Editor's Pick: What's in store today...
(YELL.L) Yell Group PLC Buy/Sell
Add to portfolio Set Alert Level 2 Desktop Trader
Summary
Buy UK shares FREE until 30 Jun 2010. No hidden charges, admin or inactivity fees
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Date/Time | Headline | Source |
|---|---|---|
| 04-02-10 | RNS |
|
|
RNS Number : 6508G Yell Group plc 04 February 2010 4 February 2010 Yell Group plc financial report for the nine months ended 31 December 2009 Performance slightly ahead of expectations. Declines stabilising. Very strong cashflow continues.
results(unaudited)
information on page 18. Differences arise from exceptional items and amortisation of acquired intangibles. John Condron, Chief Executive Officer, said: "While the economic pressures remain, we continue to see early signs that the rate of revenue decline is stabilising and this quarter has again delivered revenue slightly above guidance. The fact that our usage and retention rates remain relatively resilient gives us confidence for the future and we continue to invest in our products and sales teams to ensure we are best placed to help our customers grow when the economy recovers." John Davis, Chief Financial Officer, said: "Our focus on costs has enabled us to limit the full impact of the revenue decline and we continue to expect at least £600m of adjusted EBITDA for the full year, whilst still investing in the business. Our cash generation remains extremely strong, with free cash flow up almost 25% to £336 million before payment of exceptionals."
Enquiries
Mobile: +44 (0)7793 957848 Mobile: +44 (0)7801 977340 Citigate Dewe Rogerson Anthony Carlisle Tel: +44 (0)20 7638 9571 Mobile +44 (0)7973 611888 This news release contains forward-looking statements. These statements appear in a number of places in this news release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, revenue, financial condition, liquidity, prospects, growth, strategies, new products, the level of new directory launches and the markets in which we operate. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Readers are advised to read pages 20 through 24 in Yell Group plc's annual report for the financial year ended 31 March 2009. We undertake no obligation publicly to update or revise any forward-looking statements, except as may be required by law. A copy of this release can be accessed at: www.yellgroup.com/announcements
Yell Group plc summary financial results (unaudited)
exceptionals(f)
earnings per share (pence)(g)
Effective average exchange rates:
See end notes on page 8. End notes c through g provide an explanation of non-statutory figures along with references to where they are reconciled to statutory figures. Group results Overview Revenue(b) was down 13.3% at constant exchange rates for the three months ended 31 December 2009, ahead of the 16% guided decline. For the nine months, revenue at constant exchange rates was down 13.3% and adjusted EBITDA (b) (c) at constant exchange rates was down 20.5%. The EBITDA margin decreased by 3.2 percentage points to 31.3% as the benefit of our cost savings partially offset the declining revenue and continued investment for future recovery. Our internet businesses continued to grow, up 13.5% at constant exchange rates for the nine months. Internet revenue accounted for 20% of our total revenues compared with 15% in the same period last year. The release of working capital from the reduction in revenue coupled with good cash management has resulted in a 3.8% increase in operating cash flow (b) (d) at constant exchange rates, despite the lower adjusted EBITDA. Cash conversion(b) (e) was up 29.6 percentage points to 119.1%. Our free cash flow(f), after interest and tax payments and excluding payments of previously accrued exceptional items and exceptional interest incurred on refinancing, increased 24.6% to £336.3 million. On 30 November 2009 the Group completed afirm placing and a placing and open offer of shares that raised net proceeds of £559 million to prepay those lenders who had agreed to a debt extension to 2014. More than 95% of lenders (by value) had agreed to the extension. The remaining lenders will be repaid in accordance with the original lending terms. The Group's net debt at £3.0 billion was down £1.2 billion from 31 March 2009 with strong cash generation and favourable foreign exchange rate movements adding to the £559 million net proceeds from raising equity. Group financial outlook We are beginning to see some confidence return in our current sales canvasses which will be reflected for the first time in our reported results for the three months ending 30 June 2010. Revenue in the three months ending 31 March 2010 is largely sold and we expect it to decline by 16% at constant currency, reflecting the traditionally slower relative growth of books in that quarter and continuing effect of the economic slowdown during the relevant selling period on both print and internet revenues. We expect EBITDA for the full year ending 31 March 2010 to be at least £600 million as we continue investing for future growth for when the economy in each of our markets begins to recover. Yell UK operating performance
Nine months ended 31 December (unaudited)
Printed directories
Internet
advertiser (£)(m) See end notes on page 8. Economic pressures continue to affect both print and internet revenues as well as customer numbers. Print customer retention rates in the three months ended 31 December 2009 were broadly at the same level as the comparable period last year with the 2 percentage point reduction in the nine months occurring in the first half of this year. Loyalty rates and spend among new print customers have historically been lower than among customers who have been with Yell for some years. Therefore we have been intentionally acquiring fewer new customers, as we concentrate on core Yellow Pages advertisers. Internet revenues continue to grow and represent almost 30% of total UK revenues compared to 24% last year. Our intentional focus on acquiring more relevant searches for our advertisers, at the expense of volume, caused unique internet users to fall in December. The improved margin reflects our focus on cost management, which has enabled us to limit the full effect of the revenue decline on EBITDA. Yellowbook operating performance
Nine months ended 31 December (unaudited)
Printed directories
Internet
(n)
