Parallel Media Share Discussion Threads

[29howard] 21/6/2014 13:12

I can count myself lucky I took the hit and bailed out when I did. What a sorry
state of affairs, was quite hoping you would have done the same KNIGEL and just accepted things here and got out instead of buying all the way down.

[knigel] 21/6/2014 08:40

Buywell2 - well 200k would be 6-7p earnings (pre tax) so probably 70-90p would be more accurate? So the ranges do look 40-50p too high unless a high growth media company usually has higher PE ratings? (I concede PAA would need 2-3 years of continued growth in revenue and profits to attract a sector average valuation). Will be interesting to see if Sanlam give a new recommendation and share price target. Personally I think the damage has been done for 2014 unless some new events are agreed for the 4th quarter. A little more positive for next year if sponsorship is sorted for both golf events.
BTW I am someone who can change his opinion - at the moment my opinion is that the shares are a hold for current shareholders and one to watch for any one considering an investment. If matters got worse I could change my opinion again to sell/hold. I just don't believe some derampers would ever change their opinions though as they either generally short - do not like the aim market - or prefer to target poorly performing AIM companies to trash as it is what they enjoy doing.

[buywell2] 21/6/2014 07:01

Duss

I have put share price price targets based upon turnover expectations on a couple of my threads.

When things change within the company I changed them .... a fact of company life

You ought to consider a rethink with what you have in the header as it is plainly not correct at the moment

A more realistic set of numbers please

[knigel] 20/6/2014 20:12

littlemadam - 2.46pm is not just before the close and there was no market reaction any way. Probably to do with DC working in Asia perhaps? Agree though that it caught shareholders off guard as 7 am is the usual time for results RNS. Have a great weekend - at least I am doing fine with my world cup forecasts!

[littlemadam] 20/6/2014 19:57

Results not positive but not negative.
At some time these will see an uptrend, but not soon.
DC sounds very positive, but nothing new there.

If I was new to these I would be looking at a buy opportunity. 2 years from now 50p might seem a steal.

One thing, why were results released a few minutes before the close? Not good.

Surprised no word from orvil!

[knigel] 20/6/2014 19:09

buywell2, check the Annual Report. The revenue from entertainment soared from £200k in 2012 to £1.2 million last year. The proportion of revenue relating to The Championship fell (I would have to open the pdf. again but it's about 53% now - still too high). So the company is obviously going for the high growth sector via the tie up with Live Nation. I agree that the number of golf events are limited but at least The Championship was on Sky Sports 4 this year so not completely ignored and other European events are shown on Sky during the year - alongside US golf events. Let's see what the next six months bring - the shares have to hit bottom at some point (presuming they do not go bust) and personally I think we are near it. Depends on interims and any more sellers though!

[buywell2] 20/6/2014 19:02

Like I said if the forgot GOLF and said they were going 100% MUSIC

This might have a chance

[knigel] 20/6/2014 18:53

Perhaps BB cannot read? Clearly the NAV has soared due to the equity raised and the balance sheet is equal to 97p whether you appreciate all the items within the balance sheet or not. The Annual Report is 52 pages and detailed and explains the relevant items. It is not ramping - it is stating A FACT. It does not mean the share price s/b 97p because AIM shares trade either at sharp discounts to NAV or in exceptional cases at sharp premiums (VMP). But the balance sheet looks far better than last year...
Does anyone know why BB posts on PAA? (and just PAA now). He does not hold the shares and probably will never invest here so why on earth he feels the need to continue posting his version of events every time one of us posts here is beyond me. It is strange, sad and a little obsessive imo
BTW I've decided it is best not to respond to him unless he posts any thing that has to be contested. If no one replies to him - the attention seeker might just stop posting!
(as for the results being a little earlier than expected - perhaps some news will be coming in the next 1-2 weeks as hinted within the trading statement last month)

[britishb] 20/6/2014 17:17

WPP has nothing to do with PAA.

The tournament rights were bought years ago, at a time when the ET was, IMO, in much better health. Since then the US tour has completely won the battle. All the decent players go to the US now. In a whole year (or more, we know not when Ballantine's informed that not renewing) PAA failed to find a title sponsor - that tells you all you need to know about how attractive these rights are IMO.

Just my opinions of course. I'm wrong sometimes. In the meantime quoting a NAV, that would be heavily negative if not for a lot of intangibles, is not IMO a sensible way of ramping up (I mean failing utterly to ramp up) the share price.

It wouldn't surprise me if the ET had looked at the possibility of revoking the rights after what happened with the switch from Blackstone...but that's just idle speculation.

[knigel] 20/6/2014 16:18

Please read pages 21-22 and note 14 in the report.

[knigel] 20/6/2014 15:46

The accounts were audited. The balance sheet is stronger than last year due to fund raises. Personally i would revalue these figures but to say zero value is deramping nonsense

[britishb] 20/6/2014 14:40

You've side-stepped my questions KN!

In your ghastly ramptastic way you quoted PAA NAV as being some sort of bull point (as I read it). I pointed out that the non current assets were IMVHO completely worthless. Do you disagree?

