The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Bond issuers pay a fixed coupon rate, not an interest rate which can vary as set by the lender. It is what it is.
Actual coupons were issued to bond holders in ye oldie times, hence the term.
They are issuing new sterling and euro notes to pay for it, so you won’t see a full cash flow interest saving.
How many and what coupon will be revealed after the auction.
The final goal is to reduce €10bn hybrid notes by up to 10%.
The big city buyers are more concerned with cash flows to put into the discounted cash flow models, and in this respect Vodafone are guiding to lower cash flows in 2024. That is probably what worried them and outweighed any decline in net debt.
If cash flow becomes an issue then the cash in the bank can decline rapidly which will lead to an increase in net debt. They still carry total debt commitments to €66bn.
Oh lordy, more first timers filling their ISA allocation based purely on a 'safe' dividend and the no brainer fact it has to go up.
Take care. There was much to worry about in the report.
Only from selling key assets which you can only do once. Take that out and operating margin is falling., and now they have to rent their own tower network in Germany, which is falling in operating terms.
Still €66bn of debt left including leases, the interest payable on thse having risen.
The merger with 3 is not a good sign. It is a sign that the company is now too financially weak to fund its own 5g investment program, so it must give away a portion of its uk market share to a rival.
Selling towers is a bad sign, as is getting into bed with a minority shareholder. You can see the market reaction to that.
Time to wake up and admit sucking a div out is not best for the company.
It will not be big gainer for the sp at least initially. Assets and some debt will come off the balance sheet, then a smaller share of the uk market will go back on. It will shrink the company, not expand it.
The market will want to see if it leads to increased earnings in uk before assigning more value to it.
Just as with towers it won’t unlock any value. Just gets vod out of some essential cap ex by getting 3 to do 49% of it.
JV’s also have a habit of falling apart, so city will be sceptical at first.
It’s a very drawn out crash for sure Dan. More of an elongated slump. Today is fed rates day and the markets expect 0.25% and the fed to say they will pause raising rates further. If they don’t say that then stocks will suffer, again, for the near term.
Their offer price would only need to match highest price paid by them in previous 12 months. If they wait till Sept they only need to offer 110p. Would you take it?
Probably not. VOD can't be taken over at these levels as holders won't accept a realistic price, and buyers won't offer what holders think it's worth.
Now with Marg at the helm it seems unlikely the div will be cancelled so the asset drain will continue so those divs can get paid. It is 'untakoverable'.
The prof of sleep and Maureen the radiologist giving their expert insights on gold mining, having never done it. Can't wait.
Would be a cracking choice, appointing the person who oversaw the finances from the 2018 peak and has seen a destruction of net tangible assets in that period.
Asset stripping seems the tactic for short term returns here now, if any.
VOD was never 2p so nobody bought at that level.
Including dividends, well over 90% of purchases since March 2013 will have a negative return to date. Just a few brief days in that 10 years would see buyers marginally ahead (including dividends), centred around the March 2020 lows, Oct 2020 and the end of last year beginning of this. I imagine most holders have made the majority of purchases in the last 10 years so are understandably frustrated.
Purchases made around the dot com peak are also underwater including divs, 23 years later.
Very long term holders have done OK with the stock returning about 7.5% per annum including divs since 1996.
Will the next 10 years be like the last 10, or more like the early days of growth returns?
It’s the same as it has always been. Holders will get news of fantastic new discoveries when cgnr need to raise more funds. The pounds from Demir has removed the urgency for the next investor baiting rns.
They know the gold is there so why not reveal the plan to open the mine.
Malone’s interest is a bit of an oddity too. Using derivatives he doesn’t actually own any yet. Hedging his bets. Will have to wait and see which way his interest goes.
I read that post when it was 160. The conspiracy then was to take it to 140 then ride the profits all the way back to 220.
Nobody knows what happens next, and the price is down here because not enough care.
It will be interesting to watch hobs morph from the latest excited new investor into next years latest dissapointed shareholder calling for the CEO's head.
Mind you, they don't have one, so no worries there.
Thought it rolled over in 2018?
At best it will limp along until the company and investors face up to the fact they took too much out of the company in the past, leaving the current entity saddled with the debt.
That facing up will result in more short term pain in the sp, which is why investors and management don’t want to do it, thereby sealing the glum outlook which institutions are selling.
It’s also why you don’t have a ceo. The good choices will be avoiding the poison pill.
Just my view.
“ Don't think progress has been that slow here tbh.”
Been watching since the early 2000’s. I can assure you it is the definition of slow.
Prof is a professor of sleep after all.
The deal will shrink Vodafone's share of the UK market. 3 are getting the enlarged share of the pie by taking on some of VOD's debt.