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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Manolete Partners Plc | MANO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 87.00 | 08:00:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 87.00 | 84.50 | 87.00 | 87.00 | 87.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 23/06/2022 | Final | GBP | 0.005 | 08/09/2022 | 09/09/2022 | 06/10/2022 |
| 11/11/2021 | Interim | GBP | 0.0039 | 16/12/2021 | 17/12/2021 | 06/01/2022 |
| 23/06/2021 | Final | GBP | 0.01 | 09/09/2021 | 10/09/2021 | 07/10/2021 |
| 10/11/2020 | Interim | GBP | 0.0117 | 26/11/2020 | 27/11/2020 | 17/12/2020 |
| 03/07/2020 | Final | GBP | 0.03 | 10/09/2020 | 11/09/2020 | 30/09/2020 |
| Top Posts |
|---|
Posted at 19/11/2024 08:37 by xpertgreeny Large Canaccord initiation research out today. Buy recommendation, target price 166p.They love the cash. Mano cash lifetime returns 183% versus Burford 90%. |
Posted at 12/11/2024 09:49 by sallad3 Anyone know why MANO is suing Barclays Bank itself for breach of fiduciary duty?17 October High Court BL-2024-001527 Problems with the bounce back loans? |
Posted at 01/11/2024 07:14 by chester9 FT Europe awards Mano as a long term growth champion with compound growth over 10 years and with commitment to sustainable expansion. Mano 25th in Uk and 152 in Europe. The news flow is gathering momentum as is the share price |
Posted at 29/10/2024 20:39 by dennisbergkamp This I am frustrated at - to a lesser degree but need to stay cleanBack to Mano for my next entry 😉 ATB to all D |
Posted at 29/10/2024 16:53 by chester9 In a day of gloom Mano held up. Low volume but perhaps people seeing as the government hell bent on bankrupting small business owners, as not working people, there may be plenty of new cases for Mano. Roll on day three of this shambles of a government. |
Posted at 24/10/2024 16:38 by bigbaggy Thoughtful post on the LSE chat site alongside the same lines as Chester9:"So, interims out on 19/11. The Trading Update last month looked tantalisingly positive. I sense the Mano hour cometh. Like all of these litigation funders: the P&L can be put straight in the trash can. It is: 1. CASH 2. CASH 3. CASH 4. COMPLETED CASES (thats future cash). 5. DEPLOYMENTS (thats future, future cash). In that order. The P&L is bullcr*p because the accounting for all Litigation Funders is just a horrible mess. The accounting principles for "normal" companies just do not fit to any of the Litigation Funders. CASH CASH CASH. After their UK insolvency market being closed for 2 years from Covid, everything is now in Mano's favour. "But they have been promising this for years!!". Wrong. Investors need to be savvy and ideally have some decent knowledge of running an actual business. It takes TIME for businesses and markets to change once conditions change. It is NOT, and never is, a simple flick of a switch (as so many in the wider stock market seem to think). Eg the internet was the early 1990s miracle but it wasnt until the noughties that we really saw the financial impact of the internet revolution. Same deal with AI/AGI: lots of hype. But....it.....will.. Mano has now had some sensible time for its "new NEW normal" to settle in (there is a lot of latency in their model already without the Covid horror-show (the wheels of justice for all funders turn slowly). The insolvency laws changed back to normal in April 2022. We should START to see that light now hitting the Mano bank account. All litigation funders have superb investment returns. They have all proven that now. Even LCM, I was a little dubious there for a while, but they too have certainly got there now. However, THE key difference is this: with these forthcoming results we SHOULD START to see how very quickly Mano generates cash from those completed case case returns. They say they have completed near on 1,000 cases. Now: to quote some American gezzer: "Show us the money". I think they will. Why ? There model is so granular. The super fast 12 months to legally complete their cases is very well established over years and hundreds and hundreds of cases. It is a machine. Its a process. Frankly, I think it will be very hard for them NOT to hit some/all of the key 5 metrics above. And that, should just be the start of the Mano recovery. Why? Because the UK macro conditions aint gonna improve any time soon. The worse for the economy the better for Mano. Obviously. DYOR as ever but this could be an interesting moment from an all time low share price. GLA". Then a postscript is added. Again, interesting take. "Postscript: Apologies, I just wanted to check my numbers on this before making this further point which does (I think) neatly give the "Forensic 505" supporting data to my overall stance I have tried to set out earlier below: 1. Out of the 1,329 investments Mano has made in its lifetime (ie since 2009) as a business: 70% (931 cases) have been made in the 4 years (2021-2024) 2. Out of the 933 cases that Mano has completed in its lifetime (since 2009) 72% (676) have been completed in the last 4 years (again 2021-2024) with an aggregate settlement of...£54m Remember: it takes Mano 13 months to legally complete their cases (they have told us the bigger cases take longer - that is why I have gone back 4 years). It then (on average) takes a further 12 months to collect in all the cash from the defendants. It is that tsunami of £54m cash that I am expecting to see starting to hit the Mano shoreline: NOW." |
