Wetherspoon ( J.d.) Dividends - JDW

Wetherspoon ( J.d.) Dividends - JDW

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Stock Name Stock Symbol Market Stock Type
Wetherspoon ( J.d.) Plc JDW London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
10.60 2.48% 437.60 16:35:04
Open Price Low Price High Price Close Price Previous Close
417.00 417.00 436.40 437.60 427.00
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Industry Sector

Wetherspoon ( J.d.) JDW Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

Top Posts
Posted at 01/9/2022 13:24 by darrin1471
EI. This board is more about the conversation you would hear in a JDW than about JDW as an investment. Would be happy to contribute to a new thread if somebody wanted to start one. JDW or PUBS in general
Posted at 29/8/2022 11:31 by darrin1471
diku. Landlords selling is a very gradual multi year thing. Most properties would not have been pubs when the leases were agreed. I assume the original leases would have been for 20 years plus to warrant the site investment. Possibly with a JDW break clause. Remember Tim Martin qualified as a barrister. I would trust JDW to have a formula the calculate the return on buying a freehold. I did wonder if one reason they did not revalue the estate since 1999 may be because JDW could use the value of their freehold vs turnover as a valuation on new freeholds.
Posted at 29/8/2022 09:58 by darrin1471
chestnuts. The total cost of JDW debt is 4.28% (source interim results). That is the cost of the loans and the swaps. The point is that JDW have fixed the swaps until 2031. The cost of debt should fall 0.5% over the next couple of years. In Feb 2025 the banks could increase the cost of the loans by increasing fees or margins above SONIA (replacement for LIBOR). JDW's swaps have protected JDW from the changes in BoE interest rate rises. JDW have increase borrowings to buy freeholds e.g. A pub freehold costs £1.5m. The lease charges rent of £120,000 pa (8% return) JDW buy the freehold and service the £1.5m at 4.28% costing £64,200 JDW save £55,800 pa My question would be what do JDW do with the £55k x 300 pubs. They could increase dividends, buy more freeholds or pay off the debt. My bet would be that they buy more freeholds and pay off debt. By my calculations it would take 18/19 years for the savings on the rent to fully pay off the cost of the freeholds using the figures above.
Posted at 28/8/2022 22:32 by chestnuts
Darrin The rates you posted seem to low, for what you say below, it will be interesting to see what the end numbers are and the actual costs. ++++++chestnuts. Beyond my pay scale but I believe JDW have a secured a variable rate revolving-loan facility of £855m which matures in February 2025 lent by 14 participating lenders. JDW has hedged £770m of its interest-rate liabilities to its banks by swapping the floating-rate debt into fixed-rate debt. I don't think JDW have said who the banks are or who the swap counterparties are.+++++
Posted at 28/8/2022 21:13 by darrin1471
chestnuts. Beyond my pay scale but I believe JDW have a secured a variable rate revolving-loan facility of £855m which matures in February 2025 lent by 14 participating lenders. JDW has hedged £770m of its interest-rate liabilities to its banks by swapping the floating-rate debt into fixed-rate debt. I don't think JDW have said who the banks are or who the swap counterparties are.
Posted at 28/8/2022 17:55 by darrin1471
EI. Everyone suffers with inflation. JDW are saying their costs are going up less than current inflation including wages. They have fixed some suppliers, energy and leases to below inflation. Other leases have been bought, so no rent and loans are long term fixed on low interest rates. Wages should rise for all low paid. Everybody knows we have high inflation and JDW represents very good value for money. If JDW put 10% on every item you are not going to see customers choosing anywhere cheaper except the supermarket. Competition will be going bust and customers will be trading down from higher prices.
Posted at 28/8/2022 17:41 by essentialinvestor
Darrin, perhaps should have phrased the comment more precisely - it's not that JDW are unable to recruit, it's the costs involved with labour inflation, partly driven by a smaller pool of workers. So this feeds directly through to margins unless pub prices can be raised to offset. As JDW is run on a high volume lower price point/margins model, pub footfall is also vital. What has surprised me is given a cavernous differential in pricing between JDW and many other pubs, why is the business not booming. The jury still out until the next update or H1 results - that being said, IF they guide more optimistically than current consensus, the share price arguably has large upside and such a move may be swift.
Posted at 28/8/2022 13:50 by essentialinvestor
Hi Darrin, thanks for the view. I hold YNGN which probably has the lowest gearing in the listed sector, JDW is on a watchlist. Many of the listed pub groups (MAB, MARS etc) ran up significant net debt prior to the GFC hitting and arguably never fully recovered. JDW gearing pre covid looked reasonable, although at least one analyst highlighted their net debt was at the top end of historical range, then came covid. On JDW going forward, a central question may be..how dependent was past financial success on a pool of available labour, a significant number of whom have returned to their home countries following Brexit. Data from the UK hospitality industry suggests over 200,000 mainland European workers have left employment.
Posted at 05/8/2022 17:20 by m_kerr
i think we're at an interesting intersection with JDW. rival pubco's are all passing on substantial price increases, such that the price gap between JDW and the competition is now huge. it's often said that JDW will suffer more because their customers are more price conscious. i think those people are forgetting that JDW and discounters dramatically increased market share during the last financial crisis through people 'trading down'. surely those with higher cost bases, charging 50-100% more are most vulnerable.
Posted at 22/6/2022 09:57 by harveyspeed
I've just doubled my shareholding after this morning's drop into the 660s. I feel JDW is in a strong position. My simplistic view - Most of its property portfolio is owned outright, so little worry of lease price increases. Other pubs on leases will no doubt suffer and close. JDW take their custom.The majority of people can ride an economic downturn and will continue to go to the pub and enjoy themselves. People will be watching their spending and choose places like JDW to eat/drink.Probable likelihood that staycation will be high this year, with people choosing not to fly abroad due to economy, cost, airline cancellations, residual covid restrictions (France still requiring PLF; mask wearing on Spanish flights/ transport). First summer with zero restrictions in UK since 2019. This is good for JDW.Football World Cup in November, normally one of the quietest months for hospitality. Two home nations competing. Always a good time for pubs. Petrol price rises will impact costs of goods, but a large proportion of society are still working from home - not spending as much on commuting.War situation is a big uncertainly.Lots of negative news, but also things to be positive about.
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