Good morning, it's Jack here with the placeholder for the first of this week's SCVRs.

If you have any suggestions or requests on what to cover just leave a comment and explain a little as to why you think the stock might be of interest to the community.

Agenda:

Ted Baker (LON:TED) - final results - the shares have rerated but trading is mixed and there is still a lot of execution risk here.

Esken (LON:ESKN) - Ettyl transactions for Stobart Air (SA) and Carlisle Airport fall through. SA to cease trading but residual obligations remain. Possible strategic funding could change the situation but this remains high risk. More detail is expected from the company later this month.

Saga (LON:SAGA) - Holding statement. Travel cash burn at lower end of guidance, insurance is ok (and benefitting from lower loss ratios), financial position is stable, ships remain ready to capitalise on pent-up demand once restrictions lift. 'Outstanding' customer loyalty so far.

Quick note - we said last week we would create a disclaimer for these posts. For now, just a friendly reminder that we don’t recommend any stocks. We aim to cover notable trading updates of the day and offer our opinions on them as possible candidates for further research if they pique your interest. We tend to stick to companies that have news out on the day.

A central assumption is that readers then DYOR (do your own research) and discuss in the comments below. The comments, incidentally, add just as much value as the blog post itself!


Ted Baker (LON:TED)

Share price: 165.6p (-0.48%)

Shares in issue: 184,608,786

Market cap: £305.7m

Ted Baker (LON:TED) is one of the more dramatic turnaround situations on the market right now.

A flurry of bad news marked a calamitous fall in the share price, with a deeply discounted share placing at the nadir locking in the value destruction and equity dilution for shareholders at the time.

The share price fell by nearly three quarters in 2019 alone.

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You can also see though that the price does appear to have been firming up recently, with the buyers beginning to outweigh sellers. Turnarounds can languish for a long time, but when they do turn, the rerating can be substantial.

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