Share Name Share Symbol Market Type Share ISIN Share Description
Mecom Group LSE:MEC London Ordinary Share GB00B3P91873 ORD 60.85888P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 154.50p 0.00p 0.00p - - - 0 06:37:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 671.0 -59.0 -43.1 - 187.72

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Date Time Title Posts
16/1/201515:22Mecom...the future403
09/9/201419:39Mecom Group - 2010 and beyond.296
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billyboswell: Big dips across this sector. It will only take one bad news story to drop this share price considerably. Happy to wait it out. AGM soon, hopefully some +ve updates then. Still think this can get to the £2 mark tho
she-ra: If Limburg is sold for 40 million Euros, as has been suggested, and Mecom becomes debt free what will happen to the share price?
stemis: Had a look at numbers. After sale of Norweigan business debt will still be Eur 105m, so not debt free. Balance sheet is very weak - net tangible liabilities of Eur 360m Trading is deteriorating. EBITDA in continuing businesses now forecast to be down from Eur 113.6m to Eur 95m - 85m. That Eur 30m - 20m reduction will drop straight to bottom line. If they could get a bid at 4 x EBITDA however that's probably a share price of 150p.
scarymonster: From iii by Aaaarghmyheart Mecom: like it or not, a battle Monty won The Mecom CEO deserves more credit than he is getting for the performance of the chain he founded Peter Preston The Observer, Sunday 16 January 2011 David Montgomery has quit the pan-European newspaper chain he built over a decade. Photograph: Steffen Kugler/EPA David Montgomery prepares to walk away, "as planned", from Mecom, the European newspaper chain he has built over a long, hard decade – and, of course, Monty's legions of non-fans can cheer him out of the door. But fairness also dictates a few cheers from those still left in the boardroom. Trinity Mirror tried and failed to contrive a merger a few weeks ago, and so may have reinforced the impression that Mecom's revenue structure was just another riff on the old British chain model. It isn't. Mecom makes twice the money from subscriptions as it takes from classified ads. Its 2010 results show circulations steady by UK standards, ads up in Norway, costs carved in Denmark, and tolerable stability elsewhere. Earnings up from €121m last year to €155m this time round. Share price stupidly low in the circumstances, say the analysts. Buy, buy, buy... A rather sad little tune as they sing bye-bye to Monty.
scarymonster: From iii by Lucullus The times The newspaper veteran David Montgomery has parted company with Mecom, the European press business he founded in 2000. Mr Montgomery, previously at the helm of Mirror Group Newspapers and a former editor of the News of the World, had promised to step down as chief executive of Mecom at the end of this month in order to appease investors, but this week he made a last-ditch attempt to stay on. Under pressure from shareholders, Mecom said on Thursday that Mr Montgomery would leave by the end of January. However, in a terse statement that surprised the market yesterday morning, the company said: "The board of Mecom Group confirms that David Montgomery has agreed to step down as a director of Mecom Group with immediate effect." According to a source close to the situation, tempers on Thursday had been "running high". Mecom has been left leaderless. At a trading update on Thursday, the company said that it would make an announcement on Mr Montgomery's replacement "shortly". However, there was no update yesterday and sources said the company was not close to filling the position. Last September three of Mecom's biggest shareholders - Aviva Investors, Legal & General and Invesco - teamed up to force Mr Montgomery out. Invesco sold its holding later. The investors were unhappy that Mecom's share price had fallen 95 per cent in two years, despite a £142 million rescue rights issue in 2009. A positive trading statement this week, which estimated that core profits would rise by by 28 per cent this financial year, was not enough to spare Mr Montgomery from investors' anger. Mecom, which runs newspapers in the Netherlands, Norway, Poland and Denmark, has established regional heads who manage its day-to-day operations locally. It is understood that Aviva Investors and Legal & General - which had threatened to call an emergency general meeting to prevent Mr Montgomery from holding on - have approved a plan under which those regional heads will run the company until a replacement can be found. The two investors own 30 per cent of Mecom between them.
