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Depends on your time horizon. Within a few years the company will dominate the UK budget hotel market and have an appreciable growing share of the German market. With a sale and lease strategy, either undertaken voluntarily or via an acquistion, we could be looking at an sp of the order of £55.
Agree the results look good. Slightly concerned as to why long-term debt has increased, albeit modestly, for a company which is so cash rich. Hope the annual report, when published, provides clarification.
Going to be a slow burn success. Plenty of firepower on the balance sheet to support a move towards 60p by late 2021. Expectation is that we will be an ‘infill’ acquisition, for a larger group, at some point. All-in-all the risks are to the upside.
There is useful information on the pension deficit and the payments towards it in the last Annual Report: https://www.mondigroup.com/media/10631/mondi_ir_2018_final.pdf
The deficit, given the size of MNDI, is pretty modest.
You receive about 0.5739521 Bovis shares for every one Galliford share you owned. So if you had 1,000 Galliford shares you now have 1,000 Galliford shares plus 5,739 Bovis shares. The Galliford share price adjusted down, hence the apparent large fall on Friday, to recognise the Bovis share issue. To add to the drama, Bovis has changed its name to Visty .