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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Thorntons | THT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 142.875 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 142.875 |
| Top Posts |
|---|
Posted at 15/6/2015 12:04 by sharestobuy Hey all, I'm a new investor to thortons and thought I'd make a discussion for all investors in thortons. I personally have watched this share for a while and have decided to buy in. I have very recently been reading this board and alot of you all feel this has huge upside, whether from £1.40 to £3.00 a share. What does everyone feel is happening for this big rise and what are the timescales you all expect for this happen?STB |
Posted at 02/3/2015 19:03 by fozzie I'm with you kM. If you go back and read the investor presentations from last year you will realise that there is an awful lot to go at here outside of the supermarkets. I am intrigued to see what the substantial private label order was for and look forward to that rns as well as further board buying and of course hothkiss. Holding. |
Posted at 18/1/2015 09:21 by lauders Well tomorrow is the day we will find out some extra news, good or bad! If Crystal Amber's view is anything to go by then I hope they/we will be rewarded in due course. The shop closures (cost savings) and international expansion of the product line will hopefully show progress to offset the poor management of the warehouse and supermarket issues. Here is what Crystal Amber had to say about THT in their last results:Thorntons PLC ("Thorntons") Thorntons is a manufacturer and retailer of chocolates. From its factory in Derby, it supplies its retail estate and third party grocers with a range of boxed chocolates and other specialties. Thorntons is the UK market leader in the £205 million inlaid boxed chocolate category, with a 35 per cent market share. Despite years of underinvestment in product and stores, Thorntons remains a well-recognised brand, and our survey research confirmed that it retains considerable consumer goodwill. Thorntons listed in 1988, reporting £64 million of revenues and £6.4 million of profits. Around that time, it embarked on the construction of its chocolate factory, a grandiose project that would necessitate a considerable growth in sales to become economic. The resulting factory is believed to be the most efficient of its kind in managing the complexities of mass producing inlaid boxed chocolates. To achieve sufficient utilisation of its new factory Thorntons, which used to sell its products exclusively through its own estate and Marks & Spencer, initiated a strategy to grow to its estate to the maximum. The company grew its own store numbers from 188 to a peak of 410 in the year 2000. A quarter of those had been added in just three years, following the arrival of a new CEO. Location and size of Thorntons' stores changed from small shops near the high street to include bigger sites in prime locations. Costs grew faster than revenues, and profits were squeezed. In the meantime, customers moved their food purchases in the opposite direction to Thorntons, away from speciality grocers in the high street and towards supermarkets, where the Thorntons brand was not available. A much higher cost base compressed margins, and when austerity hit revenues, Thorntons' profits vanished. In 2011, the company set out a new strategy to halve its retail estate and grow commercial sales. This implicitly acknowledged the change in consumer behaviour and the need to maintain factory volumes. Thorntons has been fortunate in that, following its binge on new store leases during the 1990s, many of them are coming up for renewal now, and will be terminated. The cost base is therefore expected to reduce as more profitable commercial sales take off. Thorntons also set out to refresh its product range, which had suffered from years of short-termism and poor management. This strategy appears very sensible to us, as it acknowledges the changing habits of consumers and reduces the operational gearing in the business. The product refresh should revitalise this century old British brand and allow its ability to deliver affordable quality treats to shine through again. Margins should grow from the cost base reduction and more efficient production of a reduced product range. We share the view of some stakeholders that eight per cent margins are within reach. Three years into the new management's strategy, shop numbers are down to 260 and profit before tax has improved to £7.1 million (2013: £4.7 million). In 2014, results showed the volatility inherent in an FMCG (fast moving consumer goods) business with large orders. A fall in sales to third party retailers in the Easter quarter unsettled investors and adversely impacted the share price. We note that year on year, those sales are up by 8 per cent. Furthermore, Thorntons' investment in its commercial team, by recruitment, will take more than a year to