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:

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.

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Tribal Group – +104% in under 4 months – trimming

Tribal has done well – as I anticipated in my earlier note here they are selling assets.  The price has doubled since I bought and I think there is more to come, they have hired a CEO known for selling off businesses…

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.