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Read the notes!
Reading the notes to company releases is always wise, even if it can seem numbingly dull as you wade through the IR padding and still can’t find what you want. Sometimes however you stumble across something buried deep in the notes that stops you in your tracks with one of those ‘WTF’ moments. One such […]
Continue readingGrowthRater portfolio – closing longs on FedEx (+34% with +20% rel) and DMGT (+8% & +5% rel)
To pay for the Christmas presents, I’ll be closing a couple of long positions in the GrowthRater portfolio when markets open. One because it has done what I had hoped for and more (FedEx) and the other because it is increasing looking like dead money, or worse, in the face of deterioration in its markets […]
Continue readingDMGT – added to GrowthRater model portfolio at 704p
DMGT – added to GrowthRater model portfolio at 704p The shares have been off my radar over the last couple of years after having broken above the top of my GrowthRating range (of +2.6-4.1% CAGR) and as organic revenue momentum dropped below this as the structural decay in print advertising continued, falling oil prices impacted […]
Continue readingPearson – facing more than just contra-cyclical challenges
Listening to Pearson explaining away a -7% fall in H1 organic revenues, one might have come away with the impression that the group is bravely responding to a perfect storm of cyclical forces largely beyond its control. We are reminded that College enrolments (and therefore demand for HiEd textbooks and learning materials), is contra-cyclical to […]
Continue readingPearson AGM & Q1 IMS: a -4% decline in underlying revenues described as “solid”!
Pearson AGM & Q1 IMS Nothing much to see here beyond a re-iteration of the forecasts/guidance made on the 29 Feb and a reminder, if needed, that group earnings are H2 weighted. I enjoyed however, the nice spin of describing Q1 trading as “solid” when organic revenues were down by -4% YoY. I got in […]
Continue readingGrowthRater Model Portfolio: Closing long position on Pearson for +22% MoM gain
It may not be a surprise, but we use the GrowthRater system to manage a model portfolio of long and short positions which we will provide some more detail on once we can get out for under this barrage of company results. Needless to say, the criteria we use is to go long stocks that […]
Continue readingPearson defends the dividend and the shares bounce – as we had foreseen!
With a new Chairman on board and consensus forecasts for 2016 looking way too high, markets had started to doubt the group’s resolve and its ability to sustain the current rate of dividend. As it transpired, most of what we where suggesting yesterday has been matched by this morning’s release by Pearson (dividend, restructuring, restored […]
Continue readingPearson’s moment of truth – tomorrow’s 2015 pre-close IMS
Tomorrow Pearson will release its pre-close trading update for 2015 and markets are understandably reluctant to catch this falling knife before seeing whether the new chairman (Sidney Taurel) has dumped the CEO (John Fallon) and with him, his commitment to maintain the dividend (51p net in 2014 with a 34p final) as his “first priority”. […]
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