mature. In our view a material reduction in the breadth of its product range remains necessary to lower production costs, and improve margins. On the retail front, management have trialled new formats but have not yet established one clear template to roll out across its estate. Since first investing in October 2012, and over the period, we have engaged with management and the board, other shareholders, suppliers and customers. We expressed our support for the stated strategy and urged management to take decisive action to deliver it. We remain confident that operating margins can increase significantly above the 2014 five per cent forecast and beyond analyst forecasts of 6.8 per cent for 2016. Additionally, international sales can boost top-line growth as the business benefits from its brand recognition, particularly in territories with expatriate consumers. In our view the brand and the manufacturing site could be attractive to an overseas confectioner with limited UK presence. By reducing its stores and the associated operating leases, the business will become more attractive to other confectioners. However, in our view, to maximise shareholder value the company should remain independent while it delivers tangible improvements. Who are Crystal Amber: Crystal Amber Asset Management (Guernsey) Limited Investment Manager INVESTING POLICY Crystal Amber Fund Limited ("the Company" or "the Fund") is an activist fund which aims to identify and invest in undervalued companies and, where necessary, take steps to enhance their value. The Company aims to invest in a concentrated portfolio of undervalued companies which are expected to be predominantly, but not exclusively, listed or quoted on UK markets (usually the Official List or AIM) and which have a typical market capitalisation of between £100 million and £1,000 million. Following investment, the Fund and its advisers will also typically engage with the management of those companies with a view to enhancing value for all their shareholders. After their top-up in October last year, after the above was issued but before the bad trading update on 23rd December, they now hold 8,937,250 shares if my research is correct. So tomorrow they have a lot riding on what is said! |
Posted at 01/12/2014 17:35 by cockneyrebel they are 'bots' buying and selling. Programme trades that skim bits off the book to build a larger order. It's done so that the tiny trade doesn't eat into the next order on the book imo, and doesn't move the price - in theory.Outrageous that city programme trading can work like this when it would be cost-prohibitive to the average investor - but that's the scummy crooked stock market for you - loaded in the City's favour when it's supposed to be an even playing field. All imo/dyor etc CR |
Posted at 14/10/2014 07:11 by soundbuy Crystal Amber are fairly shrewd......as value investors they obviously see value.... |
Posted at 17/9/2014 14:51 by justwondering Choc market warning in Thorntons slide: Shares in Thorntons are sending out a warning to investors of a crippling global slowdown. U.K. investors need to take action and review their holdings. Thorntons shares have fallen 10% during the past five days despite the chocolate maker saying it is on target to hit targets of growing profits and sales this year. That brings the fall in Thornton's share price to around 25% in 2014. It is not so much a market crash, as signs of extreme fatigue, almost as though someone has pulled the plug on the bull market that is now well over five years old. To some extent the fall in Thornton's shares can be explained by profit taking. The shares have soared from lows of around 12p in 2012. That said, there is a worrying absence to the other side of the market, namely buyers who believe the recovery has longer to run. It all seems a long way from a box of chocolates at the train station kiosk, but s global economy is interconnected, and for the past five years it has been pulled along by China growth and easy money. There are plenty of signs both are running out of steam. The early signs of this slowdown are only being shown in the most risky and volatile parts of the market. Smaller listed companies and higher risk tech investments are really the canaries in the mine. The FTSE 100 is still gleefully hovering near record highs. This is a painful exit but Questor reduces Thorntons shares to a sell. It is always best to cut losses quickly when the investment case and economic backdrop changes. More importantly, Questor thinks investors should review their portfolio, take gains elsewhere and batten down the hatches with some extra cash. Thorntons at 95¼p-1¾p Questor Says 'Sell'. |
Posted at 05/9/2014 13:29 by blondeamon I don't know what you mean jfa, their Investors Relations page clearly states Sep 10.hxxp://investors.tho Historically, it's usually the 2nd week of September. They have already reiterated that the company will meet full year expectations of 7.1m on their July statement. |
