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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mallett | MAE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 55.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 55.00 |
| Top Posts |
|---|
Posted at 01/8/2020 08:49 by atlantic57 Socrates pontification son Gold continue to push things further and further into the future and again look in every direction at the same time.I am sure that if you Were listening to previous forecasts from a few years ago he was saying January 2020 was the turning point for gold. I guess no one knows the answer and we must be guided by our own judgement. Hindsight is a great teacher. I believe most investors failed to grasp the significance of Covid 19 in January believing it would be contained in China. |
Posted at 12/6/2020 23:11 by 11_percent g4,I am in 2 miners. PUR Listed on Toronto and London. Mine is in Canada, so safe. Will produce gold by year end. Has some good corner stone investors which attracted me. Includes Eric Sprott. Also, he has just bought about an other 10 million "charity" shares (tax doge) at 89p. Current share price is 80p. Have a look at the various gold prices the financials were done, all under current price. It is an old mine which they have brought back. The up-side, which is not in the price, is the resource which lies around the mine, and is being proved up by 30,000 m of drilling. The management are all experienced and have worked in the Red Lake Camp before. They are part of a team that goes around developing mines, a lot of which, get taken over. Tier 1 mine, in a Tier 1 country. Its had a good run, but still off theradar and undervalued. HGM Own several mines in Russia. Pays a good divi. One of the owners is Abramavich. Also HOC for silver. Follows the silver price. Am looking POG. It has good technology, POX I think. As well as mining gold, it takes tailing from other mines and processes them. Am looking at it this weekend. A lot of the guys on Wans thread are in it. Also having a loom#k at PXC. I’m talking here of PXC, a copper/gold/silver/l Someone called out a good chart on PXC earlier today ,,, it's on the move now. Good call. A string of long awaited drilling results due from mid June so could start from next week Also have some CMAL. Copper miner. Used to pay a divi of 10%, but was cancelled. It s play on the copper price which is cyclical.....price coming off the lows. The share price is lagging the share price Also use a 3x copper ETF. |
Posted at 09/6/2020 09:20 by georgethefourth Things have gotten way too bullish imo. Retail punters, such as on the robinhood platform in the states, are bidding up anything and everything. Even Hertz has multibagged - after filing for bankruptcy! As things stand small investors are massively long believing the fed will not allow a drop. Many of these investors are new to the game having only started since the start of the lockdown (as evidenced by new sign ups to share dealing platforms increasing massively since lockdown). New investors like this are currently up massively having bought everything. They will get rinsed imo. They are now in the mindset of 'buy the dip' and when the market retest slows they will buy the dips all the way down. When they go net short, that will be the time to buy. If the market keeps going up, these small, new, inexperienced investors will win massively. That never happens and won't thi time imo |
Posted at 05/6/2020 19:53 by atlantic57 That is a good question !For the bulk of my investments I am an investor. For a smaller portion of my portfolio I am a trader. To give you an example I was looking to invest in legal and general but I held back as I believed a correction was coming. It has now gone from £1.80 to £2.50 in double quick time. So I have missed the boat if there is no pull back. How about you. |
Posted at 05/6/2020 19:06 by georgethefourth Would you class yourself as a trader or investor? If trader you don't really need to time bigger trends too much, as long as you're in and out fairly quick |
Posted at 04/9/2014 11:52 by callumross Looks like some bottom fishing going on this morning, with buying interest for a change. I guess value investors may see some merit at these levels as it is trading at half asset value now. See that the revised broker forecasts only show a loss of £100k for the year, Implying that MAE is going to make £600k in the second half. Realistic or hopelessly optimistic, as they are only forecasting profit of £0.5m for 2015? |
Posted at 03/6/2014 12:24 by silkywhite Someone does not agree orinocorRainmaker 1 Jun'14 - 13:50 - 629 of 630 0 0 Thanks Glen for all your analysis. I fully appreciate your Ben Graham point about "putting value on hope" so I'll try to deal with facts(and definite prospects) rather than opinions. Regardless of any method of valuing Mallett's stake in Masterpiece, I feel it shouldn't ignore the favourable operationing characteristics of the actual business for which the market will pay a handsome premium.Masterpiece is a strongly cash generative business-it collects revenue from sales of stands many months ahead of the exhibition when the vast majority of costs are incurred so requires minimal working capital. Furthermore it requires very little in the way of assets to generate its profits or annual capital expenditure needs. With good reason, I expect profits from this year's exhibition to double.There's a £5 increase in ticket prices and a first ever headline sponsor for