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Gosh, you would have thought by the price action - that they had a profit warning!
Update this morning with ST raising his target price to 330p.
https://twitter.com/IChronicle/status/1356527211952693248
GLA
No time to sell BMY in my view. Much more of this sheepish sell-off and board might soon wonder whether market is literate! BMY set to have a terrific year.
"Books are having a surge at the moment such that I have never witnessed my career" - Nigel Newton CEO 3/12/20
https://youtu.be/lPvohEIlVXM
Sounds like a renaissance for books spurred on my lockdown + spending a lot of time in the house.
Mmmm....I wonder what he is implying to BMY's sales because it's pretty obvious.
On top of that - a further bonus for BMY has been the return to lockdown in Dec / Jan - bored people with plenty of time on their hands to try out cooking books and new novels.
Of course the BDR division also benefits massively too with lockdown.
In addition, Richard Leonard's video was done pre-Dec 20 lockdown.
With panic set for late Christmas present buyers (men like me!) in after Dec lockdown announced, books as presents one of the most easiest options out there.
With continued lockdown, I think the book sales + BDR division will benefit into Q1 2021.
Nice.
Institutions Increasing Position as of 1st Dec. '20, descending in order of shareholders by size:
(INSTITUTION (HOLDING) +/-)
BlackRock, Inc. (£26.8m) +15.01%
Premier Fund Managers Limited (£15.4m) +3.18%
Montanaro Investment Managers Ltd. (£12.4m) +3.35%
Canaccord Genuity Wealth (International) Limited (£9.3m) +12.46%
Franklin Resources, Inc. (£5.9m) +11.67%
Dimensional Fund Advisors L.P. (£5.5m) +3.53%
Legal & General Investment Management Limited (£4.9m) +0.83%
John Newton (CEO) (£3.5m) +0.54%
N.F.U. Mutual Unit Managers Limited (£3.5m) +8.6%
Barclays Bank PLC, Wealth and Investment Management Division (£3.4m) +10.13%
Societe Generale Group, Banking Investments (£2.7m) +36.86%
M&G Investment Management Limited (£2.6m) +3.09%
A J Bell Holdings Limited, Asset Management Arm (£2.2m) +1.18%
Heritage Capital Management Limited (£2.1m) +5.38%
Institutions Decreasing Position as of 1st Dec. '20, descending in order of shareholders by size:
(INSTITUTION (HOLDING) +/-)
Charles Stanley & Co. Ltd, Asset Management Arm (£21.9m) -0.04%
Chelverton Asset Management Limited (£11.3m) -4.1%
Russell Investment Management, LLC (£5.6m) -9.41%
J O Hambro Capital Management Limited (£3.2m) -3.42%
HBOS Investment Fund Managers Limited (£2.9m) -0.17%
Majedie Asset Management Limited (£2.8m) -34.07%
Equiniti Group Limited, Asset Management Arm (£1.9m) -0.23%
Good prospects here, in my view. Had previously thought 300-330p reasonable value, though now inclined to believe 350p as-is, with potential for 370-400p with acquisition/expansion of digital/educational arm. Would appear BMY makes acquisitions early in year, Jan through Mar, therefore adding to holding in anticipation of news and otherwise healthy trading update irrespective. Coming update likely to advance even on previous results, given weighting toward back end of year.
BlahDoh- agree, good argument for BMY current reasonable value 300p+ and I believe ought to be 300-330p. Excellent navigation of COVID earlier in year stands BMY in good stead and wouldn't be surprised if acquisitions announced in coming 3-6 months. My view is that wider market over cautious on Brexit/Covid with regards to BMY- recent results show that. Your price target over 12 months?
Agree, they went over £3 in January and arguably should be above that now after what looks like a great year and a vindication of their strategy - there is a good chance they will be rerated next year as COVID and Brexit worries start to recede
Believe a buying opportunity at current prices, though even more so at 240p should SP pare a little. BMY sales usually weighted toward H2 on account of pre-Christmas sales. Given most recent results, consider positive update in March likely with potential to break 300p up to 350p by final results May 21'.