advertiser ($)(m) See end notes on page 8. The economic situation continues to put pressure on both our internet and print revenues and customer numbers. The reduction in our print customer retention rate slowed in the third quarter and, as in the UK, the declining customer base reflected the intentional acquisition of fewer new customers, as we concentrated on our core advertisers. Internet revenues now represent over 16% of total US revenues up from 12% last year with future growth built on the foundation of continuing strong growth in unique visitors. Our focus on cost management has enabled us to limit the full effect of the revenue decline on EBITDA. Yell Publicidad operating performance
Nine months ended 31 December (unaudited)
Paginas Amarillas classified directories (Spain)
Internet (Spain)
advertiser (EUR)(m) See end notes to the above table on page 8. Economic pressures have severely affected the Spanish marketplace and have driven a significant reduction in print advertisers and yield. As in the UK and US however the deterioration in retention rates slowed during the third quarter. The negative effect on print revenues was partially offset by strongly improved internet revenues, which grew 19.0% as we more fully monetised the increasing internet usage and the benefits of the unbundling programme (whereby we are charging separately for our print and internet products). Revenue from Latin America at EUR92.2 million decreased 5.6%, but increased 1.8% at constant exchange rates. The adjusted EBITDA margin was down 10.3 percentage points on last year. This reflected a combination of declining revenue and increased investment in the nine months partially offset by the savings from cost cutting initiatives. Statutory disclosures A discussion of our risk management along with the principal risks and uncertainties that could affect our business activities or financial results is detailed onpages 20 - 24 of Yell Group plc's annual report for the financial year ended 31 March 2009, a copy of which is available on our website www.yellgroup.com. End notes for pages 3 through 7.
Yell.com 31 December 2009 - 214,000; 31 December 2008 - 211,000. Yellowbook.com 31 December 2009 - 377,000; 31 December 2008 - 381,000. PaginasAmarillas.es 31 December 2009 - 126,000; 31 December 2008 - 183,000. In the UK the revenue includes our netReach product, in the US our WebReach product, and in Spain our Europages product.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENT
Nine months ended 31 December
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Nine months ended 31 December
translation of foreign operations
defined benefit pension schemes
financial instruments used as hedges
recognised in the income statement
income statement
See notes to the financial information for additional details.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended 31 December
Net cash inflow from operating activities
Cash flows from investing activities
Purchase of software, property, plant and
Cash flows from financing activities
period
equivalents
CASH GENERATED FROM OPERATIONS
Adjustments for:
Changes in working capital:
See notes to the financial information for additional details.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
See notes to the financial information for additional details.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Nine months ended 31 December 2009
after taxation
recognised in the income
statement
for the nine months
Value of services provided
payments
trust
loss
Nine months ended 31 December 2008
after taxation
recognised in the income
statement
the period
in return for share based
payments
employees
trust
shareholders
£292.1 million (31 March 2009 - £367.3 million gain). See notes to the financial information for additional details.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED NOTES TO THE FINANCIAL INFORMATION
The principal activity of Yell Group plc and its subsidiaries is the sale of advertising in, and publishing of, its print and online directory products and services in the United Kingdom, the United States, Spain and certain countries in Latin America. This unaudited condensed set of financial statements for the nine months ended 31 December 2009 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRSs") as set out in our annual report for the year ended 31 March 2009, and in accordance with the Listing Rules of the Financial Services Authority. The financial information contained herein has been prepared on a going concern basis. In the opinion of management, the financial information included herein includes all adjustments necessary for a fair presentation of the consolidated results, financial position and cash flows for each period presented. The unaudited financial information contained herein does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2009 were approved by the Board of Directors on 4 June 2009 and delivered to the Registrar of Companies. The audit opinion on the statutory accounts for the year ended 31 March 2009 was unqualified, and contained an emphasis of matter paragraph on going concern. It did not contain any statement under section 498 of the Companies Act 2006. The financial information herein should be read in conjunction with Yell's 2009 annual report published in June 2009, which includes the audited consolidated financial statements of Yell Group plc and its subsidiaries for the year ended 31 March 2009. The preparation of the consolidated financial information requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information and the reported amounts of income and expenditure during the period. Actual results could differ from those estimates. Estimates are used principally when accounting for doubtful debts, depreciation, retirement benefits, acquisitions and taxation. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
YELL GROUP PLC AND SUBSIDIARIES
UNAUDITED NOTES TO THE FINANCIAL INFORMATION
The financial statements for the year ending 31 March 2010 are not expected to be materially affected by implementation of new standards, amendments to standards, or interpretations, except for the following amendments to standards that are mandatory for the first time for the financial year beginning 1 April 2009: IAS 1 (revised), Presentation of financial statementsprohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. The group has elected to present two statements: an income statement and a statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements.
