Revolution Bars Share Discussion Threads

[spectoacc] 30/5/2017 16:31

Maybe tonmorrow... Interesting push-pull going on per my Holdings post above - will be a while before it ends I suspect.

[goofrob] 30/5/2017 11:33

So investment Dave...your post says expecting 1.30open and close today 140p or more.
Whats gone wrong?..

[goofrob] 30/5/2017 11:32

So investment Dave...your post says expecting 1.30open and close today 140p or more.
Whats gone wrong?..

[pj0077] 30/5/2017 10:20

Stunning analysis David, thank-you.

[investment dave] 30/5/2017 07:56

Big upside here

[thevaluehunter] 29/5/2017 23:01

EV/EBITDA should be minimum of 6x in my opinion. From the annual report net cash flow generated from operating activities was £14.2m for FY16 and £9m for FY15. The tax is likely to be due to the previous private equity debt structuring. Comparing to the listed pub chains is not great because most have enormous amounts of debt and some have large pension deficits. In terms of the working capital I guess that you are referring to the interim results because for the full year results the working capital is positive, this is to be expected as they roll out because customers pay at the point of sale but suppliers are paid in arrears. For the interim results working capital is negative driven by trade payables, my suspicion would be that is related to the capital creditor whereby capex would be limited in the month of december due to peak trading which would have the impact of reducing trade payables as previous site builds are paid. It could also be driven by other seasonal factors.

[barnetpeter] 29/5/2017 22:28

It is interesting that the major investors are dumping just as the small pi's are buying. The latter may be right of course...not the first time. Although some of these big firms should have a real feel for the business and whether this is a one off ..,I would have expected buying not selling????

[staverly] 29/5/2017 21:54

@Jaknife ... thoughtful post. I can't agree that the BS is good. Far from it. Whilst it's not unusual for bars to have negative w/c (JDW, MAB being obvious examples), IMO, RBG is dicing with the ultimate risk as it patently cannot produce any meaningful FCF judging by the past 3 and a half years. My earlier post suggested under 1m in the past 3 fiscal years. Taking in to account the recent H1, makes that an annualised FCF contribution of around £140k per annum.
Prudent management would have cut the dividend long ago. £7.25m has been distributed in the past 2 and half years only thanks to £5m of additional debt and further stress to an already stretched w/c position.
Frankly, i'd surmise that the business model has more serious issues than initially supposed. Put simply, currently it's a barge-pole at any price. DYOR

[geheimnis2] 29/5/2017 21:16

Lol just a thought jak?

[opodio] 29/5/2017 19:08

looking for 70p on the results when they state the full extent of their issues and issue a second warning

[spectoacc] 28/5/2017 17:33

@staverly - I've not looked to be honest, only quoting IC.

Tax more likely to be brought-forward losses?

[staverly] 28/5/2017 14:20

Keep seeing allusions to "highly cash generative" from respected sources. Bit of a headscratcher given headline cash flow numbers suggest in past 3 fiscal years there has been less than a one million quid's worth of operating *FCF. Hardly a cash-cow.

What would trouble me more (no position), is that it appears HMRC doesn't fancy the income statement judging by the fact zero cash taxes have been paid in the same period. DYOR

* proceeds from PPE disposal excluded

[investment dave] 28/5/2017 10:05

Looking for a £1.30 open on Tuesday and a close above £1.40

[spectoacc] 28/5/2017 09:27

Just a thought regarding major shareholders - many funds/investments trusts have market cap limits on what they can hold, usually self-imposed, with £100m being a common minimum level. RBG now down to £60m cap, so a good chance there's more selling to come.

Unless, of course, it gets even more of a dcb on :)

IC write-up seemed pretty positive fwiw - "p/e 8, yield 4%, highly cash-generative".

[investment dave] 26/5/2017 20:08

Tuesday haha

[investment dave] 26/5/2017 20:08

Seller out now expect this to surge much much higher Monday

[geheimnis2] 26/5/2017 19:03

Should be trading up to 180p?

[bones] 26/5/2017 18:45

Opened new spread bet at 113p. So far so good having lost 5p on my last bottom fish attempt ;)

[greenknight1] 26/5/2017 18:39

So undervalued....big rise next week

[bones] 26/5/2017 17:32

Meanwhile, confirmation of big dumping this week by Old Mutual and Schroders.

[turbocharge] 26/5/2017 17:01

NOTIFICATION OF MAJOR INTEREST IN SHARES
IPConcept (Luxemburg) S.A

Their number of voting rights has gone up from 1,381,896 to 1,600,000, crossing the 3% threshold. Now 3.20%

[investment dave] 26/5/2017 16:32

£1.35 on the offer momentarily