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Not sure. I worry that these are pretty dreadful results for a growth share on high multiple although I'm in for the long haul - albeit not topping up. Assuming - optimistically - growth at top end of forecast is 16% this year, the profits will still be significantly below 2019. The re-opening might provide some catalyst for a move upwards but i suspect some more meaningful progress on the bottom line will be needed. I fear this may continue to drift lower until there is some more positive news - ie growth surge after re-opening exceeds current estimates. I hope we don't drift below 2000 but worried.

Thanks Laconic that's a helpful perspective. At the end of the day, I find it hard to see why Repsol get a pay out but not the minority holder. i don't see how that can be right so hopefully will come good in the end but the Argies will keep throwing muck and delaying as long as they can.

This all feels a bit opaque but I assume the judge wants to make sure that there is nothing in the background to this case that is relevant to the outcome. We know Eskenazi had close links with the corrupt kirchner and that Petersen's interests were acquired with largely Repsol loans and not their own money. He was also CEO of YPG. Now the judge seems to be concerned about the nature of burford's relationship with Petersen and how independent it is. if no evidence is forthcoming, I don't know how damaging that will be. Argentina are, I guess raising doubts, about that relationship and given Eskenazi's background, you can't really blame the judge for wanting more info. What does Eskenazi have to hide? Hopefully, Burford can convince the judge that this is all irrelevant as it owns the relevant rights. Normally that should be enough but it is not helpful to the overall smell test around the case.

It is depressing I agree. I'm a slightly reluctant holder but think the positives just about outweigh the negatives so continue to hold - i have the usual feeling that the price will take off the moment i sell with some good news on petersen or something.

Completely agree. I've had good and bad with this share but i think it is a good medium term hold. Looking at market cap of around £27bn, there is clear room for growth if - reasonably conservative - it can hit £4bn profit after tax possibly this year but more likely next. PE of 10 would then give it near 50% upside. There are no doubt better things out there if only i could find them!

I would have thought that case progression will have slowed because of the pandemic and so cash receipts may not be great. There may be a flat period before, hopefully, some more positive progress. I think the board's guidance will be the critical thing when next release come out. Much as I think this stock is undervalued, I don't have huge trust in the board.

Agree Sworaf. Unexpected reaction - certainly to me anyway. Although Brexit deal not great, it is generally seen as better for UK economy than no deal and should, therefore, be a positive for the UK banks. Fear of double dip recession with high covid cases etc may be keeping this down but I do think that with more clarity on vaccine roll out and a sense that an end to covid is in sight, this will move towards 50p over the next few months. I dread to think how badly this might have tanked with no deal.

I have a long position here over which I have increasing doubts. The stores, which in many ways should be an asset as I think a lot of people like to view big electrical stuff before they buy, are appallingly run and I have no idea what the £30m the CEO allocated to staff training was spent on. Staff seem to aimlessly wander around the washing machines area whilst there will often be just one person dealing with phones. I went in to buy an iphone and just gave up as there was a small queue, 1 person serving and each customer takes about 15 minutes to serve. If they want to give out a message that online is better than instore experience, they are going about it the right way. Most odd. it's not rocket science and any decent CEO should have made some serious improvements in this area by now because it has been going on ever since the merger with carphone warehouse. I almost dread going in the stores even though I like to see the products and I'm a shareholder. It feels like a triumph when you get a bit of service. My wife refuses to go there. I bought the iphone in the end online from Carphone but only because I am a shareholder and so would have found it painful to go elsewhere.

Thanks Neil - let's hope next year is a good one. Would be good to see Marks find its mojo.

£30m is a very small fraction of the billion plus what he's taken out which must have massively weakened it - just like the private equity barons did with Debenhams. You'd have thought something must be salvageable amongst all of those brands but he clearly doesn't want to risk any of his money on it.

I'm happy to continue holding these. Obviously there's a big downer on retail at the moment but I think the gloom has been well over done on this share. Marks still has a huge popularity and brand to leverage and I think the Ocado move will help underpin what is already a very strong food offering. Although underperforming for years, I think the clothes and home side will become more positive given a bit more time as the internet offering improves. I am still underwater here having bought at well over £2 but have averaged down a bit to just under £1.60. Brexit and vaccine set back is a negative in the short term but at least there does seem to be a path out of covid now and share price does not reflect that in my opinion so cautiously optimistic that things will be better - certainly in a year - short term impossible at the moment.

