Menzies(john) Share Discussion Threads

[porsche1945] 10/10/2018 11:41

This heading back to 3.50

[buffettjnr] 05/9/2018 07:23

I struggle to find any better value on the LSE than Menzies. Absurd!

[1gw] 05/9/2018 07:11

Split done then. Just need the re-rating now...

[1gw] 13/8/2018 20:33

Someone apparently keen to take or increase a position ahead of tomorrow's results. 63k shares at £6.44.

[buffettjnr] 26/7/2018 10:41

Where would Menzies be on a private equity valuation?

[1gw] 26/7/2018 08:56

That looks a bit better.

[1gw] 22/6/2018 20:03

Big volume and a high price in the closing auction.

[buffettjnr] 18/6/2018 22:24

WFS sells for £1.05bn, smaller than Menzies Aviation. About time Menzies holders get this seen to!

[1gw] 17/5/2018 16:31

I've sold some there at 668p ahead of the AGM, taking some profit in case of any bad news.

I was surprised that the shareprice didn't make further progress during the buyback.

[buffettjnr] 22/3/2018 14:21

I absolutely agree. I think the problem is buyers are waiting for the disposal and sellers can’t wait.

Director buying yesterday gives added comfort.

[1gw] 22/3/2018 13:17

I've just bought another chunk at 630p.

I am surprised by the weakness given the ongoing share buyback, not to mention a good director buy announced today.

I think the distribution business has a good chance of getting an exciting bid if marketed well given its position in the UK market and some of the recent initiatives to provide routes for growth to offset decline in the core.

And the aviation business looks really well set.

So what am I missing? Is it concerns over trade wars and the impact of brexit on airlines?

[buffettjnr] 13/3/2018 08:33

I’m getting back in.

[1gw] 13/3/2018 07:56

Do you not still own it?

Looks to me like a top line and bottom line beat against the digital look (underlying) numbers, albeit difficult to know how big an exceptionals line the analysts were expecting.

The other thing that jumps out is the change in scale of the aviation business post-ASIG, now over 50% of the revenues and a big majority of the underlying earnings. So in that context, a sale rather than float of distribution perhaps does make sense.

I presume the analysts will push them for more details on timing and current status of the disposal process on the call - and we'll have to wait for details of the answers to come out in the press.

[buffettjnr] 13/3/2018 07:51

Do wish I owned it

[buffettjnr] 13/3/2018 07:42

Outstanding results...well done 1gw

[buffettjnr] 12/3/2018 21:32

I wonder if the distribution business will be disclosed as a discontinued operation...or a business held for sale..either way...will it be deconsolidated...

[1gw] 12/3/2018 21:11

So far, so good! Just need some follow through with the results and news tomorrow.

[1gw] 02/3/2018 15:30

And bought some more today, so hoping for a run up in anticipation of the results/demerger news.

[1gw] 01/3/2018 11:16

And that's me buying back in again, now that gravity looks at last to have had some impact following the collapse of the DX deal.

Rather fearful of another year of big exceptionals in the results, but hopeful of hearing good news on the demerger from the Rothschild strategic review.

[1gw] 15/9/2017 08:29

Having bounced a lot on the first day, DX trending down steadily since then, not helped by this morning's profit warning over something the auditors found by the look of it.

Meanwhile I am surprised to see Menzies' continued strength despite the DX deal falling through.

Still on the sidelines for now.

[buffettjnr] 21/8/2017 08:54

£16m market cap. DX and it's largest shareholder may regret not accepting the John Menzies offer.

To me, it is inconceivable to believe DX continues without a significant capital raise. Will DX shareholders support this? I doubt it.

Connect or John Menzies should perhaps attempt round 2 of acquisition talks...

[1gw] 21/8/2017 08:26

Looks like they managed to re-open DX. at 6p, although it has bounced a bit since.

[1gw] 16/8/2017 08:57

So Numis resumed their coverage yesterday with a BUY and a target price of 860p, having previously been reported as having a 650p target price back in March.

I guess for now at least the impressive (adjusted) earnings trump the apparent loss of the DX. deal and the likely delay in achieving the split.

Can't quite bring myself to buy back in just yet though. It looks like it is going to be another year with a big gap between statutory and adjusted earnings and there remains some execution risk around the integration I would have thought. Perhaps wait to see what happens when trading volume picks up (presumably) after the holiday season.

[1gw] 14/8/2017 11:50

Or it could just be that Mnzs are following a strategy similar to the one you suggested in post 287 - and that there is sufficient buying interest to support the price from shareholders believing that they will end up picking up DX assets cheaper than originally expected?