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Morrisons (MRW)

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idpickering
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Morrisons (MRW)

#207322

Postby idpickering » March 13th, 2019, 7:10 am

Results highlights here; viewtopic.php?f=15&t=16725

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Re: Morrisons (MRW)

#220302

Postby idpickering » May 9th, 2019, 7:10 am


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Re: Morrisons (MRW)

#251271

Postby Breelander » September 12th, 2019, 7:22 am


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Re: Morrisons (MRW)

#275643

Postby idpickering » January 7th, 2020, 7:03 am

Trading Update

For the first 22 weeks of H2 to 5 January, Group like-for-like* (LFL) sales excluding fuel were down 1.7%, comprising contributions from retail of (1.7)% and wholesale of 0.0%. Group LFL including fuel was down 2.8%. Total sales* were down 1.8% excluding fuel (down 2.9% including fuel).

For Q3 (the period 5 August to 3 November), LFL excluding fuel was down 1.2%, comprising contributions from retail of (1.1)% and wholesale of (0.1)%. Group LFL including fuel was down 2.5%. Total sales were down 1.3% excluding fuel (down 2.6% including fuel).


https://www.investegate.co.uk/morrison- ... 00059126Y/

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Re: Morrisons (MRW)

#291848

Postby idpickering » March 18th, 2020, 7:27 am

Prelims here; https://www.investegate.co.uk/morrison- ... 00075448G/

Also on HYP Practical for HYPer chat.

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Re: Morrisons (MRW)

#307852

Postby idpickering » May 12th, 2020, 9:13 am


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Re: Morrisons (MRW)

#339359

Postby idpickering » September 10th, 2020, 7:14 am

Interims and dividend update;

Here; https://www.investegate.co.uk/morrison- ... 00065483Y/

Also on HYP Practical Board.

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Re: Morrisons (MRW)

#339417

Postby dealtn » September 10th, 2020, 11:18 am

Goes to show how difficult it is for an already low margin business to operate with increased costs. Without the rates relief these numbers would look truly awful.

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Re: Morrisons (MRW)

#339428

Postby Dod101 » September 10th, 2020, 11:57 am

dealtn wrote:Goes to show how difficult it is for an already low margin business to operate with increased costs. Without the rates relief these numbers would look truly awful.


And yet the CEO says 'I believe we are seeing the renaissance of British supermarkets.'

I don't but I suppose he has to say that.

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Re: Morrisons (MRW)

#362418

Postby Breelander » December 2nd, 2020, 11:05 pm

Morrisons to waive 2020/21 business rates relief in full

https://www.investegate.co.uk/morrison- ... 28293492H/

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Re: Morrisons (MRW)

#373233

Postby idpickering » January 5th, 2021, 7:10 am

Trading Update

Sustaining strong momentum: 9.3% Group LFL over Christmas and New Year

Throughout recent weeks we have remained focussed on playing our full part in feeding the nation amidst the ongoing extremely difficult period for all. Sales have continued to be strong, particularly over the key Christmas and New Year period when Group like-for-like* (LFL) ex-fuel sales improved to 9.3%. Our amazing colleagues have continued to rise to the unprecedented challenges and have been key in further driving the momentum of the business. Underlying performance was again very strong throughout the whole period, with significant operational gearing offsetting both the extra COVID-19 costs and other profit impacts that have increased further since the introduction of the most recent tier systems in early December. All customer and brand metrics have improved, market share has grown, and our online and wholesale channels are growing very rapidly as we develop as a multi-channel business. We look forward to sustaining this strong momentum into the new year.

For the first 22 weeks of H2 to 3 January, Group LFL sales ex-fuel were up 8.1%, comprising contributions from retail of 7.2% and wholesale of 0.9%. Group LFL inc-fuel was up 1.9%, with fuel LFL down 23.1% again temporarily impacted by the various new lockdowns and tier restrictions implemented during H2. Total sales* were up 8.7% ex-fuel (up 2.3% inc-fuel), with a 0.6% net new space contribution. Three further new stores were opened during the period, at Helensburgh, Glenfield and Dalton Park, bringing the total to six this year. We again invested in cutting prices for customers, with deflation a continuing feature for the whole period and volume growth exceeding sales growth.

Breaking down our retail performance during the period, for Q3 (3 August to 1 November) LFL ex-fuel was 7.1%. Sales then briefly increased further at the start of the second England lockdown, before broadly resuming earlier growth levels and culminating in a strong Christmas and New Year. For the nine weeks of Q4 to date, retail LFL exc-fuel was 7.3%, and the December three weeks over Christmas and New Year improved to 8.0%.


https://www.investegate.co.uk/morrison- ... 00045203K/

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Re: Morrisons (MRW)

#373504

Postby DaveE101 » January 5th, 2021, 5:07 pm

Just noticed this paragraph in the Update about a Special Dividend that doesn't seem to have been mentioned before.

