Thanks for the breakdown. Looking forward to having a look!...

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Just_a_guy

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13/07/18

20:04

Post #: 34337256
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Originally posted by jg123456 ↑

hi @Just_a_guy
My existing UK holdings overall continue to perform well. However, despite a number of analysts arguing that UK market is getting cheaper / is good value, personally I haven't entered into any new positions. But I do continue to hold onto existing positions - I tend to be a LTBH anyway.

I have recently added (again) to VLE - final result was very good IMHO and optimism for better ahead. ABDP, BVXP, CAKE, NXR, RWS, TUNE all reported v. good results and I expect them to keep doing so. But of that lot, only NXR is demonstrably cheap, IMHO.

If I had to suggest the best/very good businesses to research further, I'd suggest:
- RWS (excellent company, and while not cheap at 18x EBITDA it is as cheap now as it has been in years, and has many outstanding growth options - my favourite/best performed UK holding, Founder/chair owns ~30% and has never sold a share, IIRC),
- NXR,
- TUNE (v. strong, pure organic growth, many growth avenues, and excellent cash flows/balance sheet), and
- CAKE (very cash generative, self-funded roll-out; with exc. mgmt, but again not obviously cheap @ 17x EBITDA).

I sense that you - like me - don't like paying too much for current earnings levels (so CAKE, RWS, and TUNE might not be to your taste at current share price), so a couple of other, less richly priced possibles as well as NXR, would be NTBR (micro-cap, but with decent track record, and outlook), and RFX. PS. I don't hold either at the moment, and they aren't close to being as good a businesses as the others mentioned above, but I continue to monitor each. Neither would be high conviction positions, if I did invest.

WJG are interesting -the big opportunity is PRS. Could be a much larger market than student accommodn. They are taking more development risk on growing that part of their business - a departure from their usual MO - but I'm happy to hold. It may well be that PRS evolves in time to mirror the low development risk model WJG have implemented for student accommodation. Here's hoping anyway!

happy hunting

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Thanks for the breakdown. Looking forward to having a look! Although my preference is for value/long term hold, I certainly will consider all avenues. I’ve bought and sold Sophos a couple of times over the last couple of years as it’s wildly swung from undervalued to way over valued, so have a bit of spare change.

Thanks again.

CYB Price at posting: $5.94 Sentiment: Hold Disclosure: Held
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Thanks for the breakdown. Looking forward to having a look!...

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