Share Name Share Symbol Market Type Share ISIN Share Description
Merchants Trust LSE:MRCH London Ordinary Share GB0005800072 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 477.75p 474.00p 480.00p - - - 30,547 08:00:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 31.1 26.2 24.1 19.9 519.45

Merchants Trust Share Discussion Threads

Showing 276 to 299 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
07/9/2017
13:21
I just do not get the obsession with the dividend cover bit. Sure, dividends are safer if the income/reserve is consequent; but in the case of "Income" Investement Trusts, the mandate is to provide dividend/income as the name suggests. As pointed out in the linked article, it is now perfectly legal for ITs to provide income from capital growth. As long as the manager does not run down his portfolio, i.e. not just pruning but shrinking capital to provide income, a trust like MRCH is just doing the job people investing in it ask it to do: Squeezing the holdings hard for juicy cash, usually at a percent or two above inflation. I have a bit of my pf in commercial property, FCPT, which pays monthly. The next dividend is never covered by the income, although the cover is improving at the moment, but their mandate is to deliver that 0.5p per share rain or shine. As long as the NAV goes up, which it does, things are fine with me. FCPT, like many property trusts usually trades at a premium too. The thing to moan about with MRCH might be the expensive debenture/loans that will hopefully be done with by 2018 (see page 71 of the latest AR). They signed some pretty costly financing deals back in 1987.
vacendak
06/9/2017
16:30
To add to that the 06/09/17 NAV includes 2) based on the market value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 495.43p. 4) based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 508.10p. that's 12.67p of income in my book for an approximate 7 months - implying an approximate 21.7p for the year but that would exclude dividends paid of 12p odd so adding these on would suggest that the earnings cover the dividends - surely?
joe say
06/9/2017
16:17
I'm not sure of the accuracy of that report, especially the following: 'Interestingly, Merchants and Scottish Mortgage, both of which paid out more than they earned in the last financial year, feature at the bottom of the reserve cover list: Merchants has cover of 0.43; while Scottish Mortgage is on just 0.16.' According to the last annual report Merchants had £24.765m in the revenue reserve. The FY dividend cost them £26.095m, so reserve cover is not far short of 1.0x Merchants revenue per share was 24.1p, while the divi was 24.2p, so contrary to what the author says the trust could continue to dip into its revenue reserve to this limited extend for several years. My guess is that it would be relatively simple to adjust the portfolio to boost dividend cover (though not necessarily ideal), while the consequences of cutting or freezing the divi for the trust would be dire, from a marketing point of view. SO in the absence of a collapse in corporate earnings across the board the divi is fairly safe. I hold MRCH, and also hold SMT. The fact that the author mentions the SMT dividend in the same context as the likes of MRCH tells me that the blog post shouldn't be taken too seriously. SMT isn't an income play and I doubt many holders would care if the divi was cut given the capital performance of the trust.
broadgreen
06/9/2017
15:37
A slightly -ve take on MRCH in this blog post... Which top dividend paying trusts cut it? - HTTP://www.adventurousinvestor.com/230-which-top-dividend-paying-trusts-cut-it
speedsgh
31/8/2017
13:57
Bought a chunk of these today for to stabilise the portfolio ;)
mister md
01/8/2017
09:13
I looked at Merchants a couple of years ago, but didn't invest as they had large tobacco holdings. I only recently realised that they have largely got out of tobacco, and seem to have a bias towards financials. This move seems very well timed, so have bought a holding today.
caradog
21/7/2017
12:25
In a Shares magazine article this week on Investment Trusts - Looking for opportunities amongst large companies MRCH is highlighted as having proven pedigree in finding value and providing plump payouts.
robow
27/6/2017
10:28
I have been looking at this one for a while, but I already hold FHI (F&C High Income), formerly ICT (Investors Capital Trust). Comparing these two over all sorts of time periods show them as eerily identical. MRCH gives a better dividend though.
vacendak
12/6/2017
11:22
New Edison research note... New benchmark, same focus on income/growth - HTTP://www.edisoninvestmentresearch.com/research/report/the-merchants-trust17/preview/
speedsgh
05/6/2017
17:30
Is the move down two days running just a dip?
petewy
26/4/2017
12:38
Director buy. non-exec Paul Yates, bought 10,000 @ 471p.
bluemango
07/4/2017
19:47
Thank EI Its on the radar.
tim 3
07/4/2017
15:14
I do apologise the t is above f. Fat Fingers!!! Brings a bit of a smile.
veryniceperson
07/4/2017
11:05
Tim, just fwiw, Shires is worth a look on a market or XD sell off. I sold most as mentioned on the recent pop, bought a small amount back yesterday, but would now only add lower. All just IMV only, as always.
essentialinvestor
07/4/2017
10:42
I think you might mean 'tucking' away ?
scottishfield
07/4/2017
08:49
hxxps://woodfordfunds.com/words/blog/great-time-investing-equities/
tim 3
25/3/2017
16:22
Been looking at city of London (cty)Looks very interesting nice yield consistent performance over the years not spectacular but incredibly consistent dividend growth.Any views tia.
tim 3
16/3/2017
07:39
Thanks shalder, I have bought in there using my SIPP so I can hold it for a long time if necessary.
rcturner2
15/3/2017
22:51
Also that director has been buying repeatedly in size for some time now. imo this is a complex IT to evaluate. It has lots of expensive long term debt, which is probably what frightens some investors, but this is balanced by direct holdings in high yield commercial property in the UK, so it depends how you feel about that risk. there is also now a provision for investors to sell at nav less costs in the mid 2020s which would probably narrow the discount in future years. Their share holdings have interersted me from time to time as they do not follow the herd.
shalder
15/3/2017
15:00
RC - Vin - a director has a controlling stake hence the discount.
mozy123
15/3/2017
14:21
Anyone have any views on the Value & Income Trust?
rcturner2
14/3/2017
20:54
Thanks EI, scotttishfield. This has a few interesting suggestions too. http://www.dailymail.co.uk/money/diyinvesting/article-4308796/The-dividend-hero-investment-trust-list-revealed.html Nice to see MRCH there. Off course am fully aware that yield is not the full story as it can be at expense of capital growth.
tim 3
14/3/2017
13:45
tim 3 , I'm looking at a few as you are. Have got LWI & BNKR on my list for consideration too. Let us know what you decide on, just for interest.
scottishfield
14/3/2017
13:41
I'm a little biased on Shires, however think it is at least worth consideration. Some astute stock selection moves by the Manger over the past year.
essentialinvestor
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:41 V: D:20170921 10:40:31