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SMDS Smith (ds) Plc

-0.60 (-0.17%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Smith (ds) Plc SMDS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.60 -0.17% 361.40 16:35:13
Open Price Low Price High Price Close Price Previous Close
357.60 357.60 363.20 361.40 362.00
more quote information »
Industry Sector

Smith (ds) SMDS Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 28/5/2024 01:01 by kinwah
I've totally exited SMDS. I don't think IP would be anywhere near $45 if it wasn't for the Suzano bid interest. They could offer say $50 a share conditional on IP shareholders voting against the deal. A vote against the transaction would collapse the SMDS price to £3. Much as the discount to the notional offer price is looking attractive, the falling Suzano share price and rising IP price suggests an offer for IP is on its way.
Posted at 20/5/2024 22:45 by jeffian

I think it will remain discounted until there is more clarity. There are too many potential variations for the SMDS share price to correlate exactly to movements in the IP share price.
1) Is the IP price being inflated by the bid interest they themselves are receiving?
2) If IP did succumb to a bid themselves, would that scupper the deal with SMDS?
3) What would the SMDS share price look like if the deal does not go ahead?

Until these questions are resolved and there is reasonable certainty that the deal as announced will go through, my guess is that it will remain well below the theoretical merger value.
Posted at 17/5/2024 00:17 by pj fozzie
Well based on the closing price of IP, SMDS shares should be £4.11

With current price of SMDS at £3.694, that discount has grown to 41.4p so a potential 11.2% gain if you buy SMDS now and the gap closes.

That's gotta stir some interest no?

Posted at 10/5/2024 07:54 by alotto
You won't get any more shares in IP regardless of what you pay, that's true.
However IP and SMDS share price should reflect a common valuation of the merged entity. If you want a stake in the merged company you should buy SMDS rather than IP. That's because SMDS is cheaper. The merger will eventually "equalise" the valuations. Where that valuation will sit is yet to be seen. Either SMDS is undervalued and IP fairly priced or vice versa. It may well be both companies could be overvalued, or both undervalued! But at the moment there is a upward force on SMDS and a downward force on IP, simply based on valuation, assuming the merger will go ahead. Of course that ignores the potential of a no deal in the event IP receives and accepts a cash offer. That is why IP has a higher valuation.
Posted at 27/3/2024 10:22 by peart
IP offer makes the dividend the same with a higher base price - so a lower dividend yield for the combined group, but net the same for DS Smith shareholders as at today.
Posted at 15/3/2024 16:06 by taster
Expanding a bit on m-rev, with currently 441.41m Mondi in issue, Mondi would issue an additional 46/54 * 441.41m so approx 376.02m Mondi to give to current SMDS shareholders in return for the SMDS stock. With 1377.4m SMDS issued, this means 376.02/1377.4, approx 0.273 Mondi per SMDS share...with Mondi price they used at announcement of 1381 the offer would be equivalent to as m-rev says maybe they rounded for the announcement or I wonder if there is something on the cap table which slightly alters the shares in issue should a transaction take place....anyway for now between friends, the theoretical price of SMDS = Mondi price * 0.273 and the difference between this and the actual SMDS price reflects the risks of the deal not closing etc.
Posted at 11/3/2024 17:19 by alotto
Thanks for your inputs Tetleys and MCunliffe.

In my calculation I would not take into consideration the current share price and the number of the shares in issue in the merged company (as this can be assigned arbitrarily). The new company may have 1 Billion shares or 200m shares, who knows!
Lets assume for simplicity the merged company will have 1 billion shares in issue. 460M of these new shares will belong to the current SMDS shareholders, the 460M shares will need to be distributed among the 1.38B shares in issue for SMDS. This will equate to about 0.33 new shares for each of the existing SMDS share.
Similarly for MNDI this figure will be 1.27.
Making the figures to integer numbers: if you hold 11 shares in SMDS you will get 1 in the merged company, if you have 3 shares in MNDI you will get 1 in the merged company.
Posted at 11/3/2024 11:27 by tetleys dad
A newbie to this investing lark so I hope I’ve done this correctly!

There are ~ 1,818m shares combined for SMDS & MONDI. If these are split 46:54 in the new entity then 836m are SMDS and 982 Mondi. Dividing these proportions by the current split of shares (1,377m and 441m) gives the proportions 0.607 and 2.225. Divide these proportions by the lowest (0.607) gives a ratio of 1:3.663 which approximates to 4 SMDS shares to 15 (14.663) MNDI. If you gross these figures up then you get 272.98 SMDS shares and 1,000 for MNDI.

Happy to be corrected!
Posted at 11/3/2024 08:57 by meanreverter
There are 441,412,530 Mondi and 1,377,451,807 SMDS shares in issue. If the 46:54 ratio is accurate, then SMDS shareholders will get 273 Mondi shares per 1000 SMDS shares held. If the calculation is based on the Mondi reference share price of 1381p and corresponding claimed 373p valuation of SMDS by the offer, then SMDS shareholders would get a bit less: namely 270 Mondi per 1000 SMDS.

Traditionally, share-swap offers are not presented in such decimal form but rather as simple fractions. Thus, we might expect a 3-for-11 (0.2727...) offer, based on the 46:54 ratio. The 373p calculation doesn't match any simple fraction closely. The nearest I can find is the slightly awkward 7 for 26 (0.2692...).
Posted at 15/2/2024 13:08 by meanreverter

Your guess looks about right to me. I don't think that SMDS holders would be happy with a deal resulting in a meaningfully lower dividend. Based on 2023 payouts, a 2-for-7 offer would cut the dividend per SMDS share by only a smidgeon: from 18p to 17.89p.

As for my own modest holding in SMDS, I would refuse 1 for 4, think about 2 for 7, and accept 3 for 10.

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