scarymonster: From iii by Paliandu Subject Xcap initaite with 330p price target I see that Xcap Securities have initiated coverage of MEC with a 330p price target and a Buy recommendation. In summary the recommendation is based on: * Strong subscriptions: Xcap believe MEC can maintain subscriptions at 1.3-1.4x production costs and see this ratio increasing as digital subscriptions increase * An expected recovery in advertising * Stable salary costs as further headcount reduction offsets 2% pay inflation * Increased use of paywalls by newspapers generally will change attitudes * MEC trading at a heavy discount to peers whether looked at on a EV/EBITDA or EV/Sales basis. Xcap attribute much of the discount to Montgomery's "ill-timed acquisition spree". Conclusion is that the discount will fade with time following Montgomery's departure. Xcap project EBITDA growing steadily to €189m by 2013. Over that time they also have positive FCF projections with a large acceleration in FCF in 2013 (partly reflecting neutral working capital assumptions). This gets Xcap to net debt of only €134m by end-2013. +++++++++++++ I'm not sure that I find the Xcap analysis particularly insightful or the underlying research particularly deep. Also, there is not enough detail in the summary model they present to really guage its effectiveness (it looks a little too optimistic to me regarding FCF). However, they do bring some reasonable data to the table and present this in pretty charts. The bigger positive might simply be the fact that another broker starts to cover the name and the extra publicity/awareness should help the share price over time. Paliandu
scarymonster: I dont think it was a sell in the conventional sense. I don't really understand that much about the workings of the market though. Certainly nothing to worry about. Perhaps some of these new investors are picking up additional shares in the market now which is helping improve the share price We have to remember we are very much undervalued now most countries are heading out of recession. The fact that new investors wanted the stock in volume is imo a good sign and the share price only backs that up surely.
scarymonster: from iii by easilyparted SVG Investment Managers tip : "Despite generating more than £100m Ebitda last year, Mecom (LSE: MEC), the European local newspaper group, is so unloved that for much of the past six months there have been no official market forecasts – a classic contrarian buy signal. The business model is far better than for UK local newspaper groups. A higher proportion of sales comes from resilient subscriptions, content is higher quality, and it has made good progress in growing digital and ancillary revenues – yet Mecom trades at a discount to these peers. David Montgomery has steered the group well through an advertising recession and the business is well placed for recovery. A fund-raising and asset disposals in 2009 have cut balance-sheet risk significantly, profits seem to have troughed last autumn, and total advertising revenues are stabilising. Using the modest EV/sales or EV/Ebitda multiples achieved by the disposals in early 2009 implies a target share price of more than 530p."
beginner3: CN100- Hope u dont mind me posting this A market maker is a specialised trader who deals in a certain number of stocks. He is in actual fact a kind of wholesaler for shares, a buyer at last resort in a way. The London market, as opposed to some other markets, does not always match buyers and sellers, but has intermediates, market makers, who will usually deal in the shares in their scope, thus ensuring that a market is always available. The market makers work on a spread, difference between the buying and selling price of the shares. When spreads are wide many people feel that the market makers are taking an unfair advantage, but I suppose that this is the price to pay for ensuring that a daily quotation and market are available. A phrase often used by investors when talking about Market Makers is that they are shaking the tree and wiggling the carrot this means "that market makers 'shake the tree', by reducing the share price to induce holders to sell in panic. They could also do the reverse, i.e. raise the share price to convince potential buyers that the price is going to rise further and to pile in before they 'miss the opportunity'." Market Maker 1. What are Market Makers? a. What are Market Makers? i. Market Makers are companies who have agreed with their clients and who have been approved by regulators to "Make a market" in the shares of the client. b. Who are the Market Makers? i. They are usually large international banking organisations, usually with thousands if not tens of thousands of employees' worldwide. c. What is the job of a Market Maker? i. Simply it is to make a market, i.e. to ensure that there is always a market in which investors can buy and sell shares of the clients they are Market Makers for. d. Who is a Market Maker responsible to? i. Their shareholders. ii. Their clients. iii. The broker with whom they are entering into a contract with. iv. Whilst not strictly "responsible to" the regulator the Market Maker has to be able to demonstrate that the obvious conflict of interests arising from this list are dealt with in an appropriate manner, and that no one is especially advantaged or disadvantaged. e. What is a client in the Market Maker context? i. The client is the quoted company. Quoted companies have contracts with the Market Makers in their stock. 