Manolete Partn. Share Chat (MANO)

Find Your Broker

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Manolete Partn.	LSE:MANO	London	Ordinary Share	GB00BYWQCY12	ORD 0.4P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+10.50p	+3.49%	311.50p	310.00p	313.00p	311.50p	300.50p	303.00p	215,223	16:23:43

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
General Financial	-	-	-	-	0.00

Manolete Partn. Share Discussion Threads

Showing 26 to 49 of 50 messages

Chat Pages: 2 1

Date	Subject	Author	Discuss
22/2/2019 17:30	Just to remind you all that Manolete will be exhibiting and presenting at the Mello2019 event on the second day...Friday 17th May Http://melloevents.com/event/event-exhibitors/ They will almost certainly be doing two presentations so one in the morning and one afternoon. More info and tickets here...Http://melloevents.com/event/	davidosh	Read Full Thread Reply
19/2/2019 16:18	Thanks Jonwig. Small beer indeed. I'll throw some small beer at them if the price dips. One to ponder - who will double first from current prices? BUR or MANO?	winsome	Read Full Thread Reply
19/2/2019 15:40	winsome - I guess taxation of unrealised gains is just a down payment, and in this case a year in advance. Yes, they have to declare unrealised gains (IFRS 9 or 13, one of the two). My guess (using the 70% FY uplift to op pfts) is that they'll make £53.4m PAT, or 12p/sh, giving a PER of 24x at 293p. Heady, yes, but they talk of operational gearing, and they also have the bank facility for expansion. A Brexit boost, maybe? Not much room for mistakes, I agree, but fans of PEGs should like it. We mentioned on the other thread that BUR took a stake a few years ago, then sold it. Small beer, I suppose!	jonwig	Read Full Thread Reply
19/2/2019 11:15	I retract the 1st para of my previous comment. After reading the prospectus I see directors still have enough skin in the game and that potential growth is good long term. HY19 show unrealised gains making up 35% of revenue (it follows that operating profit will be a similar level). I don't particularly like that. However, these are spread across many cases that take avg 1 year to settle. So they'd be silly to try any shenanigans as investors will spot it before long. So PBT may come around 6.3m. That includes a big portion of unrealised gains that they will have to pay tax on - a bit silly is is not, or am I missing something? Do they really have to declare unrealised gains or is it just to look good? At 285p looks like upgraded propsective PE would be around 22x. Probably fully priced but I'll be tempted with a small investment if it pulls back a bit.	winsome	Read Full Thread Reply
19/2/2019 09:32	Thanks Jonwig. Didn't Manolete investors cash in a huge chunk at IPO and doesn't the company already have 50% of the market? If I remember right (with my ageing brain cells) these were the reasons I didn't bite. I thought growth was limited and that maybe the previous holders did too. My No.1 rule is to try my best to avoid losing my hard earned money. But at the right price I would play this one for the next 12 months as they are bound to be hyped to a degree by the media tipsters. As a 5 year hold I wouldn't be too confident. Anyone know what the prospective PE will be after March results?	winsome	Read Full Thread Reply
19/2/2019 08:56	Initially bought in at 208, but couldn't buy enough at that price, and have watched a series of limit orders fail as the price rose. An expensive mistake! Have now bitten the bullet with a further 2 purchases at 288 and 290. MANO still looks good value at those levels, based on forecasts. Lets see what happens now.	caterham88	Read Full Thread Reply
19/2/2019 08:55	Hi, winsome ... the fair value accounting is similar to BUR's but BUR's is much lower, proportionally. That may be because BUR is more cautious, but I think the real reason is the short duration of MANO's investments. And I'd guess asset recovery in insolvency is legally much more clear-cut. Cash conversion to date has been pretty impressive, but, yes, there's scope for mis-steps.	jonwig	Read Full Thread Reply
19/2/2019 08:27	Sorry I didn't buy into these. Been too obsessed with BUR but can hardly complain. Gilgil13 made a good point yesterday that is now completely relevant to today's update, ie, the profit growth is largely based on fair value increases. So that will make March 2019 results look impressive. You will have to put a lot of in trust in the company until those investments convert to appropriate cash levels. Only time will tell. It's a little like the the advanced revenue booking that buried Quindell and Utilitywise. Just a little. Just saying. Please don't lambast me. I'm sure Manolete won't go the same way. All I mean is it makes me a little uneasy but I'd still buy if the price restraces to 250p	winsome	Read Full Thread Reply
19/2/2019 07:18	Missed the boat here....great update for holders. Think I will bide my time and wait for any weakness	molatovkid	Read Full Thread Reply
