Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Mirror LSE:TNI London Ordinary Share GB0009039941 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.50p +2.70% 95.00p 94.25p 95.25p 97.00p 93.00p 93.00p 186,307 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 592.7 67.2 33.9 2.8 269.17

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Date Time Title Posts
24/9/201619:36TNI - The recovery thread!1,378
22/4/201613:49Trinity Mirror5,165
13/12/201217:37Trinity looks good!!17
21/6/201214:12MIRROR DOWN THE DRAIN2
21/6/201214:09What is the going rate for contempt of court?6

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Trinity Mirror Daily Update: Trinity Mirror is listed in the Media sector of the London Stock Exchange with ticker TNI. The last closing price for Trinity Mirror was 92.50p.
Trinity Mirror has a 4 week average price of 103.86p and a 12 week average price of 92.19p.
The 1 year high share price is 183p while the 1 year low share price is currently 73p.
There are currently 283,334,571 shares in issue and the average daily traded volume is 259,123 shares. The market capitalisation of Trinity Mirror is £269,167,842.45.
ironstorm: Not quite 5% of the buyback programme completed and the share price has appreciated nicely. My expectations are for it to recover to 110-120 fairly sharpish and then who knows if they keep buying consistently 140?
cjohn: The pension déficit is likely to go yet higher, as we may well see another cut in the base rate, post Brexit. And lending rates are likely to remain lower longer, given the unfortunate economic effects of Brexit. We are also likely to see a rise in inflation - weaker pound, more expensive exports - which will also push up the peent valueoffuture pension liabilities. The fact that some other companies have garganutan pension déficits does not mean TNI doesn't have to deal with the problem. TNI has already taken the obvious stps to reduce the present value of fture liabilites (ie shutting defined benefit schemes to new members; ahging to the most favourable measure of inflation) What is left is increasing contributions. This they are already going to do in tanm with the share buy backs. The sums involved, however, will not be sufficient to satisfy the trustees if there are further cus in the discount rate. If you add the pensnion déficit to share Price and debt, and compare the resulting enterprise value to free cash flow, TNI doesn't look startlingly cheap. Obviously, if there ws no pesnion déficit, TNI would be a very strong buy. But we have a declining business with pretty dire like-to-like revenue figures atttached to a comparatively huge set of pesnion assets and liabilities. Not positive that. In my iew a very risky buy. As I hate risk, I'll leave this one to the braver investors on thsi board.
pvee: 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
foot in mouth: 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:// 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!
kazoom: To be honest the Roy Greenslade article, refered to above, doesn't really draw any conclusions about either the likely direction of the shareprice or whether TNI represents "value". Instead it presents a number of "facts" in a way that the reader might interpret negatively. Some of these "facts" though are interestingly posed. "Trinity Mirror also faces a substantial bill for the misbehaviour of its former national paper journalists, who were responsible for intercepting the voicemail messages of a host of celebrities." True as written of course, but, it seems to me that there is an unwritten inference that TNI will need to find this out of future profits, whereas they have in fact already taken the provision from past profits. Also : "After the ruling, on 23 March, Trinity Mirror issued a statement saying it would cost the company about £41m to settle the hacking claims. " Not so, after the ruling they reiterated the provision previously made. A minor difference perhaps, but relevant I think. Unless there is a risk that the provision is too small (and as I said before I see no reason to presume that), then phone hacking is done and dusted, something from the past, over (in so far as the ongoing/future performance of the company is concerned.) I have to have a wry smile at a comment towards the top of the article too : "should the downward trend [in the share price] continue, chief executive Simon Fox could well face tough questions at the annual general meeting next month (5 May). And there was me thinking that Mr. Fox's job was to manage the company, not the stock market.
kazoom: Of course CJohn it is always possible for provisions to be under(or over)-stated, but I don't personally think there much reason to presume the provision to be short in this case. The recent court decision only confirmed the status quo against which the provision was written. It is also reasonable to assume that all the pressure on the board will have been to make a more than ample provision in the first place, or if they really felt the need to use this legal decision to increase it. It would have been no "damaging" to have made the provision a few million higher in the first place and they just want to draw a line under it I think. However, you do make a good point about the Enterprise Value and I'm not sure everyone have picked up on that. The EV for TNI is c. £710m, made up of : Market Cap : £360m Net Debt : £100m Pension Deficit : £250m And it is against this figure that one might want to consider cashflow and profit (with interest and pension payments added back in of course) It's obviously not the "steal" is was back at 25p / share, but a sub 130p I think it looks relatively attractive. Neither the Net Debt nor the pension deficit look threatening to the business, so the fact of the market cap being only c. 1/2 of the overall EV is that if for example you were to consider the EV to be say 10% understated, this means the share price would need to rise c. 20% to reflect that - The converse is obviously true.
kazoom: As they had made provision against the existing judgement, you wouldn't have expected them to change the provision as a result of NOT being able to change that judgement. Had they won, they should have been able to release some of the provision (back to the P&L). As of 27th December they had £37.1m of provisions in the "other category" (which is mostly this issue). It would have only been a part of this they would have been able to release with a positive outcome. Compare this will a fall in Market cap of > £100m since January (> £50m since the start of March), this cannot be the only thing that has driven the recent share price weakness IMHO.
harry_david: According to my not very skilled attempt at analysis the proposed purchase on the terms outlined by the Sunday Times will improve earnings per share and free cash flow by a very healthy amount.Assuming 80% of profit after tax and after interest income foregone is £27 million, the eps will rise from 31.0p to 41.5p and free cash flow after pension payment will increase from £44 million to £71million?If the p/e stays the same the share price rises to £1.87, and if the cash flow p/e stays the same the share price increases to £2.26.Given the non existent supply of shares in the market at the moment I think the price could move rather rapidly.
gfrae: Few-TNI and JPR combined would be able to cut borrowing costs substantially,ther would be massive cost savings. Even tho short term this might be bad for tni share price,because of fear of new paper being issued. I think structured well,it could be a very,very good deal,if this is the cause of current weakness,it could be a very good buying opportunity. If they are'nt considering buying them,maybe they sould!
shanksaj: Just about everything about the TNI share price situation is extraordinary, including the volume of posts, or rather the lack thereof, on this bb. Anyone looking in might be tempted to believe they've come to a land of bewitched slumber, that enthusiasts of TNI are that rare breed of investor who brazenly indulge the refined art of watching paint dry. Nothing betrays that TNI is actually one of the most interesting and potentially rewarding stocks currently on the LSE:- For example, see paulypilot's 16th October post:- and the post when share price was 42p at :- where the opinion is:- "I reckon that's worth more than its £106m market cap. [edit at 42p] Probably at least four times as much [edit ie at least 168p] It's worth bearing in mind that when debt free, it will also be free of its net interest cost. In 2011, net interest alone was equivalent to 5p/shr. At today's price that would be equivalent to a 12% dividend yield." Or put it another way, once the debt is repaid another 5p/shr adds to the EPS (all things being equal), making 34p EPS. So an share price of 68p still makes a PE of 2. What would be a reasonable PE? A PE of 4 puts the share price on 116p while debt is still being repaid or 136p once its repaid. A pe of 5 puts the share price on 145p (while unpaid) or 170p (paid off) pe 6... 174p or 204p. At around 70p, it still looks an incredible bargain to me. Nor do the management have to think up some wonderful trick to get it there... they just have to continue on their current course. Thanks to Paul Scott (Paulypilot) and Matthew Earl for their great work and to Simon Cawkwell for drawing attention to this share.
Trinity Mirror share price data is direct from the London Stock Exchange
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