The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I would love to see a div incremental increase to compensate for the last div cut. With valuations exceeding the MV and cash from asset sales mixed with net cash received from service revenue growth, I am hoping for a solid performance with no weasel words on outlook.
Just got back online after my spend manager locked me out due to an increase in out of bundle international roaming billing. Multiply out for all international roamers (airline travel etc) and Q2 may see an uptick in service and offset any churn/ cost of living adjustment.
Anyways, a hold for me and no tinkering until 180p..
GLA
Good post Troajan and sums it up.
I am currently roaming out of uk and because we brexited, there are a host of vod out of bundle charges which will translate to a recovery in international revenues. So while there is a mix of things up and down, its incrementally net up imo
The QIA has entered into discussions with state-run Telecom Egypt to acquire 20% of the latter’s 45% stake in Vodafone Egypt. Vodafone Group itself currently in the process of selling its 55% stake in Vodafone Egypt to Vodacom Group, with the deal being valued at roughly $2.7 billion
https://totaltele.com/qatari-sovereign-wealth-fund-mulls-taking-20-stake-in-vodafone-egypt/
Vodger, I agree. The days of burning capital are gone. Think nov 15 should confirm vod is a cash cow and will retain the div. But who knows what happens next. Gov in disarray. Maybe Vantage will bring some good cheer?
I will be happy with a dividend being declared.
Vantage sale reducing some debt and increasing cash would be a bonus.
'Bids are expected as soon as next week and a decision could come next month, according to Bloomberg.'
https://seekingalpha.com/news/3889736-american-tower-weighs-bid-for-vodafones-vantage-towers-stake-bloomberg
SM did say, this year entrepreneurial iis, next year small/ medium cap ii's. 3% must be the largest single holding?
Follow the money?
'Holding 28/29 all week is a decent sign'
yep, hanging in the air in the same way bricks dont ;-)
vodger, '95% of the PI's will want the SP to drop and buy back in'. Think there are earlier posts that refer to the MM's and how they count the trades in and out. They would have to be stupid to give money away. But thats possible also LoL
'happy if this sits at 29 till update'
That would be nice. 95% of the PI's will want the SP to drop and buy back in imho
all the net present value adjustment will be materially baked in the macro environment at 2% interest imho. After that its whatever trade agreements have been done, china opening up etc will diffuse into the economies. I think that means generally up over 5 years. Not at 2% yet so volatility till then imho
Well Aim, I sort of agree with your synopsis on the sentiment of the article. Feels like he has found a pair of comfortable old slippers somewhere in Wales and positioning for his 'retirement' pay out. 25p still seems low for £3Bn of revenue and my thinking is that it has bottomed out but needs a new CEO for post transformation. Perhaps some material on the new Commercial management team that Morgan referred to in the April update but really, RNS contract wins will lift the SP in the short term. Certainly debt pay down in Nov and brighter 2023 on the cards, but drifting a little imho
Yes an improvement from my perspective because it confirms they are on track based on facts rather than outlook. Wasnt expecting anymore than they had already outlooked at the end of last FY.
*pleasant
tomorrow and I just spotted a transaction on my current account (wrong card) buying me a title to 5 square feet of real estate.
So now I am Lord [slarti-barfast]. I dont know if I should change my moniker for future posts? I wonder if AIM will call me Lord slarti and stop confusing me with sharehead?
My embossed certificate of title will join my certificate of ownership for 1 acre on the moon and my accumulating CPI stock.
GLA, even that peasant AIM
'Where does money go when it leaves the market'
Which market? ECB governing council yesterday: ...the Governing Council decided that it will apply flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to preserving the functioning of the monetary policy transmission mechanism, a precondition for the ECB to be able to deliver on its price stability mandate..'
monetary policy transmission mechanism is the operative phrase and interest rates tilting the tables imho
https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220615~2aa3900e0a.en.html
Dont forget, FY2020 net debt was £1,077m, FY2021 £879.8m and FY2022outlook to be 25% lower. FY2023 nil debt possible although I expect new debt finance for new opportunities when ii's have revalued at FY2022 year end Market will run the numbers and take opportunity where it can, but if Lewis is on track H1, it just reconfirms the turnaround imho.
H1 update I am expecting £1.5Bn (adjusted) revenue, something around £47m ebitda and +ve cashflow
That, for me, will be confirmation CPI is executing and delivering on outlook/ strategy/ guidance IMHO
It would also be an improvement H1 2022 on H1 2021 reporting of the continuing businesses although it will be down to IR to provide a reconciled comparison of post transformation to pre transormation
They said net debt to be slightly lower than £880m FY2021 (H1 last year £895m) and should look out for reconfirmation of further net debt reduction in November 2022 for FY reporting (£200m+ reduction)
'It's already priced in'
FED target interest rate up 0.75%, futures up.