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Https://www.lse.co.uk/rns/WIX/interim-results-2023-7yoje5g263zi0bc.html
I consider that a healthy update under current economic circumstances, and importantly we are told that market share continues to increase with plenty of headroom.
IT separation from Travis Perkins is complete. Wickes is now in an investment period on it’s own IT, alongside store estate.
Pretty solid.
I like cash position £190m [ June 22 £166m]. This irons out seasonality and shows the company is cash generative despite attractive dividend. Also 65% of market value backed by cash.
I don't like IT separation costs. These have increased again and there seems no end in sight.
Happy to hold and i may be way off beam but at this price it seems wide open to a bid. Mega strong balance sheet, market value covered by assets in particularly cash, price earnings despite IT separation costs of 7 or 8. Strong cash generation. Happy to hold.
With share buy back underway will we see further correction in tomorrows RNS ?
“Plan to maintain FY2023 dividend at 10.9p - based on a strong balance sheet and confidence in the business performance we plan to maintain the FY2023 dividend at 10.9p per share. Together with the impact of IAS38 on our adjusted PBT, dividend cover will initially be outside our new target range. The Board intends to maintain the dividend at 10.9p until cover moves back into the target range as profits recover”
It seems we can therefore expect, following last year, an interim dividend of 3.6p per share payable to investors on the register at close of business on 30th September, payable in November, with 7.3p to come as a final dividend.
Will supplement trading update.
https://www.lse.co.uk/rns/WIX/trading-statement-bq4qatoizrpfnbn.html
12th. September 2023
It’s as advertised. £12.5m twixt now and Feb 2024.
“The sole purpose of the Initial Programme is to reduce the Company's share capitaL”
Culpepper the volume of bu backs are so low to make it neither use nor ornament against any relative comparison you could name. Big or small
I didn’t expect it to push the price up necessarily. It’s in the EPS, and going to divi.
On divi. You have one.
Plan to maintain FY2023 dividend at 10.9p - based on a strong balance sheet and confidence in the business performance we plan to maintain the FY2023 dividend at 10.9p per share. Together with the impact of IAS38 on our adjusted PBT, dividend cover will initially be outside our new target range. The Board intends to maintain the dividend at 10.9p until cover moves back into the target range as profits recover.
First few days have been derisory.
About 12k in value a day.
At this rate the £25m will last 5 years !!
I'm in Harbour they have double WIX shares and everyday spend £1m on buybacks.
Why are WIX values so low ?
At this rate I would prefer a dividend
After bathrooms, little bit sales talk around kitchens.
https://www.insightdiy.co.uk/news/wickes-study-shows-renewed-interest-in-pantry--larder-cupboards/12717.htm
And they’re away. Improving the EPS little by little.
Marshall’s trading report today.
https://www.lse.co.uk/rns/MSLH/trading-statement-8bdgulft9ddtrkx.html
Not as confident as debt-free Wickes.
Notification of Share Buyback Programme
28 July 2023
Following the trading update released on 25 July 2023, Wickes Group plc (the "Company") is pleased to announce a share buyback programme.
The first tranche of the share buyback programme (the "Initial Programme") will be for a maximum aggregate market value equivalent to £12,500,000 (excluding any associated costs and stamp duty) which will be bought back in the form of the Company's ordinary shares. The Initial Programme will commence on 31 July 2023 and will end on or before 1 February 2024. The sole purpose of the Initial Programme is to reduce the Company's share capital. The Company intends to cancel any shares purchased.
The Company has entered into non-discretionary instructions with Investec Bank plc to conduct the Initial Programme on its behalf and to make trading decisions under the Initial Programme independently of the Company.
The Initial Programme will take place within the limitations of the authority granted to the Board of the Company by its annual general meeting, held on 23 May 2023, pursuant to which the maximum number of shares to be bought back by the Company is 25,963,799. The Initial Programme will take place in accordance with the Market Abuse Regulation (596/2014) as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Financial Conduct Authority's Listing Rules.
Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.
“ We believe that when different backgrounds, different cultures, different nationalities, and different perspectives come together, we’ll be more creative, more inclusive and more productive.”
I will say this he was trained well !
https://www.dailymail.co.uk/news/article-12331465/Wickes-cashier-corrupt-Nigerian-state-governor-raked-157million-countrys-public-funds-buy-private-jet-boarding-school-fees-children-fleet-armoured-Range-Rovers-ordered-pay-101million.html
Ahh the race card...ho hum...
Maybe got the capacity to set off a few biased posters, on what companies should or should not be doing, even in-house. I think it speaks well for Wickes ESG credentials.
https://www.theretailbulletin.com/home-and-diy/wickes-partners-with-flair-impact-to-undertake-company-wide-anti-racism-survey-26-07-2023/
Liberum: Expect more buybacks from strengthening Wickes
Trading has improved at Wickes (WIX) and Liberum says share buybacks are now going to be a ‘recurring theme’.
Analyst Wayne Brown reiterated his ‘buy’ recommendation and target price of 360p on the Citywire Elite Companies + rated stock, which jumped 6.6%, or 8.4p, to 135.4p yesterday.
He said trading in the second quarter has ‘improved in the core business, inflation is lower and do-it-for-me remains steady’ although DIY is negative but improving.
‘That’s a pretty good outturn having delivered marginally positive like-for-like sales after a tougher first quarter,’ said Brown.
‘But all focus should be on cashflow and the updated capital allocation policy. Share buybacks are now going to be a recurring theme – over and above a £50m year-end net cash position. Dividend per share is being held at 10.9p for now, but a target range of 1.5-2.5x cover provides clarity.’
Brown said that if ‘one wanted a sign of confidence, there it is’.
‘Overall, a good update and the valuation looks very compelling,’ he concluded.
It looks to me as though Liberum has commented, reiterating buy and 360p, always a high end outlier. I can’t access it.
It sells DIY and building stuff. Most will never have heard of Fraser Longden, what he says or not, and neither know about or seek to understand ideological crap. They go in, buy what they want, and leave.
You’re banging a dead duck.
Rose has left NatWest for imprinting her political views upon others...Our CEO needs to go as well.
So......No....... to political endorsement by ALL companies !