Member Info for mcgart

Continuing to impress with high growth numbers. To be fair to the board and MM, they’ve acted immediately to address Corporate Governance questions… and acted immediately to provide more KPIs and detail on Ingenuity. Stating that the inflationary environment and HGV crisis is not crippling them (like it is to others) because of good controls and management… weathering a huge storm in the industry.
They seem to have learned the harsh lesson from only a few weeks ago. Very experienced non-exec appointment from a large shareholder… new independent non exec chair will only add more credibility. Clowns here (with ulterior motive of course) suggesting core valuations of £3bn on almost 2bn annual revenues rising at a rate of 30-40%, trading today at almost half price from the last year SP average. Many of us who have held firm over a painful 6 weeks still see the upside. Thg revenues taking their own protein shakes..

This is late October.. you can't just join the Premium Segment in a few days. Requirements for all transfers (to Premium Segment):
- Notification to FSA – as early as possible and no later than 20 business days prior to
circular or announcement
- Eligibility letter (or sponsor letter)
- Notification to the London Stock Exchange no later than 3 business days before the
transfer is due to take place.
Very positive move to restore confidence... coupled with appt of an independent Chairman.. and continued positive results in 2 weeks.. as the e-commerce company enters the busiest quarter... Sell massively overdone but it has bottomed.

the drop today (currently 8%) seems overdone given the expectation of flat, but consistent, results for the YE 31 March 2021... Optimistic commentary and the trends in this sector all point towards a 8% drop here giving rise to a good entry point

GlaxoSmithKline PLC on Thursday announced it has started the first phase three study in the SWIFT-2 trial of a long-acting anti-IL-5 treatment for severe eosinophilic asthma.

The Brentford, England-based pharmaceutical company said phase three will involve 2,450 patients and will assess the efficacy and safety of the GSK'294 treatment, which progressed from phase one to phase three studies in three and a half years.

GSK said GSK'294 is an investigational medicine with the potential to be the first treatment to deliver long-acting suppression of IL-5 in asthmatic patients from one injection every six months.

"Around 10% of all asthma patients suffer from the avoidable symptoms of severe eosinophilic asthma and only one in four patients who are eligible for a biologic therapy currently receive one. These patients might benefit from more targeted therapies to better control their condition. We believe GSK'294 could provide another option to these patients that build on the positive impact seen with current anti-IL5 treatments and may also offer the advantage of one subcutaneous injection every six months," said Senior Vice President of Development Christopher Corsico.

just published for year ending 31 Dec 2020 - https://www.gsk.com/media/6662/annual-report-2020.pdf

a couple of decent blue days and this board is eerily quiet :) very close to the pre Divi level. 4 weeks to the 23p divi paid and many reinvest in buying more at current levels...

Reducing the divi is a double edged sword but at the current yield it really is too high for a FTSE100 company in the Pharma space where R&D investment is crucial. I don't think a cut in half to a 40p dividend (around 3.5% yield at current prices) is going to put off value investors who recognise the current depressed MCap. Maintaining such a high dividend relative to current prices is only keeping the share price low. As markets adjust to fears of inflation, money will flow form speculative stocks to value stocks, and GSK is prime for that inflow.

At this yield, unbelievable... Very positive results so opening dip appears to be an opportunity

225k buy from PDMR

yes puts the current sterling price of the US ADRs at 230p

BA announced they're ending their Avios partnership with Tesco (in January).. and they appear to be lining up a replacement supermarket to partner with for avios collection / points conversion etc. M&S could be that new partner given the existing relationship supplying M&S food for in-flight meals and snacks. Also given that Sparks has been relaunched (and I'm not really sure what the sparks points do)... So just a thought. Seems like a natural and complementary fit. Can't see it being Lidl/Aldi/Morrisons/Asda and not Sainsbury's (nectar).. Maybe Waitrose.. but given the existing M&S supply of sambos etc it could be a strong possibility.

Causeway Capital RNS on 13 July confirmed an approx. 5% holding. Here's Causeway Capital's July 2020 article you might find interesting 'Value opportunities in technology'... Co-incidence that they release this article in the week they announce a MCRO holding of 5% costing them circa £50m (16m shares...) at an everage of more than 319p (being the price when the announcement was made .. but it was higher in the days before)

"Here, we focus on trying to identify the cycle bottom and seeking to time our investment for the inflection point. These value investments may not have the glamour of the best-known (and highest valued) technology firms, but they are compelling in our view. Through diligent fundamental analysis rooted in primary research, we believe we have exposed client portfolios to attractively valued technology stocks."

