DALATA HOTELS’ BALANCE PROBLEM
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Category: Finance
JACOBS INN THE MONEY
Finance, 14 February 2020
EVANGELIST AND businessman Basil Good must stunned by the fantastic profits generated by subsequent owners of the huge Jacobs Inn tourist hostel that he developed many moons ago. The latest deal has resulted in a very sweet profit being tuned in the space of 16 months. Nice work of you can get it. Good would… Read more »
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MARY O’BRIEN’S BAD DIAGNOSIS
Finance, 7 February 2020
A CREDITORS meeting has been called for Videodoc Ltd, the online GP service established by Kenmare-based Mary O’Brien. This will not come as a surprise to fans of Goldhawk, as The Phoenix reported that the UK parent had quietly gone into administration back in July last year. The good news is that Mary Harney got… Read more »
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BEHIND THE FBD SHARE SURGE
Finance, 7 February 2020
THE BIG jump in profits signalled this week by FBD Insurance will not surprise fans of Moneybags who were told in December that the company’s shares “look cheap”. With a jump of 9% on foot of FBD’s update to the market yesterday, clearly this was the correct analysis. There is a caveat, however, and that… Read more »
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TONY SMURFIT’S DIVIDEND STRATEGY
Finance, 5 February 2020
THE CHIEF executive of Smurfit Kappa, Tony Smurfit, must have been happy with the media reaction this week to the latest figures for the big paper and cardboard group. Highlighted was the hike in dividends, which is the kind of move that tends to placate grumbling shareholders. Certainly, keeping the Smurfit Kappa shareholders onside is… Read more »
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GREENCORE’S SHARE-PRICE RISE DEFIES LOGIC
Business Briefs, Finance, 23 January 2020
A READING of Greencore’s 2019 annual report could suggest a highly successful business that claims to be focusing on “sustained growth and returns from an industry-leading UK business”. It is headed up by Paddy Coveney, whose take-home package was a hefty €2.35m. Although Greencore has suffered a series of setbacks, the market appears to be… Read more »
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WILLIE WALSH’S STERLING RECORD AT IAG
Affairs, Finance, 10 January 2020
The decision by Willie Walsh to parachute out of IAG (09/01/2020) will leave a pretty big space in the cockpit. As noted by Moneybags last year (see below, originally 24/01/2019), he has managed to turn IAG into the most profitable airline in the world and in particular, Aer Lingus is the most profitable airline in… Read more »
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DERMOT DESMOND AND THE DATALEX DISASTER
Finance, 14 November 2019
THE COMPANY that has provided the most entertainment to market watchers this year is without a doubt Datalex, the deeply troubled airline booking software provider. The turbulence surrounding the company since January has only grown stronger and it is unclear if it can pull out of its current tailspin. The passenger with the most to… Read more »
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FINE GAEL’S PHONEY CLAMPDOWN
Affairs, Business Briefs, Finance, 9 October 2019
ONLOOKERS were no doubt astonished by the revelation in Paschal Donohoe’s budget speech that vulture funds “have engaged in aggressive behaviour to avoid tax”. As well as promising to introduce new “anti-avoidance measures”, the finance minister announced that his officials will “intensely scrutinise activities in the Irish Real Estate Funds (IREF) regime over the coming… Read more »
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Finance, 28 June 2019
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TROUBLE BREWING AT KARELIAN DIAMONDS
Finance, 28 June 2019
AT THE age of 86, Dick Conroy is running two mineral exploration companies – Karelian Diamonds and Conroy Gold and Natural Resources. Both of these have been the subject of dissident shareholder activity, with Karelian currently in the sights. It seems likely that, as with the Conroy Gold standoff in 2017, this battle will prove… Read more »
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NAMA’S 10 TERRIBLE YEARS
Finance, 27 June 2019
NAMA is a complex organisation, but one of its most significant aspects has been its role in the housing crisis that currently exists in the country. Last month’s annual report announcement was accompanied by much back slapping, but there is no cause whatsoever for celebration when it comes to analysing the decade-long Nama debacle. Nama… Read more »
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FALCON OIL HOPING FOR GOOD NEWS DOWN UNDER
Finance, 14 June 2019
FRACKING is a hugely controversial issue in this country and elsewhere. The Australian government introduced a moratorium on hydraulic fracturing in September 2016 – a move that badly affected Falcon Oil & Gas, which has been managed by Philip O’Quigley since he was appointed CEO in May 2012. With the moratorium lifted, Falcon is heading… Read more »
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O’LEARY UNSCATHED BY RYANAIR’S PROFIT TAILSPIN
Finance, 13 June 2019
ANNOUNCING RYANAIR’S results for the year to March 2019, Mick O’Leary tried to minimise the negatives while advising that earnings had fallen a very hefty 29% from €1.45bn to just on €1bn. These are not the full figures as they exclude the impact of Laudamotion (Lauda), the Austrian airline set up by Nicki Lauda, which… Read more »
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AMINEX SHARES FAIL TO REFLECT POTENTIAL IN TANZANIA
Finance, 4 June 2019
AMINEX HAS farmed out the development of its gas discovery in Tanzania with a $105m development deal, wherein it is fully carried through to full production and looking at a potential distributable annual $40m net cash flow in two years. The stock market has, however, responded in a contradictory manner, with the share price falling… Read more »
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NAMA: THE ‘PROFIT’ AND THE CRISIS
Finance, 31 May 2019
BRENDAN McDonagh and Frank Daly – chief executive and chairman respectively of Nama, kept straight faces yesterday when announcing that the bad bank would earn a €4bn surplus by the time it winds up (some time in 2021 apparently). It takes some impressive contortions to arrive at a ‘profit’ figure of approximately €4bn given that… Read more »
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TOTAL PRODUCE’S DOLE PROBLEM
Finance, 30 May 2019
INVESTORS IN Total Produce would be forgiven for not getting the full picture from the 2018 annual report. The acquisition of only a 45% stake (so far) of the giant Dole fruit business means the results do not have to be fully consolidated. As a result, missing from the picture are Dole’s huge borrowings, which… Read more »
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TOASTING STEPHEN GLANCEY AT C&C
Finance, 23 May 2019
Drinks behemoth C&C has said that competition in the Irish cider market has made the company “sharper”. Back in February, Goldhawk analysed how C&C’s strategy started to pay off. Read more on this story here.