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
Reconciliation of operating profit to adjusted EBITDA(a)
Nine months ended 31 December
We do not allocate interest or taxation charges by product or geographic segment.
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
The tax charge for the period is different from the standard rate of corporation tax in the United Kingdom of 28% (2008 - 28%). The differences are explained below:
Nine months ended 31 December
Effects of:
The tax on the Group's profit before tax is analysed as follows:
Nine months ended 31 December
Current tax:
Deferred tax:
Taxation credited (charged) directly to equity is as follows:
Nine months ended 31 December
Deferred tax on fair valuations of
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
The calculation of basic and diluted earnings per share is based on the profit for the relevant financial period and on the weighted average share capital during the period.
otherwise Nine months ended 31 December 2009
(millions)(b)
(pence)
(pence)
(pence) Nine months ended 31 December 2008
issued ordinary shares
(millions) restated(b)
share (pence) restated(b)
(pence) restated
share (pence) restated(b)
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
Exceptional items are transactions that, by virtue of their incidence, size or a combination of both, are disclosed separately. Exceptional items comprise the following.
Nine months ended 31 December
to avoid overhedged position after refinancing
Nine months ended 31 December
plant and equipment
Proceeds on the sale of property, plant and equipment were £nil in the nine months ended 31 December 2009 and 2008. Capital expenditure committed at 31 December 2009 was £12.2 million (31 March 2009 - £11.8 million).
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
Nine months ended 31 December 2009
In the nine months ended 31 December 2009, the Yell Group acquired an in-fill acquisition in the US for £3.0 million. Total costs were allocated to the acquired assets and liabilities as follows:
Non current assets
Current assets
Current liabilities
assets
Goodwill of £1.5 million was attributable to the expected future synergies, the workforce acquired and expected future growth of the business.
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
Nine months ended 31 December 2008 In the nine months ended 31 December 2008, the Yell Group acquired 100% of the Adworks businesses in the UK, US, Spain and India for £8.7 million, and an in-fill acquisition in the US for £0.2 million. Total costs were allocated to the acquired assets and liabilities as follows:
Non current assets
Current assets
Current liabilities
Goodwill of £5.3 million was attributable to the expected future synergies, the workforce acquired and expected future growth of the business. Cash flow
A reconciliation of cash paid on acquisitions, including deferred payments for prior period acquisitions, to the cash flow on page 10 is as follows:
Nine months ended 31 December
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
The following table reconciles EBITDA, operating cash flow and cash conversion to cash generated from operations as presented on the cash flow statement on page 10.
Nine months ended 31 December
included in cash generated from operations
plant and equipment (see note 7)
Free cash flow before payment of exceptional items (defined as operating cash flow less interest and tax payments) was £336.3 million, up 24.6% compared with £270.0 million in the same period last year.
At 31 December 2009 and 31 March 2009
Goodwill is not amortised but is tested for impairment at least annually. During the year ended 31 March 2009, impairment losses of £1,103.9 million, £120.1 million, £40.8 million and £7.5 million on goodwill in relation to its operations in Spain, Chile, Argentina and Peru, respectively, were recorded. The goodwill in the UK and the US was not written down, because estimated recoverable amounts continued to be in excess of carrying values.
