Broncomaniac
11 Dec 2015
Re: Was it luck? As I said when I sold out at 3800, the price needs to drop back to 5% yield to justify a re-entry for me. So far the price has always had trouble once getting above 3800. For a company in long term managed decline, I need to be getting a better yield to be comfortable holding.
gamesinvestor
11 Dec 2015
Was it luck? Selling out in the 38xx range -- was it luck or was this the turning point?Still holding IMT and feeling that unless someone takes a pop at it with a firm bid, it could start to follow.Games -- Is the upside a lot smaller than the potential downside after 5 years of stock price rises against a falling business -- probably few would have predicted such a stellar return.
gamesinvestor
08 Dec 2015
e ciggies [link] just new there would have to be something sooner or later.Games
gamesinvestor
07 Dec 2015
Re: Sold Out Just to qualify my last post, the profit numbers I quoted are operating profits. These differ from the pre-tax which show a rising trend, but I'm assuming that a lot of the discrepency is due to cost savings which are admirable in themselves, but surely have a limited life.I missed out the other point and that is dividends are covered only 1.3 times which at current interest rates on the big debt pile is OK, but if that changes?Still overall an excellent company in terms of ROCE and Operating Margins at 65 and 43% respectively but at the end of the day it's a declining business.Games
gamesinvestor
07 Dec 2015
Re: Sold Out Bronc, Joined you. Just sold at 3834. I've not held this as long as most here, but think the price is high and the debts in the tobacco industry are getting far too high.If BATS do make a bid for IMT then the share price of BATS surely will be hit and there will be a lower entry point.Someone earlier in this thread commented that profits were still rising, and looking at the numbers it doesn't appear to be the case. The latest interims showed a profit of 2347M compared to higher figures for the last 5 years in descending order of 2691M, 2722M, 2807M, 2458M. All of these numbers have been produced on declining revenues from £7.4Bn to £6.3Bn in the last interims.I've held onto my IMT for the moment although I see Alison Cooper has just sold a chunk 
3-Dec-15 Imperial Tobacco Group IMT Cooper,Alison 17,500 @ 35.78p £626,149.9803-Dec-15 Imperial Tobacco Group IMT Phillips,Matthew 5,171 @ 35.78p £185,018.37If BATS did buy IMT, it's debt situation would look pretty hefty and the balance sheet would change significantly for the negative.The net gearing of BATS has increased from 173 to 336 in the last 5 years and it's still rising.Games -- still holding Reynolds and IMT, but under review
