Menzies(john) Share Discussion Threads

[multibagger123] 02/7/2020 14:47

This is doing complete opposite of airlines. Common move!!

[papagai3] 02/7/2020 08:10

Individual air bridges will be effectively abandoned by the Government, as it emerged that as many as 75 countries will be on the first quarantine exemption list for British holidaymakers.

The list, to be published on Thursday or Friday, will lift the Foreign Office ban on non-essential travel to nearly all EU destinations, the British territories including Bermuda and Gibraltar, and Turkey, Thailand, Australia and New Zealand.

All 75 have been judged sufficiently low risk destinations for holidaymakers based on the prevalence of Covid-19, that their infection rate is in decline and that their data on the state of the disease can be trusted.

It means that from Monday travellers to the 75 countries will no longer have to quarantine for 14 days on their return to the UK although some like Australia and New Zealand are expected to retain border controls and quarantine for as long as the rest of 2020.

[tole] 01/7/2020 17:50

Closing auction action at 130p

[effortless cool] 30/6/2020 13:54

They will probably wait for the fundraising.

[papagai3] 30/6/2020 13:54

Looks like there is currently no big seller on the market.

[papagai3] 30/6/2020 13:52

I wonder how WorldQuant LLC intends to buy back the 0.5% stock sold short at these turnovers without driving up the price?

[jock3636] 29/6/2020 12:32

Very quiet on here today

[plentymorefish] 28/6/2020 20:31

Lol....for a guru, you do easily miss the point as SDX was not THE point, just 'one' example of your duplicity.....as I said....enjoy your evening and I'll leave you to your musings.....over and out.....

[haywards26] 28/6/2020 20:22

I am invested in SDX a profitable oil and gas co with no debt and a recent large discovery being brought online and producing. They have been and will be 30p again..timeframes who knows but within 12 months without any disasters..not impacted by corona or oil price either to any material degree.

I stand by my above target. It is slightly different to predicting Menzies being a multibagger when what is facing it and the rest of the travel sector.,

[plentymorefish] 28/6/2020 20:02

So, on the one hand, you say 'An investor must look at all possibilities and facts as the future is very much unknown currently.'

But....on the other hand....if we take your view, say on SDX....here's what you said on 27/04/2020....'SDX have to be worth min 30p all day long..With South Disouq cash cow and insulated fixed gas prices protected against the current oil and spot gas prices...what is not to like :)'

SDX share price currently is around 19p......will you be reimbursing any 'naive investors' you tempted in there?.....that's the beauty of being able to check posting history....easy to spot hypocracy.....at least be consistent in your message across all stocks then you'll be given the credit/respect you deserve.....enjoy your evening....

[haywards26] 28/6/2020 19:59

There needs to be objective discussions and all angles discussed..not just one side promoting guaranteed share price multiples..

[buffettjnr] 28/6/2020 19:45

Brain dead.

[plentymorefish] 28/6/2020 19:33

And that bothers you because?....

[haywards26] 28/6/2020 19:26

A lot of novice investors will jump on here read all of the ramptastic share price and EBITDA figures and think the share price is going to double in days....

[plentymorefish] 28/6/2020 19:24

Thanks for educating us Haywards26......

[haywards26] 28/6/2020 19:15

I am not being purposefully negative. Just objective..you have to be aware of all facts and elements when appraising investments..investors who don’t listen and review deserve to be parted with their capital..

[1gw] 28/6/2020 18:31

Fair enough - I was reading off the accounts (note 16), and missed the note saying they had already refinanced in January 2020, after the balance sheet date. So that at least eases the "going concern" issue at the end of this year.

But it doesn't change the amount actually owed, which is fixed, and the uncertainty over revenue. It would be a brave person to forecast revenue, let alone EBITDA, for next year given the uncertainties around air travel. Given they are suggesting liquidity sufficient to get "into 2021", don't you imagine they are looking at options to strengthen the balance sheet, and some of those options may not be very shareprice-friendly?

[buffettjnr] 28/6/2020 18:23

Haywards26, business is bust. Short it. Too much debt. And you seem like you didn’t do accounts 101.

[buffettjnr] 28/6/2020 18:21

Oh please. This is getting worse all the time. 2025 debt. Perhaps read the financial statements. Business will do £80m EBITDA next year. If you can’t make a an investment case for this being a bagger, I can’t help you. Short it.

[1gw] 28/6/2020 17:43

Good to see not everyone is blind (wilfully or otherwise) to the issues here. On the operating lease point (IFRS16), the fact remains that those operating leases are obligations that need to be met, aren't they? If the cashflow isn't there to pay them then they will be in trouble. And as Haywards26 points out, even if you ignore the lease liabilities, the interest-bearing loans and borrowings are chunky enough - especially since, as I read note 16, £276m of them are due between 1 and 2 years from the end of last year - i.e. due next year. They're going to want that refinanced by the end of this year I would have thought.

The covenants do need revising this year as I read the latest TU. This to me was one of the key sections of the TU. What do you think they mean by "review all options available as required to achieve this"?

"Mindful of the continued uncertainty, as well the negative impact of the crisis on earnings in the near term, the Board remains focused on ensuring the Group's financial position continues to be robust in all circumstances and will continue to review all options available as required to achieve this. The Group has maintained a close dialogue with its lending banks throughout the crisis and is in constructive discussions regarding a revised banking covenant structure that will be required for the remainder of 2020 and 2021. Further updates will be made as and when appropriate."

[jock3636] 28/6/2020 17:00

Check the latest RNS you ignorant moronThey are positioned nicely to the point where the covenants would only be triggered next yearGo and try to scare somebody else on another board you cretin

[haywards26] 28/6/2020 16:49

Interest bearing loans/borrowings are £482m. Made up of bank £306m (up from £279.2m prior year) and £175m of lease liabilities.

Even excluding lease liabilities (although interest bearing) the gearing is high at 350%.

High gearing in normal times is dangerous, let alone crisis and businesses going through stress.

Finance costs alone were £22.3m last year.

If banking covenants are triggered, interest charges on debt usually increase as the business risk rating increases.

There is a reason the share price is around current levels...there are significant risks, investors denying this have their rose tinted glasses on.

[buffettjnr] 28/6/2020 15:07

IFRS19 adjustment.