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
At 31 December 2009 and 31 March 2009
At 31 December 2009 and 31 March 2009
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
The elements of deferred tax assets recognised in the accounts were as follows:
At 31 December 2009 and 31 March 2009
Tax effect of timing differences due to:
The elements of deferred tax liabilities recognised in the accounts were as follows:
At 31 December 2009 and 31 March 2009
Tax effect of timing differences due to:
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
2009
Amounts falling due within one year
facilities (committed until April 2014)
Net obligations under finance
Amounts falling due after more than one year
The movement in net debt for the nine months ended 31 December 2009 arose as follows:
Net debt
Nine months ended 31 December
Our new bank facilities became effective on 30 November 2009 and are committed until 2014. Our old and new facilities contain covenants over net cash interest cover and debt cover. The net cash interest cover covenant requires that the ratio of adjusted EBITDA for the latest 12 month period to net cash interest payable for the latest 12 month period does not fall below specific threshold ratios at specific test dates. The debt cover covenant requires that the ratio of net debt, excluding deferred financing fees, at the testing date to adjusted EBITDA for the latest 12 month period should not exceed specific threshold ratios at specific test dates. We operated within our debt covenants for all periods presented in this financial information.
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
At 31 December 2009 and 31 March 2009
Amounts falling due within one year
Amounts falling due after more than one year
Trade and other payables
At 31 December 2009 and 31 March 2009
(obligation) surplus at 1 April 2009 and 2008
Net actuarial loss on
YELL GROUP PLC AND SUBSIDIARIES UNAUDITED NOTES TO THE FINANCIAL INFORMATION (continued)
A lawsuit filed by Verizon against Yellowbook was settled in October 2004. Yellowbook was later served with complaints filed as class actions in five US states and the District of Columbia. In these actions, the plaintiffs alleged violations of consumer protection legislation and placed reliance on findings of the court in the settled Verizon suit. These class actions were consolidated into a single class action before a New Jersey state court. In the year ended 31 March 2005, we accrued $45 million as an estimate of the likely costs arising from the class action. On 26 August 2005, the New Jersey court approved a comprehensive national settlement, with no admission of liability. However, several appeals were subsequently lodged against the approved settlement, the most significant of which were resolved by 30 June 2007. With resolution of these appeals, Yellowbook was able to reassess the likely costs of the settlement, and we reversed $23.6 million (£11.8 million) of the originally accrued settlement obligation as an exceptional credit through the income statement in the year ended 31 March 2008. We reversed a further $12.7 million (£8.9 million) of the obligation as an exceptional credit in the year ended 31 March 2009. At 31 December 2009, the remaining $4.2 million of accrued settlement obligation represented our best estimate of the remaining amounts to be settled. We also have £23.2 million of restructuring provisions expensed but not yet paid at 31 December 2009 as our best estimate of remaining amounts to be settled. There are no contingent liabilities or guarantees other than those referred to above and those arising in the ordinary course of the Group's business. No material losses are anticipated on liabilities arising in the ordinary course of business.
FINANCIAL CALENDAR
Shareholder Contact Details Website for viewing information about your holding: www.shareview.co.uk Equiniti telephone line for shareholders: 0871 384 2049* Equiniti telephone line for employee shareholders: 0871 384 2130* Text phone for the hard of hearing: 0871 384 2255* Equiniti Limited Aspect House Spencer Road Lancing West Sussex
BN99 6DA Yell Group plc Yell Group plc Queens Walk Reading Berkshire RG1 7PT www.yellgroup.com
NOTES TO EDITORS Yell Group Yell is a leading international classified advertising publisher operating in the UK, US, Spain and certain countries in Latin America through printed, online and telephone-based media. In the year ended 31 March 2009, Yell published 113 directories in the United Kingdom, 996 in the United States, and 89 Paginas Amarillas directories in Spain. In the United Kingdom, where it is a leading provider in the classified advertising market, it served 390,000 unique advertisers. In the United States, where it is the largest independent classified directory publisher, it served 634,000 unique advertisers. In Spain, the Paginas Amarillas directories served 285,000 unique advertisers. Yell's principal brands include: in the United Kingdom - Yellow Pages, Yell.com and 118 24 7; in the United States - Yellowbook and Yellowbook.com; and in Spain - Paginas Amarillas and PaginasAmarillas.es. This information is provided by RNS The company news service from the London Stock Exchange END
QRTSSUFWDFSSEFE More |
||
| 02-02-10 | RNS |
|
|
RNS Number : 5703G Yell Group plc 02 February 2010
existing shares to which voting rights are attached:
which voting rights are attached
notification
obligation:
from 3.):
the threshold
reached:
A: Voting rights attached to shares
Class/type of share If possible GB0031718066
use ISIN code
Situation previous to the triggering transaction
Resulting situation after the triggering transaction
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
15. Contact telephonenumber: (0131) 245 6565 For notes on how to complete form TR-1 please see the FSA website.
A: Identity of the person or legal entity subject to the notification obligation
Contact address(registered office for legal entities)
Other useful information(at least legal representative for legal persons)
6501/
functional relationship with the person or legal entity subject to the notification obligation)
N/A This information is provided by RNS The company news service from the London Stock Exchange END
HOLQLLFBBLFEBBF More |
||
| 01-02-10 | AFX UK Focus |
|
|
LONDON, Feb 1 (Reuters) - Britain's opposition Conservatives want to centralise government funding for green technologies in a single body advised by climate change expert Nicholas Stern, a party aide said on Monday.