the event.Applying a UK corporate tax charge would mean that valuing Mallett's stake at £1mln and the whole business at £4mln would give it an earnings multiple of just 7 times or half of annual turnover. IMHO this may be acceptable rating for an engineering business but is way too low for a branded business franchise and toll gate business. I think Investors also need to look a private business valuation scenario. An interested buyer might well have looked at the 100 stand difference between the TEFAF exhibition in Maastricht and Masterpiece in London where there is no unpopular sales tax and the transport links are far superior and the implications for profitability(some 90% of revenue comes from stand sales).Warren Buffett talks about the uniqueness of any business situation and Investors have to realise that Masterpiece as very top end art, antiques and design exhibition,is one of a kind and incredibly difficult to compete against.In short, it has an incredibly wide and deep moat protecting it. If you're offered this business you only get one chance as there won't be another opportunity so you'd have to pay a very full price but one that would look great value if you could close that gap with TEFAF. You could consider setting up a rival exhibition in London to compete with Masterpiece but would rationally conclude that the huge risks of spending many millions each year with no guarantee of a return would make this option nonsensical.When Materpiece first started in 2010, the costs of staging the exhbition were stated as £5mln a year. So all in all any interested Buyer would bite your hand off if you offered them the Masterpiece business for £4mln because its worth substantially more. AIMHO, DYOR |
Posted at 01/6/2014 13:50 by rainmaker Thanks Glen for all your analysis. I fully appreciate your Ben Graham point about "putting value on hope" so I'll try to deal with facts(and definite prospects) rather than opinions.Regardless of any method of valuing Mallett's stake in Masterpiece, I feel it shouldn't ignore the favourable operationing characteristics of the actual business for which the market will pay a handsome premium.Masterpiece is a strongly cash generative business-it collects revenue from sales of stands many months ahead of the exhibition when the vast majority of costs are incurred so requires minimal working capital. Furthermore it requires very little in the way of assets to generate its profits or annual capital expenditure needs. With good reason, I expect profits from this year's exhibition to double.There's a £5 increase in ticket prices and a first ever headline sponsor for the event.Applying a UK corporate tax charge would mean that valuing Mallett's stake at £1mln and the whole business at £4mln would give it an earnings multiple of just 7 times or half of annual turnover. IMHO this may be acceptable rating for an engineering business but is way too low for a branded business franchise and toll gate business. I think Investors also need to look a private business valuation scenario. An interested buyer might well have looked at the 100 stand difference between the TEFAF exhibition in Maastricht and Masterpiece in London where there is no unpopular sales tax and the transport links are far superior and the implications for profitability(some 90% of revenue comes from stand sales).Warren Buffett talks about the uniqueness of any business situation and Investors have to realise that Masterpiece as very top end art, antiques and design exhibition,is one of a kind and incredibly difficult to compete against.In short, it has an incredibly wide and deep moat protecting it. If you're offered this business you only get one chance as there won't be another opportunity so you'd have to pay a very full price but one that would look great value if you could close that gap with TEFAF. You could consider setting up a rival exhibition in London to compete with Masterpiece but would rationally conclude that the huge risks of spending many millions each year with no guarantee of a return would make this option nonsensical.When Materpiece first started in 2010, the costs of staging the exhbition were stated as £5mln a year. So all in all any interested Buyer would bite your hand off if you offered them the Masterpiece business for £4mln because its worth substantially more. AIMHO, DYOR |
Posted at 30/5/2014 20:23 by orinocor Rainmaker 26 May'14 - 19:40 - 6109 of 6114 0 1Re Mallett(MAE) which closed at 56p bid, 60p offered. TOT-I agree Investors need to look forward rather than backwards. A successful Masterpiece exhibition will put them right back on track as the Company says sales these days are very much "event driven". It was only a couple of years ago when Mallett enjoyed their best returns at Masterpiece in any fair this side of the millennium and they continually exhibit at all the major fairs, TEFAF, Palm Beach etc,etc.There is more than enough money spent at this exhibition to make it a very successful and profitable one for Mallett. With all respect to holders who have been unloading recently, I really don't believe they can be thinking too clearly or rationally but instead are acting in automatic panic mode,gripped by irrational fear, fixated on a falling share price. I've seen such drops before when Investors completely ignore the underlying Company and its fundamentals and its when the best opportunities occur. Running the numbers- As at the financial year end of 31 December 2013, Mallett had £12mln of current or liquid assets less all liabilities so 87p a share.This is the calculation for the Company's net working capital a proxy for its minimum liquidation value. Post year end in a deal completed on 21 February 2014,they realised £2.75mln for the sale of their Clapham High Street Property so some 19p a share and with a 12.7p special dividend,this means we can bring bring the remaining 6p a share into the net working calculation which concentrates solely on current and not fixed assets, increasing the figure to 93p a share v a current offer price 60p to give a "bargain ratio" of 1.5 and in the eyes of Ben Graham an automatic purchase. |
