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The accounting points are being overstated. The £3.9m bargain gain is required under IFRS when you buy assets below fair value – not optional “guess work”. W7L paid £13.9m for £17.8m net assets and got £6.2m cash on completion. That’s not fictional.

Yes, adjusted PBT strips out one-offs, which is why mgmt highlight adj. EBITDA £10.8m and adj. EPS 8.5p. Those reflect the underlying trading – and they still show a profitable, cash-generative business with gross margins up to 45%.

On cash, they finished H1 with £17m, debt free – up from £5.5m last year – so the balance sheet is clearly moving in the right direction.

If GP improvements were just “games”, you wouldn’t see cash generation and dividend hikes (up 14%) at the same time.

The “fictional profit” claim is misleading. IFRS requires a bargain gain when you buy assets below fair value – W7L paid £13.9m for £17.8m net assets and got £6.2m cash on completion.

Since then BA’s overheads have been cut, 3 non-core brands sold, and it still delivered £0.5m EBITDA in just 4.5 months despite integration costs. Management expect the deal to be earnings-enhancing in FY25.

Hardly fictional – the balance sheet is stronger and margins hit a record 45%.

Interesting analysis:

https://m.youtube.com/watch?v=QKIFgdTNi5Y

H1 headline loss grabbed attention, but strip out the one-off cladding hit and TW. actually delivered: completions up 11% to 5,264, revenue +9% to £1.7bn, and net cash £327m. Landbank covers 7 years, no need for fresh land buys, and dividend timetable intact. At ~99p you’re buying a top-3 builder at cycle lows with a ~9% yield.

In my experience, Investor and Analyst Events are usually very well prepared/rehearsed and extremely positive for the share price.

Fair points WW, but TW. doesn’t need a deal to create value. With net cash, a huge land bank, and a +9% yield at just ~0.85x book, it’s already too cheap. That’s exactly why PE or merger chatter keeps surfacing — upside is there even without M&A.

BoE still expected to cut into year-end, with inflation trending down and Labour housing policy a clear tailwind. TW. at ~0.85× book, 9% forward yield and very healthy net cash has already priced in the pain. Sitting at 1-yr lows, it looks far too cheap — any shift in rate expectations or policy boost could spark a sharp rebound.

Average mortgage rates below 5% for first time since Truss budget

The average two-year mortgage rate has dipped below 5% for the first time since former Prime Minister Liz Truss's mini-budget in September 2022, figures show.

https://www.bbc.co.uk/news/articles/c4gzv41kw3jo.amp

Taylor Wimpey: Long-term picture intact despite £200m hit, says leading investment bank

Taylor Wimpey PLC (LSE:TW.) shares slipped 5% after its half-year results, but UBS kept its 'buy' rating and a price target of 155p, implying around 50% upside from current levels.

The housebuilder’s first-half numbers were shaped by a further £222 million provision for fire safety works, including expanded cavity barrier repairs and cladding remediation.

Excluding these one-offs, the underlying outlook for the year remains steady, according to UBS.

Completions and revenue were slightly ahead of expectations, with 4,894 homes delivered (excluding joint ventures) and group sales up 2%.

Adjusted operating profit, including joint ventures, was £181 million, in line with forecasts, while reported profit included a £20 million one-off charge. The interim dividend was set at 4.67p per share.

Management is sticking to full-year guidance for operating profit and completions, pointing to a more profitable second half as new homes are delivered.

The order book remains healthy at 7,452 homes, with values up 4% year-on-year.

https://www.proactiveinvestors.co.uk/companies/news/1075732/taylor-wimpey-long-term-picture-intact-despite-200m-hit-says-leading-investment-bank-1075732.html

“UK house prices booming at fastest rate this year as homeowners finally get good news”

https://www.express.co.uk/finance/personalfinance/2092173/uk-house-prices-rising-fastest-rate-2025/amp

Looks like even more Shorts are now continuing to slowly close positions:

https://shorttracker.co.uk/company/GB00BLH42507/

Looks like Shorts are starting to reduce:

https://shorttracker.co.uk/company/GB00BLH42507/

“Based on 4 Wall Street analysts offering 12 month price targets for Ashtead Technology Holdings PLC in the last 3 months. The average price target is 700.00p with a high forecast of 780.00p and a low forecast of 600.00p. The average price target represents a 104.38% change from the last price of 342.50p.”

https://www.tipranks.com/stocks/gb:at/forecast

This wasn’t just “on track” — Ocado is clearly turning the corner. Group EBITDA is back in the green even with ongoing Solutions investment, Retail is growing and profitable, cash burn is easing fast, and profit/margin targets were reaffirmed with real confidence. No caveats, no red flags — rare for Ocado. With shorts still heavy and sentiment fragile, this kind of clean update can completely flip the narrative. Risk/reward still looks outstanding — the squeeze may only just be starting.

Today’s RNS is rock solid and multi-dimensional:

✔️ Retail growing nicely with positive EBITDA

✔️ Group EBITDA back in the green, even with Solutions spend

✔️ Cash burn rapidly easing

✔️ Profit targets reaffirmed with confident tone

✔️ No hidden caveats — rare for Ocado

Exactly the kind of update that rewrites the whole story.

Ocado’s breakout hasn’t even started. Extremely strong H1, shorts still loaded, and momentum building fast.

✔️ Analyst upgrades now highly likely (watch Peel Hunt, Barclays, JPM)

✔️ Media will jump on “cash burn easing sharply” / “Solutions gaining serious traction”

✔️ Holding tight / adding — shorts could start panic-covering any moment

Setup is explosive — risk/reward now looks 🔥🔥🔥.

🚀 Outstanding TU. Retail holding very firm, Smart Platform rapidly growing, cash burn way way down — and a pipeline that’s clearly moving fast. Shorts are sitting ducks here — this is exactly the kind of surprise that lights the fuse. With the stock already beaten way down, the risk/reward is now explosive. 300+ easily in play, OCDO is now clearly a long term buy and hold.

The setup’s loaded. Retail is resilient, shorts are stacked, and the price already reflects peak pessimism. One decent surprise — be it on cash burn, tech progress, or margins — could trigger a rapid squeeze. You don’t need a miracle here, just a beat. Risk/reward? Arguably one of the best in the FTSE right now.

Ocado & publishers team up on clean room data targeting

Ocado has partnered with a cohort of UK publishers including News UK, The Independent, Immediate Media, and Future, to explore how clean room-powered technology can facilitate privacy-compliant data collaboration and enhance targeting capabilities. The initiative, supported by Permutive’s clean room infrastructure, aims to match Ocado’s shopper data with publisher’s audience contextual and behavioural data to enable more granular, privacy-safe ad targeting while maintaining user control.

According to Permutive CEO, Joe Root, “Those signals are very rich across the open internet, but retailers haven’t had the chance to partner with publishers to identify those signals on the path to purchase and then deliver ads against them. When you combine those two sets, the conversion data and the signals and the intent signals which drove it, then all of a sudden you can build this full funnel proposition.”

https://www.exchangewire.com/blog/2025/07/16/digest-ocado-publishers-team-up-on-clean-room-data-targeting-reddit-eu-step-up-age-checks-in-online-safety-push/

Market expectations are low, and Shorts are in, so a great combination for a positive TU, fingers crossed.