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A bit more on the BN Singer Capital upgraded its stance on Trinity Mirror (TNI) from "fair value" to "buy", with an increased target price of 40p, from 25p. The broker believes that the newspaper publisher's new chief executive, Simon Fox, is likely to reinstate the dividend shortly, with an expected minimum payout of 3p per share in the 2013 financial year. Singer said that this assumption is supported by a stronger first half performance, with profitability significantly ahead of expectations
A merger in the regional newspaper business could make good sense for Trinity if the valuations of each company are right - but frankly, right now TNI's sp should be above 50p - but cost savings might be possible and more importantly a merger would allow nationwide advertising. Fox should not get distracted too much by print operations however; the long term future of the company lies in digital operations. We need to see progress in digital versions of papers and at operations like Happli, and reintroduction of a dividend in 2014 at the latest. Then we might see TNI's sp above 100p again. Between September and November last year, Trinity's sp went from 39p to 54.5p. Lets hope for a repeat performance this year. GL all.
But he made a valiant attempt to save the company, which before his arrival had allowed Internet retailers to sneak up on its blind side and steal its business. Strategically, Fox spotted that the emphasis in music was moving over to the live scene rather than recorded music, where the phenomenal success of the download services of US titans Apple and Amazon bit hard into HMV's sales of CDs. Unfortunately, the live music arm, as the only bit of the business enjoying growth, had to be sold off to save the rest of the company from collapsing under a mountain of debt. David Grigson, Chairman of Trinity Mirror said Fox would provide the strategic leadership the company needs. "His experience gives him a current and in-depth understanding of how consumers' habits are changing and the technology that is driving these changes," he said. "He is a great team player and leader and his skills and experience perfectly complement those of the existing executive team."
Former HMV boss Simon Fox has stepped out of the frying pan of the music industry and into the fire of publishing as new boss of Trinity Mirror. In an impressive piece of understatement, Trinity's announcement said Fox "understands structurally changing sectors". He follows in the footsteps of Sly Bailey, who stepped down earlier this year in the midst of a growing storm over executive pay at the company. Trinity Mirror said Fox's base pay will be £500,000 per annum and he will have a bonus potential of 75% of salary. Of this, 50% is payable in cash and 50% in restricted shares , the release of which will be deferred for three years. He will also receive a one-off joining grant of performance shares equivalent in value to 120% of his salary. Vesting of the performance shares will be subject to performance targets that require significant growth in the share price over the performance period, the firm said. This is less than the £1.7m annual pay package enjoyed by his predecessor. Fox oversaw a dramatic collapse in the share price of HMV and the near demise of a business weighed down by heavy debts.
New chief exec announced today . I don't have an opinion about him either way but it looks as though this is going to mark the start of a long-term uptrend. Glad to be holding.
I have been keeping a low profile, i sold my entire holding of Trinity awhile ago, i made 23% from March. If the cmpys sp takes off again soon, well i will miss the boat, but thats the discipline, I bght into qfi a few days ago, i have now pulled the pin (got a nice return!!!! ). I have just gone large into LCG (keeping my fingers crossed), good look you trinty guys, i think the cpy is on the right track.
Last year, between September and November, Trinity's share price increased from 39p to 54.5p. Last year, Trinity's profit trajectory was downward, this year it is upward, so any similar share price trend this year could see the sp increasing above 60p - that's a 50% profit at today's share price. This company owns lots of freehold assets and is paying down debt quickly. The holding management seem to have a grip on things. The next big increase in sp could come when Sly's replacement is announced, if the city is impressed.
If I can trust the numbers here :http://www.efinancialnews.com/assetmanagement#_ I can see a downward trajectory on the shares on loan. Generally when a SP shoots up very high in a few days, some new shorters appear. It is good that in the TNI case with 65% price increase in few days, shorters did not dare to gather pace. Good to see this and I hope it continues to get us above 50p at least.
