De La Rue Share Discussion Threads

[mike24] 26/4/2022 12:08

so much fraud going on, cash will come back in fashion
even Putin wants oil/gas payments in cash
last fri buying US$ at airport would have received 18% less than market rate
£183 on every £1000 , FairFX suggests cash is king as long as you get best rate

[nico115] 08/4/2022 18:38

Much prefer Spsy as much lower costs,higher dividend ,better ceo ,higher cash pile ,better growth prospects ,no pension deficit ,no profit warnings.

[buffettjnr] 07/4/2022 11:32

And the pension fund deficit should be shrinking by the day which makes it a far more attractive buyout candidate

[aringadingding] 07/4/2022 10:48

Trading update today confirms market expectations for adjusted operating profit and thus adjusted EPS.

If you look at the interim results rns the main adjustment, in creating adjusted operating profits from statutory operating profits, is the removal of charges relating to fundraising and restructuring.

To me that is fair enough as they are non-continuing. If the turnaround works there should be no need for further fundraising or restructuring.

So long story short:

If you don't believe the turnaround will happen the company is still on a low rating, relative to FY 2022 adjusted earnings alone (<10x PE). But if you do believe the turnaround will happen i.e. profits will grow then it is super cheap and a classic PE / corporate acquisition target.

[masurenguy] 07/4/2022 07:19

TRADING UPDATE

De La Rue announces a trading update on the Financial Year ending 26 March 2022. The Company expects full year adjusted operating profits to be in line with market expectations. Net debt is expected to be slightly better than the market expectations of £75m. De La Rue plans to announce its results for the full year ending 26 March 2022 on 25 May 2022.

[zaxarobal] 01/4/2022 19:07

This will be an epic hard landing: almost 4 rate cuts priced in already.

[farrugia] 01/4/2022 16:17

this stock is needed so governments can raise more taxies and duties....also the labour interruptions in Malta are over.

[aringadingding] 30/3/2022 15:20

With regards to UK polymer bank notes "the first major study into the topic of cash reliance since the Access to Cash Review in 2019" has been published by the RSA. It concludes that, in summary, a heck of a lot of people still need cash in order to be active members of society. E.g. "the section of society that would feel left behind in a cashless society, remains almost identical".


hxxps://www.accesstocash.org.uk/
hxxps://www.thersa.org/reports/the-cash-census

As I have said before in this thread, I think this is symptomatic both of a wider issue of technological inequality, which is a very valid and important issue, and also the question of how much we want to rely on technology as individuals (not so much institutions) in our every day lives. As a general principle, I would argue there ought to be a basic and reliable alternative to any high tech option, where the high tech option exists.

[slicethepie] 30/3/2022 13:52

Worth noting the pension deficit calc were done as at April 21, gives changes in rates the deficit will have reduced further since then

[buffettjnr] 25/3/2022 20:49

I’ve been buying.

[financialfred] 25/3/2022 20:23

No share dealing by the ceo and chairman for a long time now, wonder if they got plans..
Share price seems to have stalled around 110p. Maybe time to sell dlar shares?

[masurenguy] 15/3/2022 10:52

Re: #1976. You posted this just a month ago. You're just a troll - ignore !

Buffettjnr 17 Feb '22 - 1962: Looks like a good opportunity back here at 114p

[slicethepie] 15/3/2022 10:15

Why are you here?

[buffettjnr] 15/3/2022 08:27

their track record is pathetic.

[slicethepie] 15/3/2022 08:15

If you read the crystal amber notes you might understand why this is cheap!

[buffettjnr] 14/3/2022 17:02

It’s not that cheap. Lots to buy that is cheaper than this

[aringadingding] 14/3/2022 16:59

There is not much to dislike really.

Strong positions in 2 growing markets.

2023 forward PE of 8.3x consensus (=112GBPX/13.5GBPX, not sure if those EPS forecasts actually reflect the pension news - they may well not).

2023 forward div yield of 2.25% (again consensus).

Potential catalyst of price change in the near term would be any major news relating to Crystal Amber stake - a situation that could be resolved in a number of ways.

[kooba] 14/3/2022 09:40

Yes looks like Andy Brough is very keen ..i think the pension news was very positive and somewhat overlooked by other international events.

[simmsc] 11/3/2022 11:24

Shroders loading up.. Get in or get left behind

[slicethepie] 03/3/2022 15:47

Back in again, can't believe this has not gone up on this news. Inevitable that it will get taken out , this was probably the last task needed to tee it up nicely. The crystal amber report gives a good overview of the opportunity here. The only caveat is liquidity is pretty poor in companies below £200m mkt cap so this could be a source of funds for managers seeing redemptions hence the share price weakness

[jensen10] 03/3/2022 11:56

I'm a little surprised the shares are largely unchanged despite this news. Shows how well the shorts are set in. Onus is on management to begin to deliver on sustainable returns even with current undemanding multiples before we see any meaningful re rating. What do others think here?

[aringadingding] 03/3/2022 08:12

It's a great thing for them to get sorted and reduces risk of future fundraising (which the market and not me seems to have been seeing)

Impacts valuation both directly as a saving and through potential impact on PE

I'll leave the latter to the market but as for the former, rough numbers: if the 57m was across many yrs in the future, and if the step from 15m to 25m was a straight line over 6yrs, then the total step is 10m and the total saving over 6yrs is 10m x 6yrs /2 = 30m

Or per yr is 5m. With 195m shares that is incremental eps of 2.6p. At pe of 15x that wld imply increase in share price of 38p.

Clearly a re-rating to represent faith in the turnaround plan and a valuation in accordance would have a major impact on the share price.

[kooba] 03/3/2022 07:53

If anyone has been casting their eye over the company this clarity makes it far more attractive.

[jensen10] 03/3/2022 07:36

Good news on the pension deficit. Significant improvement in cash outflow over next 7 years relative to current market cap

[jurgenklopp] 03/3/2022 07:35

Excellent news regarding the pension scheme funding.

This may just have bottomed out.