Evil Diaries: Handbaggery

The share rating of Mulberry (MUL) has been a mystery to me for many years. Today’s figures for the half year are pretty pathetic with TNAV at £33m (with plenty of intangibles included) as against a capitalisation of £250m+. Needless to add the EPS are equally unencouraging. All that is offered is a bullish statement looking forward. But this has been the case since forever.

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Scholium (SCHO) has had to cope with Covid and closing its philatelic division. Even so earnings are pretty indifferent – given that I have always thought it would be a cast iron inflation hedge. Further, there is no dividend. That noted, nav is 70p and this means that the shares at 40p are still a buy for the patient small investor (the market is very thin).

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It is reassuring that Rockhopper (RKH) has had its licences extended by the Falkland Islands Government. All that is now required is the cash: it was ever thus.