"We need to have confidence in the management team. Our experience helps us assess management quality and vision. I’ve known some company managements for over a decade and understand that they are conservative but forward-looking operators. And, again, primary research is key: we speak with channel partners and customers for a well-rounded perspective. A lot of the turnaround opportunities we identify are tied to acquisition activity. As the technology sector matures, industry consolidation is gaining momentum. Sometimes, the market may not like the acquisition rationale or the asset the company purchased, providing a potential investment opportunity. We evaluate the quality of the acquired asset and assess how well management can integrate it.

We typically give these companies two to three years for marked improvement and expect to see an inflection in revenue trends within a year of our investment. A successful “self-help” story can lead to a meaningful “rerating” of the stock. But the progress is often uneven and requires patience, something we have found the market lacks, especially in a low-interest rate environment. The market has penalized mis-execution and handsomely rewarded growth. At Causeway, we may take advantage of sudden declines in share prices to add to a stock’s weight in client portfolios."

"These cyclical themes may be especially attractive to investors interested in non-US technology stocks. Relative to the US market, other developed markets have far fewer technology stocks. International technology services and software companies have tended to trade at valuation premiums to their US counterparts because of their scarcity value. But, in our view, there are some impressive hardware and semiconductor companies outside the US that can be bought for attractive valuations at the right point in the cycle."

https://www.causewaycap.com/insight/value-opportunities-in-technology/

Causeway Capital RNS on 13 July confirmed an approx. 5% holding. Here's Causeway Capital's July 2020 article you might find interesting 'Value opportunities in technology'... Co-incidence that they release this article in the week they announce a MCRO holding of 5% costing them circa £50m (16m shares...) -

"Here, we focus on trying to identify the cycle bottom and seeking to time our investment for the inflection point. These value investments may not have the glamour of the best-known (and highest valued) technology firms, but they are compelling in our view. Through diligent fundamental analysis rooted in primary research, we believe we have exposed client portfolios to attractively valued technology stocks."

"We need to have confidence in the management team. Our experience helps us assess management quality and vision. I’ve known some company managements for over a decade and understand that they are conservative but forward-looking operators. And, again, primary research is key: we speak with channel partners and customers for a well-rounded perspective. A lot of the turnaround opportunities we identify are tied to acquisition activity. As the technology sector matures, industry consolidation is gaining momentum. Sometimes, the market may not like the acquisition rationale or the asset the company purchased, providing a potential investment opportunity. We evaluate the quality of the acquired asset and assess how well management can integrate it.

We typically give these companies two to three years for marked improvement and expect to see an inflection in revenue trends within a year of our investment. A successful “self-help” story can lead to a meaningful “rerating” of the stock. But the progress is often uneven and requires patience, something we have found the market lacks, especially in a low-interest rate environment. The market has penalized mis-execution and handsomely rewarded growth. At Causeway, we may take advantage of sudden declines in share prices to add to a stock’s weight in client portfolios."

"These cyclical themes may be especially attractive to investors interested in non-US technology stocks. Relative to the US market, other developed markets have far fewer technology stocks. International technology services and software companies have tended to trade at valuation premiums to their US counterparts because of their scarcity value. But, in our view, there are some impressive hardware and semiconductor companies outside the US that can be bought for attractive valuations at the right point in the cycle."

https://www.causewaycap.com/insight/value-opportunities-in-technology/

Causeway Capital RNS on 13 July confirmed an approx. 5% holding. Here's Causeway Capital's July 2020 article you might find interesting 'Value opportunities in technology'... Co-incidence that they release this article in the week they announce a MCRO holding costing them circa £50m (16m shares...)

"Here, we focus on trying to identify the cycle bottom and seeking to time our investment for the inflection point. These value investments may not have the glamour of the best-known (and highest valued) technology firms, but they are compelling in our view. Through diligent fundamental analysis rooted in primary research, we believe we have exposed client portfolios to attractively valued technology stocks."

"We need to have confidence in the management team. Our experience helps us assess management quality and vision. I’ve known some company managements for over a decade and understand that they are conservative but forward-looking operators. And, again, primary research is key: we speak with channel partners and customers for a well-rounded perspective. A lot of the turnaround opportunities we identify are tied to acquisition activity. As the technology sector matures, industry consolidation is gaining momentum. Sometimes, the market may not like the acquisition rationale or the asset the company purchased, providing a potential investment opportunity. We evaluate the quality of the acquired asset and assess how well management can integrate it.

