Enterprise Inns Share Discussion Threads

[the_doctor] 17/8/2011 14:07

Looking at the holdings RNS, well, Axa's selling of 5% of the company must have created quite some overhang. Now all gone!

[the_doctor] 17/8/2011 12:58

I was rather close to adding at 38p


I realise that the conversion to REIT was stalled in 2008/09 due to the financial crisis.
... and that an analyst was fined for spreading rumours of a move to REIT that caused a spike not so long ago


Anyone know please
A) what the status with HMRC is concerning a move to REIT
B) why bank funding would be needed and what the likelihood of that is in the current climate

There was no mention of REIT in the interims, so does that mean there's very little chance of A/B at present?

Thanks!

[the_doctor] 11/8/2011 16:42

Was the review not in June?

[randolph and mortimer] 11/8/2011 11:03

Getting kicked out of the fTSE 250, hence the run.

[spob] 08/8/2011 23:28

If ETI directors have any money to spare

I would suggest they contribute it to the ETI debt fund

LOL



PS : any ETI pubs hit in the social disorder ?

[jeffian] 08/8/2011 23:14

I note that all the Directors bought today, but relatively token amounts. I assume they are trying to send a signal to the markets but I'm not sure the markets are in any mood to listen to anything at the moment and if they were, I doubt this would be seen as much more than showboating. Still, better than Director sales!

[the_doctor] 04/8/2011 13:59

spob, you're confused
the market cap isnt what matters, in fact, the lower market cap only makes the shares better value.
It is cash flows vs net debt that matters, but that's not what you said


I'll call 42p the bottom

[spob] 04/8/2011 12:44

trust me, it matters

[the_doctor] 04/8/2011 11:28

"Market cap 234m
Net debt approx 3130m"


spob, if the market valued it at 4000m and net debt was 3130m, would it look more clever?

net debt doesnt actually matter - only the servicing of debt and generation of cash.

[spob] 04/8/2011 11:07

Market cap 234m

Net debt approx 3130m

not looking too clever is it

[spob] 04/8/2011 11:04

What's the NET debt now ?

was £3130m as of the last half year interim results


I notice some news articles today are incorrectly quoting ETI net debt as £430m, LOL

I wonder how many ETI investors have been hoodwinked in the same way

[the_doctor] 04/8/2011 10:42

spob - I meant in terms of what was announced in the IMS

[spob] 04/8/2011 08:49

" asset valuation shouldnt IMO have changed too much "

with all of these publicans trying to offload pubs faster than you can sell hot cakes what do you expect to happen to pub asset values ?

[cerrito] 04/8/2011 08:43

Took comfort from the IMS which to me had no real surprises, and I could not see any worrying trends.
Thought they went overboard with the explanation on the amount they are spending on refurbishment-will be £60m+this year but not much above the £54 and £52m spent in the previous two years.
Note that bank borrowings will come down from £686m to £450m in the FY but given that in this FY they have realized £134m from the sale and leaseback was rather neutral about this figure. Seems Tranche B will be paid by calendar year end.
When I have the energy need to work through the implications of food being 25% of turnover.
Very reluctant to buy more given my holdings in both the debt and shares(I bought back into the shares too early) but those who have bought this morning will do well.

[the_doctor] 04/8/2011 08:10

Well, from a quick skim through, that seems encouraging and should IMO be much better than the market feared a few weeks ago, let alone at sub-50p prices.

I'm in for a few :o)

[the_doctor] 03/8/2011 16:30

Well, 47.5p is very tempting

If I'd known the IMS was coming tomorrow, I'd maybe have tried to think about the numbers

asset valuation shouldnt IMO have changed too much unless other pubs had been selling for lower values?

revenue could be a bit lower than expected, with costs up somewhat, but no more than expected.

My gut feeling is that a buy now will be up 10% tomorrow, but who knows
I guess all it will take is a comment that revenue or earnings lower than expected and it'll drop lower... and I've no idea what's expected

Good luck for it jeffian

[the_doctor] 03/8/2011 15:22

Ah, ok, thanks jeffian

That should be interesting.
While I wouldnt expect glowing numbers, clearly from the sp, just an 'on track' could be good enough.

[jeffian] 03/8/2011 15:16

There's an IMS due here tomorrow, so you will be getting news here before CRA. I would like to see some comment about the repayment of Tranche B debt but I doubt anything will lift the stock much in market's current mood. PUB certainly haven't done the tenanted sector any favours!

[the_doctor] 03/8/2011 12:36

Wow, 49p hit

That's the level I'd be looking to buy a few.

The only trouble though is that it's cheaper because of recessionary fears
and that raises the risks here
so, cheaper, yes, but also more likely to go down further

I've taken a punt on Corac (which is due an update in a week), so wont be buying anything else just yet...

[the_doctor] 22/7/2011 09:44

'the_doctor - 21 Jul'11 - 11:06 - 488 of 488 edit
If the markets were bottoming, I'd take a punt here now'

and I'd currently be sitting on the best possible buy price :o)

still... we'll see...

[the_doctor] 21/7/2011 11:06

If the markets were bottoming, I'd take a punt here now
... but they're not.
Unfortunately IMO the markets are at a top, with a bear market close as the reversal of debt binges and austerity measures cut off the growth taps, leading to several recessionary years...

But I could be wrong!

[the_doctor] 13/7/2011 16:35

I dont go out of my way to agree with jeffian spob, but I'm with him there.

[jeffian] 13/7/2011 16:12

jeffian - 6 Jul'11 - 11:11 - 468 of 485 edit

jeffian - 21 Oct'10 - 10:15 - 408 of 467 edit

Ah, spob, as you're back on one of your rare visits, you forgot to answer this one -

"jeffian - 20 Jul'10 - 18:01 - 369 of 407 edit


Well what do you think is the "right" level of debt and why?

If you were buying a house (or pub!), how much of the purchase price would you be prepared to borrow?"