Mereo Biopharma Share Discussion Threads

[dan de lion] 14/1/2008 17:02

Burberry trading report tomorrow.

Wonder when we will get one from MPH.

[taffee] 14/1/2008 07:05

TED BAKER PLC
("TED BAKER")

CHRISTMAS TRADING STATEMENT
FOR THE PERIOD 1 NOVEMBER 2007 TO 24 DECEMBER 2007

Ted Baker, the British designer Brand, is pleased to announce a 12.5% increase
in sales in its retail division for the period 1 November 2007 to 24 December
2007 (the "period"), compared to the same period last year. Gross margins were
in line with management expectations and we are starting the new season with a
clean stock position.

[dan de lion] 12/1/2008 22:43

Aren`t there Ungaro "Flagship" store`s on Bond Street London, Madison Avenue New York and Avenue Montagne Paris?.

As JCC is wholly owned by MPH any move to that gives us greater recognition for the "in house" brand can`t be a bad thing, it is the future after all.

[1947jim] 12/1/2008 19:59

Sorry, no long memory re the helicopters --- I just know he was seen disrobing
from one on his visit to Ascot last year...........
Agree re forward orders --- there fore they mean nothing until deld and invoiced ---- and paid for ................ other than ' an indication '
Shop is a great advert ---- if they can afford the loss leader approach. 500%
mark up great ..... and the markdowns ???? A good 'sale' is nearly always
bad business........only good for cash flow, - which looks like they need, even with a squeezed good deal.
Dont think many top Brands actually make money from flagship stores --- but they do promote the product well........exceptions maybe Nike/Disney/Gucci --
all of which better worldwide known than JCC --- but I wish them luck.
Still say leave leave retail to retailers.

[momentos] 12/1/2008 08:24

1947 Jim - a mixed bag on that point. For LVMH / PPR the directly operated stores generally work. For PPR Gucci certainly does, YSL does not at the moment.

[dan de lion] 11/1/2008 21:47

The advertised rent and what MPH are going to pay could be totally different, MM will have squeezed a deal out of the owners without a doubt, especially for the first year, at £1 million T/O I reckon they would be well in profit as they are producing the goods anyway tacking a few extra on the line to stock this store will cost pennies.

ps:- JCC is well known on the skiing circuit.

[1947jim] 11/1/2008 20:15

Wish I could agree with you guys ----- you are all dreaming, in present
conditions. 22k per week ........... 3.66k per day ... every day ...not a chance ....unless all west end tourists are French..... Who else has heard of JCC ??
Wish you all luck ..... as said before --- wholesalers should never be retailers ............it does not work. Shop will be closed within 2/3 years...
see 3552 above.
Stick to what you know ...... and in MM case that is not retail.

[dan de lion] 11/1/2008 19:16

Mark up 100%, I reckon it will be nearer 500%, Don`t forget MPH design & have the stuff manufactured in the far east, I remember MM boasting that their shirts were costing $5 to make and selling out at at least £35 - £40, their designer gear will be even more heavily marked up I bet.

When I was in retail(not fashion) buying from wholesalers I was making at least 100% mark up, that was on top of the manufactures m/u and the wholesalers m/u, MPH gets the lot.

[momentos] 11/1/2008 18:18

One other thing, given the landlords previous tenant doing a flit, presumably they credit checked Marchpole. Ergo, Marchpole aren't going bust!

Cos, we have to five-bag to retake previous highs from 35p (or is it four given one bag is 70p?)

[cosnova] 11/1/2008 18:17

Good find momentos

Even though the price has been marched down, the big holders have all held on to their shares.

Just waiting for that bounce!

[remynapoleon] 11/1/2008 17:49

Nice find momentos.

Prime position with return frontage.

Rent £160k
Rates c. £100k
Utilities c. £6k ( water 1000, gas 1000, phone 1000, electric 3000 )
Staff c. £140k ( manager 40k, 5 sales staff @ 20k each )
Initial set up costs c. £40k ( 30 internal 10 external )
Unknown incidentals c. £10k

Total first year outlay c. £456k

Conservative mark up 100% ( should be more but there may be opening offers ) requires a turnover of £912 + £159.6 VAT = under £1.1m per annum, ie. £22 k per week to break even.

Consideration must also be given to the fact we need a flagship store/shopfront in the home city. A great advert for the company.

Fag packet maths I know but this must be close to reality.