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CHOPPY WATERS IN STORE FOR ROTHWELL’S ICG
Finance, 17 May 2019
LAST YEAR was a bad one for Eamonn “Rottweiler” Rothwell’s Irish Continental Group (ICG). He is now looking to bounce back, but the shares will remain on a demanding price-earnings multiple at a time when competition is heating up on the Irish Sea. Read more about it in the latest issue. And you can read… Read more »
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Finance, 17 May 2019
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GREEN REIT SALE DOESN’T MAKE SENSE
Finance, 16 May 2019
THE ANNOUNCEMENT by Steve Vernon on April 15 that the Green Reit board “has taken a decision to initiate a process for the sale of the company or its portfolio of assets” came as a real surprise. What should happen now, rather than selling out, is that the board of Green Reit should remove Vernon… Read more »
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IAN CURLEY’S EXIT
Finance, 10 May 2019
FOLLOWING the announcement of the impending exit of Malin Corp executive chairman Ian Curley, read Goldhawk’s October 2018 analysis of the company’s recent turbulence below. BAD MEDICINE AT MALIN CORPORATION THE SAME week that Malin Corporation had its explosive AGM (September 13), Don Panoz – the founder of its predecessor company, Elan Pharmaceuticals – died… Read more »
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THE INCREDIBLE €240M CASH TAKEOUT OF IFG
Finance, 9 May 2019
AHEAD OF IFG’s final AGM, read Goldhawk’s analysis of the company’s audacious sale in the latest issue below. The £200m Elysian Fuels controversy is still unresolved and a further £5m provision has had to be made to cover potential further sanction charges and mediation costs on foot of the group’s dual trustee book, of which… Read more »
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WHY I-RES SHOULD END THE CANADIANS’ SWEET DEALS
Finance, 2 May 2019
I-Res Irish CEO Margaret Sweeney IRELAND’S HOUSING crisis has provided opportunities for certain players, notably Irish Residential Properties Reit (I-Res), where the Canadian founders have been doing very well for themselves, not least courtesy of lucrative management service contracts. Read more in the latest issue. And if that’s not enough, you can read even more… Read more »
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ALBERT MANIFOLD’S €8 MILLION
Finance, 26 April 2019
NOT TOO surprising to see former Bank of Ireland boss Richie Boucher defending the whopping €8m remuneration package of CRH’s chief executive, Albert Manifold. This is an eye-watering sum, especially for a CEO who has just delivered an annual report that features a number of negatives for 2018, a year during which the share price… Read more »
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DATALEX’S TURBULENCE SHOULD NOT SHOCK
Finance, 24 April 2019
PIC: Datalex CEO Aidan Brogan Fans of Goldhawk will not be surprised by the news that shares in the company plummeted by 20% yesterday. The Phoenix raised questions about Datalex’s accounts 16 months ago. Read January 2018’s Moneybags analysis here to find out more.
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CHOPPY WATERS
Finance, 23 April 2019
Fans of Goldhawk will not have been too surprised by the €600,000-plus fall in remuneration for the loaded boss of Irish Continental Group boss Eamonn Rothwell, whose performance on the bridge has been far from assured over the last year. As our profile noted, “the Rottweiler needs good news to justify his extraordinary remuneration,” but… Read more »
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KENMARE RESOURCES INCREASINGLY TEMPTING AS TAKEOVER TARGET
Finance, 23 April 2019
PIC: Mick Carvill Things are looking good for Kenmare Resources with outturn last year of $262m in sales and ebitda of $93m. Read the full article in the latest issue out now. And you can read Goldhawk’s prediction from last year that Kenmare Resources “should manage to hit sales of nearly $250m in the current… Read more »
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O’BRIEN COULD GET €100M IN INM TAKE-OUT
Finance, 18 April 2019
IT IS hard to believe the news emerging of a pending takeover bid for Independent News & Media (INM). With Denis O’Brien sitting on a 30% shareholding and his pal, Dermot Desmond (invited in at a hefty discounted 7c a share five years ago), sitting on a further 15%, these two will have a very… Read more »
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BIG REWARDS BUT SMALL RESULTS AT GREEN REIT
Finance, 16 April 2019
PIC: Stephen Vernon Green Reit has been put up for sale causing a long overdue spike in its share price. Read Goldhawk’s previous analysis of the company’s underperformance and the very generous rewards on offer to the principal’s.
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WILL GRAFTON TAKE OUT CRH’S EUROPEAN BUSINESS?
Finance, 15 April 2019
SINCE TAKING over as CEO at Grafton Group in 2011, Gavin Slark has too partially fulfilled former boss Mike Chadwick’s ambition to lessen the company’s dependence on the British Isles by expanding into mainland Europe, building up significant footprints in Belgium and The Netherlands. Now though he needs to pull off a deal of serious… Read more »
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PADDY POWER’S US BET MAY NOT PAY OFF
Finance, 8 April 2019
Will Paddy Power’s US bet pay off? Read Goldhawk’s analysis in the latest issue to find out more. You can also scan through this previous article that explores the betting giants pursuit of the “Yankee Dollar.”
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