UK 07:52 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I feel rather sorry for my old pal Simon “Wincey” Willis the analyst at Daniel Stewart, house broker and Nomad to Chinese Norfolk Naibu (NBU) as he has been forced this morning to publish a note that he knows is nonsensical.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
Jonathan
The majority of all broker notes by DStewart in the last 6 months have either been lazy or nonsensical, sometimes both. Why anyone regards their recommendations as anything other than a useless feature I do not know.
walter
Simon Thompson from IC been recommending this POS for a long time. I feel sorry for his followers, coz everytime he writes an article about it, there is always the odd 20% rebound giving them false hope!!
Nigel Martin
It’s hard to quarrel with most of your post, but I do challenge you when you say: “If that was really the case” (that the increase in receivables was down to Naibu extending terms to customers by an extra month) “then by July that would have unwound.”
The effect would only unwind if the extension was one off, but I assume that customers are now on 4 months payment terms, up from 3 months. That is consistent with receivables rising by 1/3, and they have in fact risen by slightly less than a quarter.
That said, the receivables are in fact 6 months worth of production, not 4 months, so a lot of customers are taking way over 120 days to pay, let alone 90 days.