19/2/2019 07:12	Yes, very impressive. I guess this information had escaped into the public domain, given the share price moves recently. Or maybe another boost to come, we'll see at 8;00. Link to statement: https://www.investegate.co.uk/manolete-partners--mano-/rns/trading-update/201902190700114167Q/	jonwig	Read Full Thread Reply
19/2/2019 07:06	are likely to be ahead of current market expectations, with operating profit growth of approximately 70%.	jaws6	Read Full Thread Reply
18/2/2019 16:01	Thanks Jonwig, very helpful	gilgil13	Read Full Thread Reply
18/2/2019 14:36	@ gilgil - investment companies include movements in fair value of assets in the PL account. These are non-cash items, and if they are large, cash flows will be lower than profits. (Sorry if you know all that already.) Whenever a company is growing quickly, the time lag between investment and realisation will mean adjustments get progressively larger. The question is whether to trust the stated fair values. With the market leader, Burford, the evidence is that we can: it has hardly ever reduced fair values over the life of an invested case. With Manolete, we probably have to gather evidence over a few years, but my impression is that it's a similar situation. Also cases have a much shorter duration (around 1 year). How is it done? The prospectus has something to say, basically it seems to be via an imagined seconary market: Investments in cases are categorised at fair value through profit or loss. Fair values are determined on the specifics of each investment and will typically change upon an investment progressing through a key stage in the litigation or arbitration process in a manner which, in the Directors’ opinion, would result in a third party being prepared to pay an amount different to the original sum invested for the Company’s rights in connection with the investment. Positive material progression of an investment will give rise to an increase in fair value and an adverse progression a decrease. The valuation of all investments over £100,000 each is underpinned by an external legal opinion, which confirms the Directors’ valuation. [p 40.]	jonwig	Read Full Thread Reply
18/2/2019 13:57	Hi, I've been looking at investing in MANO for a while, the one thing holding me back is the amount that 'fair value adjustments' contribute to profit (at interims it was c.£2m), which is a substantial proportion of profit and means that cash flow will be significantly below reported profit. I understand this is all part of the industry etc., but does anyone have any detailed insight into how it is calculated? Is it done as a % of expected payout based on how far they are through the case? Thanks,	gilgil13	Read Full Thread Reply
16/2/2019 06:58	Manolete are putting themselves about. Investor Evening, London, 20 March: Https://www.sharesmagazine.co.uk/events/event/shares-investor-evening-london-20-03-19 Living oop north, no good for me!	jonwig	Read Full Thread Reply
15/2/2019 14:20	Just to let you all know that Manolete will be exhibiting and presenting at the Mello2019 event on the second day...Friday 17th May Http://melloevents.com/event/event-exhibitors/ They will almost certainly be doing two presentations so one in the morning and one afternoon. More info and tickets here...Http://melloevents.com/event/	davidosh	Read Full Thread Reply
15/2/2019 10:34	Burford's Winter Quarterly summary of the industry: Http://www.burfordcapital.com/wp-content/uploads/2019/02/BQ15-Winter-2019-Burford-Quarterly.pdf Includes expectation of much increased insolvency filings (global). MANO is in a strongly growing market!	jonwig	Read Full Thread Reply
14/2/2019 13:21	litigation funding space is on fire right now... IMF (ASX) hit all time highs today MANO new highs again BUR - near all time highs consolidating gains LIT - consolidating gains after a steller move from 50p	bigbadaussiebear	Read Full Thread Reply
13/2/2019 12:19	nearly 80% stock in hands of directors and ii s presentation at investor show in jan ceo was very bulish see if they beat market expectations	dilip40	Read Full Thread Reply
13/2/2019 08:48	Share price leaves Peel Hunt's 235p target behind. And they are the broker closest to the company. 12-month lock-in imposed, with a further 12 months requiring orderly disposal. Also AIM VCTs have been raising big funds ahead of the tax year end and some could end up here. Stock will be scarce.	jonwig	Read Full Thread Reply
12/2/2019 19:33	Commentary - Https://masterinvestor.co.uk/equities/a-30-gain-in-2019-is-very-possible/?utm_source=Daily+Bulletin&utm_campaign=fbc1c5b186-Daily_Bulletin_20190212&utm_medium=email&utm_term=0_25eff0bb7f-fbc1c5b186-48617137	jonwig	Read Full Thread Reply
12/2/2019 13:10	sector looking very strong. I hold LIT BUR MANO (UK listed) and also hold IMF (ASX)	bigbadaussiebear	Read Full Thread Reply
05/2/2019 19:35	Got it, thanks!	jonwig	Read Full Thread Reply
05/2/2019 19:23	The presentations ( not research note from Peel Hunt) that Manolete and others made at the Jan 29th Shares/Cenkos conference are now available on the Shares website. I don't think you need to be a subscriber to access. https://www.sharesmagazine.co.uk/events/event/growth-innovation-forum-2019-1/seminars	srichardson8	Read Full Thread Reply

Chat Pages: 2 1