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Share Name Share Symbol Market Type Share ISIN Share Description
Dart Group LSE:DTG London Ordinary Share GB00B1722W11 ORD 1.25P
  Price Change % Change Share Price Shares Traded Last Trade
  -12.50p -1.60% 771.00p 146,885 16:35:26
Bid Price Offer Price High Price Low Price Open Price
771.50p 773.50p 780.50p 762.50p 775.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 2,391.80 134.60 74.59 10.3 1,146.8

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Date Time Title Posts
15/12/201818:51*** Dart Group ***4,959
14/12/201815:40Buy low sell high1
14/12/201810:04Discount opportunity -
14/12/201809:59Buy Time-
10/12/201820:04Top up-

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Dart Group Daily Update: Dart Group is listed in the Travel & Leisure sector of the London Stock Exchange with ticker DTG. The last closing price for Dart Group was 783.50p.
Dart Group has a 4 week average price of 761.50p and a 12 week average price of 761.50p.
The 1 year high share price is 1,052p while the 1 year low share price is currently 630.50p.
There are currently 148,738,569 shares in issue and the average daily traded volume is 237,495 shares. The market capitalisation of Dart Group is £1,146,774,366.99.
joe king1: I have HAAS, it's a dire company and will decline. Share price will be much more south from here in 8 months time. The wise are offloading to the unwise!
joe king1: DTG share price is built on WET Sand. The sand is slowly Drying out
joe king1: Share price collapsing
tongosti: dorks always part with their copper coins at the top of the bull - always have always will be. how come last two updates from the company has got its share price nowhere (well not exactly true as it did nicely for shorts though last time around)? didn't some rookie accountant (who are not the world's richest investors for some strange reason) maintain fcf yield is higher than ... hmmm... apple's (stupidity of some really beggars belief) stab in the dark ...1. dodgy mm's / 2. mr market is stupid? p.s. 3. folks (some of them complete idiots) have fallen in love with a perpetual money making machine!
snorkelparker: At last some recognition in the press. Certainly wont do the share price any harm ..hopefully other journalist will follow
castleford tiger: With thanks to Lewis Robinson back in 2012 How many of the issues then do people still talk about!! The growth from then to now is outstanding. have a read. tiger Dart Group, the airline, package holiday provider and owner of a nationwide distribution group, posted their preliminary results last week – and it’s fair to say they’ve kept doing what we expected them to, with a pick up in both revenues and profits in a difficult environment. Subdued would be a fair reflection of the profit growth, with margins coming down as revenues rise, but that’s probably to be expected given the climate for discretionary consumer spending. Net profit is flattered a bit by a smaller than average tax bill, but it’s surely a positive that everything’s still going in the right direction. I was a little surprised to see the stock move only 2% upon the release of the results; at a P/E of less than 5 it’s hardly priced for success or any sort of growth, but the market still obviously has some fundamental misgivings about the business as a whole. I’m still not entirely sure what those are – if I were to hazard an uninformed guess it’d probably be a combination of it being a small cap (and perhaps viewed as more fragile) airline, which is hardly a sector in the ascendancy at the moment, the European woes knocking consumer confidence further, and perhaps their choice of capital structure. Discussions around dividends have gone back and forth around comments and blogs at the moment, and whether it is a wise choice for Dart to pay a larger dividend or not is one question; regardless of the answer, I suspect doing so would benefit the share price. Irrationality? Probably. Interestingly, in my first piece last year I roughly ‘forecast̵7; (though I hate using that word) the revenues for the year from the order book – my conclusion being that, should historic trends hold true, the broker forecasts for revenue – at the time £620m – would be too low. I gesticulated towards revenues of more like £730m if one only looks at the order book. As it happens, revenue actually came in somewhere in the middle of those two figures – £683m. Still, that’s over 10% above broker forecasts, so my napkin maths probably did help me treat those estimates with a healthy dose of scepticism! This time, I’m focusing on one of the more interesting facets of Dart Group’s accounts and structure – its holding of cash, and the flows of cash through the business. There’s something to be said for digging deep when you see an interesting story and, at least in my modest experience in the last year or so, companies with stories like Dart’s are rare. Consider the graphs below, which shows cash flows over the last few years. The left one shows a few of my highlighted ‘inflows’; and the right shows a few of my highlighted ‘outflows̵7;. The first thing to notice is that capital expenditure over the period is significantly larger than depreciation over the period. Indeed, looking at the accounts in 2007 and now we see a figure of £185.5m for PPE then (mostly aircraft) and £234.9m now – a 27% increase. The asset base of the business has increased and so, if we assume the business is fundamentally the same as it was in 2007, we should attribute most of the drop in margins to the general economic climate. This is a factor that we can expect to be mean-reverting, and hence is a positive story for the business. The main point of interest I am trying to get across is twofold, though; firstly, the business is flexible. Because its primary assets (its aircraft) are depreciated over a relatively short timespan – short compared to freehold property, at least – depreciation is a major charge in its profit statement. This means that, should the company decide to cease capex, its net cash inflows can be expected to be its profit + the value of depreciation. Depreciation sat at £34.4m this year. Profit sat at £28.9m. The market capitalisation of the business is £100m. Secondly, and more importantly, the financing of the company is positively leveraged by growth – the inverse of most companies. Manufacturers, for instance, take out larger and larger borrowings to finance a larger capacity, which then (at some point in the future) hopefully pays off the debt. Dart are able to almost do it backwards – they currently have £152m of cash and