Share Name Share Symbol Market Type Share ISIN Share Description
Patisserie Holdings LSE:CAKE London Ordinary Share GB00BM4NV504 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 429.50p 0 05:30:43
Bid Price Offer Price High Price Low Price Open Price
423.50p 426.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 114.20 20.15 16.36 26.3 446.1

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Date Time Title Posts
21/10/201812:51Patisserie Holdings Plc Ord 1p2,069
21/5/201821:15London packed with tourists eating CAKE25
19/5/201709:01Patisserie Holdings plc1
18/5/201720:30Patisserie Holdings plc-
02/2/201715:50Patisserie Cannacord raises its price target to 405p (from 380)1

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Patisserie Daily Update: Patisserie Holdings is listed in the Food Producers sector of the London Stock Exchange with ticker CAKE. The last closing price for Patisserie was 429.50p.
Patisserie Holdings has a 4 week average price of 419p and a 12 week average price of 410p.
The 1 year high share price is 498p while the 1 year low share price is currently 295p.
There are currently 103,861,332 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Patisserie Holdings is £446,084,420.94.
hvs: City advisory groups warned about Johnson months ago. Reports sent to investors advised he was not a suitable executive chairman of Patisserie Holdings because his major shareholding raised questions about his 'independence'. Yet the share price kept going up and up. They expressed concerns that Johnson had fingers in too many CAKES. Glass Lewis and Pirc told investors to vote against Johnson at the annual general meeting of Patisserie Holdings in January. Yet NOTHING happened and £ 400 mill in shareolder funds wiped out. Thank you LUKE JOHNSON. Nice CAKE though.
microscope: Might be worth people checking their other AIM holdings to see which of the institutions involved here are involved with other shares they hold. If my maths is right, at the current (suspended) share price Octopus have something like 35 million of exposure here, Hargreave Hale and Black Rock both over 20 million. About half a dozen others from 5-20 million. They might I think look to make any final shortfall up by selling elsewhere at some point. I would imagine they pressurized Johnson into coming up with the loan once the story broke.
knigel: hvs - i am here because I might buy in depending on the share price - not sure if the same applies to you? I think the Sunday Times has an article with Luke Johnson - read it then perhaps give your verdict. As far as we know, Luke Johnson had NO IDEA about the secret overdrafts or what the FD may have done - if anyone did know and made money from options/selling shares then I agree it should be returned. Luke Johnson obviously knows his rep is in tatters now - but not sure what your beef is with him? Have you ever made a bad investment decision - or sell too early - or been in a share that got suspended? I have.
tabhair: So what do we value this thing at? Management have reported a true figure of revenue of £120m and EBITDA of £12m. Looks like revenue growth stalled in the last 12 months, so no growth premium can be attached here. I would say that the likes of Greggs would be a better comparison to CAKE than Starbucks. If we were to apply the same market cap to EBITDA multiple (8.6x) to CAKE, then you get to a valuation of £103m for CAKE, which translates to a share price of about 77p. Given the uncertainty here, I don't think you'd want to be paying anything near 77p.
cyberbub: I guess LJ feels that only by putting up £20M (which is only a loan, to be fair, so not that much kudos to him!) will he be able to save 'some' value from his holding here. 50p is a shocking discount to the 420p share price, but instis want their pound of flesh from the desperate, as always. On the other hand, instis wouldn't be putting up £15M if they thought the company was screwed. Ditto for LJ - he wouldn't be loaning millions to the company if he thought it was 'throwing good money after bad'. So I think we can assume that the company will 'probably' not be going bust. But what level of true profitability exists, and therefore the share price it will resume trading at, is unknown. If I had to guess, with 135M shares in issue and the RNS yesterday, I would say it might resume trading at about 75p, *if* there is confidence in the revised accounts. Shocking value destruction for shareholders who believed the company. I'm sorry for them, and also glad that I didn't invest here (I had considered it a couple of years back). Good luck all. NAI
mrtenpercent: @ thegreatgeraldo Agreed RNS at 15:44 stated Net debt £9.8m and need 'immediate cash injection of no less than £20 million" Johnson has provided the £20m by his two loans That takes total debt to £29.8m Less £15m from the placing (net?) = £14.8m EBITDA £12m x 7 = £84m Enterprise Value Less debt -£14.8m Equity £64.2m divided by 135,322,452 shares in issue Share price £0.474 Say 47p. Or say 50p and Bob's your uncle.
snoopy12: This is the best for shareholders and employees otherwise admin. I would not like to take a guess on the price the shares start trading as there MMS will have a problem controlling the share price as their will be a lot forward selling. But will be a good share to day trade.
mrtenpercent: EBITDA £12m x 6 = £72m Enterprise Value Less debt -£19.8m Equity £52.2m divided by 135,322,452 shares in issue Share price £0.3857 Say 38p Can't see where the 50p valuation for the placing comes from. But presumably a case can be made for that. However much you play with these figures, 429.5p looks a dim and distant memory, not a viable hope for the future. Even if new store openings take the EBITDA to £20m and the EV multiple rises to 8 the result is a share price of only 104p It will be a very long time before anyone values this business at a premium.
mrtenpercent: Like others here I am concerned by the omission of the word "theft" in the police statement. If it was theft it would imply that the company is generating profits and cash but it is suspected that these have gone missing. A one-off black hole that can be filled. But if there has not been theft then sadly it does imply that the money was never there in the first place, which would be very bad news for shareholders, and (I would hope but not with much conviction) the end of the road for Grant Thornton. One scenario that might be consistent with the police statement is that the fraudulent misrepresentation related to profitability which supported the share price which gave value to his share options.
johnwise: Mark Brumby, an analyst at Langton Capital, said: “There’s been some sort of fairy dust sprinkled on this company’s valuation for some time. “Having a share price at 23 times earnings for a cake shop is just crazy. But nobody could have seen this coming. Clearly you have to be asking questions of the auditors.” The revelation thrusts auditor Grant Thornton into the spotlight after a string of audit blunders which have recently made headlines including outsourcer Carillion’s collapse, with KPMG and Deloitte being criticised for missing red flags. The black hole echoes the unexpected implosion of Conviviality this year. AJ Bell’s Russ Mould said: “This latest episode is incredibly damaging for investor sentiment towards corporate reporting transparency in general.”
Patisserie share price data is direct from the London Stock Exchange
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