I've noticed it oftens goes to negotiated trade when trying to buy above 10k shares which bodes well as it indicates there's not a massive amount of free shares? I've decided to hold these (62k) to at least March 13 for the full year results. However, looking long term once debt free i'dexpect trinity to pay dividend of at least 10p (based on current EPS of 27p) or maybe look at further acquisitions to enhance shareholder value!
thank you for your thoughts and take all your points on board :)
It really depends what your investment criteria are. TNI's share price tends to move rapidly, both up and down, as has been demonstrated over the last few trading days. Last week's interim results were more positive than expected and several brokers have upgraded the stock. I would hope that we revisit the year high if 54p later this year, but please don't hold me to this. To me, with a ridiculous P/E ratio of just 1.29 the risks seem to be fully priced in. I am continuing to hold and will even top up if the price falls below 40p but please do not interpret this as a recommendation to you. Do your own research before buying.
Hi All, i am very new to this but is it worth holding onto these shares ?
This is a convincing increase after the big increase last Thursday. Buys strongly outnumbered sales as investors have realised that the turnaround has begun. We should soon be revisiting the year high of 54p, achieved at the end of last year.
This will be over 50p very soon. It's not too late to buy. Get on board for the full recovery. GL all.
It's been a long time coming, but good to see at last.
Here she goes. Looks like we're going to have another good week. GL all.
Back in June I thought this company was due a re-rating. Last week's interim update was very positive and given that the company is asset rich and reducing debt rapidly, Panmure's 90p price target might be achieved by the year end. Trinity is making good progress with its new income streams and is undoubtedly one of the strongest media stocks around. With new management and appropriate strategies along with an improving economy going forward this could be just the time to bag a tripler. A new upward trend should now begin and we should be above 40p this week and hopefully above 50p by the end of August.
As golden girl Jessica Ennis storms into the lead at the Olympic Stadium, the Mirror and Sunday Mirror publisher Trinity Mirror (LON:TNI) will be hoping it has no more hurdles to overcome. Panmure Gordon certainly thinks this is the case following the sacking of the editors of the Mirror and Sunday Mirror and allegations of phone hacking. The group posted a strong set of interim results yesterday, including a rise in pre-tax profits to £35 million in the 26 weeks to 1 July from £30 million the year before. The broker reckons a turnaround story’s underway as heavy cuts helped its performance. “Assuming no legacy impact from the Leveson inquiry, we imagine the shares will continue on a recovery path,” said analyst Alex DeGroote, who is a ‘buyer’ with an increased target price of 90 pence from 75 pence.
It's about time this ridiculously low SP started getting reversed. TNI has consistent operating cash flows of ~100m pa, and a market cap of 100m! The price is still crazy.
Outlook We anticipate underlying year on year revenue trends to show a marginal improvement in the second half of the year. However, actual revenue, and in particular circulation revenue trends will be adversely impacted by the tougher comparatives following the closure of the News of the World in July 2011. Although the trading environment is expected to remain difficult, the Boardanticipates that through strong operational management and the benefit of a fall in newsprint prices for the second half, we will deliver an outcome for 2012 which will be ahead of current expectations.
1st half revenue down 4% to £356m from £371m. 1st Half EPS up to 16p vs 13.2p. Y/Y operating profit up 12% to £45.2m. Future reinstatement of dividends will be reviewed on a regular basis.
Very impressed by the results especially the outlook, but annoyed because I had planned to buy in before they were announced. Got carried away doing other things etc. Still might buy for the longer term if the SP doesn't go too crazy today. Well done to holders it makes a change to get a decent RNS from a media company.
I didn't realise the results were so soon! Maybe the share price will shift upwards tomorrow? A dividend payment would do the trick!
Up over 10% at moment. With interim results out tomorrow it could be the first significant lift this share has seen in a long time. Got back in at 27.00p a few days ago after deciding to leave this one alone for a while - hope it pays off.