Posted at 03/7/2014 12:48 by blondeamon Very informative article, good journalism for once:Analyst Peter Smedley at Charles Stanley said: " [The refinancing] underpins our confidence that Thorntons continues to successfully navigate the recovery phase of its transformation strategy and will therefore have the funding commitment over the next four years to enter a more distinctive growth phase. This [update] should also reassure those investors unsettled by the third quarter statement with the confirmation that 1) 2014 pretax profit is anticipated to be in-line with consensus expectations of £7.1m, and 2) as expected, the critical UK Commercial channel returned to double-digit percentage revenue growth in the fourth quarter following an unanticipated decline of 8% in the third after several consecutive quarters of strong growth. We still believe, therefore, that the transformation strategy remains on track to deliver further significant operational and financial improvements. We retain our buy, reassured by today's statement, but will likely review our current 200p price target with the more detailed fourth quarter trading update due on July 9. [The] increased facility size reflects (1) increased capex to provide extra manufacturing capacity on hollow decorated chocolate models (i.e. Easter eggs) and inlaid boxed chocolates, and 2) the likely significantly increased working capital requirements associated with the company growing its business materially with the UK supermarket channels and other third party retailers over the next few years. As part of the refinancing process, it emerged very recently that the company has previously inadvertently exceeded a borrowing limit set out in the articles of association. A breach of articles may well be taken badly by some investors, but we consider it more of a technicality given the banks' continued support, commitment and actions to agreeing the new financing arrangements. We fully expect that the refinancing will be finalised sometime in August." |
Posted at 17/6/2014 21:10 by cockneyrebel Not sure how many are shorting, how many are taking profits - it's not just THT is it?Trading update in a fortnight or so - that should clear the air. I think there's a lot of investors waiting till then to make a decision - that's investors, not traders imo. CR |
Posted at 30/4/2014 08:29 by lunarjim paul scott:As mentioned previously here on a number of occasions, the share price of Thorntons seemed to get ahead of itself, and there's been a fairly significant correction in the last two months, to a point where it's starting to look potentially interesting. There has been a particularly sharp drop to 115p this morning on a trading update. The market seems to have interpreted today's Q3 update as a profit warning. The table of results by quarter shows a sharp deterioration of the sales growth trend within their FMCG division in Q3, as highlighted below. (note that Thorntons has a 29 Jun 2014 year end). What intrigues me however is the final paragraph of today's trading update, which actually confirms full year guidance. So despite a poor Q3, the company is not warning on profits for the full year, as it says; Despite this third quarter result we are satisfied with the overall performance of the business for the year to date and we look forward to our UK Commercial channel returning to growth in our short final quarter. The Board remains confident that Thorntons will perform in line with market expectations for the full year* and we continue to be confident that our transformation is on track and our strategy is appropriate and working." * Consensus is £7.3m pre-exceptional PBT at 29th April 2014. On the basis of that, I've picked up a little stock this morning at 118p. Although if growth is now becoming more hesitant, then investors will not be so prepared to put the stock on a racy multiple of earnings. - shows EPS broker consensus forecast at 7.82p for this year (ending 29 Jun 2014), and 10.9p for next year. So assuming this year's figure is in the bag, then maybe it might be safer to assume a little less for next year, say 10p EPS? That puts the shares on a PER of about 11.7 times at the current price of 117p to buy. In my opinion that's probably about the right price, given that Thorntons has a rather weak Balance Sheet, with net debt, and a pension deficit - although in the recent bull market, investors seemed happy to cheerfully ignore those negative points. I think this is a good example of why it doesn't usually pay to run with momentum forever. The market usually takes things to an excessive valuation, and then the correction can be swift and unpleasant, as investors in many momentum stocks are learning the hard way right now. Still, it does mean that for the rest of us, there are some potentially interesting entry points in stocks that we might quite like, but were not prepared to over-pay for. - See more at: hxxp://www.-.com/con |
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