Jacques le Roux

[Jacques le Roux @Jabler79]

@david_katunaric What's the treatment like for minority shareholders over there? And the property ownership laws?

[Jacques le Roux @Jabler79]

@FFScout_Mark @fplblackbox_az Who's gonna bring Az into line and mock him continuously for punting names like Barco? 😥

[Jacques le Roux @Jabler79]

@christankerfund I have it at about 500k shares bought back since 31 December or 2.6%

[Jacques le Roux @Jabler79]

@lateriser12 yeah... but who is he crossing to?

[Jacques le Roux @Jabler79]

@vebcap @horus_holdings I will let you know if I find anything on that but I suspect that, as with anything to do with Rolex, that will be a very tightly guarded secret. I think our only guide will be the Rolex price increase post-tariff.

[Jacques le Roux @Jabler79]

@horus_holdings @vebcap Gotta be careful when you play with that though, because US customs will be watching. There are limits. But I agree it may give some flexibility.

[Jacques le Roux @Jabler79]

@vebcap @horus_holdings Also assumed 75% Rolex GP margin but who knows... somewhere between 60% and 75% I guess.

[Jacques le Roux @Jabler79]

@vebcap @horus_holdings Understand that approach. No I've got no feel for the US distributor's cut. I've been working on 30% GP margin for WOSG (slightly lower than their average GP in the annual report) and a 50/50 split between Rolex Switzerland and Rolex USA as a starting point.

[Jacques le Roux @Jabler79]

@vebcap @horus_holdings Presumably Rolex pays tariffs elsewhere so they probably have a policy to try minimise those while staying within transfer pricing rules.

[Jacques le Roux @Jabler79]

@horus_holdings @vebcap So it's not obvious that the margins on the US business get eroded. In the case of Rolex they're paying the tariffs so may not recoup them all from WOSG. Also Rolex may increase global watch prices to avoid pricing discrepancy. Also there is the Trump hope of a currency buffer

[Jacques le Roux @Jabler79]

@horus_holdings @vebcap Agree - you must factor in WOSG's margin and the fact that in the case of Rolex they have a US distributor that probably does a profit share with their Swiss business. So the actual transfer price and therefore tariff is much lower even if it stays at 31%.

[Jacques le Roux @Jabler79]

@WilliamSassoX Some nice trading there - I've held throughout but have the same base cost. Do you think a meaningful number of US consumers now buy Rolex on their travels? Not sure how that could work with waitlists...

[Jacques le Roux @Jabler79]

@PlanetFPLPod Hey James. Wildcarding now and BB next week. Do you prefer Wood / Semenyo / Huijsen or Evanilson / Gibbs-White / Kerkez. Also have FH in hand as well as Milenkovic, Kluivert, Elanga.

[Jacques le Roux @Jabler79]

@bkaellner How do you think about the China demand risk?

[Jacques le Roux @Jabler79]

@Pikachu_invest It’s about speed and latency. For sparsely populated areas this may make sense. But competing against existing fiber in urban areas, Starlink just doesn’t make sense.

[VOIN - Early Access Out Now! @vointhegame]

Arrive. Raise Hell. Repeat! #VOIN is now in Early Access!

Let the cleansing begin: https://t.co/m93suefPkX

#indiedev #gamedev #UE5 #UnrealEngine #EarlyAccess

[Jacques le Roux @Jabler79]

@historigins Earling Haaland

[Jacques le Roux @Jabler79]

@uglybro @StockMKTNewz No he's not... he's just saying they're 18 years older since 2006

[Jacques le Roux @Jabler79]

@lateriser12 Lundstrum & Bamford