2. Market Manipulation or doing their job? a. Do Market Makers manipulate the market? i. "Market Manipulation" is an emotive term, and conjurors images of shady deals and exploitation. Market Makers are not elusive companies that appear then vanish overnight. Market Makers are duty bound to make a market and to meet the needs of those they are responsible to (See 1d.) to this end they may try to influence the market. b. How Do Market Makers make their money? i. Market Makers make money from buying shares at a lower price to which they sell them. This is the bid/offer spread. (See 4.) The more actively a share is traded the more money a Market Maker makes. c. Surely a Market Maker raising/lowering the price on news/rumour without any buying or selling is manipulating the market? i. No, not really. If the Market Maker was to keep the price steady on the release of news they would find themselves with lots of buys or sells which they had no choice but to fulfil at the screen price but before they could find matching orders (buys for sells, sells for buys) they would have to change the price and they would then loose money through market exposure. This is bad for them and for us. (See 3.) d. Why do Market Makers raise prices on Monday morning for shares tipped in the Sunday press? i. This is the same as question 2c, because the Market Maker needs to ensure that there are enough sellers to fulfil the needs of the buyers responding to the tips. e. Suppose my screen shows all sells and the price is increasing, what is the Market Maker doing? i. An explanation of this phenomenon is given for Tadpole, which very briefly shot up to 73p before settling back comfortably to the 50p support level. The likeliest explanation is that the Market Maker had an Institutional order to fill and no stock to fill it with (this trade would not have shown up on peoples screen until somewhat later), under thier obligations to create liquidity in the share the Market Maker is obliged to gather a stock holding, only possible if they can encourage people to sell, which can be achieved by raising the price. The order is likely to have been large enough to be significantly outside the NMS thus allowing the Market Maker to gather a fairly significant premium on the price (probably being some-where between 50p and 73p allowing the Market Maker to offset gains against losses and still profit). Once the order is filled and the market volumes return to thier "normal" levels, so does the share price. f. Do Market Makers ever lower prices to "panic" investors into selling, sometimes called "shacking the tree"? i. Yes, moving the price up, encourages sells, moving it down also encourage sells, take another look at Tadpole, in the first instance, the price was hiked way up despite the 50p support level, but at 50p few of the people who got in between 20p and 45p are going to sell (and look how many buyers there were still at 50p), the rise was meteoric, smart money just ignored it as it only lasted about 2 hours, but what was probably caught was huge investors who were in way before 20p and had forgotten about it, now they want out. The Market Makers order gets filled, the price settles back to a smart support level and volumes decrease, however the Market Makers gets another order to fill, maybe not so big, maybe not so prepared to pay the premium, but you also know that there are a lot of people out there waiting to see if it's going to shoot up past the 50p support level again or dip and if it dips they're going to sell now before it dips back past their 100% profit level. g. Surely delaying the posting of trades is Market Manipulation? i. This was allowed as part of the SETS trading system when institutional investors pointed out that with 100% transparency, any other institutional investor would be able to trade against that position which would put their client holdings in jeopardy. Further, with 100% transparency, if it could be seen that an institutional investor was (for whatever reason) adjusting a large holding in a particular company it could also scare private investors into selling or alternatively encourage them to invest without doing thier own research. Both scenarios lead to either over- or under-selling and an inaccurate reflection of the company in the