Member Info for Gerry557

appleby, I found this :- http://uk.webfg.com/news/broker-recommendations/bernstein-recommends-shopping-for-morrisons-regardless-of-what-sell-side-says--3218479.html The comment "Adjusting for leases" explains the difference in my figures. Then again adjusting for Mrs G's spending then I'm rich! OK leases are a tad different and the new accounting will have to take this on board. Still MRW pay to lease from one of my property shares TOWN so win so loose some.

Nice that they are talking millions rather than Billions for costs Some weight off the shoulders maybe although Ive not looked at it in detail

I did expect a bit of a bump upwards over the next few weeks based on people topping up their ISA's before year end and or start of next tax year. I suspect that is being outweighed by politicians on both sides of the pond though. So I suspect bed n Isa any "loosing" positions so you can offset the CGT later and hide a bit more from the tax man with the lower levels of tax free divis outside the ISA coming into effect.

Depends on what metric you actually use. I have 20.7 based on "underlying earnings" of 40.5p If you use "reported earnings" its much lower at 3.66 Personally its fcf than is more important to me as that is real and removes the uncertainty of reported/underlying/adjusted or any other thing than can be manipulated one way or another. At least using underlying earnings, you are going off what RR thinks is happening overall and it has got more margin for error than a one off good report. As long as the fcf is trending in the right direction something is working right

I haven't seen their comments but from the 14 mar news release by MRW :- "Net debt reduced by �221m to �973m, below our �1bn year-end target � Net pension surplus of �594m (2016/17: �272m) Net debt ended 2017/18 below �1bn as guided, and we expect it will be lower again in 2018/19. So not currently but achievable if current trends continue IMO. Of course pensions can "move" quite a bit on little info such as age or bond rates and it also depends on how much divi they pay me rather then pay down even more debt. Did the article give a time scale? One or two years time maybe

"Completion of the construction has required a somewhat higher level of remediation than previously anticipated following the need for contractor change. Overall expenditure is expected to be �95 million higher than the original �155 million target." That is some increase on the original, looks like they think they can recover some of the extra but warn it might impact future earnings. Otherwise things look reasonable apart from the usual concerns. Is this dip dippy enough?

telling Pfizer they are out! I thought it might be the other way round and the sale cancelled after being left with only one bidder as I doubted that it would have gone ahead unless at the low end of expectations for GSK to consider proceeding. So will talks continue behind the scenes? JV or buying parts both might be preferred options by Emma. It could still be made to work, will partly anyway. Normally I would say the SP might rise on this news but trade wars might be the bigger driver

Yes, I liked the old version with the portfolio. "Better" is not how I would describe it and it seems we are not alone. Do you miss it enough to pay for it? I suspect that is the way its heading. I have made some google sheets along the same lines, missing the chart info. As for Vodafone's brokers, unless you have paid for the full report you will miss out on the full context and its an educated opinion. You do the same, research your info and make a decision. Not everyone agrees and sometimes the glass is half empty or half full! Notwithstanding the half is a fact the opinion differs. Personal circumstances also play a part, PF balance, reason for buying etc. Is this dippy enough to buy? or is there more to come, not a bad buy imo but a great buy would obviously be better. Markets move fast both up and down and with the divi allowance reducing this tax year it would be better in an ISA wrapper or sipp

So deal done and for more than double the initial estimate. Wonder how the SP will react now its free to float .... or sink!

I'm singing in my head "The grand old Duke of York" I donk know about manipulation but agree over reaction.

Report on bloomberg of �100m costs on Brexit and running on a two tier system. I suppose that might be a worse case scenario and some of those costs might have been incurred anyway complying with EU ever changing rules. Still its coming out of my divis one way or another and if you are big have the resources to comply. Lots of small business struggling to cope with the myriad of changes.

major, the SP will fall by the same amount as the divi, so technically neutral. The SP could also fall, especially as there will be a lack of divi support going forward so there will be more risk than in the bank. I also hold SAL although suspect you meant SLA. I don't know about the 400 mark and soon means different things to different people. Still, I tend to agree with the main sentiment if you are willing to hold for the longer term where longer equals a minimum of five years as the compounding of those divis might make up any market risks over that time. If the market corrects will you still be happy to sit tight and just collect the divi's ? A different slant maybe. I have the yield a tad higher, probably due to a slightly lower SP since your post, so a tad better buy then if you agree with major.

Yes, its come quite a way over the last couple of years but the SP is also going back in time. So its definitely better value than it was but some seem to think its still not good value. I'm not too sure what to make of Trevor Strain, he seems not to want to answer questions or its through gritted teeth. I dont seem to like him but I like what he is doing. He was asked about target debt but just said he wanted to reduce. Maybe he wants the flexibility to react or pounce on opportunities if they arise or deal with the unforeseen and or price wars without setting a target that might not be met. I did wonder why they didn't use the special divi money to invest or pay off more debt but at least they didnt do a buy back. Maybe I will use the special to buy back the shares I sold off as I have more wriggle room in mt PF now

Market off too, so its not just Vod related. Tensions in the news more likely the issue here. Still if it keeps dropping might offer another buying opportunity, unless Liberty take spoils the party.

is going Dutch, although this is no surprise as it offers more security over being taken over and if you have had one scare I can see why they chose that option. Not great for Britain! The dutch getting rid of withholding tax and ULVR being allowed to issue divis as capital until this has been sorted shows the behind the scenes carve up going on. Doubt the local market trader would have had the same treatment. Still the UK government would be getting stick if they had "assisted" this big corp.

"Wonder where the three new stores will be?" St. Ives, Cambridgeshire Abergavenny Birmingham

Looks like all the chat has disappeared! Wonder what has happened here. Still Morriebobs doing well, most metrics going in the right direction and an increasing divi with a special on top. I'm pleased with results but don't know what the market is expecting. Can't make the presentation this morning as I'm busy with Mrs G but will try and catch up later. Wonder where the three new stores will be?

The deal is not "signed" just a statement of intent. Markets are down generally not sure if its Spring statement/pound, Trump, Brexit and or the Russians. Maybe its the lot, each playing on a little bit

Yes I too have to use the press articles sometimes to find out snippets and like most professions some are better than others. I wonder who Mr East prefers to whisper too? It's not just RR. with tech issues, Pratt and Whitney also suffering but I suppose that is what comes being at the sharp end. You only have to look at F1 to see similar but at least safety is a much higher priority with aircraft. Strange that India are grounding aircraft and Europe�s EASA isn't! Better to be safe than sorry or an over reaction?

It must be this site then if others have better info.