Daily Mail and General Trust Forum

Just pulled this from Research Tree too... "DMGT delivered satisfactory performance in H1 2016, negatively impacted by the weak print advertising market. The first half results were positively influenced by the Gastech event and a stronger US dollar relative to sterling. The company's B2B business led the growth and generated 76% of the operating profit. Daily Mail continued its portfolio management activity throughout the period. The company acquired stake in many firms including ETSOS, PAR Framework, Exhibition Management Services and LivingSocial. The acquired companies are functioning in diversified fields and are expected to enhance Daily Mail's prospects in terms of offerings and access to a range of customers. In addition, DMGT disposed some of its non-performing segments to improve its margins. We remain concerned about DMGT's print advertising segment. Nonetheless, we are confident about the company's prospects owing to growth in other divisions and continuous initiatives to enhance its portfolio. Therefore, we..."

Panmure Gordon & Co's note on Daily Mail and General Trust is out this morning on Research Tree: "Interims were a touch more cautious than we had feared, and our estimates slip again (now 5-8% below the pre-H1 consensus). Near term the group still has several headwinds to work through, and we maintain a ... rating. Longer term, though, the group remains a collection of high quality businesses which should see a return to decent overall growth. Our Target Price (SOTP-driven) barely budges at ... despite factoring in a higher 15% 'NAV' discount (10% previously). At these levels we see good longer term value for patient..."

Panmure wrote a note on DMG Media this morning, it's up on Research Tree: "DMGT reports interims on May 26th. Although we expect trading to remain generally tough, our updated SOTP valuation of 735p (from 700p, 1% above the current share price) suggests that much is already discounted in a valuation of just 13.3x EPS (calendar 16E). Despite the valuation attractions, we remain cautious. We are concerned that the longer term case for buying the shares is eroding, given growing structural pressures on parts of the portfolio, and increased strategic uncertainty following the new CEO appointment. Apply..."

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