Problem with PE is the E element can alter very quickly.
I take your point on COA re gearing, but their cash generation is very solid and they no longer have pension funding commitments. |
In terms of P/E the lowest rated in my portfolio currently are PAF [4x], VW [4x], VTRS [4x], OGN [4x], OMU [6x], CAML [7x]. Still a lot of value out there. Telecoms remain unloved even though supposedly defensive and not privy to tariffs... |
* Inchcape.
I posted on Treatt earlier today. I've highlighted the lack of director buying there for months. The US market accounts for nearly 40% of Treatt total revenue and US consumer confidence is getting hit hard, tarrifs also have the potential to harm the business in my view. |
Never even heard of Inch...debt to equity seems a bit high, their metrics in 2024 were all down on 2023 on quick glance.
BTW what's going on at Treatt? Small position only.
As for this the recent spate of director buys suggests M&A/sale of the company in the short to mid term IMO. Financial metrics are fairly valued at this price IMO amidst the tariffs and turbulence in the WH even more so. |
Hopefully we can break .84. |
Justice, if you are about, I would be interested in any take on Inchcape - if it's a business you are familiar with. |
CEO doubled his holding in COA on Monday. |
Time for a new board given the pension obligations are dealt with.
Recent FY results read very well. Wider equity market volatility has seen a very significant de-rating in the earnings multiple over the last few months. |
Justice, I'm not going to make a Buy case given the current backdrop.
The FY presentation is worth a read, available on their IR site, IF you want more information.
You commented a year ago questioning why COA traded on 15 x earnings, so your cautious outlook then was justified - well done.
Below 11 X now, approx on forward FY (current consensus). |
I've never understood the rise here. Trading at >10x earnings, poor dividend, not the best balance sheet (look at the sharp rise in non current liabilities and reduction in equity).
FTSE blue chips trade at mid single digit P/E's...what's special about this? |
Hi manurere, hope all is well.
As we know the COA share price can make significant moves, in either direction, for little apparent reason and with a benign backdrop.
Given the trade tension context and equity market volatility,
in to the .70s may be available again. |
I was most encouraged by the results. Can make no sense of the drop in the share price. I retain my medium- to long-term optimism. |
Hi Dave, hope all is well.
I bought a few small lots yesterday
Provided they can avoid an unwise acquisition, COA is arguably interesting again at current levels. Their 3 footwear acquisitions look to have bedded in well.
So much is being savagely de-rated in current markets it's head spinning.
In calmer markets I would be interested in Renishaw now, which I've had on a watchlist for years. |
Hi EILooking interesting again.Yep I get 11.3x, going on forecasts this drops to under 10x for FY26 |
Reports in USD, share price in GBP obvs,
I make the forward multiple, following FX coversion, a bit over 11 X ..
Based on current cable rates.
Others getting a similar multiple...thanks |
decent results outlook on whole nice fcf yield boost but share price wasnt decent for a while. now getting interesting again from 80p down imo |
No comments on yesterday's FY.. |
Newish CEO finding a CFO he wants rather than one he inherited. I don’t think it is sinister but I have sympathy for the outgoing CFO |
This is a very unpleasant surprise. |
Wrong board |
This company has had its act together for a considerable time now. That is why the people who purchased shares at less than 35p are so happy! |
After many years this appears to have got its act together. Next 3 years eps forecasts are not bad and margin is excellent imo. The director buy says a lot. |
Director buys £145,050 |
Director buys £145,050 |
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