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Pearson – resorting to one-off non-cash tax items to try and spice up a tired recovery story

Pearson was for a while the darling of the sector, with a recovering top line supported by substantial cost reductions and an fx tailwind from the appreciation in its principal trading currency, the US dollar. Beyond this however, there was only limited evidence that the ship is being turned about, in terms of what really […]

Wazzup – 11th July 2017

German specialist cooker manufacturer Rational took top honours today with its guidance upgrade as US chain sales continue to storm ahead while back in Brexitland, an underwhelming Q1 sales report from M&S and for Pearson a difficult attempted exit from its consumer book venture (PRH) did little to lift the gloom. . Rational – FY17 […]

Pearson correlation? Cost cuts deflect attention from CEO remuneration

I am kicking myself over my stupidity. I should have anticipated Pearson’s CEO would find a bone to offer to shareholders over a contentious AGM which was voting, amongst other things, on the decision to award the CEO a +20% pay rise to a cool £1.5m for last year despite having to abandon profit guidance […]

Pearson – 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 […]

Pearson 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 […]

GrowthRater 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 […]

Pearson 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 […]

Pearson’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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