Posted at 01/10/2024 09:40 by sallad3 A shame no-one else came to the AGM.I raised a couple of matters, one of which concerns the Banking Covenants and possible renewal of facility in 2025. Facts are on pages 10, 49 and 66 of the accounts SC said MANO are trying to find other long term debt providers "to encourage HSBC to be competitive". Hmmm. They refused to discuss/disclose the basis and calculation of the new cash basis for covenants required by HSBC. My feeling, right or wrong, is that there isn't a lot of working capital/facility slack around. The answer to another question revealed that Gross Cash Receipts (page 19) includes fees payable to MANO's own instructed lawyers which is about 25% of the total monies received. |
Posted at 25/9/2024 13:04 by 74tom In my opinion you can only value on a PE basis when returns are consistent & simple. That is definitely not the case here. As MANO cases are fair value adjusted then the book value at the end of each period illustrates the future value of those cases to the company, from which can deduct net debt or add net cash.Where book value is rapidly compounding I can understand the market adding a premium to book, and when it stops growing I'd expect that premium to be eroded. That is what is happening right now IMO. As for @riverman77 saying that you can't use book value because NAV doesn't match cash receipts, I've no idea how you think a PE valuation rectifies this? MANO are always recognising FV adjusted revenue ahead of overhead costs, so if the business is growing the PE will always flatter to deceive. |
Posted at 16/9/2024 21:29 by maddox I can understand shareholders frustrations here - it took about seven months for Covid-19 to hit MANO but its taking far, far longer to recover. The insolvency laws were normalised in April 2022 - here we are nearly two and half years later and still waiting. I never contemplated it would take this long - it's very frustrating to me too and I have the patience of an oyster.Nevertheless, the business model is sound and it's clear that recovery is on the way. Also, MANO is now as cheap as chips. At its peak p/e 22 now p/e 7.2, then price 15x sales, now 2x, then Mkt Cap £210m now £51m. In the short/medium term we have the cartel cases - these are in the books at £15.1m and settlement negotiations are starting. But there is a risk here - these have already been booked as profit - so a settlement at a lower value will generate a p&l loss. However, the settlement cash value is more than the current net debt of £12.3m - that cost c. £1.5m in interest in the full-year 2024. So, removing this expensive debt and becoming self-financing would be a big boost to the bottom line. So, glass half full or half empty - probably an investment proposition of more appeal to those of a contrarian mind-set ....and those with the patience of an oyster. |
Posted at 24/11/2023 22:02 by maddox Manolete - Back to the Future!These financial results provide reassurance that MANO is on the recovery trajectory. It's been a long and painful recovery back from the Govt Covid measures that clattered MANO's business - so it’s great to see that the recovery is clearly underway in last week’s results. The Govt Insovency Service reports monthly CVLs (Company Voluntary Liquidations) that are a leading indicator of market demand. These manifest as cases referred to MANO by the Insolvency Practitioners (IPs). Currently these are running at about +70% above the level that they were in pre-Covid 2019 when MANO’s share price was in the 450p - 550p range some 3x higher than currently. Nevertheless, this is still early days, MANO are still seeing only a trickle of what is likely to become a deluge of cases: >> Firstly, there is a natural delay between a firm lodging a CVL and it being referred to MANO as a case enquiry, so there's more growth to come; >> Secondly, the larger and more complicated cases are still yet to reappear in the figures, these will generate higher returns; and >> Thirdly, Bounce Back Loans are a new post-Covid line of business, that could add significant additional profit. MANO has increased staff to cope with the demand they foresee. Back in 2019 they had the capacity to manage 275 cases simultaneously – whereas they now have 417 live cases. Another, key metric updated in these results is that MANO achieves a phenomenal Internal Rate of Return (IRR) of 131% - this before overheads, which remain well contained. As demand scales-up cash will be absorbed into working capital as new case investments will out-pace case settlements. MANO has drawn £13m of its £25m debt facility with HSBC and shelved its dividend to preserve cash for investment. So, great to see a return to profitability but much more to come and profitability should accelerate fast as operational gearing kicks in. |
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