Normally a TU mid April, but they are inconsistent. All the talk has been record cases and wins. Against that debt repayment looms. With the cartel case resolutions being extended to sept 26 it won't come from there yet. Do Manolette have a plan for the cash. Cooklin has a large stake in the game even after transferring 9% to his sons in October. He will not want dilution. He needs to come clean on debt 11.9 m. |
Presumably due a trading update in the next few weeks...? |
rate cuts will be a big help here, JPM forecast 3.75% by end of the year...... |
Nice 110k share buy at 3:47 costing 119k. |
This week 20% up on no news mmmmmm |
https://rockandturner.substack.com/p/manolete-partners-special-investment?utm_campaign=post&triedRedirect=trueA thorough deep dive into Mano |
Well worth reading re the Cartel cases.
Presumptive loss = 5% of cost of truck. |
Yes at nearly 80 days to mid April update this movement was an unexpected positive. Cartel cases deal at last or a good win? Any news out there usually will out itself. |
nice to see some volume ticking through...... |
the peak in yields is welcome, hopefully some UK interest rate cuts will help the cause and sentiment here........... |
It feels like it’s a gonner to be honest.
No positive significant income - I mean real money as opposed to promises - and no positive significant substantial events.
Listing has served the purpose of providing a lot of OPM for Cooklins personal wealth machine and not much more. |
not sure it was but the stock is in complete no man's land for a story that should be gaining positive traction.......obviously shouldn't be quoted... |
I suppose he could sell, but I don’t think that’s what you had in mind. |
As the largest holder, can Jon Moulton do something about this price.......? |
He leaves a clue at 47:46 in answer to James E |
The extra cases cost you staff, rent, marketing, other expenses now. The win payback starts at 15 months to 27 months. |
Watch investors meet at 41:20. Stephen explains the lag quite well.I understand the figures and cash payback are disappointing but the cash generation from 15 months ago is coming through and will continue to do so as over the next 12 months and onwards as the receivables turn into actual cash. |
It's the type of company where you don't need to read any of the preamble or KPI's, the only information that matters is contained in the financial statements... |
A very frustrating company: the leading promoted metrics have recently been encouraging, but it then gets lost afterwards along the way. I used to think it was overly-complex reporting of a fairly simple business; now I am inclined more towards repeat obfuscation.... |
P&L:
Annualised staff costs ~£4.7m
Annualised finance expenses ~£1.7m
Annualised professional fees ~£800k
Annualised bad debt expense ~£1m
Annualised marketing + other ~£1m
vs annualised gross profit of £8.6m
Running just to move slowly backwards...
Balance Sheet:
Movement of Book Value of the last 4.5 years
FY21 £38.9m
FY22 £42.2m
FY23 £39.1m
FY24 £40.5m
HY25 £40.5m
This shows they are creating very little value, and that the market cap of £44m is still generous considering their net debt position of ~£12m.
I'd also flag that the bad debt expense is consistently over 10% of gross profit. And also that the total bad debt write down since FY21 is now just over £5m.
Woeful. |
With so much business coming their way, maybe they can risk upping their fees a little for new work? |
I would take those 183% returns with a big pinch of salt. Cash returns on cases bears little resemblance to actual profits unfortunately. |
Large Canaccord initiation research out today. Buy recommendation, target price 166p.They love the cash. Mano cash lifetime returns 183% versus Burford 90%. |
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