Stagecoach Group – under-valued with a few moats

Just bought approximately a 10% weight in Stagecoach.

I think they are very good value at this price.  To break down the business they are a bus and train operator.

Income statement here:

Stagecoach Income Statement

So 73% profit Regional + London bus 21% rail 9.7% North America – less group costs / a few other bits.

Shares have fallen from a high of 420 in mid 2015 to 260 now – a near 40% fall.  They have been particularly punished due to their December trading statement which stated:

We believe that revenue has been adversely affected by the terrorist attacks in Paris discouraging people from travelling to major cities. We currently anticipate a recovery in those revenue growth rates.

I guess its possible some people will travel less due to the attacks – but like the post September 11th dip in travel – it will be temporary.

Continue reading “Stagecoach Group – under-valued with a few moats”


Ffyfes – exiting position +c58%, Dislike aquisition

I have sold out of FFyfes – this is a position I have held in one form or another since 2011 but the bulk of the current shares were bought in October 2014 at about 95 EUR – I am selling around 145/149 and have had a bit of dividend so am up well over 50%.

My records indicate that some of this position has been held since 2011 for a nice 343% gain.

Continue reading “Ffyfes – exiting position +c58%, Dislike aquisition”