Good morning, it's Paul here with Thursday's SCVR.
Estimated time of completion is: 3pm - because there are absolutely masses of updates to cover today, so I'll probably do briefer sections on each company to get through them all.
Update at 14:58 - today's report is now finished.
Please see the header for the updates I'm hoping to cover today (i.e. no need to request anything if it's already on the list!).
First, a few thoughts to get you started (I wrote this first bit on Weds evening).
Revolution Bars (LON:RBG) - in which I have a long position.
A post-script to yesterday's detailed coverage. I added this late to yesterday's report, and am copying it here too, so that everyone sees it.
Expansion - once the basics of the business have been sorted out, and debt reduced, then the roll-out of new sites could resume. This presents an opportunity, in that in future this share could re-rate back to being a growth company.
Property deal - some of us baulked at RBG signing new 25 leases (announced today) on 4 of the sites that it is retaining with a landlord called Aprirose. It's just dawned on me that RBG already occupies these sites (hence knows them inside out, and what level of rent is affordable), and RBG is already committed to occupying these sites for another 12 years from now, on the existing 25 year leases signed in 2007. Therefore it is actually only committing to another 13 years on these sites, over and above what it was already committed to. And the rents have come down, albeit described as only by a small amount.
Macro comment - Inflation, unemployment, & interest rates
Inflation - an interesting article in the Telegraph flags up that inflation has fallen to 1.3% for calendar 2019. Clearly that's good news for living standards. I'm trying to track down source data for macro topics, and making diary entries to check it each time it's released in future.
The inflation data comes from the Office for National Statistics (ONS), here's the link in case you also want to bookmark it.
Incidentally, I'm listening to the audiobook of Ed Balls memoirs (don't laugh, it's actually quite good, after a slow start), and he mentioned that one of the…
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