Re: Marks & Spencer Group PLC (MKS) - Interim Results for Year Ending 31 Mar 2020
Posted: November 8th, 2019, 5:00 pm
Thanks to all. I'll hang on for a bit longer but without any enthusiasm or much hope.
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Arborbridge wrote:You are lucky if you get discount vouchers: my broker stopped them years ago. I wonder if they get passed around their office?
Arborbridge wrote:NeilW wrote:The figure that counts is the cash flow.
Cash is a matter of fact. Profit is a matter of opinion.
And on that basis, if these figures from Morningstar are correct, all seems OK:
Cover shown is for the five year period, but until matters improve, there isn't room for dividend increases without dropping cover a little. However, 2x cover is better than most of the companies I've looked at recently apart from WPP.
Arb.
dealtn wrote:Not sure about the figures. Assuming DPS stands for Dividends per share I see the last 5 years as being 18p, 23.3p, 18.7p, 18.7p and 13.9p.
PinkDalek wrote:dealtn wrote:Not sure about the figures. Assuming DPS stands for Dividends per share I see the last 5 years as being 18p, 23.3p, 18.7p, 18.7p and 13.9p.
As confirmed in the History section here https://corporate.marksandspencer.com/investors/shareholder-information/your-dividends.
There was a 4.6p special dividend paid in July 2016, which is included in your 23.3p (18.7p+4.6p).
Morningstar would appear to knock 5% off each and every dividend, if my mathematics is correct (and Arb. hasn't included the special above):
https://www.morningstar.com/stocks/xlon/mks/dividends
Arborbridge wrote:[The special wasn't mentioned by Morningstar either,which is why it wasn't included. One may or my not include specials, but if one does and takes this new list of dividends, it brings the cover to 1.89x. Still very respectable compared with other HYP companies at this time. ...
Code: Select all
Year End | Interim | Final | Special | Total* | Growth
03/2020 | 3.90p | tbc | - | tbc | tbc
03/2019 | 6.53p | 6.82p | - | 13.35p | -25.63%
03/2018 | 6.53p | 11.42p | - | 17.95p | 0.00%
03/2017 | 6.53p | 11.42p | - | 17.95p | 0.00%
03/2016 | 6.53p | 11.42p | 4.42p | 17.95p | 3.88%
03/2015 | 6.14p | 11.14p | - | 17.28p | 5.88%
Code: Select all
Year End | Interim | Final | Special | Total*
03/2020 | 3.9p | tbc | - | tbc
03/2019 | 6.8p | 7.1p | - | 13.90p
03/2018 | 6.8p | 11.9p | - | 18.70p
03/2017 | 6.8p | 11.9p | - | 18.70p
03/2016 | 6.8p | 11.9p | 4.6p | 18.70p
03/2015 | 6.4p | 11.6p | - | 18.00p
monabri wrote:I don't own shares in MKS but isn't there a 1 for 5 rights issue, May 19, to be taken into account?
dealtn wrote:Arborbridge wrote:NeilW wrote:The figure that counts is the cash flow.
Cash is a matter of fact. Profit is a matter of opinion.
And on that basis, if these figures from Morningstar are correct, all seems OK:
Cover shown is for the five year period, but until matters improve, there isn't room for dividend increases without dropping cover a little. However, 2x cover is better than most of the companies I've looked at recently apart from WPP./quote]
Not sure about the figures. Assuming DPS stands for Dividends per share I see the last 5 years as being 18p, 23.3p, 18.7p, 18.7p and 13.9p. ...
PinkDalek wrote:monabri wrote:I don't own shares in MKS but isn't there a 1 for 5 rights issue, May 19, to be taken into account?
Good point, I don't hold either but that seems to explain much of the differences! Not that I can can recall why a 1 for 5 effectively reduces the numbers by 5%.
Gengulphus wrote:[With a subscription price somewhere between nothing and the full share price, an adjustment between those extremes of 0% and 16.6666...% is needed. Calculating just what it should be involves some maths, which I don't have time to write out just now, but that's essentially what's going on.
dealtn wrote:I would always be looking forwards not backwards anyway. In share selection criteria terms etc. I know HYP-P practitioners are interested in dividend history but to me that is barely relevant, nor I guess should it be to HYPsters once shares have been selected and "strategic ignorance" takes over. (Some might disagree I suppose).
dealtn wrote:As I have made clear, on this thread, and on others I'm not a HYP practitioner anyway and would be happiest not to receive a dividend from my investment in MKS as that would mean my motives for holding would have been satisfied.
Gengulphus wrote:dealtn wrote:As I have made clear, on this thread, and on others I'm not a HYP practitioner anyway and would be happiest not to receive a dividend from my investment in MKS as that would mean my motives for holding would have been satisfied.
A football fan can be open and upfront about being one and still be a welcome guest in a cricket club - but the chances of that are reduced quite a lot if he or she harps on about thinking football is a better game than cricket and which aspects of cricket he or she doesn't accept! I'd suggest applying the same principle here...
Gengulphus
dealtn wrote:How does the 17.75p for 2019 get explained?
dealtn wrote:I would always be looking forwards not backwards anyway.
PinkDalek wrote:Arborbridge wrote:[The special wasn't mentioned by Morningstar either,which is why it wasn't included. One may or my not include specials, but if one does and takes this new list of dividends, it brings the cover to 1.89x. Still very respectable compared with other HYP companies at this time. ...
I'm unsure where you looked but the Special is in the headline rounded 0.22 and is in the detail below for 2016.
https://www.morningstar.com/stocks/xlon/mks/dividends
I can't help on the 5% as Morningstar is not somewhere I use but would be interested if this happens on other equities over there.
Edit: I can see some of the numbers you used via tools.morningstar.co.uk.