Thanks for the detailed write-up. It’s rare to find ideas like this on Substack. I first came across McBride through your posts, did my own research, and decided to add it to my portfolio. Keep up the great work!
Nice write-up. I also recently started a position, and I agree with you. I see a fair value close to 2 pounds. The recent share buyback announcement is definitely good news.
Thanks for the write up. Any reason the pension deficit scheme is not mentioned? They paid a very material £7.0m in FY25 towards this - but at some point in the not too distant future that payment will become a lot smaller once the deficit is substantially reduced. £7.0 is very material when your free cashflow for the year is £24.3m
Thanks for the detailed write-up. It’s rare to find ideas like this on Substack. I first came across McBride through your posts, did my own research, and decided to add it to my portfolio. Keep up the great work!
Nice write-up. I also recently started a position, and I agree with you. I see a fair value close to 2 pounds. The recent share buyback announcement is definitely good news.
I'm glad we agree. The buybacks are definitely good news.
Thanks for the write up. Any reason the pension deficit scheme is not mentioned? They paid a very material £7.0m in FY25 towards this - but at some point in the not too distant future that payment will become a lot smaller once the deficit is substantially reduced. £7.0 is very material when your free cashflow for the year is £24.3m
That's true, and I forgot to mention that. From next year, the payments will be $1.3 million less.