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MORE Hostmore Plc

1.00 (4.76%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hostmore Plc LSE:MORE London Ordinary Share GB00BMV9MD66 ORD GBP0.20
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 4.76% 22.00 298,753 16:35:17
Bid Price Offer Price High Price Low Price Open Price
21.50 21.90 22.00 20.60 21.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Eating Places 195.72M -97.54M -0.7734 -0.28 27.12M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:17 UT 5,824 22.00 GBX

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Hostmore Forums and Chat

Date Time Title Posts
02/11/202114:24Monreal PLC265

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Posted at 08/12/2023 08:20 by Hostmore Daily Update
Hostmore Plc is listed in the Eating Places sector of the London Stock Exchange with ticker MORE. The last closing price for Hostmore was 21p.
Hostmore currently has 126,127,279 shares in issue. The market capitalisation of Hostmore is £27,117,365.
Hostmore has a price to earnings ratio (PE ratio) of -0.28.
This morning MORE shares opened at 21p
Posted at 03/5/2023 05:20 by muzerewa
A reassuring presentation yesterday, refreshingly free of corporate BS. Seems a compelling investment opportunity at this price.
Posted at 21/11/2022 10:56 by muzerewa
This share is trading at distressed levels, suggesting bankruptcy on the horizon. Looks cheap if the company can survive....

Interesting to note recent shareholding notifications from Edward Bramson and Steven Welker, activist investors who were involved with Electra PE trust. I believe Welker is now on Hostmore board..
Posted at 11/7/2022 13:57 by km18
Hostmore (MORE) issued a trading update for the HY ended 3rd July this morning. Trading is in line with expectations, growth opportunities remain despite consumer caution. LFL revenues for the period since 23 May 2022 are in line with the expectations set out. Organic growth continues in line with previously stated plans of the Group, with the recent opening of the fourth 63rd + 1st restaurant, in Edinburgh, on 7 July 2022. More than one million customers visited the Group’s brands during June. The Group has extended its primary banking facilities for an additional 12 months, the terms include an increase in the value of the Revolving Credit Facility to £30m from £25m in support of the Group's capital allocation policy. The share price has fallen over 75% since listing last year, valuation is now very attractive. The balance sheet is improving, but near term share price momentum is lacking. One to monitor for now, but valuation is a big plus...

...from WealthOracleAM
Posted at 18/3/2022 16:57 by jtourer
Interesting analysis, I remember TGIFs when they were newish in UK. I used to sometimes take customers there. They were a tad pricey but a generally good experience. However in recent years TGIf seems to have morphed into nothing more than an expensive MCDonalds as the one in Reading was full of kids birthday parties etc. So I for one welcome an up-tick in quality and service in TGIF's
Posted at 18/3/2022 13:46 by napoleon 14th
Dunno about Paul Scott, but here is another opinion.
Rather pertinent questions being asked....

Small Caps Live Weekly.

Hostmore (MORE) - Final Results, Here’s the headlines:

As a restaurant chain, this is dominated by lease assets, so taking the pre-IFRS EBITDA is largely meaningless. Thankfully, they provide the pre-IFRS16 figure and we don't have to try to calculate it. This is of course still an adjusted figure, and looking at those adjustments, the big difference is listing costs. How on earth did it cost them £8.1m to list a sub £200m market cap company?! Smacks of the PE float/demerger that this was. At least these costs should be genuinely one-off.

These figures put them on a P/E of 13 and a EV/EBITDA of 5.6. This isn't crazy expensive, but isn't cheap either,

However, the FCF figure does look impressive. But the first thing to note is that this is not what we would typically call Free Cash Flow:

Free cash flow is calculated as the profit/(loss) for the period adjusted for depreciation, non-cash items, changes in working capital, tax paid and maintenance capex, and excludes cash used in financing activities.

This is not cash generated that can be used to pay dividends, buy back shares or reduce debt. To get to FCF from OCF they take off what they define as maintenance capex but not what they consider expansion capex.

Even putting aside that this split is open to considerable opinion, Mark considers this inappropriate because otherwise companies with significant growth capex, such as say Capital Limited, could claim that they generate great FCF figures. High-quality companies such as Capital don’t, of course, because that cash flow isn’t free, it is committed to growing the business.

Given the recent float, all the IFRS16 calculations, maintenance vs growth capex debate then we are disinclined to spend hours unravelling the details. The much simpler way is to look at net debt, which went from £28.6m to £12.2m; so a £16.4m reduction. However, they received £13.1m from their listing and didn't pay a dividend. So actual FCF was £3.3m.

