Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Dp Poland Plc LSE:DPP London Ordinary Share GB00B3Q74M51 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 10.35 10.00 10.70 10.35 10.35 10.35 93,350 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 14.0 -3.5 -1.5 - 60

Dp Poland Share Discussion Threads

Showing 876 to 899 of 1075 messages
Chat Pages: 43  42  41  40  39  38  37  36  35  34  33  32  Older
DateSubjectAuthorDiscuss
11/8/2018
06:15
Well besides Telepizza you can also look at McDonalds and Sphinx comparisons in the Polish market. And looking at the number of restaurants, the time it took to get to that number, turnover and profits for that number of restaurants all suggest DPP is still way overvalued on AIMhttp://www.ceeretail.com/news/47440/polish-sales-of-mcdonald-rsquo-s-improving209 polish McDonald's did 668.4m PLN in revenues and 39.8m PLN in net profit in 2006 and they set up in Poland in 1992 so took 14 years to hit net profits of circa £8m and 209 sites.http://www.superbrandstv.com/?p=287 http://www.franchisetimes.com/June-July-2014/Big-vs-Small/ Sphinx is the largest casual-dining chain in Poland, boasting 93 units. The parent company also owns 10-unit Chlopskie Jadlo, which offers traditional Polish food, and a six-unit Asian chain called Wook. Founded in 1995 by Tomasz Morawski, Sfinks had a fraught financial history until Sylvester Cacek, a banker and investor, became the largest individual shareholder after buying roughly 19 percent of the stock in 2009. Last year, annual revenue climbed 3 percent, to 176.6 million zloty ($58.4 million), say company officials. Gross earnings grew 16.5 percent, to 11.8 million zloty ($3.9 million).
lbo
10/8/2018
15:03
In addition Telepizza Poland flat to shrinking.
the ghost who walks
10/8/2018
15:02
Lbo the stores at Telepizza are majorit franchise stores. Can't really compare to Dpp.
the ghost who walks
10/8/2018
13:00
adrunkenmarcus, I noticed that you have not commented on the franchisee situation. Dominos grows by its franchise network and its surprising that there is no partner bank for DPP or a queue of franchisees waiting to open up. Do you have any knowledge about this? The Polish people are hard working and they have a culture of small business/self-employment and franchise brands are highly investible. What is even more worrying is that DPP seems to pick up ALL the initial costs, ALL the initial risk and then sells on merely at book value. What about the franchise fee ? What about goodwill ? What about accumulated losses on getting those stores to where they are at point of sale? We have no clear explanation from "management" as to why they are doing this and whether this is their future model of recruiting all their franchisees. " www.proactiveinvestors.co.uk/companies/stocktube/6516/dp-poland-sells-four-stores-to-fantastic-new-sub-franchisee--6516.html ........“We217;re selling him the stores at net book value,” Shaw explained. DP Poland has a mixture of stores that are owned and run by the company and others that are run under a franchise operation. It looks like more sub-franchisee deals could be in the offing, with Shaw revealing that, backed by the £3.2mln the company raised last month, it is able to loan money to other area managers wishing to follow in Fronczyk’s footsteps........."
bigboyo
10/8/2018
12:26
Going on the Telepizza deal ie 107 stores generating system sales of PLN 103m being sold for only 8m Euros and applying that to DPP (current 54 stores and 58m PLN sales) and even doubling that to 108 store generating 116m PLN sales and even adding 20% higher growth at each store only gets you to max 140m PLN sales at DPP.That still only implies a max €11m equity valuation for DPP. But let's be very optimistic and even double that valuation to €22m.Still a long way from the Current market cap of DPP at 40m GBP
lbo
10/8/2018
11:44
I would agree with a lot of what you said, bigboyo. As you indicate, we all have to make our own judgement on the current risk vs. reward. On the matter of your 'different perspective', my argument would be that all shops or stores take time to reach breakeven (whether that time is a day or eighteen months) and then longer to mature. (DPP's mature stores are apparently exceeding original EBITDA expectations.) We have, currently, a very large proportion of the store estate which consists of stores which are fairly new and are therefore incurring losses before reaching breakeven. None of them, even those breaking even, are yet fully mature (of course they need to get there). Once they are, I see no reason why their cashflows could not finance further, measured rollouts and Poland is quite a large country converging on a GDP per capita basis with EU levels. For all the spin - and yes, management targets have not been communicated - I do have to wonder why management indicated that they did not foresee the need for a further equity raise to roll out 145 stores by 2023. That leaves wriggle room, of course, because it was not categorically ruled out (I doubt they could do that anyway), but they seem to have taken away the flexibility of an equity raise of even £2 million or so. They do have a borrowing facility, potentially, if DP Polska gets cash positive in 2019. They do need to get to group EBITDA positive. (A good example of a self-funded store rollout is CAKE, which I've held since 2015.) If DPP did 'fail' then maybe DOM would be waiting to take it over, or another international franchisee group?
