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Work it out yourself if you’re that smart mate. I’m done with you.
What is not right is people predicting things like debt increasing by a billion, based on what calculations exactly? Some people could be alarmed when reading this and panic sell. If you find this stuff thought provoking and enjoyable then fair enough, I personally don’t.
I wasn’t wrong. I was using adjusted net profit figures as I clearly explained which added in amortisation rather than adjusted figures.
Someone doesn’t know the difference between reported and adjusted profit. Oh dear. Yes that’s right just stick to the headline figures as you call them, see where that takes you.
@velo can’t see net debt anywhere near the 12.8bill you predicted or PAT at 1.5bill. I rest my case.
Happy with that. Looks setup for a new CEO to come in to drive cost savings and NGP which should further boost the SP.
Profit before tax wasn’t incorrect. What is rude is spouting unsubstantiated inaccurate rubbish.
Why are you here then? Either you’re short or you have nothing better to do.
This is why I don’t like using profit figures and prefer FCF. The figure you have doesn’t add back on amortisation, a break down of which is shown in the Reconciliation from Operating Profit to Adjusted Operating Profit section.
For clarity FCF which IMO is a better indicator of financial health than profit is actually nearly 2 billion itself...
Net cash generated from operating activities (minus) net cash used in investing activities (minus) tax paid (minus) interest paid = 1.943 bill.
You can get the figures from the cash flow statement. DYOR.
Profit after tax was exactly 2bil last year and they’ve guided this will be flat so not sure where you are getting 1.5bill from.
looks like someone has given this dog a bone. hopefully gets a bath tomorrow too.
Barring any major disasters (famous last words) by my calculations there will still be enough cash to reduce debt from last year, even if FCF is flat YoY (taking into account the 10% increased dividend charge). I haven’t taken into account the share buy back scheme benefit from July-Sep (which should bring the dividend charge figure down) so there should be a bit of a safety net in my calculations.
That depends on the length of your investment horizon. Some would see this dip as an opportunity if using DRIP to buy more shares than if the SP was higher. As long as FCF stays strong SP will recover.
‘Best of tobacco is behind it...’ Plot a graph of Altria (ok MO has better management but this should come good with a new CEO) against the market since 1965 (when smoking rates started to decline) and see what you find. Been hearing the same old rubbish about tobacco for 50 years, and they have come through multi billion dollar law suits, declining smokers, social standards etc time and time again and will continue to do so, regardless which way vaping goes
@investor6 whilst I agree Vernon is a great strategist, he also had many faults as mentioned. At the end of the day when there is a a reduction of SP from £40 to £2 someone has to go. The only reason I can think of as to why this was Vernon and not Craig is that the regulator gently assisted them with the decision!
Maverick, I’m a big holder but it would be useful if your posts were more balanced. E.g. Barclays cost income ratio is 62%, Metro Bank is 100% and likely to rise at next quarter due to MREL, hence one of the reasons why Barclays has a higher rating and rightly so to Metro. Metro need to show they can make their assets profitable for and bring the cost income ratio down towards 60% before this gets £6+. Unless there’s a takeover of course....