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Thanks E_AL. Precisely my point!
In the current circumstances & ongoing uncertainty in the market I wouldn't invest in airlines or tourism companies unless I am interested in the long term (2021 onward). The world hasn't reached the peak of Coronavirus yet so airlines and tourism companies will stay in a coma for at least the next 12 months. Shorters already know that, hence they all increased their short positions in EasyJet EZJ last week:
26 Mar 2020
Citadel Europe LLP 0.88% to 1.22%
25 Mar 2020
Greenvale Capital LLP 1.00% to 1.15%
Marshall Wace LLP 0.40% to 0.51%
24 Mar 2020
AQR Capital Management, LLC 2.29% to 2.43%
On the other hand they all reduced their short positions in Ted Baker last week after the company sold its headquarter (Ugly Brown) for £78.75 million, which represents >>a premium of approximately 39.1%<< to the last published book value of the property as at 26 January 2019 of £56.6m.
This transaction and the agreed additional financing provide further headroom and financial flexibility to support the delivery of the new transformation strategy, therefore the lending bank syndicate continued to be supportive and agreed last week to increase the headroom under the Group's facilities by £13.5 million until 18 December 2020!
Latest reduction in Ted's short positions:
26 Mar 2020
Citadel Advisors LLC 0.5% to 0.43%
25 Mar 2020
Citadel Advisors LLC 0.6% to 0.50%
WorldQuant LLC 0.52% to 0.48%
23 Mar 2020
WorldQuant LLC 0.66% to 0.52%
Squarepoint Ops LLC 0.92 %to 0.89%
Why would govt bail them out? Govt would need to bail all airlines to keep the competition equal and that's not feasible. Rights issues at deep discount or expensive debt issue is on the card for all airlines me thinks.
I can understand Ted Baker is a buy at this level. They recently received £78m cash which is a boon in current market. At current level, Ted's market cap is £55m which is quite low by any standard.
I don't understand Liberium analysis of EZJ. Airlines is an expensive business, leasing planes, airport slots, paying pilots etc. Who ever has bought EZJ at 600p is smoking something really good.
I understand he also recommends Eazyjet as he is predicting improved financial performance once their planes are back in the sky ....yeah, amazing stuff....forward thinking wizzkid
" reinstated a ‘buy’ recommendation, ....which should see an improving financial performance once Covid-19 impacts have played through’ "
wow... I am stunned at his level of expertiese ...he must have really slept on that thought before making a decision
what a d*ckhead
*Liberum has reinstated a ‘buy’ recommendation on Ted Baker (TED) after swift delivery on its transformation plan.
Analyst Adam Tomlinson placed a target price of 173p on the shares. ‘Delivery on the transformation plan has been swift and the £78.8m of sale and leaseback of Ted Baker’s head office represents further decisive action,’ he said.
‘Combined with cost savings and cash conversion measures, we estimate it could improve the group’s cash position by over £100m.’
He said the decision to reinstate the shares as a ‘buy’ was ‘on the basis of the group’s significantly improved financial position, current market cap, and brand strength, which should see an improving financial performance once Covid-19 impacts have played through’.
https://citywire.co.uk/funds-insider/news/the-expert-view-shell-itv-ashtead-ted-baker-and-plus500/a1339045