The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Over 20 of todays 51 posts are in green - Thats because I put all (if I got them all) the sad posters who pride themselves in predicting the closing price of VOD every week of the year - what a sad bunch they are.
The markets (on both sides of the pond) have responded well to Q1 numbers, looking forward to the next divi cheque in a weeks or so and further gains as the turnaround gathers pace.
Thanglan
Your observation of the dividends (in the past 4 years ) is correct, however, CNA is a completely different company now. With no debt, better management (Conn ran it into the ground) and buoyant commodity prices, the dividend may well exceed NWG (in percentage terms) this year. They paid 12p in both 2016 and 2017, eps for this year are predicted to be 24/30p they will of course be aware of how "obscene" a large payment would look in the current "cost of living" crisis - Banks including NWG will also be wary of this. Further buybacks will almost certainly be announced and these (unlike Lloyds and NWG) have benefitted CNA shareholders by increasing the underlying share price.
Posted 30/6/23 with shares at 123p
These are due on 27th July (4 weeks). Expecting a decent rise in the interim dividend (perhaps 3p) and a further share buy back program. Also expect analysts to move their sp targets (currently around 130p) significantly higher. CEO has reported in the press today that he expects gas prices to be elevated for quite a while.
The buyback programs have been good for CNA. The first started in November at 85p the second started at 110p in April with recent buybacks above 127p. They have no debt, so high interest rates are a benefit, despite political pressure they will increase the interim dividend, they will have another buyback program, the only downside will be bad debts. Analysts have started to increase target prices to 150p and may go higher with these results.
Less than 4 weeks (15th August) until results (and interim dividend) announced. Todays fall in inflation has boosted banks and insurance companies. The banks results will be released in the next 10 days and are all predicted to be excellent, LGEN should ride the wave and head towards 260p in the run up to results (last 12 month high of 287p was achieved in August 2022)
I only noticed this announcement, which came out on Friday, yesterday and with the technical problems I had it didn’t make the cut. It gives a rundown on funding with the £6m of debt agreed in principle and a potential £20m of global refinancing under review.
This will involve the unwinding of the forward hedges, which will please shareholders, and me, and a number of other changes are underway. One of the changes will be the departure of current Chairman George Lucan who will be leaving next month, he has done a great deal for Angus who may not be in this good position without him. I have recently met Richard Herbert and it looks like Angus is in pretty good hands.
Surprisingly none yesterday: The current program of buybacks started on 23rd Feb 23 and on that day the average price paid was a whopping 52.02p per share. On 14th July the average price paid was 44.43p and the average price paid for the whole program to date is 46.33p - Question are shareholders really benefitting from this!!
Centrica are into there second buyback program (shareholders have suffered over there with their shares having touched 26p at one time, different industries, similar price action). Their 1st buyback was in November 2022 average price on day one of 85p, the second commenced April 2023 at an average of 110p and as of 17th July 2023 the average paid was 117.64p, current share price about 123p - That looks like adding shareholder value to me. Any decent dividend from Lloyds (especially any special) and the Government will be spouting WFT from the rooftops.
With a long delay in half year results, cost of living crisis, no contracts, no sales, increasing headcount and a greedy CEO, perhaps this is advanced notice that we need more money to accelerate (again) our path to commercialisation.
The site, originally constructed in 2015 by AFC Energy to house the EU co-funded "Power-Up" programme, will now be repurposed to provide FAT of its H-Power Generator series of fuel cell systems. With the site's existing hydrogen supply infrastructure and grid connection, the repurposing of the site will require nominal investment.
This union is the largest financial backer of the Labour Party:
Ms Graham is now intending to take a less conventional approach to policy-making.
The plan is for "hundreds of organisers" to go to marginal seats and talk to voters there about the case for taking key industries into public hands.
The message will be reinforced by Unite-funded billboards.
The hope is that then voters will press local Labour parties and local candidates to commit to backing nationalisation.
"We will take our ideas to the people," Ms Graham told me.
"The real decision-makers are the voters. If they push those ideas, politicians tend to move when they speak to voters."
I think the "Cash Burn" is being under estimated. We are in inflationary times and a cost of living crisis. For some reason they have not released interim figures for the 6 months to 30 April 2023. These are not audited figures, it should not take nigh on 3 months to produce these, there have been no meaningful RNS's, so exactly what has been going on to keep the workforce busy.
Singhie - good post, and valid to point out gas prices could improve significantly as winter approaches, especially with an early cold snap.
Your point (noted below) is also very valid, always assuming a certain person (Lucan) does not panic and enter another contract before this hedge approaches it's completion date.
"Remember in just under 24 months all the Hedges shall expire also"
Another hedge if prices rocket (150p/200p) may be appropriate.
A strong positive day for the UK markets - AFC in the red from 8.30am to 4.30pm the downward trend continues. No orders, No sales, No interim results, Cash balance dwindling, No light at the end of the tunnel, shareholders are being shafted here with a CEO being paid handsomely and delivering a big fat zero. The BOD are being negligent to let this trend continue.