Portmeirion Share Discussion Threads

[firtashia] 13/12/2024 10:07

It's one thing getting paid for making tips in a magazine, another to have your money actually invested in the stock you are tipping. Anyone know if ST actually puts his own money where his mouth is?

[kemche] 13/12/2024 08:23

The curse of the Chronic Investor.

[zangdook] 13/12/2024 07:45

'challenging' occurs six times in today's update.

[wad collector] 20/9/2024 07:38

Interims are as bad as we predicted but we think FY will be better.

Hard to know how much to believe in the Korean overstocking line. It's an explanation that probably oversimplifies poor sales. If the management is confident of FY24 then that is reassuring but more so if they take this share price dip as an opportunity to increase their own holdings. As far as I can see, none of them has bought a single share since 2022.

[wad collector] 02/9/2024 13:02

Have we passed the nadir now?

[mandyreyn74] 08/8/2024 07:13

Seems the shares would be worth more if they stripped the business and sold the assets including owned land and buildings carried at cost. Accounts show 50% is sourced from overseas and has been for many years

[pugugly] 30/7/2024 19:28

Bok value 476p - Discount is so large makes one question whether books value is correct. Or to put it another way, Fire sale price??

[my retirement fund] 30/7/2024 18:06

It's such a shame to see investors losing a packet post Simon Thompsons IC tip as the shareprice crashed back to earth, and they end up getting locked in to a much longer term loss. Terrible, such a terrible shame !

[wad collector] 18/7/2024 21:56

Yes he did tip it in Sep 23 but he also tipped it in July23 ; here is his entry from sep 23.
"The profit warning led to a 28 per cent share price reversal and makes my buy call, at 457p, three months ago ill-timed. It also means that Portmeirion’s enterprise valuation of £47mn equates to only five times current-year downgraded cash profit estimates and four times 2024 forecasts, a massive discount to rival Churchill China (CHH:1,385p), which is priced on multiples of 10 times (2023) and 9.2 times (2024). Portmeirion's shares also trade on a deep 41 per cent discount to book value of 476p."

I know because I followed this bad advice in July23!

[value hound] 18/7/2024 15:23

He tipped it in September last year at 285p.

Personally, I think it's worth more like £4 FWIW, but they have to 'prove' it of course - which may be easier said than done. Time will tell.

I bought it during the pandemic then sold too early as usual, but bought even back more cheaply this year with a couple of buys (best was 215p).

[wad collector] 18/7/2024 14:43

Though he was also tipping these at a fiver last summer!
Good to see a turnaround appearing.

[value hound] 18/7/2024 12:26

Re-tipped by Simon Thompson:

Intro:

"This company's earnings recovery is very underrated

"Stoke-on-Trent-based Portmeirion (PMP:233p), a leading UK ceramics manufacturer and retailer, is on course to deliver a strong earnings recovery this year even though conditions in the South Korean market remain challenging."

Conclusion:

"Of course, the second half earnings bias increases investment risk especially as the group is expected to be loss-making in the first half of 2024. However, with the shares rated on modest prospective PE ratios of 10 (2024) and 6 (2025), and underpinned by forward dividend yields of 3.2 per cent (2024) and 5.2 per cent (2025), there is already a decent ‘margin of safety’ embedded in the current share price. If Portmeirion’s management’s confidence proves well founded, then expect a re-rating to narrow the 32 per cent discount to tangible book value of 339p.

So, having rated the shares a hold, at 245p, when I covered the annual results (‘Portmeirion cuts a leaner figure for challenging times’, 27 March 2024), I now feel they are worth buying ahead of the next trading update in September. Speculative buy."

[essentialinvestor] 18/7/2024 09:32

No update on net debt numbers?.

[value hound] 18/7/2024 09:21

Synopsis from Singer FWIW:
-

Portmeirion in its H1 trading statement has maintained FY profit expectations. H1 revenue as previously flagged is lower (-17%), but this masks an encouraging 5% y/y growth ex South Korea. Commentary around cost savings, Wax Lyrical and the US Christmas order book is also positive. We leave numbers unchanged for now and while there is much work to do over H2 to hit our FY PBT estimate, we are encouraged by the areas of progress in H1. For now we stay at Hold but once headwinds wane and confidence builds around forecasts, the shares on an undemanding FY25 valuation of 5.4x P/E and 3x EV/EBITDA should re-rate significantly.

[value hound] 18/7/2024 07:18

Still looks great value to me - good update, albeit a mixed bag.

[wad collector] 17/7/2024 21:46

Hmm. Slipping back towards a new low despite wider market recovery. Not auspicious.

[my retirement fund] 02/6/2024 17:05

There was a Port Merion outlet shop on the Trentham Gardens estate i visited last week. Looked very empty of customers to me.

[wad collector] 02/6/2024 15:32

Going back to the provenance issue , we just bought some ceramics from Portmeiron online sales through Amazon site, described of as Royal Worcester Bone China but no clue on the listing that it is made in India but that is stamped on the bottom.
So am I supporting British Industry ?

[wad collector] 02/5/2024 13:50

Ming is definitely better ; should set up a couple of production lines in China...

[my retirement fund] 01/5/2024 19:12

Bring back lustreware I say !

[arthur_lame_stocks] 01/5/2024 17:53

vh

For what it's worth I don't think it's beyond the realms of possibility to revive the Stoke ceramics industry. Why not produce Wedgwood Jasper Ware dinner sets at a mid range price instead of just trinket dishes and small posy vases.

And if you don't know what Doulton Lambeth is take a look on eBay, some of it's magnificent in my opinion and the designs are timeless.

[value hound] 01/5/2024 17:41

ALS - they do some manufacturing in Stoke, "Portmeirion potteries continues to manufacture Susan's designs as well as others in the same factory in Stoke-on-Trent to this very day." see hxxps://www.portmeirion.co.uk/portmeirion-about-us

- but I've no idea how it breaks down.

I just think they're worth >£4 on recovery.