Decent results, especially new categories.
"BAT seeking to monetise some of its stake in ITC, which it has held since the early 1900s. The Indian conglomerate fell 3.1% on the news…"
I suppose a trimming of ITC stake was inevitable. |
For once I am in agreement with Monty - superb results and the lovely divs will continue. One of my core holdings, thank goodness. If only I had more of these and a few less BT. |
Very strong results,only fly in the ointment is non- cash impairments charges. |
I sea short position over 7m shares in US Bats adrs, good luck bears buying back to close. |
#Montyhedge.., ahead of forecast, mid range is clearly 2.5, and that should be post H1-2024 then buybacks or a special..?
06.12.2023 - We are making progress towards reaching the middle of our guided 2-3x adjusted net debt / adjusted EBITDA leverage range and expect to be around 2.7x by year end..
08.02.2024 - operating cash flow conversion 100% - organic adjusted net debt / adjusted EBITDA down to 2.6x |
Was priced for the worst.
Results very very strong.
Buyback in H2 will push this back to £35+ in 2025! |
What a difference a day makes. |
You wait until buybacks return, when debt comes down, then I reckon back over 3000p. In the meantime just keep taking this superb 235.52p dividend. |
- Reported loss from operations of £15,751m (with reported operating margin down 95.8 ppts to -57.7%) - impacted by a £27.6 billion non-cash impairment charge mainly related to our U.S. business (£27.3 billion) |
Salty, where would you put the re rate at?
I agree today makes for good reading and I hope this is a trigger point for a push towards 3000 again eventually. We were there this time last year so I don't think that's too unrealistic but with UK listed companies then who knows these days.
Good luck all 👍🏻 |
what a great opening,made my morning.. |
58.88 pence times 4..
We continue to expect to deliver cGBP40BN of cumulative free cash flow over the next five years, and remain committed to a progressive dividend. Once our leverage target is reached, we will evaluate further opportunities to return excess cash to our shareholders (aka buybacks/specials).. |
Superb, bears thought dividend cut not increased what a yield we are getting. |
These results are bloody good. The new category stuff is excellent. Way ahead of target. Government crack down in cheapo disposables from Chinee is great news for BATS.
Significant re-rate on the cards here.
Salty. |
Dividend 235.52p, all I'm looking at, lol. |
Good results. New category growth is impressive and resilient elsewhere.
We already understood the impairment charge. Divi ok. |
The reduction in share value has wiped out my recent dividend gains :( |
Thanks for info :) |
The free float is everything that is available for public trading, ie not held by institutions or funds, the shares that are washing around in between settlement between buyers/sellers are floating and not allocated until settled, but this is different to the free float, once settled these shares are allocated, this is why the record date is usually next day or day after XD to allow trades a little lag to settle then the numbers can be reconciled to payout on..
Shares bought and held in treasury are qualifying, but the dividend cash would be retained, maybe it could appear on the income statement in the accounts, I would have to find some examples to refer to..
Not much will happen until we hit the debt/EBITDA multiple, but we must be very close now..
We will see what we get this week.. :o) |
Thanks. I'd assumed that not every share is held by an individual or institution etc, there's always a free float, an amount available to be traded. If nobody owns a share there's nobody entitled to a dividend.If that's not the case then I've learnt something. Also how about treasury shares?, BATS have done BB's before but I don't know if they were cancelled or went into treasury, surely they wouldn't pay dibs to shares in treasury they've just bought?. |
 #Discodave46, the free float refers to the shares available for public trading and not held by institutions, any shares bought back are bought from the open market at arms length by a broker, all common shares are dividend qualifying if they are held the day before the XD, then they have an owner on the record date to credit..
All shares bought back and cancelled reduce the issuance and the free float so they cannot be owned, in turn reducing the companies dividend payouts..
Only speculation on my part they will do a BB, we will see what we get in the FY results this week but I would not be surprised with the share price down where it is..
FY-2022 - we now expect new category profitability in 2024, one year ahead of plan.
H1-2023 - we are making great progress in new categories with revenues up by 29% and we are now close to breakeven..
H2-2023 - we could be in the black going forward.. :o)
06.12.2023 - we will continue to reward shareholders through our strong cash returns, including our progressive dividend, and once the middle of our leverage range is reached, we will evaluate all opportunities to return excess cash to our shareholders.
06.12.2023 - we are making progress towards reaching the middle of our guided 2-3X adjusted net debt/ EBITDA leverage range and expect to be around 2.7X by year end.. |
hxxps://twitter.com/v239856/status/1753778720903479804 |
Interesting chat on BB's. The point about not having to pay 10% div on shares purchased via a BB. Surely the company purchase shares from the free float which won't have dividends owing as not held. So there's no cash saved by doing a BB. They have 2bn shares in free float. That's my thinking anywsy, |
Thankyou for your explanation of the 10% question.
It adds another element of complexity to the BB - namely the yield rate on the share. I see in BATS' case it is 9.62% (near as damn 10%) so each share bought back saves future payout. |
#0x3f, indeed, if the share price is at a high say 5500 in 2017, that would be a poor use of capital, but down here at 2350 and paying out 10% that would be a good use of capital lifting the EPS/DPS by shrinking the issuance..
Generally I am not a fan of a BB, unless there is value, I would prefer to see debt reduced, but in this instance and current share price maybe 50/50..?
Shares are usually cancelled in a BB, so no payout on those, if they are held in treasury the payout gets retained by the company..
I will be looking to add over H1, FY2023 results next week 08th may influence timings if there is any news on a BB, but we will see what we get along with the next round of dividends.. :o)
With 23 consecutive years of progressive payouts (ex 2017) we should be looking at 4 * 60/61 pence |
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