share price as a direct result. h. Do Market Makers try to reduce volatility? i. Sometimes, usually at the request of the client (see 1e), this is mostly done by increasing the bid/offer spread therefore discouraging trading especially by day traders and also by marketing the clients shares to institutions in the hope they will take up long term positions. ii. By asking their client to reduce the number of news releases. i. Do Market Makers encourage liquidity? i. Yes, partly because they have a duty to their client to ensure an active marking in their clients shares, and partly because they have a duty to their shareholders, it is only through trading/liquidity that Market Makers make money. j. How do Market Makers encourage liquidity? i. Partly just by being there, by being the enabler to liquidity, they will always buy or sell shares if you want to. ii. By narrowing spreads. iii. By encouraging their client to produce news releases. 3. Are Market Makers risk adverse? a. Does a Market Maker hold "stocks" of the shares they make a market in? i. No. Market Makers are there to make a market, not to act as some form of stock control system. At any one time a Market Maker is likely to have a position in the stocks they are the Market Makers for, but this position could just as easily be short as long. However having a position (of either persuasion gives market exposure and Market Makers try to avoid this.) (See 3d.) b. Can Market Makers take a short position? i. No and yes. Market Makers are not supposed to allow themselves to go short, but in process of making a market they may well find themselves short of a stock. If this happens a Market Maker has a number of options, purchase from another Market Maker, fiddle with the price in the hope that enough sellers will emerge to cover the short or borrow the shares from an institutional investor. c. What is market exposure? i. Market exposure is the amount of money you have exposed to the vagaries of the market, i.e. the amount of money you could loose or gain from your positions open in the market. d. Why do Market Makers avoid market exposure? i. Simply because a Market Maker who is over exposed to the market is giving systematic risk to the whole market. Ill explain... If a Market Maker was to take up lots of large position across the whole range of shares they make a market in then if there was a market crash the Market Maker may find themselves bankrupt (ala Nick Leeson and Barings) and therefore unable to make a market. Once there is no longer a market the shares will become pretty worthless (if you cant sell something, at any price, what is it worth?), this in turn could force other Market Makers to go bankrupt and the whole thing would spiral down into a very unpleasant mess. We would all loose vast amounts of money from our pensions, endowment policies, insurance funds, Unit Trusts, Investment Trust and direct equity investments, in addition to which an important source of cash for companies would vanish! 4. Prices; how do they work? a. What do the on screen prices reflect? i. The prices you see on screen are the best prices currently being offered by any and all the Market Makers for the share you are looking at. b. Why do spreads change? i. Market Makers can and do change their spreads, but nowhere near as often as you see the spread change on the screens. (See 2h.) ii. The main reason that spreads change on screen is because the screen shows you the best prices on offer. c. Why are some spreads so large? i. The stock may be very volatile and the Market Makers needs to protect themselves from sharp price movements and market exposure. ii. The client (see 1e.) may have asked the Market Makers to reduce volatility. iii. The price and NMS combination maybe so small that the Market Makers need a large spread to ensure that they cover their costs and make a profit. d. What's an inverted price? i. The prices you see are always "the best prices" it is possible that Market Maker A is offering to sell the shares for less than Market Maker B is offering to buy them at. Normally the reverse is true, so this is know as an "Inverted Price". e. Do Market Makers have to buy and sell at the quoted prices? i. Yes, so long as the quantity of shares you want to trade is equal to or less than the NMS. f. How come my broker can sometimes get a better price than those onscreen? i. Basically because Market Makers compete with one another for business. When your broker calls the Market Maker he is giving them the opportunity to 'bid' for the business, the Market Maker may well improve on the price on offer via the screens. The Market Maker only makes money when they are buying and selling, so the Market Maker will prefer to see the business go through their books at a reduce margin than allow it to go to another Market Maker. g. What is Normal Market Size (NMS)? i. It is the quantity of shares for which the