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Clarity needed on Thomas Cook balance sheet, says Numis
Market data looks favourable for Thomas Cook (TCG) but Numis says until the balance sheet risk is clear the valuation will be ‘suppressed’.
Analyst Kathryn Leonard retained her ‘buy’ recommendation and target price of 99p on the shares, which rose 2% to 45.9p.
She said there were ‘improving trends’ in travel but the market was waiting to see whether the group has ‘sufficient liquidity without necessitating a balance sheet event’.
‘We value Thomas Cook on 10.5x one-year forward price/earnings, implying fair value of 99p,’ said Leonard.

‘We retain our “buy” recommendation. We acknowledge that, until the market gets clarity on balance sheet risk and the normalisation of demand in its source markets, its valuation will remain suppressed.’

dhc,

Volume was soporific after the news broke of the 1st (or, perhaps, 3rd) tanker of the day.

Think that may be because it wasn't clear if the oil collected was the last of the K 3 from the storage tanks or the first of the K 4.

It's looking very promising - we should know more very soon.

MMs won't lift the price if the buying isn't there. The stock needs to see the buying pressure pick up if it is to rise.

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Bit harsh, JFT - instead of taking cash out of the equation, why not take out net cash?

Perhaps they've gone into firm hands.

Has everybody become American for today?

last trade goes back more than 20 mins.

The longer the share price remains at these subdued levels, the higher the likelihood of a sharp re-rate one of these days.

light volumes

The media like to report on situations of conflict.

Without the swampies, where's the conflict?

Lack of swampies.

For myself, the worst are those who, like, use "like" as, like, a comma in, like, a sentence.

... or higher.

Thought GF's review of prospects in this morning's interview sounded pretty exciting.

Yes, they are spread thinly across quite a number of investments, but there should be revenues coming in from HH on a regular basis from now on.

It just needs one of their mineral prospects to be shown to be commercial and the modest market cap should benefit very substantially.

With KL 4 about to be tested?

No thank you very much.

Could do with a bit more volume in the stock, that's for sure.

Holding RNS of 15/10.

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the concept of the Weald basin is being proven up.

It's been quite a decline, both for Genel and the oil price, these last few days.