Good morning from Paul & Graham!
Today's report is now finished at 13:53
Explanatory notes -
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Main Section Summaries
(more detail in sections below)
Superdry (LON:SDRY) - down 5% to 80p (£67m) - equity fundraise - Paul - AMBER
As expected, it’s doing an equity fundraise. Only c.£12m, although that’s flexible. Underwritten by Julian Dunkerton. Priced at a 10% discount, at 76.3p. My thoughts are below. A step in the right direction, but SDRY is not out of the woods yet.
Videndum (LON:VID) - down 9% to 713p y’day (£333m) - mild profit warning - Paul - AMBER
Issued a rather vague, but seemingly mild profit warning yesterday afternoon. I can’t quantify it yet, as no figures or broker updates available. I’m worried about excessive debt after an acquisition spree - not a good look when combined with now softer trading.
Reach (LON:RCH) - unchanged at 82p (£260m) - trading update in line - Graham - AMBER
This newspaper group is on track for large adjusted operating profits of c. £95m this year. They are bravely expanding in the US and the shares are superficially very cheap. This could get very interesting if revenues stabilise and as the pension deficit is reduced further.
TI Fluid Systems (LON:TIFS) -…
