Share Name Share Symbol Market Type Share ISIN Share Description
John Menzies LSE:MNZS London Ordinary Share GB0005790059 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +7.00p +1.02% 690.00p 687.00p 690.00p 694.50p 685.00p 690.00p 91,873.00 13:54:53
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 1,981.6 19.8 11.8 58.5 575.00

John Menzies Share Discussion Threads

Showing 776 to 799 of 800 messages
Chat Pages: 32  31  30  29  28  27  26  25  24  23  22  21  Older
DateSubjectAuthorDiscuss
31/3/2017
11:30
I have to say this looks a really neat way of achieving the split. Not only do they effectively spin the lower-rated part of the business (cf Goldman Sachs theory), but they do so in a way which does not require a new listing and achieves significant cost synergies into the bargain. Only quibble would be whether ending up with an AIM listing for the distribution unit was the ideal outcome, but presumably they might move to a main market listing in due course.
1gw
31/3/2017
07:33
Wait for 9
buffettjnr
31/3/2017
07:15
Wow! All happening a bit faster than anticipated. Look forward to the open.
1gw
24/3/2017
11:08
Lakestreet taking some profit.
1gw
21/3/2017
10:22
Wait for 8
buffettjnr
21/3/2017
10:10
They say leave something for the next man - I'm beginning to think I left too much when I sold! Good luck chaps.
grahamite2
21/3/2017
09:57
Well we've just gone through the Peel Hunt 630p target. That leaves: 650p Numis 700p Berenberg (target increased from 660p on 16th March) hTtp://www.nandp.co.uk/sharedealing/company/?companyCode=MNZS
1gw
08/3/2017
10:15
Pensions. I thought this was an interesting line in the results: "The Company has considered the accounting treatment under IFRIC 14 of the current deficit and the impact of the minimum funding requirement committed by the Company to 2025. A review of the Fund Rules has confirmed that the Group has an unconditional right to a refund of a projected future surplus at some point in the future." I had assumed that any surplus arising should interest rates (and therefore discount rates) rise in future would be locked in to the pension fund. But it looks like there is a chance of getting the cash out again.
1gw
08/3/2017
09:47
Not much excitement in the market it would appear. Peel Hunt reiterates its 630p target and "Add" rating. hTtp://www.nandp.co.uk/sharedealing/company/?companyCode=MNZS As usual with full-year results I am left pondering the question: Are the shares "cheap" or "expensive" in multiple terms? On an "adjusted" basis they look relatively cheap: About 12 times historic earnings. On a statutory basis they look expensive: Nearly 50 times historic earnings. And they have an appalling history of adjustments. If I take the last 5 years, then the difference between adjusted and statutory earnings, according to my records, has been: 2012 37.5p (68.8 underlying vs 31.3 statutory) 2013 15.5p (65.6 vs 50.1) 2014 26.5p (49.2 vs 22.7) 2015 26.2p (42.7 vs 16.5 [before restatement]) 2016 36.0p (47.8 vs 11.8) So although the specifics of the adjustments may be "one-offs", clearly the business has a history of significant adjustments. This year can presumably be expected to contain some chunky one-offs related to integration of the ASIG acquisition as well as the "usual" contract amortisation. Still, I think my glass is half-full rather than half-empty this morning. Great to see aviation back to form, accounting for more than 50% of underlying operating profit. The outlook is good and there is a deadline of the Interim announcement in the calendar for an update on the Group "structure" review.
1gw
07/3/2017
19:27
Yes - an update on ASIG integration would be appreciated.
buffettjnr
07/3/2017
19:16
I'd completely missed that they've already announced (on 1st Feb) completion of the ASIG acquisition. So that's one thing less to worry about.
1gw
06/3/2017
14:44
I'm with you entirely 1GW. And we need to see progress on unlocking value.
buffettjnr
06/3/2017
14:30
And just bought the rest back now, again at close to the sale price. So nothing won (other than access to cash for a time for other ideas), but very little lost on that trade idea. Now hoping that in Wednesday's results the upside from the translation of overseas earnings at the lower £ exchange rate will be greater than currently built into the price. Also perhaps some (positive) news on the progression of the acquisition.
1gw
02/3/2017
10:00
Bought some of them back just now at virtually the same price as my last sale. Doesn't look like a fall back to the ex-rights price is coming ahead of results and I'd like to have the bigger position for 8th March.
1gw
02/2/2017
12:25
Perhaps the stronger cable most recently will provide an opportunity to add.
buffettjnr
02/2/2017
12:19
That's a great write-up from Milkwood, thanks - good to see another bull in the camp. I'm still hoping for a more significant pullback towards the initial theoretical ex-rights price (call it 540p-ish) ahead of results, in order to buy back my pre-TU sales, but maybe that ship has sailed...
1gw
02/2/2017
10:37
Looking at Bloomberg this was released yesterday Milkwood Capital Likes Menzies, Sees Up to 50% Upside By Melissa Karsh (Bloomberg) -- Milkwood Capital is bullish on John Menzies Plc, according to Rhys Summerton, founder and chief investment officer of the global equity long-short hedge fund. The Scottish company, which has separate aviation and distribution units, is Milkwood’s biggest investment, which it has owned since the fourth quarter of 2015 when it was trading at about 330 pence per share, Summerton said in a Jan. 18 telephone interview. The stock closed at 603 pence on Jan. 26. "There’s probably 40 percent to 50 percent upside in Menzies," Summerton said. "Although it’s listed in the U.K., most of its profit is in U.S. dollars, so we would expect the value of the share to re-rate as those earnings come through and translate from dollars into pounds." Read more: Hedge Funds Europe Brief Summerton said he sees value being discovered this year through a combination of better operating performance from the company’s aviation business and management efforts to unlock value. "We think that management will work at unlocking value by having a separate listing of the aviation business. This could be achieved by spinning off the distribution business," he said. "The benefit of the company is that it’s made up of really cheap parts. Even if you look at the businesses on a combined basis, it’s still incredibly cheap at only about 10 times forward earnings. Trade buyers generally pay between 15 to 18 times for these businesses." Menzies didn’t immediately comm
buffettjnr
02/2/2017
10:36
Thanks 1GW. I didn't see that.
buffettjnr
02/2/2017
10:12
Peel Hunt nudged their target price up to 630p last week according to N&P. hTtp://www.nandp.co.uk/sharedealing/company/?companyCode=MNZS
1gw
12/1/2017
09:33
Subdued relative to the recent share price run. Now trading more than 10% ahead of the theoretical ex-rights price on my calcs and about 25% ahead of its post-rights low.
1gw
12/1/2017
09:24
Fairly subdued? I would remind you that this is a world leading company on 10x earnings, with growth. If you have anything that comes close to it, I'd love to know.
buffettjnr
12/1/2017
09:15
No obvious "sell on the news" evident this morning, despite a fairly subdued update relative to the recent share price growth. It does sound like good news at Gatwick though, which makes a nice change. Intriguing.
1gw
22/12/2016
15:58
And I've just put another tranche through today, which should give me some capacity to buy back if there's any "sell on the news" with a January TU.
1gw
21/12/2016
15:07
Just taken a bit of profit, selling about 1/4 of my holding. I'm looking forward to the next trading update, but they've bounced 20% in 2 months and are now well above the theoretical ex-rights price (on my calcs).
1gw
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