Duke Capital Share Discussion Threads

[solarno lopez] 25/5/2023 07:31

Spot on cfro CFO's are usual cautious chaps

[cfro] 25/5/2023 07:29

By the Chief Investment Officer too and not small change either..

[solarno lopez] 25/5/2023 07:26

So we have the company making supposedly poor investments and a director taking a slug of equity !

[btgman] 25/5/2023 07:08

Director buying very positive sign.
AIMHO
GLA
BTG

[feddie] 24/5/2023 08:29

Positive RNS

[brucie5] 24/5/2023 08:16

But market positive..?

[tiswas] 24/5/2023 07:54

I was tempted by this this morning for the yield but just looked at Tristone Healthcare accounts at companies house.

Not tempted any more!

[cfro] 24/5/2023 07:35

This at least prove that it's not doom and gloom for all of DUKE's various portfolio of companies...

[brucie5] 23/5/2023 16:21

Now paying over 10% dividend - do we believe this is sustainable?
This is an interesting thread and I note some disagreements over risk here. The share has sat sat in my folio sit March 21 with little concern for its ups and downs on account of the cash it produces and the fact that it survived COVID. But this yield surely signals one of two things: either too good to be true, or too cheap not to add more.
I notice a 91 for value on Stocko and Ben Graham Deep Value pass; but also a negative 'Unholy trinity' screen; and no great quality metrics. So maybe it's not very well understood there either?

[a0002577] 23/5/2023 12:16

They often make a divided payment entry late BUT they always put the correct date in the entry. That makes sure that they pay your interest on the money from the time they got it rather than when they posted it.

You saw things correctly I am sure.

[dsct] 22/5/2023 22:32

Thank you for your replies.

I did sent AJ Bell a message Friday afternoon, but when I checked again over the weekend that one incorrect dividend had been corrected, so I've updated them.

Must have just been a blip, but I do wish I'd take a screenshot !

[a0002577] 22/5/2023 11:22

Dsct,

Send a secure message to A J Bell and ask them why. They are normally pretty good at resolving those problems

[melody9999] 21/5/2023 23:13

dsct - checked my cash statement on AJBell. I got paid at 0.7p with 0 tax showing.

[zangdook] 19/5/2023 11:04

IG sharedealing haven't taken anything as far as I can see. At least, the 12/4/22 dividend is still listed as 0.7p and there are no suspicious entries in the last 90 days.

[dsct] 19/5/2023 10:36

Hello investors,

I wonder if people could check their Duke holding to see if I've missed something.

I have a spreadsheet of my investments so I can keep my own records, analysis etc.

I've just noticed there is a difference between my spreadsheet cash balance and that showing on my AJ Bell (Youinvest) account.

Going back, I've found the offending item, and it's the Duke dividend on 12/04/22. This now has a 20% tax charge. All other Duke dividends have not had this charge.

I'm not sure why it's only just been changed (from over a year ago), as I'm sure my end of March 23 balance was correct.

Thanks

[podgyted] 23/4/2023 00:10

Take their follow on investment into Tristone Healthcare RNS 13/12/22.

"The financing increases Duke's total investment into Tristone to £17.6 million. The investment terms are the same as Duke's previous follow-on investment into Tristone, including a starting yield of 13.5% and a +/- 6% annual revenue adjustment factor in respect of royalty payments due"

That's not a royalty .

A royalty would simply state (e.g.) at 2% of turnover - no caps or floors - and certainly not a percentage of the investment.

That's just a high yield loan - what our American colleagues would call a junk bond.

DUKE are listed as holding 13.5% of the equity of Tristone.

Not saying it won't work out and not do well but if you're going to invest at least at first understand its not a royalty company as the market normally understands.

[podgyted] 22/4/2023 23:40

I don't think it was and they seem quite coy about it.

I personally think them continually saying they are a royalty business is wide of the mark. They are venture capitalists - no other royalty business I'm aware of takes/demands equity stakes in the projects/businesses they invest in. But, on the other hand, it might well work out for them.

[34adsaddsa] 22/4/2023 23:30

I've never owned Duke but I've kept an eye on it for a while. All these equity stakes; surely that wasn't the original plan?

[podgyted] 22/4/2023 20:37

This is a curate's egg.

Buffett/Munger would consign this to the "too difficult" tray. I've decided to stop looking at until they produce their March 23 accounts.

Trimite definitely looks like a problem --- but --- Duke and their auditors had access to Trimite's horrible March 2021 accounts ---- Duke must have had a good story and information to support a valuation of £10.3m which they went with in their March 22 accounts. However, Trimite's accounts for March 2022 are overdue - can't think a filing delay at Companies House is responsible - its now three weeks. Would postulate a restructuring of some kind is going on.

But on the positive side, for example, Miriad Products could be a winner with a 30% equity stake (although you now have to go up into SLAKE TOPCO LIMITED to see it). I quite like the look of Intec - they now have a 12%+ stake in Intec Business Holdings Limited and although this made a loss in p/e 31/12/21 I suspect it may well be doing far better now post-pandemic.

Shifting corporate structures, the information at Companies House is way out of date ...... too complicated.

Good Luck

[weaverbeever] 20/4/2023 16:21

And again. Shows high volume of buys. But no price movement.

[weaverbeever] 17/4/2023 19:31

Was that a lot of buys today? No price movement?

[melody9999] 14/4/2023 09:50

Disagree BTG. Carcosa is putting forward a reasoned argument which is very credible - unlike many you see on ADVFN. And even then the final comment "share price for Duke seems well below that of what even the most realistic pessimist could justify".

Cfro talks about the wider picture. Since 2017 - when I think DUKE commenced operations, the world has gone through some tumultuous times. But DUKE has navigated this OK - even when travel stopped after COVID they exited Temarca, a river cruise operation with just -2% IRR. Other exits have been positive.

So 6 years later, could they suffer what I think would be their first partner that goes into liquidation - of course. But that would just be a bump in the road. Alternatively DUKE may go another 6 years without such an event.

In the meantime their revenues are growing rather quickly - from £3.9M in Q3 22 to £5.6M in Q3 23.

Based on what is actually happening, rather than what may or may not happen, I think there is plenty to like wrt DUKE.

As an aside, it seems a trend now for News programmes - especially BBC News - to report what might, or could possibly, happen in the future. Alternatively some special report or analysis on some far flung destination based on happenings in previous months or years. Sometimes these are even the headline story.
Actually I only want to know what has happened today - that is todays news!

[btgman] 12/4/2023 23:09

You seem very keen on detail Carcosa very basic error getting your dates wrong shows you have zero credibility.I suspect most will be able to see through what you are trying to do here.
I have done my research so your bs is at best amusing but realistically it's a sad life you lead.
AIMHO
GLA
BTG

[cfro] 12/4/2023 09:27

You need to zoom out and see the wider picture.

Most of DUKE's companies have been signed up in the last two or three years. We all know what has happened since then, quite a lot..

Hence there is bound to be the odd one or two bad eggs. None of it DUKE's fault. Just keep an eye on DUKE's own cashflow. As long as they keep getting paid thats what matters.