Stanley Gibbons Share Discussion Threads

[qs99] 19/11/2014 13:36

motoring along now....

[ulvers] 19/11/2014 12:32

Interesting article in spreadbet magazine see link:



GLA

[qs99] 19/11/2014 11:26

Continuing to move Northwards, nice to see PH reiterate £4 TP....

[bingaxu] 17/11/2014 08:06

Here are a couple of articles about sgi:http://www.theguardian.com/business/2014/nov/14/stanley-gibbons-launches-online-marketplace-stampshttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11230902/Stanley-Gibbons-launches-online-marketplace.html

[43rick] 15/11/2014 10:20

Useful report in today's Telegraph business section.

[robinnicolson] 14/11/2014 20:47

Peel Hunt have restated their buy rating for SGI, with a 400p PT.

[whackford] 14/11/2014 16:47

Graham. I assume that now SGI own Mallett lock, stock and barrel they can do what they like with it.

From the RNS at the time of the announcement, it is clear that Mallett staff - most of them - will continue to be employed and this may be what caused the Mallett board to not just liquidate and return cash.

I know nothing more than any other ordinary investor so I shall watch developments.

[graham1ty] 14/11/2014 14:37

Whackford, unless Malletts was giving up the ghost, surely there would be a legal undertaking not to just liquidate the stock. If they were giving up, then appoint Sothebys, liquidate the Company and return cash to investors in Mallett. Why let SG do that ? And if the plan is to continue to run Mallett for clients, what does SG know about furniture and decorating ( sic)

[whackford] 14/11/2014 13:24

Graham.
I am puzzled regarding the Mallett acquisition. Of course they have prime leaseholds in Madison Avenue and Dover St., which may well help SGI - its a case of wait and see.

I would have thought the Mallett stock was a headache for SGI (it evidently was for Mallett). Maybe SGI will sell it through Sotheby's in a similar way to that which Mallett cleared out much of its stock a few years back. At that sale the Mallett stock made at least book value although Sotheby's commission would have taken a chunk.

I cannot think there is any agreement not to sell en bloc the Mallett stock.

[graham1ty] 14/11/2014 12:09

Did Mallett sell out just so SGI could liquidate the stock ? Would make sense for SGI but surely some undertaking not to do that ? I wrote a while ago, SGI and Mallett very very different businesses

[whackford] 14/11/2014 11:56

Graham. I do to some extent share your concerns. This is becoming a very complex company.

I do know Mallett fairly well haaving been an investor there in the past.

I wonder if SGI will be able to shift Mallett's stock even at book value, since it appears Mallett is to be used for a more general antiques trading activity which may require disposing of much/all existing stock.

[graham1ty] 14/11/2014 11:11

Dash, a quick few thoughts.

I do worry about megalomania. Noble was one thing, but Mallett ? And online sales of £1m bits of furniture ? Forget it. SGI now has a stock holding of £50m !!!! It seems that every collection that comes along, they snaffle up. But are they the only buyer in town ? £50m !!! that is 50,000 x £1000 stamps. Or 50 collections each worth £1m !! How many such collections are about ? Their biggest buyer spent £3.2m. IMHO there are just not that many big big players at that level. Note also stamps sales were £15m in the six months, so they hold stock of nearly two years trading. Madness

Online trading. Has anyone looked at the soft launch of the new site, still only about five years late. I wrote some months ago about the mind boggling cost of the exercise and they have expensed another £0.9m of cost to add to the £1.8m last year. And it is not launched until March....so another £1m or so to get there.

And bidstart ? the great launchpad into online sales, the rival to EBay ? I have a copy of the acquisition document Project jenny dated 2012. I quote "SG can enhance bidstart to create a substantial trading platform....scale of opportunity.....robust, flexible and scalable.....how we can transform bidstart....£4m for purchase and development of bidstart". And where is it now ? Global ? Mega ? No, neglected, turned over $1.04m AND THAT IS GROSS SALES VALUE bringing in commission of $80,000 compared to $300,000 the year of acquisition.

So, add another £4m to the cost of launching the new online SGI

And what annoys me most, is everything is quoted pre all costs they do not like. Andy Brough of Schroders in a lecture at MELLO2014 said that is like your fund manager coming to you and saying "this is the quarters performance....and by the way I have xcluded everything that went down".

so, the actual numbers, the statutory numbers ? Operating profit of just £3.8m. Fully diluted eps of just 6.7p. How can this possibly, possibly justify a valuation of £135m ?? Madness.

SGI ( IMHO) needed to prove it could leverage the brand, trade stamps well, have a reliable, cost effective online platform and stick to its knitting. Instead mad acquisitions, an online platform ten years behind EBay and a valuation in the stars

[graham1ty] 14/11/2014 10:45

Dash, just looking now. Immediate comment. Can they not proof read. Says they have authority in "decorating" arts !!!!!! How about decorative .....or maybe they have a skill we did not know !

[jadeticl3] 14/11/2014 10:35

Up 10p early, now only up 2p! I would have thought these results justified the early rise, but have not had time to analyse anything yet

[dashton42] 14/11/2014 08:02

I've only had a chance to skim through them so far. Hopefully there aren't any nasties buried away anywhere?! :-)

[beaufort1] 14/11/2014 07:59

Excellent results.

[qs99] 14/11/2014 07:24

looks good IMO, any thoughts? Nearly debt free, £6m OP at the half way stage...DYOR etc

[qs99] 11/11/2014 21:30

Great finish...IMO seller obviously cleared and MMs re-tracing things....despite previous posters raising some good questions re e-commerce site etc, momentum IMO appears to be with SGI and am holding on for £3+....great trading play if so...DYOR etc

[qs99] 11/11/2014 14:53

break out?

[qs99] 11/11/2014 13:01

hopefully, may see a retrace to over £3 recent highs before deal

[jadeticl3] 11/11/2014 12:23

Maybe all the dumpers have done their dumping now.

[qs99] 11/11/2014 11:58

Moving ahead nicely.....

[bingaxu] 04/11/2014 16:28

Big sells today. People are dumping this share. There should be an update in 10 days. Gla!

[jadeticl3] 28/10/2014 16:03

What would SGI hope to achieve by being at the event, and what will they lose by not being present?