Wh Smith Share Discussion Threads

[kangaroo joe] 01/9/2023 11:42

Hoping for a move forward as all the analysts adjust their spreadsheets. More shops at airports, Toys R Us concessions, high margins, higher average transactions, on-line, funky pigeon, £114m windfall less tax looking likely, etc

[faz] 01/9/2023 08:16

End of the financial year yesterday

[ayl30] 29/8/2023 08:06

They will get a benefit from all those people stuck at airports following yesterdays disruption

[kangaroo joe] 25/7/2023 08:24

The accounting surplus was never recognised as an asset on the balance sheet because of uncertainty on whether the Trustee would ever agree to a refund, I guess, but I think actuaries/finance wonks would have been able to approximately calculate a buy-out position from the corporate bond yield based unrecognised surplus which was disclosed. Plus the management and bankers would have had discussions I suspect during the recently announced refinancing agreement. So it may be out there already, and a proposal out for consultation is some way off an actual payment being made.

[makinbuks] 25/7/2023 08:07

OK thanks, that is indeed interesting

[makinbuks] 25/7/2023 07:56

Interesting topic but don’t think it will move the dial on valuation. An accounting surplus measured on corporate bond yields will be a lot lower based on gilts/swaps which is how the insurance market will value it. If the asset were to be bought out there would be a capital loss in comparison to the surplus you refer to

[kangaroo joe] 25/7/2023 06:42

£114m pension surplus on the cards subject to tax - when city wakes up will it re-rate these I wonder? Or do they already know? Only a proposal at this stage apparently.

[kangaroo joe] 22/7/2023 16:38

Surplus letter received by relative - big windfall on cards - is it priced in?

[ayl30] 30/6/2023 05:26

Bang on strategyhttps://www.bbc.co.uk/news/business-66043903

[faz] 19/6/2023 15:42

Toysrus are opening in certain WHS stores. I'd be interested to know how that's going. I think there is a real gap in the market - the Works only sells cheap toys

[ayl30] 14/6/2023 15:35

Company says cost to them is better than previous refinancing

[makinbuks] 14/6/2023 13:03

Nothing said about the cost, so its unlikely a positive. Although they will have got some discount by agreeing to sustainable conditions

[faz] 14/6/2023 07:06

Good news re-financing, and shows the strategic aims. The banks arent making money on this the finance is used in aquisitions or funding further travel stores. And thats what they aregoing to do.

[undervaluedassets] 02/6/2023 15:58

I fully expect this to go back to highs and then kick on..

Air travel has not changed and human beings have not changed. We all end up stuck in airports. We all end up killing time by buying last-minute items that we forgot to pack at inflated prices.

WHSmith has spent years identifying and providing us all with exactly what we want and need.

it is an extremely clever niche business.

[faz] 31/5/2023 14:30

Yep all good here! very well positioned for further growth

[makinbuks] 31/5/2023 09:58

Couple of things I noted, first the UK high street business is growing again, though that may be simply inflation linked. Second the LFL US number was +5% which to me is low given there was a positive currency effect and again a high inflation factor. The headline growth looks amazing and should be maintained with 60 stores to open in the US

[this_is_me] 31/5/2023 07:39

In the short time since the last statement on 20th April " our expectations for the full financial year have further improved."

[panache1] 31/5/2023 07:14

Excellent trading statement (yet again)

[ayl30] 31/5/2023 07:04

Good newsTrading update for the 13 week period to 27 May 2023Continued strong momentum across our global Travel business;expectations for the full year increased

[ayl30] 27/5/2023 13:12

Record number of flights this weekend, all good for SMWH

[kangaroo joe] 27/5/2023 08:38

Positive vibes persist. Likely good news in pipeline. I am buying big time.

[ayl30] 26/5/2023 15:36

Only hopefully to the upside

[panache1] 26/5/2023 15:25

What's going on here ? Trading update due 31st May I think...surely no surprises there?

[ayl30] 05/5/2023 08:06

Why open down when IAG results today point to increased sales?