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Trinity Mirror Share Discussion Threads
Showing 6701 to 6723 of 6725 messages
|patienceavirtue. Just so you know, rises in bond yields lead to bigger falls in bond prices and as most of the funds have to be at least 90% invested this would lead to a widening of the pension deficit!
A 1%(100basis points) rise in yield from 1.4% to 2.4% would result in a 10 yr bond losing 9%
a 1% rise in yield from 1.75% to 2.75% would result in a 15yr bond falling 12%
Good luck with your pension deficit|
|Thanks,So they bought from JPMorgan,who have apparently sold 5 million odd shares recently.|
|They increased... it was their large trade on wednesday.|
|Confused by the Aviva announcement,despite rereading it....have they increased or decreased their holding ?|
|There is word that all their properties are freehold!|
foot in mouth
|so this is the company that owns the mirror.co.uk right? What other businesses/websites does it own?
so far I've found: owning three national titles - the Daily and Sunday Mirror, and the Sunday People - plus the Scottish Daily Record and many of England’s largest regional papers, including the Manchester Evening. They also seem to have acquired regional newspaper group Local World.
Strong net cash inflows resulted in net debt (4) falling by £44.9 million from £92.9 million to £48.0 million. The Group held cash balances of £85.3 million at the period end.
Pension Deficit: The IAS19 pension deficit increased by £120.8 million to £426.0 million (£349.5 million net of deferred tax) driven by a fall in long term interest rates. Alongside the share buyback, the Board has agreed to contribute a minimum of £5 million or up to a maximum of 75% of the share buyback as additional funding to the defined benefit pension schemes.
What else am i missing?
is this company still on the hook for the £41m to cover the hacking claims?|
|Got my divi today! That'll do nicely!|
foot in mouth
|Snicker, I am like you in not knowing the number but it is pleasing the payments are now realistic. Even if the ambulance chasers get twice as much as their clients the current provision covers 600 claimants.|
Is there anywhere one can find the total number of cases outstanding.
At one point shorters, EK i think among them, were indicating there could be 1000 cases. That would give 20m as an upper limit which compares with 500m which was given as the sum paid out by the Murdoch group.
I think it also needs to be noted that these cases are likely to fall due over a number of years which also spreads the impact. I'm likely to go back in here when the selling stops or the buyback is conducted seriously
|Hacking, 29 settled for half a mil, sounds ok to me|
|wot - no buybacks?
BUY the dips - value will out eventually.|
|It was 292 shares wasn't it?
What you have to look at is the bigger picture... for example what I see is that they have been increasing at they go... take a look...
They started with about £30k in September, took it to £60, then £80k, then upto £100km then around £135k, then recently £175k... clear as day if you ask me.|
|Barclays are useless! Peel Hunt will get their chance soon I hope.Right now it's all about interest rates. Trinity is the best way of shorting bonds, a one percent move cuts the pension deficit by about £200 mil.|
I think its clearly a price support mechanism. The shares bought arent cancelled either.|
|TNI just totally battered by the Pension deficit which far eclipses the market value of the equity.
Agree with the positives listed above on cash flow, debt reduction and earnings, although have not checked the non-current (property) assets on the bal sheet.
Isn't the next triennial pensions review in 2017? In which case, the trustees may be asking for higher annual top-ups than the existing £36mio or so.
If long term rates continue to rise, this should be a good investment I think, but it's clearly risky.|
|It almost seems as if the lower the price the less they buy in. I thought you were supposed to buy low ? Maybe the machine needs tweaking ?|
...still can't understand why the board has decided to do a share buyback programme instead of funding the pension deficit ......
AIUI, they're doing both : funding the pension deficit because they have to please the Trustees (if they want to pay dividends)....and buying back shares because they have the cash-flow to do so (AFTER paying dividends) and want to please the shareholders....
|My biggest holding but still can't understand why the board has decided to do a share buyback programme instead of funding the pension deficit if quite cumbersome and holding back the share price.
Maybe the underlying reason for the weakness although starting to pick up|
|Never been one for charts my self however they can (Chartists) spot trends before they become apparent to many so how long will it be before the price hits 65/70 as we are well on the way and has been for some time almost tracking itv's fall.As always I could be wrong.|
|Appreciate your points CJohn. Pension deficit can fluctuate and with interest rates more likely going up than down the deficit might be a lot less in the future.
The Local World purchase was part funded by share issue at much higher price and the remainder in debt which is disappearing quickly.
TNI has a niche market, no competition in the regional papers and the circulation of The Mirror is holding up well.
The newspaper industry is like I said before in decline but the pace of decline is far slower than many had anticipated.
The property portfolio is worth hundreds of millions in the last valuation if I remember correctly.|
patience a virtue
|HI Kazoom, the 426m déficit doesn't include the recent further cut in interest rates.
Without the déficit, it would be fair to value these on a PE basis and, then, in spite of the poor business prospects, they would be a clear buy. However, on an enterprise to earnings basis, they don't look to me to be particularly undervalued. Funding requirements for the pension may well need to be increased at the next review. At 36m a year, they are already a significant drain on cash flow.
There have always been boosters of the digital side of the bueiness on this BB. By buying up the remaining 80% or so of Local World, they have now got an annual turonver of close to a hundred million in digital, about 13% of total revenue. However, digtial growth rates have, of course, moderated, and are now close to single figures. And, in my view, are likely to fall further. ((Further elements of the specialist digital división are rightly, also likely to be sold off. The specialist división has never added economic value and is a drain on capital.)) So digital is simply not big enough, let alone grwoing fast enough, to reverse the trend in revenue declines. This is the case now and it has been for years.
Strategy? They will doubtless use any sapre cash to try to acquire scale in digital. The problem is that digital media is increasingly commoditised. Competition is ferocious.
Any pluses here: cash flow rightly mentioned by all posters.
And there's the interesting matter of barriers to entry to industries in (terminal) decline. New Day is an example of what will happen to any outfit foolish enought to launch a competng daily. So TNI is spared further entrants to the market, preserving margins longer than might otherwise be expected. The same logic applies to local media. What new company in their right mind would buy into local newspapers. Hence, less competition for TNI.
Should TNI continue trying to buy up assets of a limited life in a rapidly declining industy? It depends on the rpice paid. The inital purchase of Local World, back in 2012 from memory - was a brilliant move. However, they over-paid last year in my view. 3 times the 2012 Price. What were they thinking of? They need better negotiators.
all the best to all on here and good luck to holders.|
|Good post kazoom, agree with all your points. The newspaper industry is in decline but it will not be dead by tomorrow, in fact I expect it to last for many many more years. TNI has many quality national and local papers people like to read.
Pension deficit is an issue affecting many UK companies, including some ftse 100 companies.|
patience a virtue
|Yes kazoom not a bad analysis of where it is at the moment. In terms of profit contribution of the mirror and its pension deficit is that definable from the regionals profit and deficit?|