Angling Direct (AIM:ANG) - Share price, News & Analysis

Q: What is the Fair Price of ANG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ANG (£0.32) is trading above our estimate of [[fair value]] (£0.01)

ANG fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	1/6
Past Performance	3/6
Financial Health	6/6
Dividends	0/6

ANG Stock Overview

Angling Direct plc, together with its subsidiaries, engages in the retail of fishing tackle products and equipment in the United Kingdom, Germany, France, the Netherlands, and internationally.

Rewards

Price-To-Earnings ratio (8x) is below the UK market (11.9x)

Revenue is forecast to grow 9.77% per year

Earnings have grown 53.7% per year over the past 5 years

Trading at good value vs. industry average Price-To-Earnings ratio

Risk Analysis

Does not have a meaningful market cap (£25M)

Angling Direct Competitors

Gear4music (Holdings)

AIM:G4M

UK£23.1m

TheWorks.co.uk

LSE:WRKS

UK£22.9m

Scholium Group

AIM:SCHO

UK£5.9m

Card Factory

LSE:CARD

UK£154.4m

Price History & Performance

Summary of all time highs, changes and price drops for Angling Direct
Historical stock prices
Current Share Price	UK£0.32
52 Week High	UK£0.77
52 Week Low	UK£0.28
Beta	1.63
1 Month Change	3.23%
3 Month Change	-20.00%
1 Year Change	-46.67%
3 Year Change	-46.67%
5 Year Change	-62.13%
Change since IPO	-52.24%

Recent News & Updates

Aug 19

Angling Direct (LON:ANG) Is Reinvesting At Lower Rates Of Return

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...

May 14

Is There Now An Opportunity In Angling Direct PLC (LON:ANG)?

Angling Direct PLC ( LON:ANG ), might not be a large cap stock, but it received a lot of attention from a substantial...

Shareholder Returns

	ANG	GB Specialty Retail	GB Market
7D	0%	-7.3%	-1.8%
1Y	-46.7%	-34.7%	-15.2%

Return vs Industry: ANG underperformed the UK Specialty Retail industry which returned -34.7% over the past year.

Return vs Market: ANG underperformed the UK Market which returned -15.2% over the past year.

Price Volatility

Is ANG's price volatile compared to industry and market?
ANG volatility
ANG Average Weekly Movement	4.5%
Specialty Retail Industry Average Movement	6.6%
Market Average Movement	5.5%
10% most volatile stocks in GB Market	10.9%
10% least volatile stocks in GB Market	2.9%

Stable Share Price: ANG is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: ANG's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2004	411	Andy Torrance	https://www.anglingdirect.co.uk

Angling Direct plc, together with its subsidiaries, engages in the retail of fishing tackle products and equipment in the United Kingdom, Germany, France, the Netherlands, and internationally. The company offers baits and additives, bait accessories, bait boats, bait boxes, bait making equipment, barrows and trolleys, bed chair accessories, bed chairs, bite alarms, bivvies and shelters, bivvy accessories, books, buckets and riddles, catapult spares, catapults, chairs, clothing, and cooking equipment. It also provides fish care and fly products, fly lines, fly storages, gift cards, indicators, lighting and line products, luggage products, lures, miscellaneous products, nets, pole supports, poles and whips, poles accessories, reels, rod and reel combos, rod pods, rod supports, rods, and scales.

Angling Direct Fundamentals Summary

How do Angling Direct's earnings and revenue compare to its market cap?
ANG fundamental statistics
Market Cap	UK£24.73m
Earnings (TTM)	UK£3.08m
Revenue (TTM)	UK£72.47m

8.0x

P/E Ratio

0.3x

P/S Ratio

Is ANG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ANG income statement (TTM)
Revenue	UK£72.47m
Cost of Revenue	UK£45.86m
Gross Profit	UK£26.61m
Other Expenses	UK£23.53m
Earnings	UK£3.08m

Last Reported Earnings

Jan 31, 2022

Next Earnings Date

Oct 12, 2022

Earnings per share (EPS)	0.04
Gross Margin	36.72%
Net Profit Margin	4.25%
Debt/Equity Ratio	0%

How did ANG perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is ANG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ANG?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ANG. This is calculated by dividing ANG's market cap by their current preferred multiple.
What is ANG's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	UK£24.73m

ANG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.3x
Enterprise Value/EBITDA	4.3x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does ANG's PE Ratio compare to its peers?