Whoever granted the put to Peel would almost inevitably have hedged their position and just taken a turn in the middle - ie they would have sold short to cover themselves. Although Peel didn't sell any shares short, the effect of this transaction is just the same. No doubt the lender will have insisted on it so it may not reflect a lack of confidence in the business but it doesn't look good. I've been weighing a buy here but might sit tight until the rights issue is announced assuming it happens to see whether small investors are shafted or get a chance to buy in.

Nursing a loss here like pintofhsb and had also expected something more positive after election. I think the interest rate cut, pressure on interest margins and the chance of another unpleasant surprise on PPI which might drip on for a year or so despite no new claims, are holding things back. Brexit not helping either. Unfortunately unless the results surprise on the upside and a re combined with increased divi and buyback resumption, I have a nagging feeling this will not improve for some considerable time. Our CEO is not one for cheering the markets with a happy demeanour and positive outlook because our CEO always manages to present a downbeat message. Having said that, I continue to hold more out of fear that if I sell, the share will take off. Pathetic I know but its happened too many times before.

Agree and perhaps a reason why this share has always frustratingly traded below the values of the other challenger banks. You look at the likes of metro which have huge growth ratings compared to this share where focus seems to be on the problems rather than the opportunities which I think are huge. I also slightly wonder how valuable the virgin brand really is in the medium to longer term given railways problems etc. the other challenger banks seem to grow happily enough without it.

Slightly uneasy about the Branson role in this. He has a bit of a conflict here. He may be more concerned about getting a favourable licencing deal for the virgin name than a few extra percent on the offer level. It may be more palatable for CYBG to give him a more favourable licencing deal than upping the offer for all shareholders. Whilst I appreciate that he doesn't have a controlling stake, his 35% plus shareholders who hold shares in both banks is well over 50%. I think his decision will therefore probably be decisive one way or another. Of course, he can't be too obvious about it but it is the licencing that seems to be the biggest negotiating point from what I have read. He gets roughly 1% of revenues at the moment and increasing that to 1% of a much larger bank is clearly a massive plus for him so I would be very surprised if ultimately he doesn't get behind this.

Lloyds like other UK banks is also subject to a fairly harsh tax regime - punishment for past sins - which leave its average rate of tax well over 30% at a time when the headline rate of corporation tax is only 19%. The 8% surcharge was added to UK bank profits to compensate for the gradual reduction in the bank levy (still a chunky bill). Corbyn/McDonnell predictably enough have criticised the reduction in bank levy without mentioning that the bank surcharge levied in its place raises even more so presumably if they get in, the tax charge will be something over 40% taking into account the increase in headline rate, the 8% surcharge and probable lift in the bank levy. Also, set off against current profits of past losses have been greatly restricted. I'm a holder of Lloyds shares but think these changes have made quite a difference to valuation and political risk is even greater for banks than for other companies. End of PPI can't come soon enough for this share.

Compass007 completely agree that the company is undervalued and I will continue to hold because I think it will come good. I am just thinking it may be a while before the value gets reflected in the share price and I am slightly surprised how much the share price has gone backwards over the last 12 months or so because I didn't really see that coming. I have topped up a bit on the dips.

I have a reasonably chunky holding in this - a bit underwater. I am not as optimistic about it in the short term - say-a 12 month view as I was a few months ago but I'm in for the long haul. The results were pretty good but I think there is genuine concern about the effective interest method of accounting used for credit cards which is accelerating profit recognition during interest free balance transfer periods. The receipts are modelled over 7 years and it is clear from yesterdays announcements that if the assumptions used are even slightly out, it will have a very major downwards impact on earnings. For example if the projections were over 5 years instead of 7 years, there would have been a material hit to profits so they are clearly picking the most favourable time periods to create the most positive results now. I think there is always a reason to be a bit concerned when a significant chunk of profits are not representative of cash but based on projections over as long a period of 7 years. For that reason and brexit etc I think the share price will languish until there is more optimism about growth from the digital offering and the new SME offerings. I think that will come just not as quickly as hoped. I do struggle with the disparity between this and Metro.