Premier Foods Share Discussion Threads

[ianguerin] 18/8/2021 08:21

My understanding from the original RNS is that there is no under-funded pension overall, once the mergers are concluded. It takes time for the legal bods, actuaries, pension trustees & the company to dot all the i's & cross the t's, but I expect it's pretty much a done deal. The pension fund trustees may be holding out for a stronger company covenant, or perhaps there are some actuarial valuations to be signed off

[shaker44] 13/8/2021 13:46

How is the underfunded pension fund problem now?

[geckotheglorious] 13/8/2021 13:26

Pretty small beer really...
One seems to bed and breakfasting selling,then buying more or less similar amount.
The other is for 1148 shares!
Last of the big spenders!:)

[ali47fish] 13/8/2021 12:41

directors buying

[18bt] 23/7/2021 07:53

Looks like PTP around £116-120m, so EPS c11p. PER still under 10x and prospective dividend yield of 1.3%, with scope to grow that pretty strongly or to make further acqusitions.

[vic_frost] 23/7/2021 07:13

Very positive update today ? the long road to recovery continues

[vic_frost] 23/7/2021 07:12

Very positive update today ... the ping road to recovery continues

[18bt] 28/6/2021 12:43

Interestingly, PFD appeared in a stockbroker note last week as a possible PE-backed takeover candidate according to the press. If that's the case, they really should have moved earlier and refinanced all the debt at the same time and they would have made a lot. But that's not to say it might still not be in the sightlines of PE - free cashflow is forecast to rise from c£50m a year to £81m between 2022-24. PE houses traditionally don't like DB pension schemes, but that is very close to being de-risked. So I don't see an offer at 140p+ being out of the question.

[davebowler] 30/5/2021 11:36

hTTps://www.fool.co.uk/investing/2021/05/29/top-uk-stocks-june-2021/

[18bt] 27/5/2021 12:51

2022 consensus PTP and EPS estimates have now risen - up to £108 and 10.2p respectively.

[s34icknote] 26/5/2021 13:28

Bought in at 111p17 p would have been better !But looks good for re rate

[clanger66] 24/5/2021 10:07

Jefferies have raised price target to 130p from 110p. Rate a Buy.

[18bt] 24/5/2021 07:43

That's a decent increase on the old forecast of £102.3m for 2022. Should take EPS close to 10p. Corresponding increases in cashflow so net debt down still further.

[redalert] 21/5/2021 14:53

bond pricing will give 8m saving so pfd have upgraded their profit forecast

[18bt] 20/5/2021 10:55

EC - agreed - should have given a bit of thought before drafting!

[effortless cool] 20/5/2021 10:48

18BT, Investment grade bonds are BBB and above, so BB- is below investment grade ("speculative").

[18bt] 20/5/2021 10:31

That sounds about the right interest rate B1/BB- is a notch above investment grade but still feels as they are paying a slight premium for their history. But it's a big saving in cash terms. It sounds like they will issue guidance once the terms are set.

Interestingly, the bond plus the RCF gives them quite a bit of leeway for add-on acquisitions.

[shanklin] 20/5/2021 09:54

More news on the £300m bond refinancing shortly but suggestion in this article is that interest rate may become circa 3.75% compared with the current 6.25%

[18bt] 19/5/2021 18:25

No it doesn't it tells you one scheme is in a bigger surplus than the other scheme which is in deficit - until they merge them, they can't offset one agains the other. On the analysts call hey reckon the DCF of the £47m pa committed is £300-320m. When they merge them the contributions could reduce.

[eezymunny] 19/5/2021 17:06

There are several ways to measure pension
liabilities!

£47m contributions says the surplus isn't real...!

[pdosullivan] 19/5/2021 15:47

There are several pension schemes.

[18bt] 19/5/2021 15:46

Apples and pears - surplus and contributions

[eezymunny] 19/5/2021 12:16

"pension surplus"

Hmmm £47m in contributions!

[cappajumping] 19/5/2021 11:07

So pension surplus, EPS strong growth, lower debt, cash inflows, growth in EBITDA, dividend reinstatement, international growth and strong start to new trading year, sets the scene for a run-up towards £1.30.