De La Rue (#DLAR) – recommended 130p per share offer

De La Rue (#DLAR) – Authentication division sale “share purchase agreement” for £300m, other discussions continue

De La Rue (#DLAR) – “a substantial upward increase in activity predicted by the growing order book”

De La Rue (#DLAR) – agreement for sale of Authentication business for £300m Enterprise Value

De La Rue (#DLAR) – expects FY adj. Op profit “in line with guidance previously given, in the low £20m range”, intends ‘optimising intrinsic value’ update by end-May

De La Rue (#DLAR) – H1 another even operating loss, net debt £82m

De La Rue (#DLAR) – expects H1 adj. Op profit “marginally ahead of previous guidance”

Cash and “Danny” De La Rue…

When I was somewhat younger, the world of “Danny” De La Rue (DLAR) was quite exciting. As you may (or may not) know, the original business run by Mr de la Rue in 1831 secured a Royal Warrant to produce playing cards…and you can guess how it rolled from there, via postage stamps and then banknotes. I am pretty sure that the company used to be in the FTSE 100 many years ago, but I have written a few times over the years about the challenges it has faced. As the c. 92% fall in the share price over the last five years shows, it correctly has been an aggressive avoid for a while now. Are today’s FY23 numbers showing anything different?

More comedy at De La Rue and the IMF, but some good recent stuff from Malcolm

As I get older, I learn more and more that history can repeat itself and rhyme. Just under five months ago, I wrote HERE that “it is far from being a boring day today…it is no surprise for me to see shares in De La Rue (DLAR), which institutional investors and brokers used to call ‘Danny’, pulling back nearly 20% given that it is still struggling to make a proper profit and free cash flow”. I could have written the same today…except that De La Rue shares are down by more than 20% today as I write.

De La Rue (#DLAR) – suspended banknote printing in Kenya, historical activities implicated in investigation in India

De La Rue (#DLAR) – expects FY adj. Op profit “in line with market expectations”, net debt slightly better than expectations of £75m

Waiting for February and March re. Unilever, Go-Ahead and “Danny” De La Rue

I guess you are (finally) excited today if you are a Unilever (ULVR) shareholder. I almost bored myself talking about the company (again!) last week but, given the news that Nelson Peltz’s activist fund has bought a stake, Unilever has gone from being the (potential) hunter to being the (potential) hunted.

De La Rue (#DLAR) – profit warning, “global impacts” turnaround plan delay

De La Rue (#DLAR) – “positive” H1, FY outlook “in line with the board's expectations”

De La Rue (#DLAR) – SFO to discontinue investigation into it & “associated persons”

De La Rue (#DLAR) – FY2019/20 trading update & notes “taking steps… in line with guidance from governments… is too early to quantify the potential impact on FY 2020/21”

De La Rue (#DLAR) – argues “satisfactory” H2 trading & “a turnaround plan”, though still looking at “financing options”

Beware the consensus and stay short of De La Rue at 108p

The consensus in the US markets right now seems to be that things are getting a little crazy out there but that Trump will keep the show on the road until November, when, in the absence of a stock market rout, he will trounce Sanders or Bloomberg in the election. Therefore, there is little to worry about until then.

De La Rue – “urgent actions needed to stabilise the business and allow us to complete the review”. Uh oh…

Previously writing on De La Rue (DLAR), towards the end of last month, with the shares down to around 150p, I concluded on a “Trading Update” from this self-styled “world's premier currency and authentication provider”, with both balance sheet liquidity and P&L concerns, certainly currently bargepole / sell. The shares did manage to recover to around 180p, but are currently comfortably sub 150p on the back of results for the company’s half-year ended 28th September 2019…

De La Rue (#DLAR) – H1 swing to loss, DPS axed, “urgent actions needed to stabilise the business”