Ffi Share Discussion Threads

[tsmith2] 04/3/2019 13:52

Content Distribution: Signature Entertainment is experiencing an uptick in licensing deals, as it continues to meet demand for content from its distribution channels and streaming companies. IMAX Pandas documentary continues to receive rave reviews from viewers and critics. The roll out of the film has been slower than anticipated, with the Chinese release anticipated to occur in 2019. As previously disclosed, the ultimate timing of cash flows will be dependent on theatre availability and is subject to IMAX's release schedule, in particular the Group is awaiting schedule release dates for China. The Group now expects to start generating significant income from Panda in FY 2020 after recouping its initial distribution costs.News on Panda must be pretty close

[tsmith2] 04/3/2019 13:41

capitulation..

[tsmith2] 04/3/2019 13:40

I suspect they've spoken to the company.. and possible due to lower earnout payments?

[tsmith2] 04/3/2019 13:34

The market cap is say £25mnThe company will be doing through EBIT of $9m, generates decent slugs of cash$15mn cash, $10mn in captive do the maths.it's not being value much more than cash!!

[stemis] 04/3/2019 13:34

I think $15m is optimistic.

At 14p the market cap of $29m is now less than the cost of acquisitions ($33m) even ignoring the accrued earn out of $26m.

[tsmith2] 04/3/2019 13:33

We had the forced seller etc seen and done last month

[tsmith2] 04/3/2019 13:32

Anything else?

[knowing] 04/3/2019 13:32

tsmith that may be the case but when you maybe have a forced seller, as was in PHD, the drop becomes compounded.

[tsmith2] 04/3/2019 13:24

Update today. $25mn including the captive ($10mn). even assuming $9m of EBIT for FY2020 the share price is madness.

[stemis] 04/3/2019 13:24

Well I've had a couple of replies from Sasso this morning (bearing in mind it's still early morning) which contrasts with the total indifference to my messages that some companies I've held have shown...

It's always slightly dangerous talking to companies as you can easily get sucked into any spin. However I do get the impression they understand they need to give shareholders some decent answers on direction and that something should be forthcoming in the not too distant future.

Although I may be proved horribly wrong (and my record so far re FFI clearly hasn't been exemplary), I don't really foresee a delisting or take private.

[tsmith2] 04/3/2019 13:15

I agree with your point re: PI treatment.

[eentweedrie] 04/3/2019 12:53

time will tell...unfortunately this management has certainly not proven themselves or shown amy interest in PI's.

[rhomboid] 04/3/2019 12:17

Liberum note is from 19 th December & guided to net cash of $10m at Y/E ...not seen anything later?

[stemis] 04/3/2019 12:09

Do you have the Liberium note?

[tsmith2] 04/3/2019 12:07

Lol. Profound. When net cash makes up 20p

[eentweedrie] 04/3/2019 12:06

i think this is likely to see single digits before there is any sign of uplift.

[stemis] 04/3/2019 11:53

Which broker?

[tsmith2] 04/3/2019 11:45

Broker saying net cash including captive will be $25mn so £19mn. Current market cap £22.5mn.which ever way I look at this is, the valuation is crazy.

[tsmith2] 04/3/2019 11:18

I've added at 13.7p. The maths compelling and with corporate potential to boot, couldn't resist

[stemis] 04/3/2019 11:10

Regardless of everything else, this is feeling very much like capitulation. A few well known FFI bulls throwing in the towel on twitter...

[tsmith2] 04/3/2019 10:54

He could well buy the whole lot that he currently doesn't own for 1/3 of what he's shares were worth on floatation

[stemis] 04/3/2019 10:34

However bad anyone is feeling, have a thought for CEO, Steven Ransohoff. When the company floated his shares were worth £71m. They are now worth £7m...

[tsmith2] 04/3/2019 10:17

Ah yes. I thought they were the FY2020 numbers. I'd be interested in seeing what FY2020 numbers look like and expect a material contribution from Panda roll out. Slightly disappointed that there was no mention of this today but suspect schedule being finalised