Partly this was because they spent £8.1 on listing costs so it may be fair to add this back in. But they also received government payments in this time, although they don’t quantify this. About £1m of the FCF was due to working capital changes, so while we agree this is FCF it also isn't necessarily repeatable.

With the share price down this week, the market seems to have been able to see through the attempts to put lipstick on, what may or may not turn out to be a pig. Or it may simply be unimpressed by the outlook:

LFL revenues for the 8 weeks ending 27 February, adjusted for stadium venues, is c.3% lower than FY19

They have hedged gas and electricity costs:

Early hedging of gas and electricity costs, both volume and pricing, substantially reduced the negative impact on future margins, with recent hedging contracted prior to the start of the Ukraine crisis

But no indication for how long, and of course, labour inflation could well be challenging for them too. The CEO does say:

I am equally appreciative of the ongoing loyalty of our many guests that continued to support us by visiting our restaurants and indicated their appreciation of the improvements in quality and service which have resulted in higher and more consistent levels of guest satisfaction.

This suggests they are willing to address the fundamental issues with the business that have been evident for some time - that the reviews are poor for the core "Friday's" business, and that their offering is priced at a premium to other restaurants without offering a premium experience. Personally, Mark would much rather go to one of the independent local restaurants that provide chef-prepared food and nice wines for a lower cost.

This quote stood out to Leo:

With the combination of the permanent closure of somewhere between 15-20% of restaurants as a result of the pandemic and a growing acceptance from consumers that pricing has to reflect value...

What about an acceptance from TGIs that their pricing has to reflect value? Perhaps the Chairman could be part of the problem:

Having had responsibility for the stewardship of the TGI Fridays brand over the last five years as Chairman of Electra Private Equity PLC, I am now delighted to present the inaugural Chair's Statement of Hostmore plc as an independent listed business.

So this is good news:

It is therefore my intention to step down as planned at the Annual General Meeting in May.

However, this is a highly competitive sector, and nothing in these results changes our fundamental view: if we wouldn't eat at their restaurants then why would I buy their shares?
Posted at 28/11/2021 21:19 by mashman
Not sure what to do here. Fundamentally it's cheap as, but....

CE Robert Cook has said they were waiting for good deals next year, maybe Christmas has come early?

They are only operating 3 sites so they are not going to suffer great losses there

They are cash-rich and are on the hunt for new sites.

Landlords were offering very good terms before this drop in share price

Strong balance sheet

My conclusion is that they may be in the right place at the right time and acquire their sites on good terms and be ready for the recovery from this fourth, and hopefully final wave of Covid
Posted at 13/11/2021 12:04 by simon gordon
Maybe in 2023 with the estate at c.100 outlets, c.85 in 2019, and more focus on cost control and less competition they'd be hitting 14m. They do have a growth strategy with Fridays the cash cow to invest in 63rd which could probably be 100+ if it's a hit, still early days. Also they are planning to expand the Fridays brand, probably try and make it a bit more Five Guys with drive ins. Their marketing department are very good. So, for sure you have to pay for a little bit of potential.

I hold TRI and it has forecast free cash of 10m in '23 and it's market cap is nearly 200m and it's not a highly scalable business.

Have you compared MORE to its peers? The argument made by Numis and Edison is that MORE is cheaper than its peers: 6x EBITDA to 11x. I don't have access to notes on Fulham Shore, RTN and Loungers to see.




According to Edison the forward p/e is 10.5x.

If they start proving up 2022 and expand both Fridays and 63rd then they would probably be on a single digit p/e for 2023.

I don't know what the forward p/e's are for the listed peers. Does anyone know?
Posted at 09/11/2021 07:03 by simon gordon
Page 145 of the Prospectus, dated 15th October 2021, highlights who the existing shareholders are in MORE:

-Witan 13.2%
-FIL 11.03%
-M&G 9.25%
-Stephen Welker 6.66%
-Aviva 4.01%
-Crown Sigma 3.58%

If one or more of them want to sell then the price will drop to meet the buyer. If that's the reason for the fall, then once cleared it could bounce hard.

Director holdings:
-Robert Cook 3.3m shares (options?)
-Alan Clark 2.4 shares (options?)
-Gavin Manson 1.4m shares
-Neil Johnson 837,000 shares
-David Lis 130,500 shares
Posted at 03/11/2021 20:31 by haroldthegreat
People purchased because there was thought to be xs value in the assets over the share price of Electra . Now they will get rid of More shares and keep the rest hoping they will appreciate over time .
Posted at 02/11/2021 11:58 by ochs
Looks to be a new listing of

It's just taken the code MORE, so unconnected to Eight Capital Partners which remains listed on the Aquis Exchange (formerly NEX) and seems to be doing ok, although share price still very low.
Hostmore share price data is direct from the London Stock Exchange

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