Victoria Share Discussion Threads

[castleford tiger] 06/11/2018 17:58

I stuck my neck out and its coming back.
Looks too cheap in my opinion

tiger

[nivison] 06/11/2018 11:26

Spruce House partnership of New York still adding. They have taken advantage of this market turmoil to increase their holding to 13.56%. Since the 10th September they have more than doubled their stake in Victoria.

[rotrader] 06/11/2018 08:43

Michael Scott, Group Finance Director should either buy a significant amount of shares at this discounted price or fall on his sword.My own personal opinion of course;>)

[horndean eagle] 06/11/2018 08:29

I think I would be slightly concerned about this debacle. Its obvious lenders were not happy and for good reason. To print a ridiculous rate on borrowing would have been really bad. On flipside if I were an existing lender I would be looking to get shot of my exposure or at least calibrate it to a higher level somehow. Get the feeling you are not likely to see any acquisitions any time soon.

[5chipper] 06/11/2018 08:24

It's only 20 past 8

[bouleversee] 06/11/2018 08:18

Interesting; the share price is going down rather than up. Shows how little I understand.

[bouleversee] 06/11/2018 07:50

That was an extraordinarily humble and (hopefully) frank statement by Wilding in today's RNS. Presumably the share price will rocket when the market opens. Pity I didn't get round to buying in my ISA yesterday.

[gabrieloak] 06/11/2018 07:20

So Berenberg research points to actual group interest rates of 4.77% for 2017, 3% for 2018 and 3.69% anticipated for 2019.

Good to see Geoff recognising the wider situation.

Big deal...naaaa

[topvest] 02/11/2018 21:05

No problem. Apologies. It's the comments about the so called poor credit rating that I'm taking exception to. BB and BB- are "Non-investment grade speculative" and are about middle of the range.

Some other companies that are in this band are:

Hertz
Lloyds banking Group perpetual bonds
Enterprise Inns
Iron Mountain
Virgin Media Finance
Electricite De France perpetual bonds
Fiat Chrysler

Pizza Express and New Look both C rated which is "Substantial risks" and much further down the scale.

Take a look at the portfolio listing of something like City Merchants High Yield Trust. Overall, its not a bad rating and a fairly positive sign for a leveraged business.

[bouleversee] 02/11/2018 19:43

Thanks for the education, Topvest, and apologies for the rubbish. You'll have to make allowances for an elderly recent widow on a steep learning curve. Things have changed a lot since I used to buy shares through an old fashioned advisory broker. I almost bought some in my ISA just before close (in the hope of selling non-ISA ones later at a higher price)but there must have been something wrong with the website because my password didn't work and I missed the boat. I bet they will be up again on
Monday.

Maybe the weekend press will have something to say about it all.

[topvest] 02/11/2018 18:58

The upside I suppose is that if they get the bond issue away then they have the long term funds to continue their acquisition model and it should be self funding for the medium term, rather than having a bank debt refinancing in a few years time that is subject to banking sentiment at the time.

[topvest] 02/11/2018 18:54

The high yield refers to the debt coupon, not the equity yield. Think there is a lot of rubbish being posted. The credit ratings are a positive and not a negative. It’s pretty obvious that flooring companies are not investment grade bonds like regulated utility companies. The potential bond issuance is a sensible move. The trading update was a tad disappointing, but time will tell as to whether this is a short term dip or a long term trend. I’d like to see some director buying.

[bouleversee] 02/11/2018 14:29

Since when has VCP been a high yield share? Apart from that one special we haven't had any dividends under the new regime. Wouldn't know what to make of it but some companies do have substantial reserves rather than debts.

[rotrader] 02/11/2018 14:00

Bond credit ratings -

" BB+, BB, BB- (Ba1, Ba2, Ba3): This is the highest rating tier within the high yield category, but a BB rating indicates a higher level of concern that deteriorating economic conditions and/or company-specific developments could hinder the issuer’s ability to meet its obligations ".


Read into that what you like, but surely that applies to most company's on the stock market.

[noujay] 02/11/2018 10:07

Who's we?!

[rotrader] 01/11/2018 19:45

I believe the vultures have had their fill. Time to get some in the ISA.

I still think the end game will be an America buy out.

Just on a personal note - They stopped manufacturing at the historic home of the group (Victoria Carpets)then this happens.

Bad Karma perhaps ;-(

[bouleversee] 01/11/2018 09:38

It was a good article, rather than nice. It said that the management statements muddied the waters rather than filtering them and that on the one hand investors were considering that 5% of the shares were out on loan, including a large short position by George Soros's hedge fund; on the other hand, it looked like dealers were preparing for a potential rally in the share price So it could go either way. Depends how you view the half glass.

Did you read this morning's RNS re the credit rating of BB minus for the bond?
There were a lot of caveats in there. Is that wording normal for such announcements or are the Board covering their backs with more protection than usual? I would love to be proved wrong, as until this week VCP was by far my largest value holding simply because it had grown so much, but I keep getting a whiff of something nasty hidden under the floorboards. Let's hope I'm imagining it.

[5chipper] 01/11/2018 07:46

Nice write up in the Times.

Pe of 6 compared with a industry of 9

[bouleversee] 31/10/2018 21:07

Perhaps they have deliberately sent the market down so that they can take it private for peanuts.

[topvest] 31/10/2018 21:07

BB stable is actually quite a good credit rating for a carpet / flooring company. Stockopedia has a good article today. Invesco increasing their stake is also encouraging.

[countryman5] 31/10/2018 20:55

Four shareholders, including chairman, control 60% of shares.

[loafofbread] 31/10/2018 14:47

Broken,

Where did you see the info about the Ennismore short as they where spot on.

[5chipper] 31/10/2018 14:44

Picked up some st 370p.

Looks way overdone but one to keep a close eye on