Member Info for fleccy

Daniel, if you look at the chart I posted a link to previously you'll see the interest paid and received during FY22/23 was €-1.164 Billion

Daniel the annual average interest paid on the Euro Bonds wont vary, as they're fixed rate Bonds, what may alter are interest payments for Bonds denominated in other currencies, which are also fixed but may alter due to currency fluctuations. When I did my charts I didn't realise that I could do currency conversion in Google sheets, but I've now discovered there's a way to do it; I used a fixed conversion for $ Bonds at conversion rate of 0.92 (currently 0.91) so the Euro values were millions out on current exchange rates, insignificant in the scheme of things but I've just now corrected anyway. Other Bonds in currencies like CHF, HKD, etc were also similarly affected, now corrected.

Just had a quick look at the Bonds outstanding (EU and US) page and can see that $3 Billion of Debt maturing on the 16th of this month has already been removed:

$2bn 3.75% 92857WBH2 $ 2,000,000,000 €1,840,000,000 1,000 3.75 S/A 16/01/2024

$1bn FRN 92857WBN9 $ 1,000,000,000 €920,000,000 1,000 $ LIBOR + 0.99% Quarterly 16/01/2024

Yearly Debt maturity:

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=1681133451&format=interactive

If anyone see's any mistakes, let me know and I'll make corrections.

There's around €3.5 Billion maturing this month:

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=17624073&format=interactive

In terms of annual interest paid and received on debt, it's currently around €1.1 Billion:

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=325944045&format=interactive

Hmmm

https://find-and-update.company-information.service.gov.uk/company/OC307353/filing-history

https://find-and-update.company-information.service.gov.uk/company/03926192/filing-history

It's simple, the companies listed here contribute to the overall valuation of the UK market, the higher the market the more investment it attracts from Global Equity Funds. If UK Apple investors want to benefit from tax free capital gains and dividends, then Apple should list in the UK. The Government are currently rewarding UK based investors for helping the competition, if people want to invest abroad then that's their choice, all I'm saying is that there shouldn't be a tax benefit for doing it.

Poker, I disagree, it's really easy to restrict ISA's to UK listed stocks only and give investors the choice to either sell any foreign listed stocks or have them moved into standard share dealing accounts, what's complicated about that? Anyone who's sitting on a profit has the choice to sell while in the ISA, or have their foreign listed investments moved into a normal account after a pre-notified period of time, where they can still trade them but without a tax benefit..

It's about time the Government stopped the tax benefits for investments in US/International stocks, using ISA's, why should investors get tax relief for investing in other countries stocks? Clearly the US mega stocks are sucking in massive amounts of UK cash to the detriment of UK stocks, any investment products giving tax benefits should be limited to UK investments only.

Over the years I've voted Conservative because I viewed them as the party for business, I now seriously doubt that applies to UK listed businesses; The Conservatives appear to have no interest in UK market and UK listed stocks, they seem more than happy to allow investment cash to flow outside of the UK. I'm coming around to the view that Labour might actually be better for my investments, since they appear to have a more nationalistic point of view.

Jambone and Suthy my initial post today has/had nothing to do with QBT's price, it was entirely in response to the X video. I only give my honest opinion, and I believe at some point in the future my opinion will be vindicated in relation to BTC and associated investments. I'm yet to see a valid argument disproving anything I've stated, about the inefficiencies inherent in BTC production and transacting, because it's likely correct.

I'm still waiting for Bluepanther to help me understand the usefulness of BTC, metaphorically I'm all ears.

https://www.shutterstock.com/image-vector/boy-big-ears-illustration-vector-on-1672548172?irclickid=UEY1x0WtGxyPUHVSfDz1MWvyUkHxqbVEC34U3g0&irgwc=1&pl=39452-1636534&utm_campaign=freevector.com&utm_content=1636534&utm_medium=Affiliate&utm_source=39452&utm_term=freevector.com

Baserite you're just typical of the whole Crypto vested interest attitude, toward people who express valid opinions about the uselessness of BTC; If you haven't got a valid defence against Crypto criticism, you try your best to cancel out the alternative opinion, very sad.

Bluepanther, teach me about the usefulness of BTC then. Tell me how BTC will change the world of finance in a positive way? Or how it's so efficient that TradFi will trail in its dust? Or how its lived up to the hype around the original use cases highlighted to justify its valuation?

BTC like all Proof of Work Crypto is inefficient and power hungry. BTC is particularly bad due to the limited transaction throughput speed, due to Block size and the 10 minutes per Block limit. Clearly Proof of Stake is the way to go, but this falls more into the TradFi space and institutions can build their own Tokens so where's the valuation case for the DeFi Tokens? I've got an open mind, so I'll consider any comments aimed at setting me straight.

