Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Do-it-yourself retailer Kingfisher's first quarter earnings are set to confirm a weather-challenged UK performance and slowing trends in France, according to Jefferies, the US investment bank which bought venerable City broker Hoare Govett earlier this year. It thinks first quarter sales will be down by almost 4% year-on-year, or down 2% with foreign exchange (forex) movements stripped out. The broker thinks EBIT will be up by 1%. Comparative figures in the UK are tough, given the weather was better last year and the royal wedding provided an extra bank holiday.
In contrast, B&Q owner Kingfisher (KGF) walks on fundamental water, a point underlined once again at the end of March when the group revealed like-for-like sales had risen 1.3%, while adjusted pre-tax profit rose 20.4% to £807m from £670m the previous year, just above market expectations. The Kingfisher share price is now some 15% off the peak seen at the time of the update, so there may be an opportunity to buy the dip if another solid performance is reported.
Kingfisher Buy 22-Mar-12 £44,415.00 Mark Seligman 15,000 @ 296.10p
A simply antastic set of results from kingfisher ling term holder here but last four months rises have been stellar snd set to continue in my opinion see why: Highlights (in constant currencies): · Completion of the four year 'Delivering Value' programme, Kingfisher successfully repositioned as a stronger, more valuable business · Self-help initiatives drove strong growth in each of the three main operating divisions in what remained challenging consumer markets: o French retail profits up 20.0% to £423 million driven by strong sales growth (+3.7% LFL) and continuing margin initiatives o UK & Ireland retail profits up 11.6% to £271 million. B&Q retail profit margin continued to improve, benefiting from margin and cost initiatives. 29 ex-Focus DIY stores acquired, 27 converted during the year to the B&Q format. Screwfix retail profit up 16.2% o Other International retail profits up 13.2% to £188 million driven by profit growth in Poland, Turkey, Germany and Russia and lower losses in China · Full year dividend up 25%, ahead of growth in adjusted earnings. Dividend cover reduced to 2.8 times and to be lowered to 2.7 times over the medium-term, as previously announced · Property portfolio independently valued at £3.5 billion (2010/11: £3.3 billion)
Do-it-yourself retail leviathan Kingfisher has revealed details of the next phase of its 'creating the leader' strategic initiative after announcing results a smidgen above market expectations. Sales in the year to January 31st rose 3.6%, or 3.3% on a constant currency basis, to £10,831m from £10,450m the year before. Like-for-like (LFL) sales were up 1.3%. The market had been expecting turnover of £10.8bn. Adjusted pre-tax profit jumped 20.4% to £807m from £670m the year before, slightly ahead of the £801.9m the market had been expecting.
Kingfisher is currently on 52 week highs in the aftermath of the February’s 13 week update where total like for like sales grew 2.2% year on year. For this to be justified we would probably wish to see the 1.9% sale decline for Ireland turned positive – quite a tall order. Where France proved to be the unlikely saviour for Kingfisher in terms of growth,
Commenting on trading, Ian Cheshire, Group Chief Executive, said: "With sales growth in each of our three main divisions and further solid profit growth in our final quarter we have ended another challenging year in robust shape. Our established programme of self-help initiatives has continued to serve us well and so we expect to announce full year adjusted profit in line with the current consensus of analyst expectations.* "Looking ahead the global economic outlook is uncertain and so we will remain focused on self-help measures to trade the business effectively, whatever the market conditions. Our medium term ambition remains to reposition the business as the industry leader at the forefront of innovation, helping our customers have 'better homes, better lives'."
Kingfisher reports total Q4 sales up 2.2%, up 4.0% in constant currencies (LFL up 0.9%), expects full year adjusted profit to be up around 20%, in line with current analyst estimates* and announces updated organisation structure.
http://www.investegate.co.uk/Article.aspx?id=201202160700175146X
Panmure Gordon reiterated its "buy" recommendation for Kingfisher (KGF) with a 350p target price. The broker believes that the home improvement retailer has significant growth potential and is capable of doubling its business in Poland and Spain, as well as quadrupling in Russia. Panmure also noted that the firm plans to rationalise its 150 brands into just 10, providing greater name strength. The broker forecasts earnings of 24.62p for the 2012 financial year, putting the shares on a prospective multiple of 11 times. Shares in Kingfisher edged up by 0.6p to 272p.
