focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Citi group previously owned 2.8% of BT. Now they own 5.6%. because they went over a holding threshold, in this case 3%, the have to notify the market. I skimmed the RNs so may have the numbers wrong.
We can twerk around 'ooh, they can't do this' or 'they can't do that' but reality is those with the desire to do a thing and the money to make it happen, can do what they'd like. Regulator, shareholder, law and anything else is largely irrelevant. Squeaking 'six months and they can't ...' and 'the government won't let ... ' is all pretend. If north korea had the money and the contacts, they'd purchase BT for a jolly. Who do you see on the board, in regulation or in government with a spine?
It took a couple of months to arrive.
I obtained my card via iWeb S&S ISA - iWeb are owned by Halifax Share Dealing.
Sleeping giant? P/e seems fair. If it makes more money, it will be more valuable to its shareholders. But since 1996, had reported annual profits between -£700m and £2.8bn. Even ten times the top end, which was rarely met, sees BT fairly priced.
Q1 2020 was £74m but was bumped by a return of £406m in tax (if anyone knows why LLOY were given an almost half-billion in tax then I'd love to hear it). So total profit after tax for Q1 2020 was £480m. Consensus says pre-tax profit of ~£1bn for Q1 2021 (~£780m post-tax). Think market would be satisfied with ~£1.2bn pre and some decent messages (buy-backs, divi will return retained profits, positive for the future). And really, LLOY are fairly good on messaging (pig's ear in to a silk purse) in their updates. Plus, the sun's shining and the pubs are open, which tends to add a bit of gloss. Reckon there will be talk of extending in to Wealth / High-Income, AHO's success in saving a basket-case (which I believe is nonsense, btw). But really, house-prices are shooting up, it makes most of its cash in mortgages and is really good at governance (in that respect), so fingers-crossed.