525 days ago
As we all face a cost of living crisis with the poor and the young hardest hit, Andrew Bell insists that Opera needs more subsidy. Is this a more tenable position than his defence of the Red Rock Resources (RRR) share price? I start with that then onto the two big losers from yesterday’s surprising mid terms in the USA. Then onto Kefi Gold & Copper (KEFI), Ithaca Energy (ITH), MGC Pharmaceiticals (MXC) – which looks like a possible zero – and Dignity (DTY).
709 days ago
I start with some great news: my mother-in-law is moving to the next village tomorrow. Watch out Farndon! Then, I look at Trafalgar New Homes (TRAF); Fevertree (FEVR); Mirriad (MIRI); Supply@ME Capital (SYME); Dignity (DTY); and Zephyr Energy (ZPHR).
762 days ago
I start by explaining why my next musicMagpie (MMAG) article was delayed until tomorrow. It is all to do with a Greek, a lorry and a shortage of bubblewrap in Wrexham. I draw your attention to a real share trading oddity at Magpie before heading on to discuss whether Vast Resources (VAST) or Catenae (CTEA) will go bust first. Finally a detailed look at Dignity (DTY) where that combination of zero earnings visibility, past overcharging of punters and a wreck of a balance sheet spells even more gloom ahead.
1228 days ago
On Joshua’s Advent calender the shepherds go to Bethlehem. That is almost true, well a bit true as I discuss. In prior years I have penned a three part Christmas carol featuring a villain of the year: Rob Terry, Neil Woodford and Chris Oil have starred. So please nominate your villain of 2020 for this year’s opus magnus below. In the podcast I discuss the IPO of Sarah Willingham’s company Nightcap on a day when most of its bars go into tier 3. She is ‘avin’ a giraffe. There are other red flags and questions to ask. Then I look at Jubilee Metals (JLP) and Bahamas Petroleum (BPC) asking if, on AIM, anyone gives a toss about the law of the land. Finally I look at Dignity (DTY) where i retain grave concerns.
1347 days ago
I start with this explanation which relates to events at Eqtec (EQT). By the way is PL really saying that some investors were given information that the market and other participants in the placing did not have ahead of the placing? For that is what he posted on the comments section. Surely that too is a bit naughty? I then move onto Nigel Somerville’s purchase of Golden Prospect Precious Metals (GPM) and discuss that before turning to the shocking behaviour of the CMA with respect to funeral pricing which appears to give providers – including Dignity (DTY) – a license to overcharge going forward. That is dead wrong and a grave error that surely cannot be allowed to continue?
1445 days ago
Britain’s largest funeral services provider Dignity (DTY) has served up a trading statement on Covid-19 which contains both the quote of the day but also the stats which show just how disastrously Boris, but also everyone else in the political and media GroupThink bubble, have created this crisis.
1508 days ago
In today’s podcast I start with an apology to Mitch Tarr for perhaps marginally misquoting him. But that turns into a demand that for all sorts of reasons BigDish (DISH) fires its chairman Jonathan Morley-Kirk, who should be in prison. Then I look at Coronavirus and Dignity (DTY) following a discussion with my GP sister. Then it is onto Sirius Minerals (SXX) and finally to why Brexit “bad boy” Arron Banks is a hero both for dealing with the ghastly Carole Cadwalladr and for his actions at Iofina (IOF) which I support for reasons I explain in great detail.
1603 days ago
I reply to a listener who blames yesterday’s lack of bearcast on my thoughts shifting away from Ms Cole to this young olive harvester - such a suggestion is almost defamatory. Then it is on to Dignity (DTY), St James Place (STJ) and – in some detail – the very naughty boys at Iconic (ICON), led by toxic Dave Sefton and why the two NEDS walked today.
1616 days ago
I am not well. I have managed only 20 minutes out of bed today having somehow got home from Oxford at 2 AM last night feeling so ill. Anyhow a few thoughts from me on Dignity (DTY), utitities and Tungsten (TUNG). Now back to bed.
1728 days ago
In today’s bearcast I look at Brave Bison (BBSN), Kier (KIE), Intu (INTU), Dignity (DTY) and Aston Martin Lagonda (AML). If you are interested in Versarien (VRS), as a bull or a bear, you MUST listen to today’s ShareProphets radio HERE
1733 days ago
Once again, please excuse my croaky voice. In this second edition of the ShareProphets Radio podcast sponsored by Riverfort Global Capital, this week, in order I discuss the cowardice of a well known AIM CEO, interview bear raider Lucian Miers on a wide range of subjects including Tesla, Neil Woodford and WPCT, IQE, Purplebricks, UK Oil & Gas, Thomas Cook and cannabis, I then interview value blue chip investor Chris Bailey on, inter alia, Tesla, EasyJet, Imperial Brands, Woodford, Burberry, Dignity, and St James Place. Enjoy. If you like this and can’t wait seven days for more of the same you should listen to my Bearcast every day.
1972 days ago
The olive harvest starts tomorrow and I will be assisted by a Shareprophets reader from Eire and by Andrew Bell of Red Rock Resources (RRR) who is trying to communicate with the natives in his best Ancient Greek. I expliain why today's output from me is limited and then break the latest news from Julie "lingerie on expenses" Meyer MBE. Then I look at Independent Oil & Gas (IOG), Optibiotix (OPTI), Dignity (DTY) and the scam that is the funeral industry and BCA marketplace (BCA) which may have hoodwinked Andrew Monk but whose interims today are shoking. They could have been written by wretched Theresa May and are alarmingly bad. I also comment on the Project Fear Brexit uber bollocks spouted by the not fit for purpose Bank of England Governor Mark Carney yesterday.
