Greencore Share Discussion Threads

[martindjzz] 25/5/2018 14:12

Epo, I don’t know how long they have been doing it. I started researching last year following a buy tip and noted that whilst GNC talked about the last full year Operating Profit of £140.1m, the Accounts showed actual profit after taxation and exceptional charges to be only £13.9m. I am holding back pending a bit more realism although there is no sign of it yet.

[epo001] 24/5/2018 13:53

Martin, looking at the interim results note 16, page 20. Are they really suggesting that "you may think that our earnings were 1.9M but that if we add back in all our outgoings then they were actually 38.7M". This is like me saying that I'd be a millionaire if I hadn't spent any money or paid taxes during my lifetime.

Is this a new practice or have they always done it?

[frazboy] 24/5/2018 12:04

Richtea - it does look like they're buying back.

Martin - I take your point about underlying vs. actual EPS, but, the behaviour of the shorters does seem to support the fact that exceptionals will be more exceptional in the future!

[richtea2517] 24/5/2018 11:40

Some shorters have had their fun here it seems.

[martindjzz] 24/5/2018 10:54

From the top of this ADVFN page. GNC’s actual EPS last year was only 1.9p so divide current share price by that to get PER. In the half year just reported they managed EPS only 0.3p. Management wants us to keep focussing on adjusted EPS but the market will only put up with that for so long.

[epo001] 24/5/2018 10:15

Hargreaves Lansdown show todays PE as 11. Where do you get 93 from?

[martindjzz] 24/5/2018 08:43

Frazboy, looking back I see that short interest spiked in early January when share price was over 200p. Unless GNC starts making real (not adjusted) profits of at least 10p it may never get back up there, unless somebody tries a takeover. In the meantime today’s PE is 93!

[frazboy] 23/5/2018 13:24

martin - it'll be interesting to see if the reported short positions come down in the next few days.

[martindjzz] 23/5/2018 13:13

The shorts will have noted both that the stretch between actual EPS and rose tinted adjusted EPS just got even wider, and that yet again GNC is paying a dividend not covered by profits. Investors have to decide if GNC is justifiably confident or delusional.

[richtea2517] 22/5/2018 09:39

Wish is trusted instinct in March too. Didn't buy enough at 128

[reels] 22/5/2018 09:13

Wish I had convinced myself to follow my post 13 days ago with a major top up. The mind is an interesting world. Statement today suggests back on track and IMHO this should get to 250 by end of year. Good luck. LL&P

[frazboy] 22/5/2018 08:22

From eyeballing the statement, there's no reason for such a short position to exist. Dividend increased by more than a nominal amount, and reiteration of a stronger second half, makes you question the shorters wisdom.

[bjfanc] 22/5/2018 08:19

Market looking good so far. Maybe get a proper short squeeze.

[richtea2517] 22/5/2018 07:50

Market will decide but good there is no further disappointment in the statement.

[bjfanc] 22/5/2018 07:47

Sticking to their guidance. I don't see the appeal of shorting this one. Happy to be advised otherwise.

[bashor] 22/5/2018 07:22

Looks to me like the ship has been steadied

[richtea2517] 21/5/2018 15:07

Results tomorrow - chances of further drops? Hope they surprise market to upside with progress.

[bashor] 18/5/2018 11:31

Axxion exceeds 5%
Shorts down to 13.77%
A weaker pound

But yet the share price goes down, something doesn’t add up here just now

[swedeee] 15/5/2018 10:30

remarkable recovery from the profit warning. should have double up on the dip

[bashor] 15/5/2018 10:11

Shorts down to 14.04% keep the steady grind higher going please

[bashor] 10/5/2018 19:08

Just reading back over the profit warning of 13th March, the impact on profits for the year were in part blamed on the strength of the UKP against the USD, now that sterling has weakened by some 4/5% since the announcement this ought to be at least a slight tail wind for the remaining H2, thoughts?

[reels] 09/5/2018 20:23

Looks like this is returning to more normal rating and the short position is looking more exposed.

[bashor] 09/5/2018 09:51

A very small decrease in shorts to 14.86% they’ve given a lump of profit away here now