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Read across . Up 15% and we benefitted more from the strikes. Uk passengers up 20% helped by max £2 fares. Think we’re about to rise again
https://www.cityam.com/firstgroup-smashes-profit-forecasts-on-the-back-of-strong-demand/?amp=1
Xxxacc - for me all the bad news is more than in this share price - interest rates look like they will peak year end, inflation has already started to fall - service sector holding up well as are employment levels, - add to this the first group results augers well for NEX going forward - markets/fund managers are forward looking and the narrative here will change soon imo and NEX will come back into favour - lets see
gla dyor etc
Indeed. I think we’ll be a takeover bid target very soon. 50%-100% premium to current share price. All a bidder wants to see is market and profitability recovering and that’s what is happening here. First will get a bid next couple of weeks I think like last year
It will filter through to us during the day, steady rise today, hopefully 5-10%
Their results did benefit from US asset sale within 2022 - $151m
Interesting their CAPEX on bus, and their target is for a 10% margin. They said average driver pay settlement +7%; total fuel cost +11%
"First Bus: £94.3m net cash capex in FY 2023, including gross investment of £43.2m in electric buses and infrastructure"
"...delivery of 83 buses in FY 2023; c.400 electric buses on order for delivery in FY 2024 we will have more than 600 zero emission buses and four fully electric depots by March 2024 "
Their Net Debt/EBITDA is less than 2.0
worth a look through .....
https://www.firstgroupplc.com/~/media/Files/F/Firstgroup-Plc/reports-and-presentations/press-release/full-year-results-25-03-2023.pdf
https://www.firstgroupplc.com/~/media/Files/F/Firstgroup-Plc/reports-and-presentations/presentation/fy23-full-year-results-presentation.pdf
Considering these are "old" results ..in terms of being for mostly 2022 and we are now June 2023..it is interesting how the "sentiment" of the market often separates and decouples from the reality of what is actually happening behind the scenes
I would imagine that you will see more and more companies that retain strong cash reserves and profitibility, offshoring as much of it as possible, in the manner of Apple. I think I read that they have something like 128 billion USD of profits kept offshore and away from US taxation scope.
If the US introduces a tax on company share buy backs, I would expect the above strategy to increase significantly. The UK tends to follow the US off various cliffs, as we know, so I would not be surprised to see our politicians hobble the City in a similar way either.
But as far as NEX goes, let us get back to high levels of profitability and low debt before we worry about how to protect the interest of shareholders from additional state theft activities...
Their Net Debt/EBITDA is less than 2.0
Thats is why we need to get ours down & as Nex said they are aiming to lower Net Debt/EBITDA this year.
should also help boost sp if achieved
gla
" we worry about how to protect the interest of shareholders from additional state theft activities..."
well, further State "raids" also include the fact that UK corporation tax has now increased to 25% from 19% from 1st April 2023, which will also impact on bottom line profits
Yes their debt is better however their share price is also at 5 years high which will put us at 468 which seems crazy to me.
Lets say we get at around 2.4 on debt that should still put us around 300-350.
That's what me and a few others do not understand-this share price does not make any sense.
I do like the fact that I can buy more every month and I do not stress about it.
still need to keep an eye on it in case something changes drastically.
Indeed, Pokerchips. Not in relation to NEX, but more widely, I would be amazed if the amount of tax evasion and tax avoidance does not rise significantly as a result of this unintelligent move by the Masterful Huntsman.
Tax take will follow the inevitable path in consequence, naturally, but IMO the politicians will use the full might of their box of tricks to try and twist it to their advantage, while trying to avoid the blame for what was always going to happen.
Maybe as a means of introducing a CBDC perhaps? Personal tax avoidance and evasion will also rocket, IMO, for similar reasons. Again, this could bode well for those who yearn for the de facto slavery that such a path IMO will absolutely lead to, sooner or later. So, political decisions that are either dumb, or deviously clever. If the result is the same, does it really matter which? If it gets off the ground anyway.
Inflation is still one to watch, before all that though, IMO. That we still have inflation at the current levels, after the fastest set of rate rises in history, really should make everyone slightly uneasy. But I could be wrong and the sun is shining, so time to make the best of the most important commodity of all, as Elon Musk and I think others before him have said.... GLA.