Tellings Golden Miller Share Discussion Threads

[wiganer] 05/4/2006 10:53

Slightly disappointing results, at least presentationally- would have liked to see the one-off costs shown separately to the true operating result of continuing ops showed through; am guessing it would have been a tiny profit.

On the other hand, there is something refreshing about a company not fudging the presentation to make themselves look good.

The key thing is now prospects- it looks like telling has identifies clearly the stars and dogs, and is taking the relevant actions to deal with both.

Clearly the North-east division is a star, so today's acquisition, though small, is a welcome bolster in that area.

All in all, I remain bullish and will continue to add on any weakness.

[wiganer] 03/4/2006 12:11

Looks like that 26.5p mid might have been the bottom.

[evilwebby] 20/3/2006 13:43

Hmmm.. how cheap will this get? 8-/

[wiganer] 08/3/2006 20:00

I'd be very surprised if EPS this year is as high as 4p, in what after all is the first year of "TGM 2.0". But the point is:

Profitable

Discount to NAV

Management track record

[jonwig] 08/3/2006 18:46

TGM are one of the companies covered here:

[evilwebby] 08/3/2006 18:27

I read in the most recent IC that EPS is likely to be around 4p. Even if it falls a bit short of this, it's still good value. On my watchlist. I just don't want to buy *anything* at the moment until we have end of year tax selling out of the way.

[wiganer] 07/3/2006 22:24

This is now priced as if it is a loss-making basket case.

There is no evidence for this.

The last set of results showed an operating profit for the residual group, as well as £10m of net assets.

[sofa spud] 02/3/2006 08:19

I'm keeping! - Slight loss on my initial outlay but if TGM can achieve with luxury coaching anything like what Stagecoach, Firstgroup, Go Ahead etc. did in the bus industry the outlook should be good.

[wiganer] 28/2/2006 16:03

Still holding, in a Benjamin Graham stylee. In fact if anything, am likelier to add than sell.

[evilwebby] 28/2/2006 15:56

Hmm. Anyone still holding these? Or have y'all disposed of quietly?

[sofa spud] 20/1/2006 15:28

I'd buy more too except that I've used up my share budget!

My TGM holding approximates to two new coach tyres. When I saw one of TGM's blue, yellow and white beauties wafting along the open road yesterday I couldn't help wondering it was wearing either of them!!!

[wiganer] 20/1/2006 14:13

Added today, doubling my holding, after revisiting the numbers, just to confirm to myself how ludicrously undervalued TGM has become. One comparison, based on past RNS figures and current Mkt Cap:

Aug 2003: Net assets c£2m Market Cap c£15m

Jan 2006: Net assets c£10m (only £0.8m of which are intangibles) Market Cap c£7m

[sofa spud] 06/1/2006 11:03

Is TGM going to become the "Stagecoach" of the luxury coaching sector? Just in case it is, I bought a few shares (down 2p so far). 3 years ago I bought Stagecoach at 15p and sold last month at 118p - could luck strike twice?

On the other hand I bought £200 worth of Marconi shares too at 2p and lost my stake! I knew it was a gamble - one that didn't pay off.

Cheers, Sofa Spud

[wiganer] 27/10/2005 08:38

Brutal shake on back of a badly worded trading statement.

Profits down because fuel costs up and main trading division sold? Duh!

[aa6] 02/10/2005 21:58

Yes, your correct. Yet, I think it might have been a little tree shaking to attract shares. Because, virtually no shares have been sold, apart from a few thousand.

282,500 shares, are a lot of shares bought.

DYOR.

[wiganer] 02/10/2005 20:47

If I were a chartist I'd alaso highlight the recent double bottom. Such things are meant to be bullish apparently.

[aa6] 30/9/2005 20:59

What's with the cross trade for 282,500 shares at 46.5p. Must be someone's buying. Mmmm. Look on today's trades dated 30/09/05 and you'll see them.

Good luck.

DYOR.

[aa6] 26/9/2005 17:23

Wiganer,

I totally agree. They appear to have sold off the bus division, based on pure profit and to give good cash position.

They purchase the Airline coach division which has expanded revenue very well. They snap up competitors in the coach sector, such as Burtons and Classic.

So, I agree they look too cheap.

Good luck

DYOR.

[wiganer] 25/9/2005 16:49

The simple equation for me is, here is a business run by smart cookies, now trading at a substantial discount to NAV. Looks too cheap to me.

[aa6] 22/9/2005 22:30

Exactly. Perhaps someone can enlighten me. When Tellings bought out the other coach companies, the market statements stated various directors were bought out for dependant on which coach company for cash and shares or shares. Yet, the other coach directors received shares at £1.45 and £1.54 in Tellings GM. So, with their 60p dividend, they now owns shares at 85p and 94p for example. Therefore, are they down a long way or I am missing something mathematically or misreading something here.

So, £1-10 pre dividend price - 60p = 50p. Mmmm. And 30p returned to company.

Anyway, would truly appreciate fair comments to enlighten me.

Good luck.

DYOR.

[wiganer] 21/9/2005 08:34

Bought a few today- back the jockey not the horse. My trade isn't showing for some reason though.

[aa6] 08/9/2005 18:06

Think you will find Net assets are actually as follows;

Extract form recent interim results;

--------------------------------------------------------------------------------
Having just completed such a major transaction, and before we move onto the
next phase, it is appropriate to review briefly the progress we have made since
we floated the Company on AIM in August 2003. At that time our market
capitalisation at the flotation price of 70 pence per share was 15.3 million
and net assets at 30 June 2003 were 1.92 million. Twenty four months on, our
share price is currently 47.5p giving us a market capitalisation of
approximately 11 million, we have returned approximately 14 million in
dividends to Shareholders and the Group's net assets are approximately 11
million after payment of the 60p Special Interim Dividend. This result is a
credit to everyone concerned and I would like to thank all of my staff for
their hard work. Our task is to be equally successful in the future.

Net assets, including the proceeds of sale of the London Bus Division grew to
24.90 million (31 December 2004 9.82 million). The Group's cash position
following the sale and the Special Interim Dividend is strong.

--------------------------------------------------------------------------------
So I think your assumption is not correct.

DYOR.

[skandarrgh] 17/8/2005 15:33

sneaky buggrs