Epe Special Opportunities Share Discussion Threads

[rp] 22/10/2020 22:40

Was thinking of investing until I saw that "Sir" John Redwood is on the Advisory Board.

[n1mgn] 22/10/2020 10:44

If I have done my maths right this needs rerating.85p in cash 27 ?of LUC 102 mln 338plus 4 other investments next Nav will be interesting.

[horndean eagle] 12/2/2020 12:27

Looks like a decent uplift on Whittards. Hopefully they are planning on partial exit of LUCE. Offering distributions to shareholders wouldn't go amiss in order to help with discount control.

[hiddendepths] 24/5/2019 09:54

Look at LUCE go! Great turnaround there. Tried to add here a couple of months back but II wouldn't let me. I'm allowed to close my existing position but they won't let anyone buy stock any more for some reason I can't understand.

[value hound] 09/4/2019 12:44

Well, there is the 87.5pps in cash less all liabilities, in addition to all the other investments that aren't LUCE!? :-)

[spectoacc] 09/4/2019 08:21

Short termers, long termers, every other type of termers I'd suggest. Whole time I've followed EPE it's been a poor performer on a massive spread. If you like EPE then you have to like LUCE. If you like LUCE, buy LUCE :)

[value hound] 09/4/2019 07:49

Results out - NAV per share now 241.5p according to my calcs, based on LUCE's increased share price since end January of 76p before the start today (LUCE's finals also out) whilst the rest of their P/F is "conservatively valued". Much too wide a discount IMO (37% at 153pps), but the spread (150-170p) remains off-putting for short-termers.

[value hound] 09/3/2019 13:27

They did a portfolio update in March last year because there was specific news, but not in 2017 or 2016. The annual report is due in late April / early May. The last NAV we knew was at the end of September since when the uplift in LUCE's value alone would put NAV at 234pps according to my calculations (a c.32% discount). Of this, there should be around 120-125p per share in cash (depending on how much cash was included in the previous figure that was held in Process Components and how much has gone on buybacks. Of course, a lot depends on how the other investments are doing. IMO it's either undervalued, very undervalued - or extremely so. But given the spread, you have to be confident enough to hold it for a while as it makes it very much not a trader's stock.

[n1mgn] 08/3/2019 23:14

gents , any idea when the next Nav update is due , surely with LUCe having doubled I recent weeks we must have a large increase , any one that can,shed some light it would be much appreciated . thxs

[value hound] 29/1/2019 21:23

Well FWIW, I know purely anecdotally that Whittards is much in demand with teeanage girls. Unfortunately, I'm now of an age where I only now this vicariously - via my offspring :-)

[horndean eagle] 29/1/2019 21:17

Apologies. Never saw your message. They give ranges on the valuations within their accounts somewhere or other. Pleased with LUCE results today. I was tempted to buy low 30s but decided not to as I was a bit worried about retail backdrop. In all honesty I was a bit of a wimp. They flagged up a whole host of easy wins for the second half and hence they were so confident. Now we can hopefully start to see ESO re-rate in tandem.

[value hound] 29/1/2019 08:46

LUCE up a bit - nothing here. Even more of a bargain but the spread means it's not a trader's stock.

[value hound] 01/11/2018 13:46

Horndean Eagle; what's your reference point for Whittards' current trading / estimated valuation? TIA

[horndean eagle] 01/11/2018 12:38

LUCE is a modest part of the pot now. Director buying does seem a little bit staged but have a look at how well whittards is doing. Its worth a huge premium to what its in the books at. As i said. they are not total idiots.

[value hound] 01/11/2018 10:34

Shares have been on a good run, LUCE up a bit today and directors buying, close to £37m in cash versus mkt cap of £49m. OTOH, horrible spread as ever, no yield, and overly-wedded to LUCE's fortunes, so you've pretty much got to trust them for the longer term. Feeling smug as I bought at what I thought was the low, then averaged down at the absolute nadir (I think). But it may be a tad early to call victory!

[spectoacc] 01/10/2018 08:53

Lo facciamo davvero

[value hound] 01/10/2018 08:46

Maybe they mean 'new deals' on LUCE!? :-) Speriamo di no

[spectoacc] 01/10/2018 08:11

+11p on NAV isn't bad but be lucky to get +5p on share price (or zero!). Of more interest I thought was: "ESO intends to use the capital returned for new deals." That implies to me that they may not be punting the cash on yet more LUCE, which would surely be a good thing.

[value hound] 01/10/2018 07:52

Almost 26p uplift on NAV (since the interims) - 11.16pps uplift from disposal of PCL -.nice news this morning.

[spectoacc] 28/9/2018 08:48

There is that argument - but bear in mind EPE have been using some of that cash to buy more LUCE! If you think they're wrong, and that LUCE may go pop, then definitely don't buy either.

[value hound] 28/9/2018 08:29

Because if LUCE goes pear-shaped, you're left with a load of cash and what are hopefully good investments left, so your shirt remains largely on your back.

[spectoacc] 28/9/2018 08:23

Glad I never bought - but good luck holders. They bought more LUCE (DIA warned today I see, though arguably for co-specific reasons), but if you think LUCE is going to go up - why not buy LUCE? Can't see any rationale for buying EPE other than the discount - which is always there. Eg if LUCE goes nowhere, EPE goes nowhere. If LUCE doubles, EPE goes up by what, maybe a quarter if lucky? Hence buy LUCE, not the bag of rubbish that is EPE.