RE: Ask your self why all the others have not disclosed09 Jul 2019 11:13
Also " Profit" is interpreted in different ways by different type of investors. Now we are in a state where a sale of business is to take place and such investors dont look at Net Profit but more at operational level or what you call EBITDA. At that level both the Airlines and the Tour Operations are making profits even during a difficult year - last year. Other years are really good.
Firstly the appointment of Lee Russell for 19 of the group companies on the same day -14/06/2019. It may be a replacement and could be strategic. The second one is change in shareholding in the Hotel Investment company. As I said these are two of the many changes that have been filed of the operating companies, presumably to pave the way to ultimately effect the necessary disposal/divestiture. So, obviously they need time to sort out many issues before come out public on any announcement. Interestingly I also saw the details of the company - Thomas Cook Airlines Ltd,- that handles UK ops. It made for year 2018 Sept: Revenue £1.3bn, Net Profit £103 mn and has an equity value £533 mn. This numbers alone can fetch a valuation north of £1bn
In case TCG get a reasonable offer from Fosun for the Tour Operator business, is there a necessity to sell the Airlines. The businesses that would remain be Airlines & Hotel business. Any way their stated objective is to become a leading Sun & Beach Hotel Group in Europe
Gazman, thanks for that informative article. BkkBkk research on valuation is good. It is true if you sell the slots you cant run airlines. But the point is the valuation of the whole TCG airlines should take into account all these valuable slots. Plus what about the Profits the airline makes. I found this interesting " The Financial Times reported that Thomas Cook Airlines was mainly valued in the £1billion-£1.5billion range, though one analyst was cited as valuing the business as high as £3.2billion." The analyst with £3.2bn is Credit Suisse. Citi figure £630mn and Jefferies struggles to pot £ 900 mn. It is ridiculous.ATB
Nothing on this forum today so far. For a start. Now that TCG has received bids for Airlines and Tour Operator. What is left is Hotels and resorts business. Which way they will go forward? With the Airlines or Tour Operator. Has the relaunch of Air Tour anything to do with this??
There was a takeover by FTSE 250 company Synthomer. The price they pay is 9.9 times of EBITDA . How much TCG EBITDA and and the value of TCG would be. Easily £4.5bn. Of course you have to adjust for debts.
manchego ; That was the best post I have seen for some time. Honestly I had to turn to the dictionary to get the meaning of some words. No need to say I am still laughing. Simply you brought this forum back to its senses. Instead of discussing whether TCG sp will go up or down we ended up discussing much bigger and controversial subjects. ATB
That was the best post I have seen for some time. Honestly I had to turn to the dictionary to get the meaning of some words. No need to say I am still laughing. Simply you brought this forum back to its senses. Instead of discussing whether TCG sp will go up or down we ended up discussing much bigger and controversial subjects. ATB
There are 7 bidders. CEO has said they have received healthy level of bids. CFO has said he was positively surprised by the bids. & both said the Airlines are doing reasonably well. Look around the airlines of similar size. Easy Jet, Wizz and Ryan Air. All are doing well. I expect a good result out of this airline and the entire TCG review.