II Editor
20 Jun 2017
NEW ARTICLE: Charting the way back for Laura Ashley "Laura Ashley & the euro (LSE:ALY & GBP:EUR)Our last review of LSE:ALY:Laura Ashley (link here) suggested 9p as an "ultimate bottom", one of these things where often a share shall experience a proper bounce as we cannot calculate below.Of course, ..."[link]
II Editor
19 Jun 2017
NEW ARTICLE: Trends and Targets for 20/06/2017 " LAURA ASHLEY & THE EURO (LSE:ALY & GBPEUR) Our last review of Ashley (link here) suggested 9p as an "ultimate bottom", one of these things where often a share shall experience a proper bounce as we cannot calculate below. Of course, sometimes ..."[link]
TX2
06 Jun 2017
Re: Pension Fund Yes it is always important to look at the financial position of any remaining Defined Benefit Pension schemes in any company before investing.Defined Contribution Pension Schemes which are now the norm throughout the private sector and present no problems because the employer has no liability beyond the agreed contributions.These unlike defined benefit ones do not appear on the balance sheet although a note is given in accounts that appropriate agreed contributions have been given.ALY's shortfall is manageable and should in theory be at or near a high point as bond yields on which its valuation is based are very low.There are of course other reasons why it might not be wise to buy shares in ALY or other retailers at the moment!
Eagerbeaver66
06 Jun 2017
Re: Pension Fund The pension fund was detailed in unusually frank in detail in their 2015 report, and there was minimal change in 2016, so that situation is probably similar now.Sorry for the (absence of) formatting!27 Group Pension Arrangements The Group operates a funded pension scheme in the UK, which offers both pensions in retirement and death benefits to members. The scheme has both defined benefit and defined contribution sections, although the defined contribution section is relatively small.The scheme is closed to new members. With effect from 1 September 2005, the defined contribution section was established and in-service members ceased to accrue benefits within the defined benefit section, although such members’ pension benefits remain linked to their final salary at retirement and their length of service before 1 September 2005.Except where stated otherwise, this note refers only to the defined benefit section of the scheme.In addition to the Group’s contributions on behalf of members of the scheme, the Group’s deficit contributions to the defined benefit section of the scheme for the year beginning 1 February 2015 will be £900,000. In addition, the Group will pay the cost of insurance premiums and the expenses associated with running the scheme (including regulatory levies). A full actuarial valuation of the scheme was undertaken in the latter part of 2014 by a qualified independent actuary and these accounting results have been updated to 31 January 2015 to take account of benefit accrual and outflow during the period. The major assumptions used by the actuary are (in nominal terms) as follows: As at 31 Jan 2015 As at 25 Jan 2014 As at 26 Jan 2013 As at 28 Jan 2012As at 29 Jan 2011 Discount rate 3.00% 4.50% 4.60% 4.70% 5.60% Rate of salary increase 2.80% 3.30% 3.40% 2.90% 3.40% Rate of increase to inflation-linked pensions in payment 2.00% 2.40% 2.60% 2.20% 3.40% Rate of increase in revaluation in deferment 2.00% 2.50% 2.70% 2.20% 2.90% Rate of inflation 2.80% 3.30% 3.40% 2.90% 3.40%Life expectancy at age 65:As at 31 Jan 2015 YearsAs at 25 Jan 2014 YearsAs at 26 Jan 2013 YearsAs at 28 Jan 2012 YearsAs at 29 Jan 2011 Years Male currently 65 20.6 20.5 20.4 21.2 22.2 Male currently 45 22.4 22.3 22.2 23.1 24.2 Female currently 65 23.1 23.0 22.9 23.7 24.6 Female currently 45 24.9 24.8 24.7 25.6 26.4The assumptions used in determining the overall expected return of the scheme have been set with reference to yields available on government bonds and the appropriate risk margins.Annual Report 2015 LAURA ASHLEY HOLDINGS PLC60Notes to the Financial Statements continued27 Group Pension Arrangements continued The assets in the scheme and the expected rates of return were
ercentage of scheme assetsValue at 31 Jan 2015 £000Percentage of scheme assetsValue at 25 Jan 2014 £000 Equities 74.5% 29,511 76.5% 27,742 Bonds 18.9% 7,484 17.7% 6,395 Insured annuities 2.7% 1,066 2.9% 1,051 Other 3.9% 1,543 2.9% 1,043 100.0% 39,604 100.0% 36,231The actual return on assets over the period was 3,649 3,180Reconciliation of opening and closing balances of the present value of the defined benefit obligationValue at 31 Jan 2015 £000Value at 25 Jan 2014 £000Benefit obligation at the beginning of the year 45,052 44,340 Interest cost 2,002 2,015 Re-measurements (i) Actuarial losses arising from changes in financial assumptions 11,734 222 (ii) Actuarial gains arising from changes in experience (264) (470) Benefits paid (1,145) (1,055) Benefit obligation at end of the year 57,379 45,052Reconciliation of opening and closing balances of the fair value of plan assetsValue at 31 Jan 2015 £000Value at 25 Jan 2014 £000Fair value of plan assets at the beginning of period 36,231 33,252 Interest income on plan assets 1,624 1,525 Re-measurement gain on scheme assets 2,025 1,655 Contributions by employer 869 854 Benefits paid (1,145) (1,055) Fair value of plan assets at end of period 39,604 36,231Balance
Tenobas
10 May 2017
Pension Fund The accounts give no details of the pension fund situation.Without those details I would not invest in this company.