ANG PE Ratio vs Peers

The above table shows the PE ratio for ANG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	6.8x
G4M Gear4music (Holdings)	6.2x	3.8%	UK£23.1m
WRKS TheWorks.co.uk	2.6x	-30.6%	UK£22.9m
SCHO Scholium Group	12x	n/a	UK£5.9m
CARD Card Factory	6.2x	20.9%	UK£154.4m
ANG Angling Direct	8x	n/a	UK£24.7m

Price-To-Earnings vs Peers: ANG is expensive based on its Price-To-Earnings Ratio (8x) compared to the peer average (6.8x).

Price to Earnings Ratio vs Industry

How does ANG's PE Ratio compare vs other companies in the GB Specialty Retail Industry?

Price-To-Earnings vs Industry: ANG is expensive based on its Price-To-Earnings Ratio (8x) compared to the UK Specialty Retail industry average (6.6x)

Price to Earnings Ratio vs Fair Ratio

What is ANG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ANG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ANG's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of ANG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ANG (£0.32) is trading above our estimate of fair value (£0.01)

Significantly Below Fair Value: ANG is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Future Growth

How is Angling Direct forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

9.8%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if ANG's forecast earnings growth is above the savings rate (0.9%).

Earnings vs Market: Insufficient data to determine if ANG's earnings are forecast to grow faster than the UK market

High Growth Earnings: Insufficient data to determine if ANG's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ANG's revenue (9.8% per year) is forecast to grow faster than the UK market (4.4% per year).

High Growth Revenue: ANG's revenue (9.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if ANG's Return on Equity is forecast to be high in 3 years time

Discover growth companies

Past Performance

How has Angling Direct performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

53.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ANG has high quality earnings.

Growing Profit Margin: ANG's current net profit margins (4.2%) are higher than last year (3.6%).

Past Earnings Growth Analysis

Earnings Trend: ANG's earnings have grown significantly by 53.7% per year over the past 5 years.

Accelerating Growth: ANG's earnings growth over the past year (26.9%) is below its 5-year average (53.7% per year).

Earnings vs Industry: ANG earnings growth over the past year (26.9%) underperformed the Specialty Retail industry 32%.

Return on Equity

High ROE: ANG's Return on Equity (8.4%) is considered low.

Discover strong past performing companies

Financial Health

How is Angling Direct's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ANG's short term assets (£34.0M) exceed its short term liabilities (£10.8M).

Long Term Liabilities: ANG's short term assets (£34.0M) exceed its long term liabilities (£10.9M).

Debt to Equity History and Analysis

Debt Level: ANG is debt free.

Reducing Debt: ANG has no debt compared to 5 years ago when its debt to equity ratio was 68.3%.

Debt Coverage: ANG has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: ANG has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Discover healthy companies

Dividend

What is Angling Direct current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Angling Direct Dividend Yield vs Market

How does Angling Direct dividend yield compare to the market?
Segment	Dividend Yield
Company (Angling Direct)	n/a
Market Bottom 25% (GB)	2.1%
Market Top 25% (GB)	6.1%
Industry Average (Specialty Retail)	3.6%
Analyst forecast in 3 Years (Angling Direct)	n/a

Notable Dividend: Unable to evaluate ANG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ANG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ANG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ANG's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ANG has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.6yrs

Average management tenure

CEO

Andy Torrance

3yrs

Tenure

UK£459,904

Compensation

Mr. Andy Torrance has been Chief Executive Officer and Executive Director of Angling Direct plc since February 10, 2020. Mr. Torrance served as Non-Executive Director at Angling Direct plc since October 20...