(Reporting by David Milliken; Editing by Diane Craft) Keywords: BRITAIN CONSERVATIVES/GREENBANK (Reuters Messaging: david.milliken.reuters.com@reuters.net; david.milliken@reuters.com; +44 20 7542 5109)
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
||
| 28-01-10 | RNS |
|
|
RNS Number : 2642G Yell Group plc 28 January 2010
shares to which voting rights are attached:
2: Reason for notification (yes/no)
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to
which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification
obligation:
4. Full name of shareholder(s) (if different
from 3.):
5. Date of the transaction (and date on which the threshold
is crossed or reached):
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or reached:
8: Notified Details
Voting rights attached to shares
Situation previous to the triggering transaction
Resulting situation after the triggering transaction
Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: (0131) 245 6565
For notes on how to complete form TR-1 please see the FSA website.
A: Identity of the person or legal entity subject to the notification obligation
Contact address (registered office for legal entities)
Other useful information (at least legal representative for legal persons)
6501/
functional relationship with the person or legal entity subject to the notification obligation)
N/A This information is provided by RNS The company news service from the London Stock Exchange END
HOLBVLFLBFFFBBB More |
||
| Date/Time | Subject | Author | ||
|---|---|---|---|---|
| Tue 23:47 |
BUY
Trend is a buy !
|
|||
|
| ||||
|
| ||||
|
Call me a hot sexy blonde. But i've never seen it this bullish on bar charts
 . It was 100 % sell when I was buying eek. Contrarian. Cocktails. nite all  xxhttp://quote.barchart.com/texpert.asp?sym=YELL.LS More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
||||
| Tue 18:37 | ||||
|
| ||||
|
| ||||
|
KW
You can't really compare 12 months as the RI and consolidation throw it all out. Look at the 6 month comparison though, thats very revealing and what ive been looking at, it shows correlation with YELL having a higher degree of volatility. Also note the start and end points arent far apart, so even tho im not currently in YELL I want that rump to clear as it will ultimately help me. The best comparison imo is 6 month YELL vs JPR, very closely correlated and follows my old theory that sp YELL = 1.75 sp JPR. It nearly always holds. GL More | View thread (16) | Respond | Login to Vote up | Login to Vote down |
||||
| Tue 18:30 |
1
|
|||
|
| ||||
|
| ||||
|
Diversification,
Thanks for you comments. Good luck with Mec. I was not aware of the press comments about DM's position, although it seems to gel with my own. Maybe they will offer Rommel the revolver one day. My concern over the newspaper groups is that they have done some smoke and miror stuff with costs - cutting back distribution and editorial jobs and in-paper ratios, If the core business has been dis-invested in, then the advertising will stop working and the advertisers will desert. Yell, on the other hand, has not cut back its core product and is investing in making sure that its products work for its advertisers. All I know is that it is the businesses that take Yell's approach who tend to emerge better from the recession. I guess all I am saying about MEcom is that I am yet to be convinced. More | View thread (16) | Respond | Login to Vote up | Login to Vote down |
||||
| Tue 18:20 | ||||
|
| ||||
|
| ||||
|
KW
I can to some degree see where your coming from. Sentiment takes over when the bad news flow appears to be constant and there it has been worse than most in the past. I too am sceptical about the their claims for digital media. In many ways it suffered from being the first of the RI media bunch, and a similar level of sp depression could well happen here short-medium term even though the market conditions are now more favourable. In JPR's case I feel their bad news is all in the future. With MEC, 2 things have stood out for me recently, until then I was sat on the fence. 1) The last trading statement in January was profound imo. Debt had reduced 10% (40m) from the announcement 2 months earlier, and advertising revenue had declined far less than expected (and to a lesser degree than YELL) 2) Press comments about II's stating DM's position is under threat I see as a win win. Either he performs now and he stays, or he doesnt and he is replaced with someone who will. Either way it's good for the sp. That along with the fundamental fact that the eurozone is 6-9 months ahead of the UK makes things even more promising. GL - I hope the rump and nervy PI's clear out quickly here. More | View thread (16) | Respond | Login to Vote up | Login to Vote down |
||||
They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
More...