We typically give these companies two to three years for marked improvement and expect to see an inflection in revenue trends within a year of our investment. A successful “self-help” story can lead to a meaningful “rerating” of the stock. But the progress is often uneven and requires patience, something we have found the market lacks, especially in a low-interest rate environment. The market has penalized mis-execution and handsomely rewarded growth. At Causeway, we may take advantage of sudden declines in share prices to add to a stock’s weight in client portfolios."

"These cyclical themes may be especially attractive to investors interested in non-US technology stocks. Relative to the US market, other developed markets have far fewer technology stocks. International technology services and software companies have tended to trade at valuation premiums to their US counterparts because of their scarcity value. But, in our view, there are some impressive hardware and semiconductor companies outside the US that can be bought for attractive valuations at the right point in the cycle."

https://www.causewaycap.com/insight/value-opportunities-in-technology/

GOLDMAN CUTS MICRO FOCUS PRICE TARGET TO 345 (400) PENCE - 'NEUTRAL'

20% above these levels.. seems vastly over-sold. £980m MCAP when it was £9bn 12 months ago..

can sell the lot for 225p so moving quickly

moving quickly and in the right direction.. nice to see :)

Missed this - was published a couple of days ago by a UK newspaper.. no idea how accurate any of this is. If BA are closer to a deal with cabin crew that will be very positive as it will result in lower payroll generally, prevent further political fall-out around changes to terms or mass layoffs etc.

**
BRITISH Airways has backtracked by offering cabin crew more time off and more money in a bid to stave off a walkout.
Staff were sent a glossy 59-page brochure titled ‘Our Future’ outlining their upgraded proposals.
Critics said BA bosses were “back-peddling” and offering the precise terms they have spent months trying to take away.
The airline wanted to axe 12,000 staff and re-employ the remainder of its 36,000 employees on lower-paid contracts - sparking a furore among MPs and customers.

After “feedback”, BA says it has “significantly reduced the number of proposed redundancies” and improved pay so 40% of staff will get a salary hike. The airline is also offering “more annual leave and days off” and has vowed “no zero-hours contracts”. Cabin crew will earn £28,000, lead crew £31,000, and managers £38,000.
All crew will fly a mixture of short-haul routes and long-haul, with up to 10 days guaranteed off per month and a paid annual leave entitlement of up to 35 days for experienced staff.

Rosters will be published up to 15 days earlier than current policy and staff will be encouraged to work towards promotion.
Amy James, BA’s Head of Inflight Customer Experience, told staff the airline is losing £20million a day during coronavirus.
She said: “This is not a crisis of our making, but it is one that we must respond to.
“By taking difficult steps now we can protect jobs for as many people as possible - and crucially jobs which are sustainable for the turbulent times ahead.” BA is creating one cabin crew fleet from its existing three.
Any pact with crew eases fears of a crippling strike - although airline bosses must win over its entire workforce.

**
Cornwall’s air links with London will resume on Friday 24 July with British Airways operating services between Newquay and Heathrow.

British Airways will initially begin operating three flights a week in July, increasing to five a week in August and daily from September.

The service will operate under a Public Service Obligation, which provides financial support, if required, to ensure the route is maintained year-round.?

**
BA CityFlyer is to begin a six-weekly service between London City and Belfast City on 1 September, increasing to 18-weekly from 26 October.

Using 98-seat Embraer 190s, the 527-kilometre service will not initially be designed for London-bound passengers, with a 0700 departure to Belfast City. This will change from 26 October, when an aircraft will overnight at the Northern Irish airport and arrive London City at 0820.

British Airways will increase the frequency of its flights between Bermuda and London to three days per week from August 12.

The airline plans to return to a seven-day service in September and October.

Twice-weekly flights to the island begin on July 17, almost four months after the service was suspended during the Covid-19 pandemic.

The flights to and from Gatwick will be on Mondays and Fridays.

From August 12, there will be additional flights on Wednesdays, before a seven-day service resumes at the beginning of September.

Alex Cruz, British Airways’ chairman and chief executive, said: “Following months of lockdown and stress, we know people will want to travel to be reunited with friends and family and to take a well-deserved break.

“We have put in place measures — to UK Government and aviation regulator standards — to ensure we’re doing all we can to protect the wellbeing of our customers and colleagues and we’ll be asking them to play their part in that, too.”