Market Makers are quoting prices. IE for which the prices are valid. h. Why don't Market Makers set a price based on intrinsic value? i. The first person that comes up with a calculation that is 100% accurate for 100% of quoted companies is going to be very rich indeed. Market Makers no more 'know' the intrinsic value of share than you or I do. ii. If they got the calculation wrong everybody would be buying or everybody would be selling, leaving the Market Maker with huge market exposure. iii. Intrinsic value is still a notional value, since surely something is worth exactly as much as they highest bidder is willing to pay. iv. Many investors value "in fashion" shares at far more than the traditional "intrinsic" valuation methods would yield, again this would lead the Market Maker having huge market exposure. i. How come I don't see my trade listed? i. Trades for less than 3000 units don't have to be reported. ii. Some stocks don't have to have trades reported. iii. Your broker has batched up your trade with others. iv. Your trade was large enough to cause the Market Maker to treat it differently, it will be reported at a later stage. v. Your broker arranged the trade via an alternative to Market Makers. j. Do Market Makers make money from the raise or fall in share prices? i. Probably not. Market Makers make money from trading, at all times they try to minimise the open positions they have, so the actual price of a share is of little consequence to them. (See 3.) 5. What have the Chinese got to do with all this? a. What are Chinese walls? i. Most Market Makers are part of huge financial organisations, and these are made up fund managers, investment advisors, brokers and much more besides. In order to stop these people from exchanging information with each other (which would lead to breaches of client confidentiality, insider trading and much more besides) artificial and procedural rules are drawn up dictating what can be said and when. These rules are know as Chinese Walls. 6. Competition and Alternatives a. Is there an alternative to Market Makers? i. Yes, Matched bargain trading. ii. Electronic Share(?) Networks. b. Do Market Makers compete with each other? i. Yes, but it's an incestuous business like many and Market Makers will on some occasions work together for a common cause and others will find themselves head to head, things can change quickly in the morning two market makers could be shaking each others hands, in the afternoon they could be trying to cut each others throats. CN100 - 29 Jan'09 - 13:50 - 13155 of 14383 MARKET MAKER SPEAKS OUT: Ways of a Market Maker I was an OTC MM for about 10 years ending in the late 80's. Since then I have been strictly an investor. Since I have not been that up to date in MM rules I will only make statements that I feel fairly confident are still accurate regarding these activities. By and large most MM don't have a clue nor do they care to learn, about the fundamentals of the stocks they trade. They just try to make orderly markets. When dealing with BB stocks it is very easy for a MM to get trapped into being short in dealing in a fast moving market. Reason being; most of the MM's in this stock are what are called "wholesalers" this means they don't have retail brokers "working" the stocks. So they have to rely on what's known as the "call" from larger retail houses. If a "Big" retail firm like an E-trade calls up a market maker to purchase say 5,000 shares of a stock, they expect to get an "execution" from that market maker. If he turns them down, or only gives a partial then the "Big" firm will go to another MM. If this second MM "fills the order" then that "Big" firm has a moral obligation to continue to give future "business" in that stock to that MM who performed (his life blood). This will go on until he "fails" to perform and so on. Contrary to popular opinion the "Big" firms Do NOT neccessarily go to the "Low Offer" to fill a buy order (Or high bid for a sell). They "Go" to who they think will perform to fill the order and expect that MM to "match" the "low offer" in the case of a buy (bid in the case of a sell). Even though this MM might in fact be the "high bid" and not really want to sell any more. As a wholesaler he must perform or he will get a reputation as a "non-performer" with the "Big" houses and will cease getting "calls" which means he will soon go out of business. I mentioned above that this activity is very significant to BB stocks. I say this because most of the trades in these BB stocks are "unsolicited" and are done through discount houses. With the above groundwork laid, let me try to explain how market makers get short even if they like the Company; Lets say that a stock (shell) has been lying quietly at $.25 bid $.50 offered. A limit order comes into one of the MM's to Buy at $.50 for a thousand shares. Prior to this trade that MM may be "flat" (neither long