Posted at 26/5/2014 19:39 by rainmaker TOT-I agree Investors need to look forward rather than backwards. A successful Masterpiece exhibition will put them right back on track as the Company says sales these days are very much "event driven". It was only a couple of years ago when Mallett enjoyed their best returns at Masterpiece in any fair this side of the millennium and they continually exhibit at all the major fairs, TEFAF, Palm Beach etc,etc.There is more than enough money spent at this exhibition to make it a very successful and profitable one for Mallett.With all respect to holders who have been unloading recently, I really don't believe they can be thinking too clearly or rationally but instead are acting in automatic panic mode,gripped by irrational fear, fixated on a falling share price. I've seen such drops before when Investors completely ignore the underlying Company and its fundamentals and its when the best opportunities occur. Running the numbers- As at the financial year end of 31 December 2013, Mallett had £12mln of current or liquid assets less all liabilities so 87p a share.This is the calculation for the Company's net working capital a proxy for its minimum liquidation value. Post year end in a deal completed on 21 February 2014,they realised £2.75mln for the sale of their Clapham High Street Property so some 19p a share and with a 12.7p special dividend,this means we can bring bring the remaining 6p a share into the net working calculation which concentrates solely on current and not fixed assets, increasing the figure to 93p a share v a current offer price 60p to give a "bargain ratio" of 1.5 and in the eyes of Ben Graham an automatic purchase. We can look at the difference between the intrinsic value of 93p as calculated by the net working capital figure-which is the correct way to value a loss making business and the current market price of 60p as a buffer or cushion protecting us from any unforeseen adverse future circumstances or the continuance of poor trading conditions or any estimation errors or maybe a combination of all three factors very likely ensuring, since the margin of safety is substantial, that the Company's severe undervaluation remains intact. However we also get Mallett's 23.75% stake in the annual "Masterpiece" exhibition completely free of charge.This is a consistently profitable and established business franchise and very much the leading Art, Antiques and Design exhibition in the UK. Established in 2010, the year following the demise of the Grosvenor House arts and antiques fair,this business stages the six day exhibition in late June/ early July and generates its turnover and profitability from the sale of stands to exhibitors, sponsorship and the sale of admission tickets.Last year there was 34,000 visitors, a 20% increase on the previous year and 157 exhibitors. Masterpiece is a great service business so in effect has very little in the way of assets which is great advantage for its Owners-this one of the factors that Warren Buffett was referring to when he said "not all earnings are created equal". Furthermore the business requires very little working capital since the proceeds from the sales of stands and also sponsorship are collected ahead of the exhibition which is when the vast majority of operating expenses are incurred.It's known as a "negative conversion" cycle so as a business Owner you're not having to finance a trade cycle.This also means there is no bad debt risk which is another advantage.It's also a highly scalable business which means that it can grow rapidly without major investment and thanks to its high operating leverage-the vast majority of its costs are of the fixed rather than variable variety-profitabilit However unlike Mallett you can't value the Company through assets but instead use the earnings power of the business.Masterpiece has very valuable assets but they are of the intangible kind-its brand, its knowledge base and archive history(Mallett have records of every item they have ever sold), trading relationships etc. Last year Mallet made £87k from the exhibition so Masterpiece whole made £366k but good reasons to expect this year's exhbition's profitability to roughly double ie a £5 hike in ticket prices this year so applying a 21% corporate tax charge gives a £578k profit then valuing it a bond using the current gilt yield of 1.91% gives a valuation to the whole business of £30mln and Mallett's stake worth £7mln v their current market cap of £8mln. You could argue that that UK yields are at historically very low levels but you could counter that by stating that this valuation is a "zero growth" model and factors in no growth but I confidently believe the real value in this business is the growth in future cash flows over the lifetime of the business. AIMHO, DYOR |
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