He doesn't look very happy in that video, and there was something a bit strange about it. What was that stumble around understanding SHA256 about? Made me wonder if it was an AI generated video, could that be the new method for 2024 😉

If they already have a method for significantly improving the probability of finding a winning hash, why are they presumably funneling much needed capital into more R&D? When every penny should be directed into rolling out a product and ensuring it works efficiently.

Can someone explain to me how trading Bitcoin as legal tender adds to the Bitcoin price? It stands to reason that normal trading with Bitcoin requires buying and selling of the token, so at best it'd be price neutral. Personally I don't believe the supply and demand narrative, since the actual expense of trading in Bitcoin or Satoshi's requires transaction's to eventually be recorded on the Blockchain, and that comes at a heavy cost which will only become more expensive as the Bitcoin Reward reduces with each Halving. The only thing holding up the price of Bitcoin are the Whale and HODLer believers who have a vested interest in holding and hoping enthusiasm once again takes the token price ever higher.

BTC is nothing more than a non productive computer generated distributed ledger, hyped up on the back of the underlying Blockchain technology. Since anyone can start a node and gain access to the entire Blockchain, like anything with easy access it'll eventually fall foul of hackers who'll probably find a way to either hijack or damage the Blockchain. A lot of people have got rich off Crypto Tokens, no doubt there'll be many who'll become poor from it too.

The Spot ETF's are likely to be a Cash creation/redemption model, rather than in-kind creation/redemption, meaning that Authorised participants wont be able to trade the Bitcoin they're already holding in exchange for ETF shares; If they want to transfer their holdings into the ETF's, they'll first have to sell their Bitcoin on the open market and then deposit the cash into the ETF, in order to receive ETF shares. Just because the courts are forcing the SEC's hand as far as Spot ETF's are concerned, doesn't mean the SEC can't make it as difficult as possible for the ETF owners/participants.

"we no longer recognised Vodafone’s share of losses related to Vodafone Idea following the write down of the asset to nil in FY20."

https://investors.vodafone.com/sites/vodafone-ir/files/result_document/vodafone-fy21-press-release.pdf

No, LGEN crossed my mind but I didn't bother.

I bet you BT don't get fined, for one there's probably very little Huawei kit left in the network and secondly by the time OFCOM draft their report to the Government it'll probably be done and dusted anyway. I believe this is scaremongering by vested interests who're creating fear narratives around BT and Telco's in general.

I made this chart a while back, it's only up to date to FY23:

https://docs.google.com/spreadsheets/d/e/2PACX-1vTga-e_OMKY-RszcRtUutcyaP_KjD12HX7w2CCEuL0CvSTuRB6D_nhUO2pY8qYjSmnSXE2e9t2xe5sq/pubchart?oid=1033495067&format=interactive

In the most recent Half year to 30 September 2023 figures, Net Financial Debt increased to £14.629 Billion and Lease Liabilities continued the downward trend coming in at £5.060 Billion. Although Lease liabilities add to Net Det they're actually an operating cost with reductions year on year. BT's CAPEX, due to FTTP and 5G rollouts, was £2.455 Billion up to H1(24), so will likely come in around £5 Billion by Full Year. BT seems to be in good shape in my opinion; Once the CAPEX starts reducing and Lease Liabilities tail off as BT reduces their building footprint, I expect these events to show through in Free Cash Flow.

BT wont get fined, in my opinion this is just part of the recent media campaign aimed at frightening nervous investors out of the stock. The Telegraph didn't even put this story behind their paywall, it tells you everything you need to know. BT will have been supplying constant updates to OFCOM throughout the process and will have been required to balance customer disruption against the requirement to remove the equipment. BT could rip out equipment really quickly if they weren't required to ensure minimum disruption to customers, so it'd be unbelievable if BT were to be fined and would likely end up in court. Does anyone seriously believe the Government would fine BT in view of the fact Government policy created this situation?

I haven't confirmed your numbers, apart from the S&P, but my guess is they thought it would be valued sensibly. AI coupled with Magnificent 7 enthusiasm has supplied momentum to drive the US markets to the current levels.

Apple up 48% in one year

Microsoft up 57%

NVIDIA up 239%

TESLA up 101%

Amazon up 81%

META up 194%

Alphabet up 58%

I don't expect anyone's crystal ball saw that a year ago. I think we can safely say that these rises are due to the Global Equity funds herd following each other and stampeded into irrational exuberance.