adrunkenmarcus
10/8/2018
11:12
Key is to keep opening stores and n issue new shares. Do that and stock will do great,
the ghost who walks
10/8/2018
09:08
adrunkenmarcus The market has placed a value on dpp and its current operations. We all have our view on that depending on where we sit on valuation models and our own sense of judgement. For me, the present risk/reward is too great and the outlook a little foggy. If the opportunity arises and IF the risk/reward balance changes to a sufficent extent I would be tempted to invest in DPP. In terms of your successful rollout case, there are different ways of looking at this. One way is that as the brand becomes bigger, newer smaller towns become potential locations and brand familiarity increases and advertising costs reduce (on a per store basis). Royalties build momentum and you can start to attract franchisees who use their own capital to build stores and also pay a one off franchise fee. Cashflow becomes highly cash generative for DPP (as they do not have to sustain the initial losses from new openings). DPP is a very long way from that. A different perspective could be , the best locations have already been chosen and opened, the cashflow from these best locations is still not sufficent to support the smaller less desirable locations now being opened and the roll out will only become harder as the smallest least desirable locations start coming on stream. Franchisees still seem to be buying opened units from DPP rather than opening the units themselves. Is this due to banking problems and high initial costs and poor initial cashflows requiring a lot of security before a bank lends to a franchisee to open a franchised Dominos ? There are many ifs and buts . What for me is deeply unimpressive and continual "15 consecutive growth in sales" and such like drivel and the lack of focus on cash consumed. The updates and reports give very little meaningful information and very little in terms of strategic insight (besides we will open more stores and increase system sales .. DUH!) No credible timeline is given for when group (as opposed to merely store) ebidta breakeven will be reached, when pre-tax profitability is anticipated, the ratio of corporate to franchised stores planned for opening in the next financial year (to help investors assess cashflow and profitability impacts) etc etc. The reason may be because if the "management" gives specified timelines and miss then they maynot get their bonus.
bigboyo
08/8/2018
06:04
I note that opodio and a1samu have provided nothing in the way of a methodology or figures for their claims. On that basis, it's hard to assign any value to them. I would agree that DP Poland is overvalued in terms of market cap based on their current store estate and EBITDA. I also agree they didn't raise enough equity capital in 2010, hence the dilutions that followed (in 2012 particularly). However, I think it will be undervalued when the group hits breakeven and the rollout continues successfully. The investment case has always been predicated on a long term successful rollout.
adrunkenmarcus
08/8/2018
06:01
Thanks for your detailed response, bigboyo.
adrunkenmarcus
07/8/2018
21:11
It seems to me that this is only worth £40m through the constant issue of shares.
trytotakeiteasy
07/8/2018
20:46
Opodio Did you ever start a business?
hybrasil
07/8/2018
17:17
Telepizza sold for £1 was it? Why is this crock worth £41m LOSSMAKING CROCK OF DOG DIRT
opodio
07/8/2018
17:16
Heading to 10p
opodio
07/8/2018
17:10
To be fair to lbo he has always held that view.