Great results, strong balance sheet. Opportunities for more acquisitions. Onwards & Upwards. GLA
Bonus shares in lieu of dividend confirmed by vote at the AGM:
"To authorise the Directors to settle the intended final dividend for the year ended 29 February 2020 of 6.89 pence per share by way of a bonus issue of new Ordinary Shares."
SP is lower than a year ago, so arguably a good deal for long term holders who get a cheap top-up with reasonable expectations of a much higher future SP.
The 70% drop in India is explained as due to the lockdown, but many other territories had lockdowns.
A more logical explanation might be a failure of digital services provision in the country? If it really was just down to lockdown restrictions, maybe pent up demand will result in catch-up revenue later as restrictions ease.
Academic and professional division only up 4%, so most of the upswing was due to consumers. I think they are right to say the outlook is uncertain, as these conditions are obviously unsustainable, but it is pleasing that their strategy is holding up so well in difficult times.
https://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/83902-led-by-u-s-bloomsbury-has-surprising-start-to-fiscal-2021.html
Good update. India revenue last year was £4.8m out of a total revenue of £162m. GLA
Good set of results today. The only negative appearing to be the large decrease in revenue from India. Does anyone know how much of the company's revenue come from the Indian market compared to the UK and US markets?
Looks like Bloomsbury are going to issue bonus shares instead of a dividend.
"Subject to shareholder approval, proposed bonus issue, in lieu of, and with a value equivalent to, proposed final dividend of 6.89p per share"
https://www.bloomsbury-ir.co.uk/media/press_releases/2020/200520
It’s a fact that Bloomsbury’s long-term profits outlook remains a terrific one. Harry Potter will continue to remain a big money spinner for many, many years to come. The massive investment it has made in the digital academic arena should also pay off handsomely. It might trade on a high forward P/E ratio of 24 times, based on immediate earnings estimates. But I reckon ISA investors can still expect a brilliant return on their capital in the years ahead.
...my previous message aged rather badly, didn't it? haha. Oh well, I still maintain that this share is worth at least 250p, so have bought some more on the cheap and expect this will recover given time. Lovely company with healthy balance sheet, at least the last time I checked.
let's hope there are plenty of infected folk reading books to kill the time in quarantine!
I'd been watching Bloomsbury for some time and had hoped to have bought in at around 220-250p, though missed the boat and saw the SP rise on news of the Oberon deal. That I've now been able to buy in within my range makes me a very happy investor.
I never have been particularly good at timing the market, so tend to make an assessment as to what a reasonable entry point may be and commit to it without worrying about scooping up from the bottom of the trough. The way I see it, BMY is cheap at 250p, so won't sweat if it falls a little more as I'm here for the long run.
Agreed, its a bargain now - but who can call the bottom?
This share is looking very cheap, thanking the coronavirus sell-off! I'm very happy to step into this company at 250p per share for the long term steady growth and dividends.
Thanks Bazzaman, good link!
Looks like BMY are well positioned - generating enough cash to both pay a good dividend and also build a cash pile for acquisitions. Forecast annual div is 8.4p, which would give a Final Div of 7.39p (after subtracting the interim). Chinese JV adds excitement, and digital strategy looks like solid underpinning. Downside seems limited, and plenty of upside potential?
https://www.investorschronicle.co.uk/shares/2020/02/06/how-the-2019-bargain-shares-portfolio-beat-the-market/
Simon has upgraded his target price to 330p. GLA
Writers everywhere are a disgrace to their profession with their factual "Bloomsbury buys Oberon" stories. Where is the "Wizard Masters capture King of the Fairies" nonsense we all expect? Once in a lifetime, and they blew it.
Thrilling rns today about Bloomsburys entry into the domestic Chinese market. This, on top of Bloomsbury's potential profit surge over the next few years due to it's investment in Bloomsbury Digital, makes it an exciting growth share.