Small Cap Worth Report (Fri April 23, 2021) – FUL, PHTM, BOOM, REC

Whats up, it is Paul and Jack right here with this week’s closing SCVR.

Calendar – to be confirmed

Agenda –

Part of Paul:

Fulham shore (LON: FULL) – sturdy buying and selling throughout the first week of reopening. Optimistic in regards to the future. I prefer it, however it appears utterly or overpriced.


Jack’s part:

File (LON: REC) – continued stress on prices within the primary passive hedging product, however progress in merchandise with increased decrease margins and good fundraising momentum from this outsourced foreign money supervisor.


Fulham Coast (LON: FULL)

16.0p (earlier than market opening) – mkt cap £ 99m

As with so many shares proper now, I am very stunned that FUL’s valuation is so excessive, even earlier than it is correctly reopened. Sure, society and different hospitality corporations are prone to be on the cusp of daybreak as newly launched shoppers need to get pleasure from consuming and consuming socially once more. However does that actually justify that the worth is now round 50% increased than earlier than covid? Perhaps individuals assume so, I am simply asking the query and do not see that it is affordable myself.


I’ve to snort, as lower than a 12 months in the past I keep in mind quibbling about shopping for at round 6.5p, pondering it was too costly! If solely I had a crystal ball again then.

Reopening 2nd step – for hospitality it meant solely outside areas, occurred on April 12, solely 11 days in the past. Due to this fact, FUL offers us an replace right this moment, means that they’ve negotiated very nicely – corporations are usually anxious to get excellent news out rapidly, whereas dangerous information takes longer.

So I am fairly positive this replace goes to be good, with out even having learn it but!

Buying and selling replace

The Fulham Shore Board of Administrators (the “Board”) pronounces the next buying and selling replace, in addition to an replace on new eating alternatives.

Frequent operations

To this point, Fulham Shore has reopened 70 of its 72 Franco Manca and The Actual Greek eating places for varied combos of out of doors meals, supply and assortment companies. Restaurant terraces provide as many alfresco eating as doable. At the moment, 37 of the 52 operational Franco Manca pizzerias and 16 of The Actual’s 18 operational Greek eating places have outside tables.

A reminder that FUL has carried out nicely since supply and assortment throughout the pandemic, which might clarify why the …

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