It does not seem excessive given the position and potential.

remynapoleon

[eagle eye3] 11/1/2008 14:03

turnover approx 75 million,

[momentos] 11/1/2008 12:04

wwd.com 21 Nov 2007:

BON VOYAGE, FOREVER: The London clothing label Voyage is no more, and its founders have moved on. The Voyage store on Conduit Street in London, which opened in 2003, closed a month ago. This week, Louise Michielsens, who founded Voyage with her ex-husband Tiziano Mazzilli, opened Year Zero, a new label with its own store at 37 Beak Street in London. The new label is Michielsens' first solo effort, and she's being assisted by her son Rocky Mazzilli. It's pitched at a lower price than Voyage - prices start at about 35 pounds, or $72 - and sells items including silk-screen T-shirts and hooded sweatshirts adorned with Swarovski crystals. "It's for a new, younger generation of clients," Mazzilli said. Meanwhile, the former Conduit Street shop has a sign in the window from bailiffs claiming 55,000 pounds, or $113,000, in unpaid rent. Mazzilli declined to comment.

Looks like a fairly prime (corner) site...

[momentos] 11/1/2008 11:22

This appears to be the shop (marked as 50 Conduit street). Its former incarnation, of course. Corner of Saville Row.

More info:



Nearby shops (Vivienne Westwood at no 44):

[momentos] 11/1/2008 11:13

BTW the new JCC store appears to be more or less on the corner of Conduit Street / Saville Row.

Just close enough to pop out to lunch with Ozwald at Sketch..... Berners Street a walk round the corner and across Oxford Street..



Similar property (perhaps): Rent 160k pa.

[momentos] 11/1/2008 10:36

Given the fall to below pre-consolidation highs it seems like it was a dream!

30p - probably because:

1. Its a nice round number.
2. There is support there (notwithstanding the 2002/2003 drop to 10p and 20p)
3. Risk reward seems nice at that level!

Anyway, I will probably await the IMS (Inevitable Morris Sophistry) prior to deciding....

[pingi] 11/1/2008 10:24

Talking of dreams was the 1 for 5 consolidation one?

BTW... Why 30p ?

[momentos] 11/1/2008 09:03

ddl stop it, I'm trying to get my 30p entry point! It can go up after that!

In answer:

(A) Turnover?

Not really a measure I would use on its own. Generally useful to look at potential earnings based on peer performance / historic performance.

(B) Profits?

More interested in margin.... which looks squeezed with further squeezing looking likely.

(C) Dividend?

Meaningless as a measure if dividend cover is inadequate.

(D) Brands under management?

YSL + Boateng to Ungaro + JCC + Boateng

(E) Wholly owned brands purchased from T/O?

JCC (Greenmark ain't a brand)

(F) Worldwide diversity?

No profit outside UK (well, a little JCC profit now)

(G) Internet presence?

Homebody only! Turnover not exactly staggering.

(H) Retail outlets?

Owned - JCC x London & Paris...

The po-ten-shul is there, we just need to see a bit more actual at the moment, not more dreams, plans and mergers.

[dan de lion] 11/1/2008 07:45

The last time MPH share price was at this level was based on these accounts:-

The profit and loss account for the year shows an operating profit of #0.8 million (previous year #3.2 million loss) on reduced turnover of #16.0 million (previous year #17.3 million). A gross margin of 41% was achieved (previous year 25%) during the year with profit before taxation of #0.7m (#2.8m loss), and EPS of 0.6p (loss per share 2.1p).

No dividend.

Forward orders were £7.5 million and it was a one Country one brand Company.



Has anybody noticed if there has been any improvement in:-


(A) Turnover?

(B) Profits?

(C) Dividend?

(D) Brands under management?

(E) Wholly owned brands purchased from T/O?

(F) Worldwide diversity?

(G) Internet presence?

(H) Retail outlets?




Should any combination of the above justify a higher share price?




Whats that, they have all of the above!!!!!!!!!!!!!!!!!!!!!!!!!,

[momentos] 11/1/2008 07:07

1947Jim, they appear in the accounts at delivery, this is best practice (unlike booking at order stage, which has artificially inflated many a balance sheet and caused forward order scandals in the past). Yes, credit is extended beyond delivery, hence the lsrge payables / receivables.

Long memory you have there re helicopters. That was MM scandal pt 1 that was when he was booted out of his own co!

[jamesjoel] 10/1/2008 20:32

Maintains the total dividend distribution at 3.75 pence per share for the
year to 31 March 2008

If there was debt problems do not think they would be maintaining the dividend !!!!!!

These could bounce very quickly time to top up me thinks !

[1947jim] 10/1/2008 19:53

Hope they have pre bought US$ at around 2.10 ..... otherwise more trouble on margins.
Not sure about '' orders booked at delivery '' --- what does this mean ?? If
they are booked 'at delivery' surely means they are invoiced, and become a debtor. Forward orders recd are just for info ............... many could get cancelled before due for delivery.
2nd half is bigger due item price being higher.............only this.
More worried about the 'stock/inventory' position --- seems a lot -- which indicates is not selling or has been cancelled !!!!!! which if it has will realise losses when cleared.

Hope the Royal Suite booking includes the helipad !!!