Wonder if its going to breakout of the long standing resistance - would seem justified on business metrics. |
TEG takeover bid this morning. Here remains at quite a discount to pre covid valuation too. Chance will push on as sector valuation reassessed? |
Notice of Results Hollywood Bowl Group plc, will publish its final results for the twelve months ended 30 September 2023
on Monday 18(th) December 2023. |
I must have missed something here.
What is this glorious news on inflation.
The US data or the UK wage data ?
For the UK 7.9 to 7.7% for wage growth which is above 6.7% consumer price infl.
"The persistence of pay growth will cause the BoE some concern that the fires of inflation won't be easily quelled, and that interest rates will have to remain higher for longer.'"
??? |
Just hope a Fox doesn't get into your coop after you've counted the eggs. |
oops yes bull!, and very bullish. Expecting all small caps to recover nicely. Pockets of carefully selected stocks and a few of SCSW recomendations being doing that over the last month aswell, good, DOT, BOWL, and few others, even the big bank caps responding. This latest inflation news will propell everything. If the NASDAQ carries on it's tear, EVERYTHING else will. This is a great day for shareholders for sure |
BULL MARKET !!!!! yes typo |
Bull!!! Typo |
Don't you mean bowl O-) |
absolutely glorious news on inflation. Great for everyone holding stocks! fingers crossed that this is a beginning of a nice bear market. CMON BOWL! |
Looks like we’ll find out if the roof is made of glass or concrete soon. Surely a forward p/e of 15 would be fair for such a well run business. |
Interesting tip from Simply Wall Street for BOWL 21/10/23
Consensus EPS estimates increase by 11%
The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved.
2023 revenue forecast increased from UK£201.5m to UK£212.5m.
EPS estimate increased from UK£0.187 to UK£0.208 per share.
Net income forecast to grow 13% next year vs 16% growth forecast for Hospitality industry in the United Kingdom.
Consensus price target up from UK£3.51 to UK£3.62. |
Re is it an earnings beat?
The TS is all about sales, it didn't announce an earnings fig. That comes with the FY23 results in Dec.
If you read my note above (and agree with it then)you can see the co is implicitly saying that basic EPS won't be lower than 20.5p which is right in the middle of the range of broker estimates on the FT site.
I find it interesting to note that BOWL's reports are all about the free cash flow whereas Ten Entertainment focuses on earnings per share (basic and adjusted). But then it's margins look lower.
Anyone got any views on this? |
Extracts from Stockopedia 20/10/23... on rrading update:
There are not any broker notes, so I’m in the dark as to whether this is an earnings beat, or not?
Lots going on, with new sites, and refurbs, all self-funded from cashflow.
Net cash of £52.4m, plus undrawn £25 RCF.
Final divi of at least 7p. Stockopedia shows a forecast yield of 5.3%, very nice. Especially as the likelihood seems to be that future divis could continue increasing, as the business expands. Self-funding growth, and paying a 5.3% yield, impresses me a lot.
Paul’s opinion - I’m always GREEN on BOWL, because it’s a cracking business, reasonably priced, and always seems to trade well, regardless of macro factors.
Assuming no change in forecasts, then Stockopedia has it on a forward PER of only 12.0x - that seems smashing value, for a high margin, self-funded growth company, with plenty of net cash, that is paying a >5% dividend yield. |
Thanks mpage
Strange they didn't say that in the update :)
Sp seems to be range bound which is good for trading especially if you expect the range break to be northward |
 Agree looked weird at first glance. But capex into the estate comes first. And ord dividend payout ratio now set at 50% PAT (see below from 202 annual report).
For FY2022 ord DPS 11.53p, basic EPS 21.91p = 52.6% payout ratio
From today's TS interim div 3.27p+ 7p min = 10.27p which, at 50% payout, implies minimum basic EPS of 20.5p for FY2023.
FT consensus of 7 analysts before today's TS: FY23 DPS 12.47p. FY23 EPS 20p (range 17.9p-21.9p)
My guess is they are being clear about ord div payouts and tilting the capital allocation policy to clarify trade off between capex and any special divs. Seems fair enough. It was a good TS - EBITDA growth expected to be ahead of market expectations.
P44 of the FY2022 annual report shows the overall capital allocation policy.
Dividend and capital allocation policy
The Board has declared a final dividend of
8.53 pence per share, based on an adjusted
profit after tax of £39.4m (adjusted earnings
per share of 23.07 pence).
Given the Group’s strong liquidity position,
the Board has reviewed its capital allocation
policy with the priorities for the use of cash
as follows:
• Capital investment into the existing
centres through an effective maintenance
and refurbishment programme
• Investments into new centre
opportunities, including expansion in both
the UK and Canada
• To pay and grow the ordinary dividend
every year with a payout of 50 per cent of
adjusted profit after tax
• Any excess cash will be available for
additional distribution to shareholders as
the Board deems appropriate, without
impacting on our ability for investment in
the growth of the business.
The Board believes that setting a proforma
net cash to Group adjusted EBITDA
pre-IFRS 162 ratio target (net cash ratio
target), provides a good guide for the future
allocation of surplus cash within the
business. The Board has set a net cash ratio
target of 0.5 times and will look for this target
to be achieved by the end of FY2025, as set
out below.
• End of FY2022 0.600X
• End of FY2023 0.570X
• End of FY2024 0.535X
• End of FY2025 0.500X
In line with this strategy, the Board has
proposed a special dividend of 3.0 pence
per share be paid to shareholders alongside
the ordinary dividend of 8.53 pence per
share, bringing the full year dividend to 14.53
pence per share. |
Maybe but it is a wierd thing to say.Because of our great performance our divi will be at least ........... So the minimum is 1.5p lower than last year |
Dividend Word play ???
'
The Group expects to declare a final ordinary dividend of at least 7 pence per share as a result of its strong financial performance and strategic execution
'
Last Year
'
XD 2nd February 2023 Paid 24th February 2023 8.53p Final
XD 2nd February 2023 Paid 24th February 2023 3.00p Special |
Interesting that they are forecasting a minimum divi that is a cut on last year |
Trading Statemeent OUT which, on first reading, looks excellent
'
Extracts .
Strong customer demand driving excellent financial performance
It has been fantastic to see so many families in our centres as they sought out fun, inclusive, affordable activities to keep their kids entertained throughout the year including during the unseasonal wet summer.
Total number of centres in the Group to 80 (UK: 71; Canada 9) |
More important the Trading statement due Week 2 in October. That will be the trailer for the annual results |
Upcoming Events for BOWL souce Stockopedia
Thursday, December 14th 2023
Full Year 2023 Hollywood Bowl Group PLC Earnings Release |
We'll, that was nice ? |
TEG results out today, not inspiring. |
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