hybrasil
07/8/2018
13:12
It confirms that DPP is way overvalued on AIM
lbo
07/8/2018
12:05
adrunkenmarcus, The sale of telepizza to pizzahut is as a result of the broad agreement signed between telepizza and pizzahut. Amrest is the European master franchisee for pizzahut in Europe and Telepizza is now the master franchisee for Pizza Hut in Latin America (and also its biggest global franchisee) This is a big structural realignment for yum brands (owner pizza hut) and telepizza. Dominos this year overtook pizza hut as the worlds biggest pizza seller (total system sales value). This has obviously galvanised yum brands into making huge structural changes in big markets like Europe and Latin America. We can already see Dominos UK buying up many smaller EU franchises. Is this part of a global re-alignment for Dominos ?? The competition between dominos and pizza hut to be world's number one pizza brand (by system sales) will see intense and fierce competition. DP Poland is a small player just like the telepizza poland operations, its ownership and valuation is dependent on the the parent brands and their ultimate global policy decisions. hxxps://www.telepizza.com/en/press/ hxxp://adage.com/article/cmo-strategy/domino-s-unseats-pizza-hut-biggest-pizza-chain/312463/
bigboyo
05/8/2018
10:49
bigboyo, do you have your own thesis as to what Telepizza's sale implies for DP Poland's market capitalisation? Thanks.
adrunkenmarcus
02/8/2018
13:50
Intresting fact about Telepizza is that its 107 stores generated system sales of PlN 103 million. In last accounts 54 stores of DP Poland generated system sales of PLN 58 million. Telepizza was sold for 8 million Euros. What does this imply for the equity value of DP Poland and its current market cap ? hxxps://www.amrest.eu/en/investors/regulatory-announcement/rb-422018-share-purchase-agreement-tele-pizza-sau
bigboyo
27/7/2018
12:44
From Peel Hunt: Cut-price competitor exits market Telepizza, one of DP Poland’s larger competitors with 107 stores, has announced it is selling out to Amrest, an international business listed in Warsaw which operates Pizza Hut (and other brands) in Poland. Overall we expect the impact on DP Poland to be positive as a low-priced competitor exits the market.
davep4
26/7/2018
23:07
I believe the revised Master Franchise requires DPP to achieve 65 store openings by year-end, thereafter the pressure to open new stores should ease off.
davep4
26/7/2018
19:07
prettybullish, my preference would be for DPP to get to a position where they are at group breakeven and self-financing the rollout and marketing investment with internally generated cashflows. However, I do agree with you that they might get bought out earlier - perhaps by the UK-based one. I hope this does not happen, as in the long run I think shareholders would get a greater return if it remains a standalone company, but it does offer an element of safety in a sense. (My average cost is far below the current price of 28p, in fact I've trebled my money on the lowest tranches of shares purchased.) They did indicate recently that they did not think their rollout plan (100 stores by 2020, 145 stores by 2023, and a potential 282 stores in 2030 [per Peel Hunt]) required further equity issuance, which was an interesting statement. There is an indication that they are adapting the rollout accordingly and I hope the huge drag from immature stores opened in 2017 and even 2016 diminishes sharply soon. They do have a borrowing facility for 2019 assuming the Polish subsidy gets to breakeven. It has taken time to get to the current number of stores and it takes time and investment to build a business. I think they did make a big mistake initially, in raising inadequate capital in 2010. That resulted in a huge dilution in 2012 for those who invested at the start. Subsequent capital raisings have been more measured.
adrunkenmarcus
26/7/2018
18:56
a1samu, I appreciate you sharing your thoughts with us. However, I'd be very interested to see your calculations with regard to: the amount of equity you expect them to raise; the basis for you calculating that there will be issuance of shares (either a placing or rights issue?) at a price of 20p. Without seeing the mathematical basis for what you're saying, it is difficult to put any value on your claims. Thanks.
adrunkenmarcus
24/7/2018
22:15
Thanks food for thought....although I still think big picture they will be bought out at some point once they get to a certain number of stores. It may happen quicker if the share price hits the levels mentioned and stays there for any amount of time.
prettybullish
Chat Pages: 43  42  41  40  39  38  37  36  35  34  33  32  Older
ADVFN Advertorial
Your Recent History
LSE
DPP
Dp Poland
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210128 13:18:44