What was I interested in 6 months ago, in Agusut?
I was messing around with a “sticky situations” fund, which I now no longer follow.
ASX (FTSE All-Share index) rose 15.1% over 6 months.
PIC (Pace), that perennial disappointer that I wrote about, is down 9.8%. It’s on a PER of 5.0, so it still looks pretty cheap. Earnings forecast have definitely deteriorated lately, though.
MUBL (MBL Group) was also mentioned. Their market for music CDs was declining, and supermarket MRW (Morrisons) decided to cease doing business with them. MRW made over 80% of their sales, so it was a devestating blow. Beware of companies dependent heavily on one customer. MUBL has declined 62.9% over 6 months, and -88.8% over 1 year. Interims for 30-Sep-2011, issued on 09-Dec-2011, show a NCAV of £4.2m. That seems to be a serious deterioration from their finals, which has NCAV of £10.3m. MUBL have a market cap of a pitiful £0.9m, which makes it a net-net.
I took a look at some online gamblers. Over a 6-month period, BPTY (Bwin.party) is up 55.9%, 888 (888) is up 94.8%, and PTEC (Playtech) is up 2.0%. Although I wasn’t following it at the time, I notice that SBT (Sportingbet) is down 19.6%. So, a bit of a mixed performance, shall we say. There’s no real discernable consistency as to why one was up over another. People had very good, and very bad, things to say about each of them. None of the companies seemed over-priced at the time, so that couldn’t be an explanatory factor. Posters had written about 888: “have no faith in this lot whatsoever” and “failed to achieve predicted revenue”. On BPTY, posters were writing “they are disappointing with revenue down along with profit” and “great results”. PTEC posters were saying “Playtech make money, and are going to make a lot more”. So, make of that what you will.