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Look at crh share price since start of year, they completed move to usa market. Theier are secondry benefits to listing in USA. Use of share issue to do buy outs, access to more USA Government contracts
And I can hear it already.
He would say that wouldn’t he!
The head of the London Stock Exchange Group has argued that companies going public in New York do not receive a higher valuation than they would in London, responding to the drift of listings away from the UK.
“The notion that you get a better valuation in the US, it’s a myth,” David Schwimmer said. “If you look company by company and adjust for growth rates and other factors, London is at, and in some cases higher, in terms of valuation [than the US].”
“We’ve done work on this, a number of banks have done work on this,” he told reporters on Friday.
Schwimmer was speaking as LSEG, which owns the London Stock Exchange, laid out its plans to transform into a financial data company, and as the UK attempts to stem the flow of UK businesses listing in New York, lured by perceived higher valuations and a deeper pool of capital.
This week, Glencore said it would list its planned coal mining spin-off in New York, despite natural resources companies traditionally being one of London’s strengths. Earlier this year, UK polling company YouGov said it was weighing a US listing, while Dublin-based packaging company group Smurfit Kappa is switching its primary listing from London to New York, saying it would achieve a higher valuation there.
“Investors in the US are very eager to buy this cash-yielding company and we believe we would get a better valuation for this business in New York than we would in London,” said Gary Nagle, chief executive of Glencore.
Schwimmer said on Friday “each company will have their own reasons” for picking New York instead of London. “In some cases it has been around compensation practices . . . One or two, of the ones that have done this this year, have made some comments about the criticism that they would get for compensation here that they wouldn’t get in the US,” he added.
With respect to liquidity, LSEG itself, we’ve sold over £10bn of our stock this year with no problem from a liquidity perspective so it is a very healthy, very successful, very well functioning market,” Schwimmer said.
UK policymakers are scrambling to make London’s capital markets more attractive and to encourage pension fund investment in domestic businesses, with measures expected in the UK’s Autumn Statement next week.
Schwimmer welcomed the reforms, saying: “I think if there’s capital that starts to be allocated more to UK companies, I think you’ll start to see the benefits of that in relatively short order, over the next year or two or three.”
“The pension reform . . . will add liquidity to this market but there’s a butthere is a lot of misunderstanding and myth about this he added
Glad I bought toward the end of yesterday had a feeling it would be a good entry point again. Should be above £5 by end of next week.
That’s all it takes just a little positivity.
I’m positive we can get 10 p by close.
( see if it works)
Make that 9p Meoryou
Seems we're back in favour
Sou Tangile
If what BP says is so brilliant why it’s performance worst of the major oil companies? Answer - shambolic strategy brewed up by McKinsey which features no hard financial forward performance metrics.
Hopefully new CEO will clear out net-zero dreamers.
:) do it do it do it
Hi BRB
Do you want me to take a look at Tullow's update?
Fair enough, I'll see you over at the Tullow BB.
Best
Happy
Yes Halma
What’s not to be happy about on an up 6 p. Friday
So, all in all
BP will move forward and on here, we'll remain happy as Larry
Cheers fella's
SouTanglie,
Yes I should have clearly stated that what I posted came from the BP website. Thankyou.
Theaky, when you quote a third party (in this case Looney), please at least give them credit:
https://www.bp.com/en/global/corporate/news-and-insights/press-releases/4q-2022-update-on-strategic-progress.html
Theaky
My link also references 2030.
Non of your posts up till now suggest what you are referring to is happening over the next 7 years.
If you're Happy and you know it stay silent on Tullow
Nothing to tell us this update?
Your wizdom deserted you
You prized balmange
Golden Oldies are us
Meoryou,
As an integrated energy company, bp is very deliberately set up to help on both counts. With three years of delivery and track record – we have increased confidence our strategy is working. And with today’s announcement we are leaning further in. We are growing our investment into our transition and, at the same time, growing investment into today’s energy system. In doing so - we see tremendous opportunity to create value. And it’s what governments and customers are asking of companies like us.”
bp now aims to accelerate the growth in earnings from its transition growth engines (TGEs) while also delivering higher earnings than previously expected from its oil and gas businesses through 2030 - both compared to bp’s previous aims(1).
bp plans to support this growth by disciplined increases in investment over the period to 2030 of up to $8 billion in the TGEs and up to $8 billion in oil and gas. bp is adjusting its target capital expenditure range to $14-18 billion a year out to 2030(2), from the previous range of $14-16 billion. All investments will remain subject to disciplined application of bp’s balanced investment and returns criteria.
bp expects this additional incremental investment to deliver around $3 billion additional group EBITDA in 2025 and is aiming for that to grow to $5-6 billion in 2030. This would comprise an additional $2 billion from the TGEs and $3-4 billon from oil and gas projects in 2030. bp has also raised its oil and gas price and refining margin assumptions(3).
Charlie
You are showing your age now.
Sorry but year should say 2022 not 2020.
Figures are from last months BP markets day and can be found on page 9
And show a big difference from a 50:50 split.
Contrary to the figures that Theaky keeps posting
“I also shows why funding should be increased into oil and gas projects and not a 50:50 split with green”
The latest figures for full year are 2020
Full CapEx $16.3 bn
Resilient Hydrocarbons $13 bn
Low carbon energy $ 1 bn
Convenience and mobility $1.8 bn
All can be found at
https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-investor-update-2023-plenary.pdf
The Dec 22 dividend was 6.01 cents. There have been two 10% increases since, to 7.27 cents for Dec 23. With circa 7% less shares in circulation, they are listening to shareholders. I expect another 10% increase to 8 cents in Feb. I'm rather partial to a Murray mint, and their slogan of 'Murray mints, Murray mints, too good to hurray mints' is apt for our CEO's dividend policy. Patience is required, remember 'you can't hurry a Murray'.
Happy
I said that several times.
A core div that is always affordable and a bonus element directly related to the oil price.
Predicable and affordable.
Would not like to see buybacks stop, but moving balance between them and div slightly more towards div.
Dividend yield is roughly 4.8%. And unlike many in the FTSE, it looks perfectly sustainable through the cycle.
As bonds yields and interest rates start to ease through next year, the dividend should look increasingly attractive to income investors.
I think there is scope to start scaling back buybacks and making more material increases in the dividend.
I would like to see buybacks replaced by a variable dividend element as many of the miners have and indeed some oilers (Pioneer etc.).
We would need only to tweak the financial frame. The amount we apportion to buybacks could easily be switched to variable dividends. Perhaps, with retention of a Q1 buyback to offset employee share options vesting.
I would prefer more cash dividends in my ISA.
All IMHO DYOR
Happy
Exploration,
It just shows BP's true strength lie in its core business and the expertise of the men and women who work in this field. I also shows why funding should be increased into oil and gas projects and not a 50:50 split with green. I would prefer the massive gushing profits rolling in to BP's coffers from an oil well, than have to rely on some bloke charging his Tesla whilst sipping "Wild Bean Coffee"