2155 days ago
In today's bearcast I look at Mysquar (FRAUD), UK Oil & Gas (UKOG) and its latest spoof, Dignity (DTY) where I have grave concerns, Magnolia Petroleum (MAGP) and its dead cat bounce, Pantheon Resources (PANR) where it's placing ahoy and at Mirada (MIRA) where I fear the worst. Sorry Matt Earl. Brokerman Dan says that if we raise our target £20,000 for Woodlarks with our 30 mile charity walk on July 28 he will do the last mile in his underpants. We will have cameras on hand and splash it all over the internet. Thanks to all who have donated but 95% of bearcast listeners have yet to do so although we are already 23% of the way there. So please donate a tenner each today HERE
2286 days ago
If you listened to my bearcast of yesterday you will be in no doubt that I am aa big bear of Dignity (DTY) based on some simple maths. I take my hat off to a ShareProphets reader (Buy100ozSilver) for his maths in our comments section. His ( or her) post merits a wider audience.
2287 days ago
In today's bearcast I take inspiration from Roger Lawson looking at the sins of KPMG at Carillion (CLLN) and EMIS (EMIS), not to mention Quindell (QPP). What to do? I look more at Dignity (DTY) and conclude that - having examined numbers from Beyond - the company is fecked. I look at the dumbest snowflake financial journalist going - natch he works for the Daily Mail. And I wonder should one follow the bears, I review the most shorted stocks on AIm and the main market including IQE (IQE), Debenhams (DEB) and Telit (TCM)
2288 days ago
I start with US classic car prices. It is relevant, bear with me. Then it is onto the Begbies (BEG) red flag report, a real bombshell. Then Carpetright (CPR), Bonmarche (BON), Dignity (DTY), RM2 (RM2), Online Blockcrap (OBC) and Character Group (CCT). I also look at today's article in te Times on insider dealing and welfare fraud.
4047 days ago
It was the articles penned by analyst Aubrey Brocklebank that started the sharp decline in the share price of Cupid (LSE:CUP). I have no more to say on that matter, my views are well known. But I just thought that I’d flag up that he is also looking closely at funeral business Dignity (LSE:DTY) and I do happen to agree with his conclusion. I explained the bear case myself a few weeks ago in a piece “Death is not a one way bet.” Given the new found prominence of young Aubrey (being interviewed by the FT today I gather) you may want to take note and read more about Dignity HERE
4108 days ago
God I am getting old. I knew Aubrey Brocklebank’s dad about twenty years ago. And now I find myself talking to the son. It is rather like hearing the name Potts at West Ham. I think gosh Stevie must be getting on a bit and then realise it is his son Danny on the pitch. Anyhow AB is a fund manager now doing a spot of writing and being a switched on fellow I am happy to help promote his ideas. As it happens his second article as a journalist is once again on Dignity (DTY) which I wrote about the other day as well. We seem to agree. ‘Natch. Over to Aubrey…
Buy and build strategies can, in principle, be a good idea. They can, theoretically deliver shareholder value. The simple idea behind them is that the acquiring company buys a business that trades on a multiple of 5 and by being able to trade on a multiple of 10 has effectively doubled its value; albeit a paper gain only.
Dignity has recently announced the acquisition of Yew Holdings (or at least part of their estate, subject to OFT clearance). In order to fund said acquisition Dignity have raised money at 1060p. At that price Dignity trades at historic EV/Sales of 4.3 and rolling EV/Sales of 3.99 – They have paid an EV/Sales of 5.66 for Yew Holdings.
Making a few assumptions about the business (26% tax rate, depreciation at 3% of sales) we see a net profit of £4m for Yew. Factoring in the Cap Ex, and brokers fees, Dignity paid a total of £60m for this business. This is a Price Earnings of 17.15! When the rolling PE of Dignity was 13.51 (at time of acquisition) it must be questioned how much value this adds to the company? A PE of that level can only be justified when there are significant growth opportunities.
4125 days ago
God I am getting old. I knew Aubrey Brocklebank’s dad about twenty years ago. And now I find myself talking to the son. It is ather like hearing the name Potts at West Ham. I think gosh Stevie must be getting on a bit and then realise it is his son Danny on the pitch. Anyhow AB is a fund manager now doing a spot of writing and being a switched on fellow I am happy to help promote his ideas. As it happens his first article as a journalist is on Dignity (DTY) which I wrote about earlier today as well. We seem to agree. ‘Natch. Over to Aubrey…
“In this world nothing can be said to be certain, except death and taxes.” [1]
Price 1,088
Market Cap 5952
Price/Earnings 20.0
Price Book 35.1
Yield 1.3%
Dignity is a much loved small-cap stock. Panmure, N+1 Singer, Numis, and Investec are all bullish on DTY and have buy notes written about it. Only Peel Hunt is less bullish, though not enough to write a sell note. Supposedly this is a very secure and stable business and is deserving of a PE ratio of 20. Certainly from the price chart alone I might have to agree.
4125 days ago
AIM listed Funeral homes group Dignity (FTY) is one of those companies whose shares always look expensive, but then always seem to head higher. You always kick yourself for not buying the stock, after all we have an ageing population and so death ( like taxes) looks a sort of one way bet. As it happens, that is not the case. At a share price of £11.02 the company is now capitalised at £603 million. Is this justifiable?
The group has expanded largely by opening more and more funeral parlours across the country. I had assumed, as I suspect had you, that an ageing population meant that it would have more, er .. customers. But it is pointed out to me that we actually face a bit of a demographic blip. The effects of WW2 and improved health care mean that for the next decade or so the number of “customers” will not actually increase but will fall marginally. It will start picking up again in c2022.
