Trinity Mirror Share Discussion Threads

[nick rubens] 02/8/2016 12:19

mrx Whatever happens, at least the shares are yielding 6% for long termers.

Uncertainty is the only certainty in financial markets as some famous investor once said? lol

[mrx9000] 02/8/2016 11:20

Nick: I wonder if they have looked at getting it revalued, like JP did. They may well get it revalued next year when it is looked at again. The revaluation could easily knock a substantial amount of the deficit.

[nick rubens] 02/8/2016 11:02

cheers Rapier

The Pension deficit widening explains the recent share price decline then as it's operating performance was good but with such a big liability attached it's hard to call it a bargain.

[simonparker5] 02/8/2016 10:09

Apart from the pension scheme deficit yesterdays results were pretty good in my opinion. They are throwing off large amounts of cash and have really got to grips with their debt. I think a recovery back to a £1 is very likely.
JPR have their results on Thursday, which if good, could provide another boost.
In my opinion JPR looks even more of a bargain at current prices.

[rapier686] 02/8/2016 10:05

Of course it's a huge cloud. As is the decline of print journalism.

It rose by £120m in the year due to the substantial decline in the discount rate valuing the liabilities by a whole percent. Read note 13.

I view the pension funds as a co-owner of the operational business. I think somewhere between a third and a half of it based on the cash flows it's claiming.

[nick rubens] 02/8/2016 09:17

This £480m pension liability. Is this not a huge cloud hanging over?
Is this like having long term debt?

How did it grow by £12Om in the year?

[philjeans] 02/8/2016 08:09

It's hit bottom and rising - the share buyback has ensured a solid floor here now.

Back to 120p in short order - shorts closing will also help!

[extrader] 02/8/2016 07:46

Hi raffles,

Per the RNS, it's free to do so any time from now, subject to the volume/price and any internal rules there may be.

They'll tell us soon enough : Trinity Mirror will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

ATB

[raffles the gentleman thug] 02/8/2016 07:03

When is the share buyback expected to commence ??

[dazzaa] 01/8/2016 21:04

Well, that's wishful, can't fault that, any timescale?

[foot in mouth] 01/8/2016 20:40

jfarren, definitely, and it shall continue in my opinion upwards until about 120pps.

[jfarren] 01/8/2016 20:18

Do you think this will continue upwards tommorow?

[gfrae] 01/8/2016 17:22

So would I,Iron. Lord C,where else can they buy good quality assets that they know and understand well at about 2x earnings ?

[ironstorm] 01/8/2016 16:58

PE in the low singles even at the unadjusted level. I added some more today.

Also Lord C I would just suggest they have no need to hoard cash the way they are generating it. They won't have problem raising debt if required.

I would like to see an aggressive share purchase programme too. Starting immediately. At these levels it will benefit us all.

[freddie ferret] 01/8/2016 16:44

The half yearly report is very good though rather long. On a brief perusal I think it justifies the view here that this is very cheap.
The report does give good information on the pension situation however talking about it does not resolve it. The increase in the pension deficit is not a possible problem until 2017 it seems. If interest rates rise then the problems with the pension will relax a bit. A fall in interest rates will have little impact due to the fact they are already so low.

[lord c.] 01/8/2016 16:21

If I were in charge I would be hoarding cash rather than spending it on a share buyback.
There could be a few tasty bargains to be had in the months to come and instant cash on the table gets the best value deals.................

[philjeans] 01/8/2016 15:39

It matters not a jot to me as to how, and from where, a business makes it's cash (as long as it's legal!), just as long as it's throwing off surplus cash each month.

And this business has been doing it now for years! Every day of the week.

So be it print, advertising or digital; local national or regional - just as long as the overheads are lower than the net income, I'm happy.

And the market will be happy too - soon. It's almost cleared the debt and is making active strides to manage, contain and eventually reduce the pension deficit.

A nice divi yield, cash in the bank (gross) and some freehold assets - what more could you want?

Picked up another 20k today.

DYOR. NAI.

[pvee] 01/8/2016 14:54

I think there may have been a share buyback a number of years ago when the share price was in the 100's ? Quite rightly criticized at the time when debt was far higher and the when company was subject to making lump-sum repayments. I agree the signs are positive and maybe the market will eventually wake up like it did in the past. Not convinced (yet hopeful)that we'll reach the dizzy heights of +£2 again though. All the experts have called the death of print for so long that the mud sticks despite investment into 'modern' media

[gfrae] 01/8/2016 14:31

Yes I agree f in m the first share buy back that they have ever done (as far as I am aware) shows how cheap the company think their shares are,even though buying in the shares will require additional payment to the pension fund of up to 7.5 million pounds(before tax offset).
I think they should buy more at these levels,even if they have to pay more to the pension fund-it would increase their EPS.

[harry_david] 01/8/2016 14:28

Agree, have bt a few today myself

[foot in mouth] 01/8/2016 14:16

Peel Hunt have today retained their buy recommendation and price target of 230p and so have numis at 210p making what appears to be on this basis a screaming buy!!!

hxxp://www.hl.co.uk/shares/shares-search-results/t/trinity-mirror-plc-ordinary-10p-shares/broker-forecasts

The fact that TNI can afford to spend 10 million on a share buyback and not commit this to an addition pension contribution illustrates how well things must be going at TNI and that the pension deficit is not a really overbearing worry.

The management must also be congratulated with the share buy back program. It is not only a sign of confidence but the right decision based on the lowly share price.

I would buy more if I had spare funds!

[nick rubens] 01/8/2016 08:10

What about Pension deficit increased by £120m? There's always something to spoil a good story I guess.

[dazzaa] 01/8/2016 08:04

Then let's see market reaction.

[harry_david] 01/8/2016 07:48

Exactly what we were hoping for, in every way. It blows away any thought that the heavy selling was in any way informed.