CEO Compensation Analysis

Andy Torrance's Compensation vs Angling Direct Earnings

How has Andy Torrance's remuneration changed compared to Angling Direct's earnings?
Date	Total Comp.	Salary	Company Earnings
Jan 31 2022	UK£460k	UK£215k	UK£3m
Oct 31 2021	n/a	n/a	UK£4m
Jul 31 2021	n/a	n/a	UK£4m
Apr 30 2021	n/a	n/a	UK£3m
Jan 31 2021	UK£394k	UK£182k	UK£2m
Oct 31 2020	n/a	n/a	UK£1m
Jul 31 2020	n/a	n/a	-UK£285k
Apr 30 2020	n/a	n/a	-UK£797k
Jan 31 2020	UK£11k	n/a	-UK£1m

Compensation vs Market: Andy's total compensation ($USD519.91K) is above average for companies of similar size in the UK market ($USD334.29K).

Compensation vs Earnings: Andy's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ANG's management team is seasoned and experienced (6.6 years average tenure).

Board Members

Experienced Board: ANG's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

AIM:ANG Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
19 May 22	BuyUK£13,250	Andy Torrance	Individual		25,000	UK£0.53

Ownership Breakdown

What is the ownership structure of ANG?
Owner Type	Number of Shares	Ownership Percentage
Public Companies	60,113	0.08%
General Public	3,292,862	4.3%
Institutions	16,426,500	21.3%
Individual Insiders	25,588,625	33.1%
VC/PE Firms	31,899,204	41.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 94.92% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
20.38%	Gresham House Asset Management Limited	15,749,204	£5.0m	0%	0.63%
14.66%	BGF Investment Management Ltd.	11,325,000	£3.6m	0%	2.09%
14.25%	Martyn Page	11,010,000	£3.5m	0%	no data
11.94%	William Hill	9,223,000	£3.0m	0%	no data
9.01%	Hargreave Hale Limited, Asset Management Arm	6,960,390	£2.2m	0%	0.07%
6.24%	Octopus Investments Limited	4,825,000	£1.5m	0%	0.08%
4.26%	Richard Beaumont	3,290,000	£1.1m	0%	no data
3.81%	Investment Fund Services Limited	2,944,282	£942.2k	0%	no data
2.59%	William Currie	2,000,000	£640.0k	0%	no data
1.55%	Baillie Gifford & Co.	1,197,532	£383.2k	0%	no data
1%	Barclays Bank PLC, Securities Investments	776,199	£248.4k	0%	no data
0.92%	A J Bell Holdings Limited, Asset Management Arm	707,624	£226.4k	0%	no data
0.72%	River and Mercantile Asset Management LLP	558,230	£178.6k	0%	0.01%
0.61%	Barratt & Cooke Holdings Limited, Asset Management Arm	469,825	£150.3k	0%	0.08%
0.57%	Barclays Bank PLC, Wealth and Investment Management Division	437,363	£140.0k	0%	no data
0.43%	IG Group Holdings Plc, Asset Management Arm	333,406	£106.7k	0%	0.01%
0.41%	HBOS Investment Fund Managers Limited	315,828	£101.1k	0%	no data
0.3%	Jarvis Securities plc, Asset Management Arm	230,470	£73.8k	0%	no data
0.23%	Brewin Dolphin Limited	176,100	£56.4k	0%	no data
0.22%	Canaccord Genuity Wealth (International) Limited	171,300	£54.8k	0%	no data
0.21%	Charles Stanley & Co. Ltd, Asset Management Arm	164,616	£52.7k	0%	no data
0.2%	Albert E Sharp LLP	155,996	£49.9k	0%	0.02%
0.17%	HSBC Global Asset Management (UK) Limited	129,647	£41.5k	0%	no data
0.13%	UBS Asset Management	100,000	£32.0k	0%	no data
0.12%	Idealing.com, Asset Management Arm	93,250	£29.8k	0%	0.02%

Data	Last Updated (UTC time)
Company Analysis	2022/10/03 00:00
End of Day Share Price	2022/10/03 00:00
Earnings	2022/01/31
Annual Earnings	2022/01/31