The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
However much I don't want to do it, I am also topping up at these levels. 389p, remember the day!!
I'm a holder - just would like to get an answer to a fundamental question....
The games already have billboards, advertisers want to get on those billboards - what value is BIDS actually adding? Why can't Adidas just go direct to Football Manager and say I'll take 6 months of those billboards, done deal?
2 directors bought yesterday, should support the price.
A good recent research doc: https://www.hardmanandco.com/research/corporate-research/back-to-basics/
Check out the article I posted below:
https://seekingalpha.com/article/4270807-imperial-brands-cigar-butt?ifp=0
https://seekingalpha.com/article/4270807-imperial-brands-cigar-butt?ifp=0
Buy, 50% upside
Great that they respond directly to PIs.
Priorities should be in my view:
1. Stating that the div will grow at 10% pa for the next 3 years, then growth will taper off at 1p.p. per year until stabilizing at 4% p.a. which could be maintained in all stress test scenarios - that would be a hugely positive message, much better than announcing buyback.
2.Investing in growth areas - they need to demonstrate they are working on top line growth even if we're really in managed decline.
3. I'd love to see an acquisition or 2 in an adjacent area like a spirits, cannabis, other 'legal fix' firm which could leverage IMBs distribution expertise
4. De-levering with any surplus cash makes logical sense given current debt levels, but debt is so cheap and no sign of this changing so this should stay pretty high so long as we have the cash flow
A buyback is just returning more capital to shareholders - of which we are already getting a bucketload from the dividend - I'd far rather they use it to support dividend sustainability and show they have a strategy an a rapidly declining combustible market.
Yes I know what you mean, things can chnage very quickly.
I wonder what IMB would be worth if they auctioned off combustible brand by brand to the big boys (like they did with cigars), kept the NGP and moved into pot!
This is baffling. Management are extremely confident in their ability to maintain the dividend and are even discussing what shareholders want them to do with excess cash - paying down debt was the preference over buybacks.
They insist they are not in a state of managed decline (which they are now priced for). Considering the valuation of 'quality' stocks on 25x earnings, surely buying into this at 8.5x is a bargain.
Morses Club stay clear! I’m miraculously sitting on a profit there despite it being a Woodford investment!
This is the most bizarre deal I’ve seen in my 15 years of investing.
Both the acquiree and the acquirer have seen their share prices plummet, with the acquiree’s largest shareholders agreeing to an offer price that crystallizes 25%-80% losses depending on how you look at it.
I really don’t see the logic behind it and would love to hear the views of anyone who could provide justification for this.
Gla
Certainly good food for thought thanks.
Ultimately we should consider that this *was* valued at 300p before the announcement. The trigger for the drop was the uncertainty - and in these situations the market often prices in worse than the worst case scenario.
Analysts want to have their tidy models, if they can't even look forward 6 months they panic and that gets priced in.
Once the numbers comes out (18th Sept - https://www.marketscreener.com/SPIRE-HEALTHCARE-GROUP-PL-16953848/calendar/), the 'uncertainty discount' will close.