[knigel] 20/6/2014 14:27

PAA is not the only company with these types of enteries on their balance sheet - goodwill ia common. With only 27% of share issue in free float small volume can cause wild movements either way. Placing - last two at a premium so 30p is still a long shot imo.
I feel sorry for you. You rarely post and just on here now a days. Shame

[britishb] 20/6/2014 13:12

Oh KN my dear fellow. You really are getting desperate to defend this serial loss-making crock!

You say "Bb agree about the results not the balance sheet (NaV of 97p)"

Errr.. but the balance sheet includes non current assets as follows...

Intangible assets - Tournament rights £1,730
Intangible assets - Development costs £2,923
Goodwill - £200k

My valuation of those assets is zero. The number of companies that might buy those assets is IMO nil. Who knows I might be wrong but I've called almost everything spot on here so far!

Please explain what you think those accounting entries are, and why you think they are worth anything.....

By the way with the shares now bid at just 58p are you starting to give my 30p fund raise target any credence?

[knigel] 20/6/2014 10:00

Yes current liabilities still negative but much improved on prior year. Placing is 50/50 imo. As for being proactive - i attend various AGMs and email companies regularly but how this can effect share price is beyond me. All shareholders are down on their investment atm including the 4 shareholders holding 73% of the share issue - re annual report on website

[knigel] 20/6/2014 09:56

Bb agree about the results not the balance sheet (NaV of 97p)

[britishb] 20/6/2014 08:58

Ghastly beyond words IMO.

2013 results miles below forecasts (weren't they for £400k pbt?) - why was there no warning? From memory they've done that last 2 years.

Balance sheet in an awful (IMO) state. Net current liabilities of £893k and cash of just £24k. With 2014 set to be (IMO) loss-making, possibly heavily so, I just don't see how they get through without yet another placing (unless DC loans the company yet more money!).

The only weeny positive to me is clearly the possibility of sponsoring 2 big golf events in 2015 with decent title sponsorship. However it's not clear to me whether they actually have a contract with the European Tour/Asian tour for these events. After the last minute shenanigans with the move from Blackstone (and the ET having to pay air flights for competitors!) it wouldn't be surprising if ET have no wish to deal with them in future. We shall see.

I stick for now with my placing at 30p prediction.

If I held PAA I'd be asking for updated forecasts (don't think you'll get any bcoz they will prob be awful IMO) and whether they actually have any current contract with ET.

Of course you won't do that coz u r too lazy and prefer to just watch your investments dribble away to zero.

[knigel] 20/6/2014 07:38

buywell2 - I don't follow other posters trading history to ascertain if they are calling it right or wrong on their investments - what's the point? Too many people "interested" in individuals on this website and what they say or do - which is sad because we s/b talking about the merits of investing in the stock market on the relevant share threads! Of course some posters have been here a while and are well known so will attract attention - as for PAA I do agree music is the growth area.

[buywell2] 20/6/2014 07:32

K what do you mean wrong for once ?

Ratticus is wrong most of the time


I still think they should drop GOLF and GO MUSIC 100%


PAA: Music & Concert event management, social & smart media focussed in Asia (PAA)

[dusseldorf] 20/6/2014 00:22

KNIGEL - echo of those sentiments really. The key for me is avoiding dilution to year end, if we can manage that, its the greatest indicator of a change in fortunes. My 'for sale' targets above still hold true for me as profit progresses, but before I buy more in my SIPP, I want sponsor(s) for Korea, clarity on the Volvik event and to see what other event(s) are as alluded to in the trading update. You can be sure Oryx and our non-exec are representing the interests of holders who've seen a 60% price drop in 6 months since placement.

[knigel] 19/6/2014 19:19

Annual Report (51 pages) on the website now.
I wouldn't recommend a BUY here - just a HOLD for current shareholders. No point selling at historic lows in my opinion.
Could be the opposite of 2013 here - with a loss in the 1st half of 2014 and perhaps breakeven/profit in the 2nd half (considering the extra events already).
Hands up - I got it wrong. I really expected a profit for the year and although compared to 2012 the results are still reasonable - when compared to the interims - it's not impressive.
Will read the report over the weekend (too much football on) but I live in hope that the talk of discussions leading to material profits bear fruit.
Remember it's possible that sponsorship is agreed amongst one of the five interested parties for one or both of the major golf events next year. I presume the new event will be similar in size to The Championship?
If so - then excluding any new music events or developments with Pico TV - profits could be reasonable next year and the share price will look undervalued looking back next year. However as long termers here keep saying (and the non holders keep crowing for whatever reason) it's been a company with "jam tomorrow" as the carrot to stay. Let's see what the rest of 2014 will bring - a director buy might help.

[loverat] 19/6/2014 16:24

KNIGEL

I think there is a saying 'always expect the unexpected' which would have served me well if I had heeded on a few shares lately. However, I just do not get any wow factor here anymore. It was different before the share price consolidation and prior to confidence draining away in the management.

[knigel] 19/6/2014 16:07

Loverat, i hope you are wrong for once. One to watch if not holding gl