Trinity Mirror Share Discussion Threads

[s34icknote] 27/2/2017 22:30

I watched this go from mid seventies to 120pSo well done on all that have made money . The reason I haven't bought is that it's the ex HMV boss in charge.He paid great dividends even though the writing was in the wall !No director buys .why ??? Oh yes sells at 115 p !Good luck to those that hold . It may still get to 180p but I just wonder why directors aren't buying !I'll probably watch it go to 180pNo position held .Best of luck Sicknote

[gfrae] 27/2/2017 17:48

A cold winter might help.

[freddie ferret] 27/2/2017 16:39

Good Point pensioners do die. :)

[philjeans] 27/2/2017 16:33

Excellent cash generation and yield from a strong underlying business.

Pension deficit is a mathematical illusion and is no worse than most FTSE companies. Pensioners are dying faster than new ones are being added - actually none are being added as it's a closed fund. At the first sign of long term interest rates rising, this "deficit" rapidly decreases and the worry disappears as if by magic.

Pensioners need their monthly BACS credit - not all of the money to everyone at once!

Wake up market to a bargain rating!

[philjeans] 27/2/2017 16:32

And it will turn the other way like lightning when rates go up.

[spoole5] 27/2/2017 16:17

But it's ballooning every year by more than the company is earning.

[harry_david] 27/2/2017 16:06

Pension deficit three times ebitda. Have a look at BT to get a perspective.

[spoole5] 27/2/2017 14:59

Pension deficit now bigger than market cap!!

[philjeans] 27/2/2017 14:55

Key points;
Profits in line, per one broker which has put out an update this morning.
Revenues up 20.3% due to the acquisition of Local World, from £592.7m in 2015, to £713.0m in 2016 - so this is a substantial business.
Adjusted profit up 23.9% from £107.5m in 2015 to £133.2m in 2016.
Ongoing cost cutting is offsetting the impact of lower circulation & advertising revenues.
Adjusted EPS up from 33.9p in 2015 to 38.1p in 2016 - so a staggeringly low PER of just 3.0.
Digital revenue - up 12.8% on LFL basis, to £78.5m - becoming fairly significant.
Net debt - down from £62.4m a year ago, to £30.5m
Dividends - total 5.45% (yield of 4.8%), and policy is to grow by at least 5% p.a.

[prokartace] 27/2/2017 14:07

Might have to wait a while for the rate rises!

[spoole5] 27/2/2017 14:04

The question is will there be a print media at all in say five years and how much of a digital business will they have created by then to compensate.

[harry_david] 27/2/2017 14:01

Print advertising is £240 million which is a better comparison.

[spoole5] 27/2/2017 13:59

Despite digital revenue increase, only 80m of revenue is digital vs 660m print.

[harry_david] 27/2/2017 12:16

I see the pension valuation uses a discount rate of 2.65% which is lower than the inflation assumption of over 3%. As a long term valuation this is nonsense, the world would disappear. I also note that a 0.5% increase in the discount rate would reduce the deficit by £164 million.
Digital revenues expected to increase by over 15% from £79 million, not a bad starting objective to go live on.

[spoole5] 27/2/2017 12:12

Long term interest rate rises will take care of the pension defi

[foot in mouth] 27/2/2017 11:54

The results do seem rather good - shame that the market appears to grumble about the pension deficit - almost all the other indicators were a thumbs up.

I noticed this on the HL website - Peel Hunt 27/02 Retains Buy 190.00p.

[spoole5] 27/2/2017 10:50

Digital advertising now accounts for 25% of advertising revenue compared to 7% in 2012.

[philjeans] 27/2/2017 09:51

Sure is - and I was quick enough to add in the trough!

Still superb value here - I see 200p by eoy.

[cityconindex] 27/2/2017 09:41

Prok there were purchases at 103 so spoole has it right..