigation was forgotten. All seemed set fair. Cashbox was winning new work and visitors to its head office in Hook, Hampshire, were treated to the sight of a line of flashy cars outside, suggesting life was treating executives well. But the first sign of trouble emerged last September. Analysts were primed to expect results on September 25; but the night before, word came from Cashbox that publication of the results - the first since Cashbox's AIM debut - had to be delayed. According to one well-placed source, the hold-up was because of problems identified by the auditors, BDO Stoy Hayward. The auditors declined to comment. On the afternoon of the 25th, Cashbox said the results would come out four days later. When they appeared, the figures showed a loss for the year to June of £3.5m on sales of £3.2m. Despite optimistic noises from Sharp - "our business, at least, is in a rapid-growth mode," he said - the shares fell by a third. The Hanco court hearing had already come and gone, but no public mention was made of it. And in November judgment in the case was handed down. For Thomas and Cashbox it made uncomfortable reading. Regarding the Threshers deal, the judgment said: "Any ordinary person would regard it as deceitful to go behind one's employer's back to bid for the same contract that one was employed to procure for the employer. Likewise, as regards Cashbox, any ordinary person would regard it as obviously wrong and dishonest to assist in such a process." Thomas's behaviour had been "simply dishonest". Some of Thomas's evidence was "wholly incredible and completely implausible". The judgment went on: "It is the plainest evidence that Mr Thomas and, by him, Cashbox knew that what they had done was deceitful and wrong." Shareholders in Cashbox were told nothing of the judgment, although Hanco was asking for an interim award of £2m plus costs that could approach £1m - no small sum for a company of Cashbox's size. Company chairman Anthony Sharp said the decision to make no announcement last November was on the advice of Cashbox's adviser Seymour Pierce. Only after the case was mentioned in a newspaper report ear-lier this month did Cashbox acknowledge the judgment and say it would be appealing. Last week Cashbox was refused leave to appeal, though it can still ask a judge for the right to make a further challenge. Cashbox also admitted that the hoped-for indemnity from KKR Investment Management, referred to in the placing document 11 months ago, had not been secured. Sharp predicted last week that even if Thomas and Cashbox lost the case, damages would run only to hundreds of thousands of pounds rather than millions. He accused Hanco and its parent RBS of hounding Cashbox through the courts. "I think that they are rather tired of us," he said. "Because Cashbox is winning business that Hanco wants." Then there is the case of Carl Thomas's share dealings. Three weeks ago, following a rise in the company's share price, Cashbox said it had "received expressions of interest" from potential bidders. Ten days later it said that Thomas had been suspended as a director after it emerged he had been trading his own shares in Cashbox over the previous five weeks. In a number of instances he had bought and sold shares on the same day; and some sales followed the announcement of bid interest. The dealings netted him nearly £300,000. Cashbox's board members had hoped to extract an explanation from Thomas at a meeting early last week. No announcement has been made and Thomas has not returned phone calls from The Sunday Times. Sharp said: "We have to try to figure out what the man was thinking. He knew the rules. It is business suicide. He says he was short of cash. He had spent the money before he had got it." Cashbox's lawers have now received a statement from Thomas, Sharp added. Land Registry records show that in May last year, Thomas and his wife owed nearly £350,000 on their house. A further loan of £150,000 was taken out. They had bought the house for £365,000 in 2000. Sharp said it was the stockbroker Seymour Pierce that alerted him to Thomas's share dealings. The decision to suspend Thomas was taken at a board meeting held by conference call. Thomas was asked his reasons for selling shares, "and he didn't have a clear answer". Sharp will not say exactly when it became clear to him - or to other directors including Thomas - that there might be bids in the offing. The announcement of takeover interest was made as soon as possible, he said. Seymour Pierce declined to comment. RBS said that it could not comment while litigation continued.
14/2/2007
11:16
prmoldoaks: V1deoman Charts are fine, but Cashbox locations are totally different to Paypoint and the PE/valuation of Cashpoint reflects this in the share price. If you are considering sector like for like then this could suggest a higher PE for Cashbox and a higher share price, hence the heady rise when interest is shown in a buy out.
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