or short any shares). He fills the order and is now short 1,000 shares. He may raise his bid hoping to find a seller to "flatten" out his position. But before he realizes it a wave of buyers have come in and cleared out all the $.50 offers. Now the stock is $.50 bid .75 offered. Here comes that "Big" firm he just sold the 1,000 shares to at .50 with another bid for 1000 at .75. He makes this print. Now he is short 2,000 at an average of .625. The market keeps moving and now its .75 bid 1.00 offered. Now he has to make a decision. Just like investors, MM Hate to take a loss. So 9 times out of 10 he will now sell 2000 at 1.00 making him short 4000 but with an average .81. At this time he would love to see a seller at .75 so he can cover his short and make a few bucks. But instead the market keeps moving up. Now it is 1.00 to 1.25 and here comes the buyer again at 1.25. He doesn't want to lose the call so now he needs to sell 4,000 at 1.25 to keep his break even point above the bid. Now he is short 8,000. Market moves up to 1.25 bid 1.50 offer here comes the buyer now he feels he must sell 8000 here because "stocks don't go up forever". Now he is short 16,000. And so on and so on. If the stock keeps moving up, before he realizes it he could be short 50k or 100k shares (depending how big his bank is). Finally the market closes for the day and on paper he may look all right in that his "break even" price may be around the closing price. But now he has to figure out how to entice sellers so he can cover this short. It is important to note that if this happened to one MM it has probably happened to most all of them. Some ways MM's entice sellers; Run the stock up with a "tight spread" in a fast market, then "open" up the spread to slow down the buying interest. After it has "cooled off" for a little while lower the offer below the last trade right after a small piece trades on the offer then tighten the spread so that the sellers feel they can take a "quick profit" by "hitting the bid" on the tight spread. Once the selling starts the MM's will walk it down quickly by only making small prints on the way down with the tight spread. Another way is by running the stock up in the morning, averaging up their short then use the above technique to walk it down in the afternoon. Hopefully after doing this for several days, it will demoralize the buyers. The volume will dry up and the sellers will materialize thinking that the game is over. Contrary to popular opinion, MM usually Do Not Cover in Fast moving markets either Up or Down if they are short. They Short More. They usually try to cover after the frenzy is out of the market. There are many other techniques they use but the above are the most popular. This technique works about 9 times out of 10 particularly in a BB market. However that is because 9 out of 10 BB stocks are BS. Remember what I said above. Most MM's don't have a clue as to the value of a Company until they get trapped. If the Company has solid fundementals and a bright future. Then the stock will do very well. And the activity that caused the situation will prove to even help the future stock activity because it created an audience
timbuck2: some good news...looks like mecom directors have been buying mecom shares January 09, 2008 Mecom shares "extremely good value for money," chirps David Montgomery "Four of our directors, including myself, bought shares today, because Mecom shares offer extremely good value for money at the moment," said Mecom boss David Montgomery Montgomery and three of his non-executive directors had then bought Mecom shares for about £400,000, on a day where the market had seen the biggest intra-day drop in the share price since Mecom came to the London market in March, 2005. Mecom's share price plummeted after several brokers slashed their 2008 forecasts to take account of margin pressures and higher interest and depreciation charges. Still, a seemingly relaxed Montgomery, who'd just got off an airplane, insisted: "Our confidence in the approach is undiluted". "The diminished share value is not justified in a rational market," he said, and blamed a jittery market for the falling share price. According to both Financial Times and Bloomberg, there was growing evidence of unrest among those investors yesterday, after Mecom failed to include much of what was described as "the information leading to the downgrades, including the fact that Mecom would have to divest a Dutch newspaper" in a trading statement issued early Tuesday morning. So it may be a rocky ride ahead for the young pan-European media empire, but Montgomery promised yesterday we would learn more about just how Mecom plans to make its newspaper assets more profitable when the company releases its full-year results in March. full story
Mecom share price data is direct from the London Stock Exchange
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