Jpj Investors - JPJ

Jpj Investors - JPJ

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Jpj Group Plc JPJ London Ordinary Share GB00BZ14BX56 ORD GBP0.10
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 725.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
725.00 725.00
more quote information »
Industry Sector
TRAVEL & LEISURE

Top Investor Posts

DateSubject
22/8/2017
09:10
twistednik: Jackpotjoy PLC logoInvestment analysts at Berenberg Bank began coverage on shares of Jackpotjoy PLC (LON:JPJ) in a note issued to investors on Monday. The brokerage set a “buy” rating and a GBX 1,000 price target on the stock. Berenberg Bank’s target price would suggest a potential upside of 35.50% from the company’s previous close.
18/8/2017
13:53
twistednik: Good volume and price up again ... looks like the breakout is being sustained and supported by institutional investors. Surprised this isn't on more people's radars!
15/8/2017
06:35
king kong dong: Just been reading the RNS. Firstly, I am not claiming to know this business / company inside out. However, would it be fair to say that there seem to be some interesting accounting going on here? A net loss of £20m (under IFRS) transforms into adjusted EBITDA of £59m. I know they all do it, but that is some swing. Perhaps it is tied into the major acquisition they made of the Spanish business. This is how: Adjusted net income, as defined by the Group, means net income plus or minus items of note that management may reasonably quantify and believes will provide the reader with a better understanding of the Group's underlying business performance. Adjusted net income is calculated by adjusting net income for accretion, amortisation of acquisition related purchase price intangibles and non-compete clauses, share-based compensation, Independent Committee related expenses, severance costs, loss/(gain) on cross currency swap, fair value adjustments on contingent consideration, transaction related costs, foreign exchange, and gain on sale of intangible assets. The exclusion of accretion and share-based compensation eliminates the non-cash impact and the exclusion of amortisation of acquisition related purchase price intangibles and non-compete clauses, Independent Committee related expenses, severance costs, loss/(gain) on cross currency swap, fair value adjustments on contingent consideration, transaction related costs, foreign exchange, and gain on sale of intangible assets eliminates items which management believes are non-operational and non-routine. Adjusted net income is considered by some investors and analysts for the purpose of assisting in valuing a company. Adjusted EBITDA, as defined by the Group, is income before interest expense (net of interest income), income taxes, amortisation and depreciation, share-based compensation, Independent Committee related expenses, severance costs, loss/(gain) on cross currency swap, fair value adjustments on contingent consideration, transaction related costs, foreign exchange, and gain on sale of intangible assets. Management believes that Adjusted EBITDA is another important indicator of the issuer's ability to generate liquidity to service outstanding debt and fund acquisition earn-out payments and uses this metric for such purpose. The exclusion of share-based compensation eliminates non-cash items and the exclusion of Independent Committee related expenses, loss/(gain) on cross currency swap, fair value adjustments on contingent consideration, transaction related costs, foreign exchange, and gain on sale of intangible assets eliminates items which management believes are non-operational and non-routine.
28/3/2017
16:05
actofwill: Agreed - especially on the B2B point nothing new there. Their biggest competitor, Gala Coral, relies on B2B software from Playtech. So nothing unusual here. The operating agreement has been extended to 2030 so no major disruption in the near term. CFO still being there I think is because the re-listing to the UK required some form of continuity. Compensation has been adjusted in line with UK comps. The non-compete will fall away in April 2019 but this is also when JPJ can pull the "liquidity" away from Gamesys if they were looking to compete which is now shared - which is the no.1 attraction for customers. More importantly: JPJ owns the brands, player database and some exclusive content and has the ability to move platform and internalise outsourced staff. Also the new POC tax will be amended to include bonuses (which until now were left out) - taking another lever away to enter the market - as the most common way for a new entrant to pull customers away is through initial aggressive bonusing. To compete in online bingo nowadays from scratch will be tough to say the least. Higher debt means more risk - but if you are the no. 1 online bingo provider with a moat it could actually be a good thing for returns for equity returns instead. Also it will take time to re-rate to a "template" that the investors in the UK will understand the story. Management will roadshow extensively to explain the story to investors in the next coming weeks. DYOR and go through all the risks - its not an easy one but the same reason why the opportunity exists IMO. Results tomorrow at 7 AM GMT. Conference call at 1pm GMT Send an email to jackpotjoy@finsbury.com to get conference call details.
28/3/2017
15:21
getinthere57: Most of the points against JPJ are in the past. Currently relevant criticisms from shorts revolve around the debt including earnout and that Gamesys owns the underlying IP. The debt should be analyzed by tranche and while the most expensive tranche is at Libor +9, it is the first to be paid and constitutes a minority portion of the debt outstanding. Moreover, increasing cash flows show that the debt is manageable as long as one time costs are reduced. For me, hearing about what can be expected going forward regarding one time costs will be paramount. Up until the costs have been high but now that the LSE listing is over, the expectation is that true cash flows should be much improved in Q1 and beyond. In terms of the IP, there are many examples of B2C relying on B2B to supply gaming products. While it would have been better for JPJ to own the IP, the agreement in place is long enough that if they should choose could build their own IP out of the Vera and John acquisition which has capability. Hard to see how Gamesys would try and compete with JPJ when without this agreement they are operating at a loss. They are much more likely to go after other income streams, at least for now. So, I would agree that it is reasonable to apply a discount to JPJ but I would argue that the current share price reflects too pessimistic a view. It may take another quarter of positive cash flow and showing much reduced one time costs to attract the more pessimistic investors.
21/3/2017
07:13
actofwill: Marc Cohodes: he launched an attack last year based on false grounds. The Gamesys accounts that came out earlier this year covering the period of up to 31 March 2016 has proven his assumptions wrong. Otherwise he just re-hashed some of earlier points of Spruce Point. Even though fundamentally wrong - he timed his Canadian short well given the investor fatigue there and the upcoming re-listing - which created some forced tax sellers. Gamesys accounts: https://beta.companieshouse.gov.uk/company/04042931/filing-history
07/3/2017
11:29
actofwill: The earn-outs are included in the net debt calcs. See e.g page 72 of the investor presentation of last September.
07/3/2017
09:12
actofwill: Isn't whole point of investing to buy at a discount before others wake up to it? Otherwise: high leverage + stable cash flows also means high returns on equity... Company have stated in their strategic review that cashflow will be used to pay down debt and dividend so this will allow it to "re-rate" such that UK peer group investors will get comfortable with it. I have been pretty much through all materials -any questions please shout.
19/2/2017
20:49
actofwill: Management is moving to the UK and they were on ICE earlier this month. That should help as well in the next weeks. I agree earnings will have to print a couple of times for investors to be convinced where the normalised figures stand given the illustrious past. But TP price of > 1200 GBp is indeed not unreasonable especially given where the peer group trades. The UK peer group might also want to acquire them whilst they are cheap. Q4 is always good seasonality wise - so let' see.
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