II Editor
10 May 2017
NEW ARTICLE: Should you take a punt on this retailer? "Laura Ashley (LSE:ALY)Earlier this year, we proposed a basket of ISA shares, with LSE:ALY:Laura Ashley mentioned, along with the criteria it needed before being sane.Our group of shares are collectively showing at 16.4% up, but we're painfully ..."[link]
II Editor
09 May 2017
NEW ARTICLE: Trends and Targets for 10/05/2017 " LAURA ASHLEY (LSE:ALY) Earlier this year, we proposed a basket of "ISA" shares with Laura Ashley (Report link here) mentioned, along with the criteria it needed before being sane. Our group of shares are collectively showing at 16.4% UP but ..."[link]
casabanker
17 Mar 2017
Re: Just some news Well I hope so and I hope not to your respective sale and purchase, lol. It's bad luck over ALY. I bought in at just over 28p originally and sold out, thankfully for over 20p. Some time ago I had issues with GSK too. I kept averaging down from around 1557 ending up at 1412. I was overweight and tired of waiting for it to improve and sold the whole lot. A mistake but I did buy a small quatity again at 1282 which I still hold. Good luck, Casa.
handoverfist
14 Mar 2017
Re: Just some news Well I have held from 27p but not any more!Here is a massive buying signal for laura ashley. The market usually watches for when I sell to rapidly raise the share price. The corollary is that I have used the money to buy more glaxo welcome. These will now drop 
Good luck to all holders (and more especially to the sellers)
II Editor
14 Mar 2017
NEW ARTICLE: Trends and Targets for 14/03/2017 " ABERDEEN ASSET MNGMT & LAURA ASHLEY (LSE:ADN & LSE:ALY)Â Â We listed this pair as potential ISA candidates back in February. Aberdeen Asst (ADN) is currently trading around 280p, priced at our original mutter (link here) being 265p. ADN has ..."[link]
casabanker
09 Mar 2017
Re: Just some news Good morning, Bill,I tend to agree with you, Bill. I have suffered with ALY before. In the last 12 to 18 months, I have altered my attention to capital defensive investments such as RICA, SMT, LWDB, BGS, ETF's in gold, silver and platinum, CEY, PAF and FRES. As you can see, it's a big move and my income has dropped significantly. Frankly, I do not like many sectors at their current pricing levels. But Mumford's comments made me think again. Out of the retailers mentioned in my previous post, MOSB looks the most promising. Senior staff have taken cuts to bonus rates in order to pay for the increases in the living wage. It has a healthy cash rich balance sheet but improvement in results is unlikely to show up until next year. I only have a small, less than 1% exposure to ALY so any damage will be limited. I take your point about ALY. It doesn't look switched on. The strategic changes demanded on retailers are an existential threat if ignored. I won't stay long if there is no improvement in performance. Casa.
Bill1703
08 Mar 2017
Re: Just some news "In compensation, the dividend yield is just over 9.5%. If ALY can stall the reducing turnover and profit levels, the yield will be secure and with luck, the sp might recover a little."Casa - the way I read it, the 50% cut in the interim dividend means a likely FY cut of 50% going forward. So a FY yield a bit below 7% at this SP... good, but is it enough for the risk?The limited disclosure doesn't help much, but I don't get the sense the current management are sufficiently engaged in tackling the cost base - or indeed have much idea what to do about the revenue line? "... I read an article where Paul Mumford was interviewed. He likes "over my dead body" stocks such as Debenhams, Laura Ashley, Bonmarche and Moss Bros..." I generally agree with Mumford, UK retail is an interesting sector currently - unloved and undervalued IMHO, overall. Given the visibility, however, I am not sure that ALY is a particularly compelling way to play it. There is no shortage of retail opportunities at depressed valuations, many with excellent free cash generation profiles and strong dividend prospects.FWIW I hold a bit of BON, largely as an ultra-cheap speculative play, and otherwise playing UK retail (non-food) via MKS and Card Factory (which is admittedly a more specialist story).
casabanker
08 Mar 2017
Re: Just some news handoverfist,I have held ALY in the recent past and sold out at a loss. I bought in at over 28p and as you have stated, the sp falls more than the value of the dividend. A typical value trap.About two weeks ago I read an article where Paul Mumford was interviewed. He likes "over my dead body" stocks such as Debenhams, Laura Ashley, Bonmarche and Moss Bros. As you can see, they are all retailers and retailers have suffered with on-line competition, increases in the living wage and a weak gbp. They will have hedged against the falling pound and BON is covered until the end of this year. I have taken a risk on ALY falling more than it should due to the sector's unpopularity. Mumford limits his exposure in these risky areas to 1.5% of portfolio value and my stake is less than that. In compensation, the dividend yield is just over 9.5%. If ALY can stall the reducing turnover and profit levels, the yield will be secure and with luck, the sp might recover a litle.Wish me luck.Casa.
handoverfist
07 Mar 2017
Re: Just some news What we have actually seen is the shareprice dropping so much now that the dividend is about 10% although a dividend drop must be likely.The share price has actually been in decline since May 2015 but the drop has got steeper this year. Certainly the drop in share pricve over the last few years is greater than the dividends paid out. Does anyone see anything likely to turn this around?
frenchy232
26 Oct 2016
Re: Just some news Maybe, the problem at the moment is that any news is either netural or negative, need some evidence that things are moving in the right direction, I'm in for the long term as things stand, hopefully we will see some more positive updates in weeks / months to come...
