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I have written a couple of articles on the Mecca Bingo and Grosvenor Casino operator Rank (RNK), concluding last time that 'Rank is not so dank after all...the share still remains below the (interesting) 160p level. Worth a punt!'…
I could talk about market heavyweights Diageo (DGE), Royal Dutch Shell (RDSB) or Unilever (ULVR) but frankly none are interesting or compelling...although no doubt dividend munchers are still getting frothy about them. Instead I turn again to the bingo, casino and more emporium Rank (RNK) – which I last wrote about in August, observing 'below 160p as a "have another look" level still feels correct. No debt, cashflow, well-known assets...smell the private equity or industry consolidation potential'…
Do any of the readership base want to admit to still going to the bingo? Well if you do then it is probably at one of Rank (RNK)’s Mecca emporiums as they attracted just shy of 5 million customer visits during its first half year with each punter spending just over twenty quid a visit. Customer visits were down 8% year-on-year though in the stats released a couple of months ago despite the wonderful RNS observation that:
Last week, Rank (RNK) and 888 (888) abandoned their pursuit of William Hill (WMH), acknowledging that it had been impossible to “meaningfully engage” with William Hill’s board. With a deal off the cards for now, we can get back to thinking about these companies on a standalone basis. And news is imminent: Rank is set to announce its preliminary results on Tuesday.
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