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LDG Logistics Development Group Plc

-0.05 (-0.46%)
Last Updated: 16:22:06
Delayed by 15 minutes
Logistics Development Investors - LDG

Logistics Development Investors - LDG

Share Name Share Symbol Market Stock Type
Logistics Development Group Plc LDG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.05 -0.46% 10.75 16:22:06
Open Price Low Price High Price Close Price Previous Close
10.80 10.70 11.00 10.80
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Posted at 10/5/2024 09:40 by value hound
Yes, all a bit bizarre really re APH in particular. I bought in like others for the obvious discount / value focus etc etc., but given DBay's stated goal is "to provide our investors with superior risk-adjusted returns while prioritising preservation of capital by focussing on investments with a high margin of safety" APH was a strange choice.

This is all easy in hindsight, of course, and I know nothing detailed about APH and I'm sure there was a case to be made, and hopefully there still is, but even now after it lost over half its value in 12 months, it still doesn't come anywhere close to being any kind of value share IMO; v disappointing.

I haven't sold any, and will let things play out, but I don't feel tempted to average down either (currently 17% down overall having averaged down once).
Posted at 27/3/2024 18:51 by baddeal
Well so far they've proved to be pretty poor investors merely taking fees for loosing shareholder money.I suspect things won't change too quickly given what we've seen. Aph holds the key to share price recovery. Losing c30% of the investment cost shows how poor the insight has been imo.
Posted at 23/2/2024 16:29 by lpavlou
Price hike is probably due to the buyback. Looks like investors want to keep their shares unless they get want they want to sell them. I can see them stopping the buyback for a few days, to let things settle down as they are in no rush.
Posted at 10/1/2024 17:15 by lpavlou
13.4p today. Wee getting near to the level where some investors are bailing out, hence more volume today
Posted at 27/10/2023 10:04 by spob
2023 Bargain Share Portfolio constituent 10/Feb/2023 (peak offer 16.4p)

This investment fund's NAV is holding up yet the share price is taking an unwarranted hit

October 23, 2023
by Simon Thompson

Proforma cash of £44.4mn (8.3p) in price for free
Four listed holdings worth £59.1mn (11p)
Finsbury Foods in a takeover situation
41 per cent share price discount to NAV

Investor risk aversion is so extreme right now that there have been some disproportionate de-ratings of quality companies in the small and micro-cap hunting ground.

For instance, the share price of Logistics Development Group (LDG:11.4p), an investment company managed by asset management firm DBay and one of my 2023 Bargain Share Portfolio constituents, has fallen 18 per cent since I reiterated my buy call, at 13.9p, at the recent interim results (‘Exploit this double-discounted small-cap fund’, 7 September 2023).

I estimate that LDG has net cash of £44.4mn (8.3p) after factoring in £0.8mn spent on net asset value (NAV) per share accretive share buy-backs since last month’s article as well as the purchase of a further £4.8mn of shares in Finsbury Foods (FIF) (pictured). The speciality bakery manufacturer of cake, bread and morning goods is in the process of being acquired for £143mn by funds managed by Dbay.

LDG now holds a 12.5 per cent stake in Finsbury worth £17.8mn (3.3p), or 29 per cent above cost. It’s not as if Dbay is overpaying. The offer is pitched on a price-to-book value of 1.13 times and values Finsbury on an enterprise valuation of £165mn. It equates to 5.2 times cash profit and 8.3 times operating profit reported in the financial year to 1 July 2023, low multiples for a business that has just reported double-digit annual profit growth and is forecast to continue growing.

LDG also holds three other listed investments: 10.5 per cent stake valued at £21.2mn (4p) in Alliance Pharma (APH), a distributor of consumer healthcare and pharmaceutical products; 9.5 per cent holding worth £17.2mn (3.2p) in SQLI S.A. (FR:SQI), a leading pan-European digital transformation business; and a 2.8 per cent stake in Trifast (TRI), an international distributor of industrial fasteners, that has an open market value of £2.9mn (0.5p).

Portfolio companies, Sector and description, Group interest, Consideration paid, Fair value of stake, Fair value per LDG share.

Finsbury Foods Food and cake maker 12.4 per cent equity stake £13.8mn £17.8mn 3.3p

Alliance Pharma Distributor of healthcare and pharmaceutical products 10.5 per cent equity stake £33.4mn £21.2mn 4.0p

Synsion Pan-European digital transformation business 9.5 per cent read through equity stake in SQLI S.A. (FR:SQI) €15mn (£12.8mn) £17.2mn 3.2p

Trifast International distributor of industrial fasteners 2.8 per cent equity stake £2.7mn £2.9mn 0.5p

Total holdings £62.7mn £59.1mn 11.0p

Proforma cash £44.4mn 8.3p

Spot NAV estimate £103.5mn 19.3p

Source: LDG interim results at 31 May 2023 and subsequent London Stock Exchange RNS filings. Latest share prices for portfolio companies correct on 23 October 2023.

Strip out the group’s proforma net cash of £44.4mn (8.3p) from its market capitalisation of £61.1mn (11.4p), and the four listed holdings are in the price for £16.7mn, or 71 per cent less than their latest market valuations of £59.1mn (11p).

Frankly, that’s absurd given that LDG’s NAV per share has only declined 4 per cent from 20.1p to 19.3p since the start of last month, so the portfolio is hardly taking a beating, unlike LDG’s share price. Moreover, the latest valuation of the four holdings is only slightly below the £62.7mn cost.

Or put it another way, the four holdings back up almost all of LDG’s share price of 11.4p, so you are getting nearly all the 8.3p a share cash pile thrown in for free.
Posted at 04/8/2023 09:16 by arthur_lame_stocks
The biggest risk here as I see it is that DBay are able to take it over at a knockdown price. I guess because they are pretty shrewd value investors and going on what I know of their past history they simply won't pay top dollar for any company.
Posted at 19/7/2023 13:39 by stemis

Yes the share price of SQLI has certainly increased since Dec 22 (from about Euro 44 to Euro 49.4). LDG has an effective 9% interest in SQLI, since it's done through an 11.1% interest in Synsion Topco, which has ~81.3% interest in SQLI. That would be worth about EUR 20.5m (9% x SQLI mkt cap of EUR 228m) but there's also an unknown amount of debt in Synsion Topco. Again LDG just seem to be tag along investors with other DBay funds.
Posted at 12/5/2023 20:36 by lpavlou
All their uk stock purchases are doing well so agree worth following then. Question is which one are they going to bid for ? Looking forward to Mondays RNS to see what these large trades are about as it would be a change in strategy if they are buybacks. Could also be another investor taking a stake for a quick turn
Posted at 12/5/2023 13:10 by zoolook
I’m not sure about that - take a look at the discount for MVI !
Also conversion wouldn’t remove what I think are the things depressing the share price ie the worry around the Esken shareholding, DBAY’s majority stake, the sway DBAY surely holds over the LDG Board and the opaque nature of DBAY’s activities as Investment Manager who are also playing their own book at the same time.
There’s no obvious short term outer to close the current gap with NAV given the buyback isn’t having that impact so my investment feels like a proxy for cash and a slow burner as it gradually increases its NAV through good investments and buybacks.
If I was a more involved investor I would probably look harder to deploy my cash elsewhere.
Posted at 06/12/2022 18:14 by lpavlou
A few investors bailing out at 13.75p today. You would have thought they might have waited until the new buyback starts, but then again they may have a better opportunity to invest elsewhere. 12m shares traded today in FF. assume Dbay have picked these up, rather than selling out. If they have bought them, I expect a bid is on the horizon.

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