short-term deposits on book, financed from £180m of advanced bookings. This is cash they’ve received from customers for trips at some point in the future. They’re running a small ‘deficit’;, if you will – using this as a free source of short term capital, and is one of the ways they maintain their lack of debt. Growth is self-financing. Does this mean they can afford to pay a dividend? Probably. They probably could get away with taking cash from customers and distributing it to shareholders – but then the company’s fortunes are intrinsically tied to not just current revenue, but future revenue. It’s damning and too harsh to call that sort of structure a ponzi scheme, but I have seen companies who finance all of their working capital with revenue received for work not completed. I don’t like the look of that position as a shareholder – it relies on continuing to find new customers to pay up front so you can afford to complete the work you are contractually obliged to do. In return you don’t pay interest on your financing, and you can run an extremely tight ship, I suppose – but it seems too risky for me. I like Dart and I have no problem with their balance sheet, then. It seems prudent, they’re continuing to grow, and it’s probably the wrong time to be an airline operator. Their distribution arm sounds like it’s slowly rolling up to critical mass (when profits will hopefully be a little less disappointing) and they seem to offer a product people like. If they really hit a roadblock and find growth elusive, then I might start looking for some of their cash to be returned to shareholders – but for as long as they can use capital productively, and benefit from this virtuous circle of increasing scale, improving competitive position and increasing flexibility with financing, that’s fine by me
tresham: It seems futile to explain the merits of The Dart Group, they are plenty. Reasons for Share price fall: Business:  Profits encourage competition.  Airlines are cyclical Market:  Individuals sell as the share price rises. I admit to having sold 25% of my holding since buying in 2012. I did this to balance my portfolio. This explains why long term momentum is still worth buying.  Holders may sell because they have a rule, No investment in companies with joint chairman and CEO. (Norwegian Sovereign fund?) Shroders has sold down from 20% to 5%. There are people in the know I expect.  People read tea leaves. Logic goes increase dividend to pay for disappointment.  Markets really are unpredictable. Buffett agrees with this.  People borrow against the value of shares and have to sell to pay back borrowings.  Markets are driven by options.  Nervous market, (Brexit day) magnifies volatility
fokker45: Thanks Castleford Tiger for passing on the estimates. Just been crunching some numbers, and the 5 year average PE has been 14.0. Currently at 848.5p price and last eps 74.59 that's a PE of 11.4, so 19% under 5 year historic. If the estimates come in at 95.9p, and the share price returns to average of 14.0 times eps, that's a share price of 1343p. I not used my ISA allowance for 2018-2019, so as I now have some free cash, think whole of my ISA is going to be filled with DTG. I normally only buy shares when I think there is at least a 25pc discount, and think that's case with DTG now.
castleford tiger: Some of Tongs old posts...... 15.01.18 Good points snorkel. I still think you have left out a major, major risk factor and that is the probability attached to a decade long bull market (in DTG and stocks at large) to continue untroubled going forward. Why is this relevant? A bear market sinks all boats (fact not fiction) and we are much much nearer the top then bottom of the market. Surprised all future projections given on this board leave out this fact as if the broader context has no relevance on what is a ... travel business. In other words, DTG may indeed one day reach £10 or above but chances that it reaches down much lower before it does so increases dramatically with each day this tired bull market in equities marches to fresh highs 25.01.18 Tiger I agree that only a meaningful (and a very big one at that) surprise (over existing expectations) can propel the share price higher. Absent that, one can’t see how why DTG should charge higher from here. Worth bearing in mind it’s two years DTG has not advanced an inch (even in the face of improving trading ops since). And this has always been my point: expectations are already sky high and the business needs to play catch up constantly with them if the share price is to reflect that. 8.02.18 Closing at the 2 month low - exciting times in the days and weeks ahead (great story though) 17.02.18 To newbies of this board: the religious high orders of DTG online support club get easily irritated by anything which does not fit with their view (like cash in the bank has outperformed this company for about two years now). Some of them are simply bulls in a bull market happy to ride the train all the way back. Bless them all! THERE WAS A FEW MONTHS AS DART WENT TO A TENNER Tong went missing! 26.09.18 It was said at the AGM and I agree that the EU cannot afford to loose 30 odd Billion a year in tourism” Absolute BS - that’s Boris Johnson speak. DTG will very surely face gravity much sooner than “funny-mentalists” of this board expect. Bring it on! 17.10.18 Talking trading now aren’t we - amazing! Trip south has just started - will remind you of your genius on the way down. Hang in there
tongosti: Wagner - appreciate your points. Where I think you go wrong is the following: if you work out FCF/Equity (ie before the company took on debt towards expansion) from 2009 to 2015 (which, on the other hand does not include one single year of a bear market, mind you) then the average yield over the whole period amounts to about 4.7%. Highest readings (ie great entry points) were between 2012 to 2014 where FCF yield was between 5 and 6%ish.This is a capital intensive business and I hope you see the point that FCF margins will not change meaningfully (because you will be serving a much higher cost base in the future due to expansion). In contrast to a service business where economies scales boost margins that is not the case for a business so capital intensive as an airliner. Hence, past FCF yields are a very good guide to the future because of the nature of the industry DTG is in. For the company to become attractive again (from a valuation perspective), then the share price would need to come down by roughly 50%.
Dart Group share price data is direct from the London Stock Exchange
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