II Editor
22 May 2018
NEW ARTICLE: Can this bombed-out small-cap turn a new page? "Johnston Press (LSE:JPR)Our last expedition into the potentials of LSE:JPR: Johnston Press, a Scottish media company reputed to alienate their readership with frequent anti-Scottish stances in their main title (The Scotsman), speculated as to ..."[link]
forwardloop
12 Aug 2017
surges - new shareholder unveils ambitious plans Christen Ager-Hanssen wants to make the most of Johnston’s digital assets and is looking to refinance its onerous £220mln bond debt[link]
II Editor
03 Aug 2017
NEW ARTICLE: This share should bounce 'anytime now' "Johnston Press (LSE:JPR) & The Dow Jones (DOWi
JI)A bouncing bomb was recently retrieved from local waters here in Argyll and offloaded at the pier outside, to take its place in a museum. It transpires the iconic scene from The Dambusters where ..."[link]
II Editor
02 Aug 2017
NEW ARTICLE: Trends and Targets for 3/08/2017 " JOHNSTON PRESS (LSE:JPR) & The DOW JONES (DOWiJI)Â A bouncing bomb was recently retrieved from local waters here in Argyll and offloaded at the pier outside, to take its place in a museum. It transpires the iconic scene from The Dambusters ..."[link]
Johandesilva
07 May 2017
Re: Golden Cross -33%, ouch!
lets do one
02 Mar 2017
Golden Cross
forwardloop
10 Feb 2017
info The acquisition of the cheapo title, i, looks inspiredIt takes chutzpah to recommend buying a “dead tree” publishing group these days but Liberum Capital remains a fan of Johnston Press plc (LON:JPR).Read Johnston Press says trading improved after a difficult post-Brexit vote summerThe publisher of The Scotsman and The Yorkshire Post posted a trading update last week in which it said its Total print and digital advertising revenues, excluding classifieds, for the full year were down 7%.Total revenues were down 6% year-on-year but Liberum said the fourth quarter performance was better than expected, though it is too soon in the broker’s view to call it the start of a trend.“However, despite the still tough market conditions Johnston Press has in 2016 managed to implement its strategy. The company acquired I, which turns out to be a hidden gem,” said the media team at Liberum.It also disposed of various news titles, generating more than £20m in cash, and showed continued cost discipline.To reflect the disposal of its East Anglia & Midlands titles and factoring in ongoing market pressure, Liberum has lopped 18% off its earnings estimates for the current year and 22% for next year.“Despite i having been acquired only eight months ago, it already provides a meaningful contribution to the group. While group profits have fallen over the year, i's EBITDA contribution has risen. The market share of i has also increased from 17% to 20% in less than a year, despite a 25% cover price rise. Overall the title's circulation revenues were up 20% yoy [year-on-year] in Q4,” Liberum noted.The broker reckons there could be more to come from the newest edition to the Johnston table, and would not rule out another price rise, given the loyalty of the title’s readership.Though it remains a buyer of the stock, which currently trades at 16.19p, it has slashed its discounted cash flow-derived price target to 80p from 150p.[link]
TX2
17 Jan 2017
Crystal Amber Interesting to see that "activist fund" Crystal Amber,in which I am a share holder,have now increased their share holding here to 20%.On the face of it they have a lot of work to turnaround JPR.I wonder if they are planning to broker a deal to put JPR on a solid base to go forward by aligning the interests of the three groups that have an interest in JPRs future,namely shareholders,bond holders & pension fund but presently may have a conflict of interest in how to progress.A simplified structure where each party exchanges their claim on the company for an equity stake may be in their mind might be my speculation.This could perhaps allow the company to make progress in a difficult market.
forwardloop
16 Nov 2016
info Paul Scott[link] interesting about this situation, is that, as the Telegraph points out, JPR's bonds are trading at a deep discount to face value, at 55p in the £1. Therefore, if it can buy back these bonds at a deep discount, then it scrubs off a lot of the company's problematic debt pile. That in turn greatly reduces its cash outflows for interest payments, and could then get into a virtuous cycle of further paying down more debt from improved cashflow?My opinion - we can all see that newspapers are in decline, but the best ones are still highly profitable. Consider this - JPR made a positive EBITDA of £25.5m in just 6 months, H1 of this financial year. That's considerably more than its entire market cap.Net debt is the big problem though. It was £209.4m when last reported at 2 Jul 2016. However, once a mark-to-market discount is taken into account (i.e. bonds trading at well below face value), then the adjusted figure is £137.7m.There's also a pension deficit, although the amount shown on the balance sheet is relatively modest. That may not necessarily be the case with the next triennial valuation.Overall, this is a complicated special situation. However, my feeling is that there seems a glimmer of light. More disposals could generate enough cash to buy back a lot of the bonds (which are expensive at 8.625% coupon). De-gearing the balance sheet in that way could then potentially lead to the shares being nicely re-rated, possibly.The i newspaper seems to be doing well, since its acquisition by JPR, but that is masking poor trends in other newspapers it owns.I reckon at this tiny valuation (market cap only £16.4m), there could be good upside, if a deal to buy back bonds at a deep discount can be done - as that would effectively be a big write-off of liabilities.However, this share will be a bargepole job for most people, as it's too high risk. So very much a special situation for people prepared to take on more risk & uncertainty.
forwardloop
16 Nov 2016
press [link] Highfield is also attempting to sell off a clutch of regional titles to raise an estimated £45m and buy back a tranche of debt at a discount. Johnston Press bonds are currently changing hands for less than 60p in the pound, signalling investors believe it is at risk of defaulting on its debts.In recent weeks Mr Highfield has faced pressure from major shareholders, such as the activist fund Crystal Amber, to lay out a clear path away from a potential cash crunch.The company's equity is now valued at less than £15m. Analysts at Liberum said Johnson Press had "felt a heavy Brexit effect" in the advertising market.Crystal Amber Sept 16[link]
II Editor
03 Nov 2016
NEW ARTICLE: Panic stations for this share "Sometimes, when watching a share, it can be similar to watching the Scottish football team in action. Our last "big picture" article on LSE:JPR:Johnston Press was issued with the price trading in the 130s and warned of relaxation coming to ..."[link]
II Editor
02 Nov 2016
NEW ARTICLE: Trends and Targets for 3/11/2016 " JOHNSTON PRESS (LSE:JPR)Â Sometimes, when watching a share, it can be similar to watching the Scottish Football team in action. Our last Big Picture article on JPR (link here : July 2015) was issued with the price trading in the 130's and ..."[link]
JREwing
27 Sep 2016
@ firm facts - suggest you look at LSE board for best updates on what's happening with JP.
firm facts
23 Sep 2016
smiling Hi, Could someone out there let me know what is happening with JP. Fantastic rise in SP. at this rate it will only take a few months to reach the £5.60 price i last bought JP shares?!!
forwardloop
14 Sep 2016
Re: Share price up , down or flat - take your pick
