Jacques Vert Share Discussion Threads

[omerta] 20/8/2009 18:00

thanks.....

[deswalker] 20/8/2009 16:43

They are all over the place. share price has a tax rate of 12% for both 09 and 10.

Numis has 42% for 09 and doesn't forecast for 10.

Figures according to Refs.

One of the reasons for the uncertainty ...

Remember the actual taxes paid in cash are lower than those used in the P&L due to the deferred tax asset. For instance, in the last results they took a tax charge of 928k through the P&L but only paid 190k through the cashflow statement as 738k was knocked off the deferred tax asset line in the Balance Sheet. So basically they will keep paying relatively little actual tax until they have converted all their deferred tax assets (still 1.9 mill) into a better asset, namely cash.

I only value this on the Balance Sheet and the Cashflow statement. Anything below the PBT line in the P&L is meaningless AFAIAC.

Des

[omerta] 20/8/2009 16:02

Des ...would you mind saying what the respective brokers have penciled in with regard to tax charge/prospective PE etc.

Thanks

O.

[omerta] 20/8/2009 12:07

Ah ... D.W has arrived

[omerta] 20/8/2009 12:05

Done the same sort of overview TBF and sat here getting bored whilst any old thing to do with Property goes better by the day (am pleased to say!)
The shop are obviously keeping the stock lower for a reason. But having said that two other mm's are offering on the 'auto' in a 100/- Wins bidding for 10/- only ....... 'till you talk to them i suppose....as per usual.

[deswalker] 20/8/2009 11:48

The house broker Seymour Pierce has a PBT of £2.5 mill dated 7/7/09 and was bang on the money with its forecast for last year (as you'd probably expect).

Numis has a PBT of £2 mill dated 17/8/09.

£2 mill PAT is probably a touch high but they might do it ...

[the big fella] 20/8/2009 11:29

I was just mulling over last years finals again, to try and get a feel for what is likely this year.
In 08 they made 3.5mil. Last year was a loss (primarliy due to tough trading and exceptional items - which won't be recurring and resulted in c 0.8mil cost sayings annually).
On this basis I would pencil in a minimum on 2 mil net profit this year. However there are some signs of recovery, and signs of improved margins, so these could under shoot.
Cash generation remains good, no debt to speak of, a massive pension surplus. They appear to be bouncing off the bottom of their trading cycle. All in all a decent recovery play in the sector, and one that has largely been overlooked as others have been re-rated. Their time will surely come.

[6kenny] 19/8/2009 22:59

£4.5m in cash and 1000 store/outlets....turning over £110m at a margin of 61%....ermmm I think we might see a rally and rerating here shortly...keep em peeled.

[omerta] 19/8/2009 18:45

Broker/MM ... in this case Seymour Pierce

[omerta] 19/8/2009 16:08

Odd but it's still the shop that's on the offer

[the big fella] 19/8/2009 15:53

Cheers. I bought a few more earlier today.

[love it] 19/8/2009 15:46

250k took out the MM on the offer but they came back on 7p. Get this though all the MM's have moved around the MM on the offer is all alone now with a massive gap. Offer 7p on screen next offer L2 is 8p!


I think the mm on the offer has a seller when clear next offer 8p this could really go.

250k director buy? Who knows but life in the old dog.

[the big fella] 19/8/2009 13:58

Yes. Looking for this to hit double figures on this run.

[omerta] 19/8/2009 12:43

The shop is on the offer but is no longer offering in size.
The two trades of 1m do not seem now to have been an agency cross .... so 'up we go' TBF !

[the big fella] 19/8/2009 10:13

Looks like those mil trades yesterday cleared the overhang. These have been completely overlooked and are due a run.

[sharw] 19/8/2009 09:20

SteMis - I think you're right. Waillim is an anagram of William and Barid of Baird and Barid was the vehicle for Alchemy's bid that did not go through:



The following is from:



Jacques Vert Plc was founded in 1972 and became a
public company in 1977. In late 2000 Alchemy acquired a
29.4% stake in the quoted group William Baird Plc. Until
2002, it concentrated on retailing the Jacques Vert
womens wear brand, primarily within the UK. In 2002 the
Baird stake was exchanged for an approx. 25% stake in
Jacques Vert Plc as part of Jacques Vert takeover offer for
William Baird. The holding has since been increased to
over 26%. The company acquired the larger William Baird
plc, in December 2002. This acquisition added 3 further
womenswear brands - Windsmoor, Planet and Précis
Petite, a menswear brand - Melka, an outer clothing brand
- Tenson, and a garment manufacturer in Sri Lanka.

[omerta] 19/8/2009 08:07

saw those two 1m trades go through yesterday ..... may have been an Agency cross ....?

[stemis] 19/8/2009 07:47

Didn't most of alchemy's holding come from the takeover of Wm Baird 7 years or so ago? Quite a bit of Schroders holding seem to come from around then as well. Since then the share price has not done a lot. It was about 10p ish then and is 6p now. It's only peaked at about 25p twice. Most of the time it's been about 10-20p.

Although Waillim and Schroders have the power to do what they want here, they don't seem to want to do anything (unless there is nothing they can do). What is their exit strategy?

This seems to have been value for quite a while. What is going to change the market's view of it?

[deswalker] 18/8/2009 22:05

Alchemy



Steve Bodger is non-exec Chairman here too ...

[stemis] 18/8/2009 20:36

Who are Waillim?

[deswalker] 18/8/2009 19:26

CEO buys 100k at 6.1p

[the big fella] 12/8/2009 08:52

Or maybe not!

[the big fella] 04/8/2009 14:18

Online linits looking much better:

buy 37.5k @ 6.59p
sell 100k @ 6.16p

May have found a floor on the latest retracement

[omerta] 28/7/2009 17:39

Thanks TBF
Am on a small profit at this level but fancy staying with them. I was also thinking along similar lines to yourself but will sit and watch for a wee while.