A solid performance in q4 combined with very strong fundamentals = a share price that should be 300p in the next 6 months....not many companies with kgf's european exposure that will perform as well........
Citigroup downgrades Kingfisher from buy to neutral, target price cut from 300p to 275p
Credit Suisse raises price target to 310p from 295p.
Shares in Kingfisher (KGF) floated up 6.2p to 261.8p after it reported year-on-year revenue growth of 4.6% for the 13 weeks ended 29th October to 2.8 billion pounds, with retail profits rising 13.9% to 273 million pounds. The DIY company attributes the growth to improved cost control and increased sales of high margin products. Additionally, the warm weather boosted sales of seasonal outdoor products, with garden furniture sales from subsidiary B&Q up 68%. However, with milder autumn weather, the group notes that sales of heating products have fallen. Panmure Gordon noted that the performance was ahead of expectations and expects to hear an exciting strategy update in March.
While B&Q and Screwfix owner Kingfisher reported third quarter profits ahead of Investec’s forecasts, the broker has reiterated its hold rating given the “undemanding valuation metrics”. “We have…cut our outer year forecasts in anticipation of negative LFLs [like-for-likes] in France next year, albeit mitigated by continuing direct sourcing benefits,” the broker said. As such, the target price is cut from 245p to 235p.
an Cheshire, Group Chief Executive, said: "Our well-established programme of self-help initiatives ('Delivering Value') has continued to drive our growth despite these difficult times for European consumers. I am pleased that our teams' hard work has resulted in healthy sales growth and a 13% profit growth in our third quarter, one of our most significant trading periods of the year, particularly in France. "Looking ahead, the short-term outlook in our major markets remains challenging but Kingfisher is in good shape, and we are more able to drive market share gains, profit growth and higher cash returns. I'm enthusiastic about our longer-term prospects and the team here is excited about formally launching the second phase of self-help initiatives next year ('Creating the Leader') to drive more growth and shareholder value over the coming years."
Highlights in constant currencies: · Group total sales up 3.5% with growth in each of the three main operating divisions · Group retail profit up 13.1% driven by higher sales and continued margin initiatives, including benefits from more direct sourcing and the start of common ranging · 27 of the 29 recently acquired ex-Focus DIY stores are now open and trading well · Net cash of £14 million (30 July 2011: net debt of £186 million) reflecting a continued focus on cash generation, working capital phasing and some capital expenditure projects now likely to fall into Q4 or early in the next financial year
DIY retailer Kingfisher gives a trading update on Thursday which could be the cue for another set of headlines about hard times on the High Street or it could prompt press articles about the stark difference in fortunes between the winners and the losers in the retail space; judging by its September update, Kingfisher is more likely to fall into the "winners" category, but a lot can change in two months.
Societe Generale upgrades Kingfisher from hold to buy, target price raised from 240p to 265p
16 of 26 brokers covering KGF say strong buy!!! Forecasts of £773.25 million pre-tax profits, and the market cap is only £5.9 billion, this equals a PE ratio at year end of 7.6!!! Looks like a safe haven to me!
Soaring profits!! http://www.iii.co.uk/articles/18504/bumper-profits-send-kingfisher-soaring
Ian Cheshire, Kingfisher's Group Chief Executive, said: "We are backing Britain, investing to grow our B&Q and Screwfix businesses in the UK, creating jobs and supporting local communities. We have the balance sheet strength and financial flexibility to do this. Although the economic outlook is uncertain, this investment demonstrates our confidence in the UK's longer-term growth prospects." Euan Sutherland, Chief Executive of Kingfisher UK & Ireland, said: "We are delighted to be bringing B&Q's choice, convenience and value to areas where B&Q has not been represented and adding extra jobs to the roles already safeguarded. At Screwfix, we have been trialling a smaller store format for some time and it has proved very popular with customers. The new format opens up a lot of new locations that would not otherwise have been possible. It gives us scope to expand the Screwfix network to over 300."
Kingfisher to create over 1,200 jobs across the UK through store expansion Kingfisher, Europe's leading home improvement retailer, announces that it is to create over 1,200 new jobs across the UK this year as it expands its B&Q and Screwfix operations. The expansion plans will bring Kingfisher's total investment in the UK this year to £130 million, with a combined total of over 80 new Screwfix and B&Q stores being opened during 2011.
http://www.investegate.co.uk/Article.aspx?id=201109150701092692O