It may mean that the new CEO may have been incentivised to lower guidance and paint a picture of more investment needed when the reality could be much better

In fact other management seemed far more positive than the CEO on the recent analyst call

The cynical take here is around the new CEO incentives. Some very large figures here and $22m seems to have an entry price "in the fall" whatever that means.

Found an approx capex breakdown from the annual report. So approx normalised free cash flow of 53m, add back expansionary capex of 67m then deduct the 30m overstatement gets to 90m. On 800m mkt cap, so 11% free cash flow yield. Could be interesting .... especially with the activist on the register

#kitw $kitw.ln
I need help understanding the debt situation here. Management don't offer a proper calc of free cashflow (fcf) and in one of the slides seems to mislead free cashflow generation. Working capital has soaked up cashflow in the last several years so fcf is fairly depressed

#wosg $wosg.l
I get this trading on a free cashflow yield of 15% if you adjust for the one off working capital impact linked to suppliers reacting to tariffs which is expected to revert

Seems very attractive given growth initiatives here

Added #gle to my basket of homebuilders (#vty and #btrw) . Announcement today didn't seem overly bad to me and reservation rates are encouraging. At 0.7x tang book it looks attractive over a 3 year view. They have decent embedded margin coming through judging from the last question on the call today

Hoping for growth from 1) new own store openings 2) maturing of recent store openings (stores go from 20 to 30% ROCE as they mature) 3) efficiency from using up excess capacity from recent distribution centre investments 4) growth in franchising (fastest growing part in LFL terms)

#motr up nearly 15% since it scrapped the 25% adv limit on buy backs...

Great results from Sabre, as expected and given recent #ADM results. Market remains very cynical on their outlook but they are delivering. Buy back is a nice touch. They need to prove their growth strategy to get more love from the market

#dom $dom.l
Like for like rev growth improving slowly from a weak position. Clearly suffering in a high cost of living climate but being innovative to deal with challenge. Adjusted eps strong helped by buybacks but they need to continue the rev growth

The market seems stronger and management are rehiring, adding store count and testing an MOT/servicing offering.

Market pricing reaction positive today and CFO buys a modest amount shortly after results announced.

Company continues to be firm on seeing no FCA risk

Impressive operational results today from management in repositioning and cutting costs to the tough market environment

Seems impressive to me that revs reduced by 7% yet they make up for it in cutting costs and increasing volumes (lower price point cars)

+ modest share buy backs when s/p weak

Above "bank infrastructure" optionality point appears to have driven the "billions to trillions" vision articulated on the last call

$WISE.L $WISE

From the recent call, this stood out to me. CEO showing clear confidence that eventually all the large banks will have to be following Standard Chartered. If they get anywhere near this, Wise's platform presumably gets viewed as critical bank infrastructure?

New targets and strategy from WTW will be out in the new year. If WTW can continue to close the margin gap the valuation gap Vs peers should continue to close as it has this year (forward PE for Wtw, Aon and MMC are 17, 22 and 24)

Wtw has outperformed Aon and MMC last 12 months