Retailer of video games engaged in the sale of hardware, software, accessories and digital.
15-Nov-2017 – 40.13p – £68.3m – PER n/a
Final Results For The 12 Months To 29 July 2017 – This looks worse than expected.
I bought in here in the summer as it looked very cheap – I have sold out half for 100% (as I usually do when doubling up) and continue to hold the rest, basically for free. I would consider adding only if the price looks very cheap again – It’s on my Watchlist.
11-Jan-2018 – 60.4p – £103.2m – PER n/a
Trading Update For The 23 Weeks To 6-Jan-2018 – Group Gross Transaction Value for the peak trading period (classed as 1-Nov-2017 to 6-Jan-2018) is up 5.2% and for the 23 weeks to 6-Jan-2018 it’s up 3.8%. BELONG arenas, over 155,000 hours played, a utilisation level of 28.2% vs 21.3% in Q4 last year), new arena openings planned from February 2018 onwards (first 2 in Spain later in the year). Esports and Events – Insomnia 62 to be held over the Easter weekend, including the hosting of the Call of Duty (“COD”) World League: Birmingham Open, part of the COD World League Global Circuit with a prize pool of US$200,000, and the largest esports event the Group has run to date. Cash of £67m, up from £43m.
I am already Long and sold half having doubled my initial investment. I will continue to hold the remainder.
12-Feb-2018 – 38p – £64.9m – PER n/a
Game And Sports Direct Collaboration Agreement And New £55m Borrowing Facilities – Sports Direct has acquired a 50% interest in the rights of the BELONG intellectual property for a cashconsideration of £3.2 million, and a 50% profit share of future profits of BELONG and associated Venues. Includes a £20 million working capital facility and a £35 million capital expenditure facility, which GAME may utilise to fund the Venues envisaged under the Collaboration Agreement, including the costs for new Venues and ongoing development of the BELONG website and its related tournament management system.
I am usually rubbish at interpreting these events so rarely comment on them but this looks like good news. I am still Long here – Having sold half after doubling my initial investment.
27-Mar-2018 – 24p – £41.5m – PER n/a
Interim Results For The 26 Weeks To 27 January 2018 – Revenue up 3.8% to £586.8m, Adjusted PBTdown 16% and EPS down 19%. Cash at £84.9m. Outlook is clear as mud.
I am not sure what to make of these results but that Cash pile is nice to see. I remain long having sold half after doubling up previously.
21-Aug-2018 – 27.55p – £47.6m – PER n/a
Trading Update – A mixed update which is more confusing (to me) than it is useful.
I sold half my holding after it doubled in value and I sold the remainder recently because I honestly couldn’t work out where this was heading – This latest update kind of fits in with that view (confusing), even though they have loads of Cash sitting there. I just have no idea what’s going to happen here, where it’s going or what they will do with that Cash.
8-Nov-2018 – 28.8p – £50.2m – PER n/a
Final Results For The 52 Weeks To 28th July 2018 – Revenue flat, LBT smaller at -£7.4m (-£10m last time), Cash of £58.7m (£47.2m last time) – No Dividend as investment in Belong remains a priority (Pay To Play performance up 50% YoY in the first 14 weeks).
Remains too difficult for me to work out where this is going to end up so I remain Neutral.