Reflecting our strong underlying cash flow and balance sheet, and guided by our continued adherence to the principles of our capital allocation framework, we recently announced a previously deferred special dividend for H2 2019/20 of 4.00p per share, which is to be paid on 25 January 2021 to those shareholders who were on the register as at close of business on 18 December 2020.



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Re: Morrisons (MRW)

#373512

Postby Itsallaguess » January 5th, 2021, 5:15 pm

DaveE101 wrote:
Just noticed this paragraph in the Update about a Special Dividend that doesn't seem to have been mentioned before.

Reflecting our strong underlying cash flow and balance sheet, and guided by our continued adherence to the principles of our capital allocation framework, we recently announced a previously deferred special dividend for H2 2019/20 of 4.00p per share, which is to be paid on 25 January 2021 to those shareholders who were on the register as at close of business on 18 December 2020.


It was caught on the January dividends thread -

Image

https://www.lemonfool.co.uk/viewtopic.php?f=15&t=27029

Cheers,

Itsallaguess

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Re: Morrisons (MRW)

#394487

Postby idpickering » March 11th, 2021, 7:39 am

PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 31 JANUARY 2021

https://www.investegate.co.uk/morrison- ... 00118759R/

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Re: Morrisons (MRW)

#394526

Postby bluedonkey » March 11th, 2021, 10:19 am

The specials really confuse what's happening to the dividend.

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Re: Morrisons (MRW)

#410937

Postby idpickering » May 11th, 2021, 7:17 am

Q1 Trading Statement


Total sales up 5.3% (inc-fuel)

Group LFL ex-fuel up 2.7%, and up 4.7% inc-fuel

Two-year Group LFL ex-fuel up 8.7%

Online sales up 113%, and wholesale LFL up 21%

On track for 2021/22 guidance:

Year-end net debt/EBITDA to be no higher than the 2019/20 level of 2.4x

Profit before tax and exceptionals to be higher than the £431m we would have achieved for 2020/21 had we not waived the £230m business rates relief

Significant further opportunities ahead to continue to build a broader, stronger new Morrisons for all stakeholders:

We now expect another year of meaningful profit growth in 2022/23

We now intend to refresh our long-term capital allocation plans, within the context of our capital allocation framework, at the time of the Interim results in September


https://www.investegate.co.uk/morrison- ... 00041483Y/

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Re: Morrisons (MRW)

#420792

Postby Itsallaguess » June 19th, 2021, 7:27 pm

From the BBC -

Morrisons has rejected a buyout offer from US private equity firm Clayton, Dubilier & Rice (CD&R).

The UK's fourth-largest supermarket group said the offer "significantly undervalues the business".

CD&R earlier said it noted "the press speculation regarding a potential transaction" and it confirmed it was considering a possible offer.

It has previously made investments in the discount shop chain B&M, from which it made more than £1bn.

Morrisons said it rejected a conditional cash offer from CD&R of 230 pence per share, which amounts to just over £5.5bn.

The move by CD&R, one of the biggest takeover firms in the world, would have been one of the most high profile of many bids for UK companies in the past year.

BBC business correspondent Katie Prescott said the flurry of takeover activity was being fuelled by relatively low share prices of businesses in the UK compared to abroad and cheap money because of low interest rates.

Morrisons - with its £1bn property portfolio, most of which it owns - and its 10% of the grocery market - is an attractive proposition.


https://www.bbc.co.uk/news/uk-57541617

When the market closed on Friday, Morrisons was priced at £1.78 per share.

Cheers,

Itsallaguess

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Re: Morrisons (MRW)

#420867

Postby Gerry557 » June 20th, 2021, 10:56 am

I don't see this as good news although the share price will likely be much higher come Monday morning.

Not gonna help me acquire more.

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Re: Morrisons (MRW)

#420880

Postby Itsallaguess » June 20th, 2021, 11:21 am

Gerry557 wrote:
I don't see this as good news although the share price will likely be much higher come Monday morning.

Not gonna help me acquire more.


I suppose that'll depend on your investment plans here, and each of us might have different individual ideas on that...

Personally, as an income-investor primarily, then with a forecast yield of just 4.1% currently, a potential mark-up on the current share-price or even a complete take-over at a higher price instead will allow me to consider rotating that single-share capital into a much broader income-related Investment Trust on a similar yield or perhaps even higher, and allow me to continue with my long-term plan of generally exiting 'single-share income-holdings' almost completely.

RSA has gone this year under similar circumstances, and perhaps this is the start of what might ultimately be a satisfactory exit-strategy for MRW too, so it'll be interesting to see what happens on Monday...

Cheers,

Itsallaguess

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Re: Morrisons (MRW)

#420891

Postby simoan » June 20th, 2021, 11:44 am

This bid doesn't surprise me. I have held MRW for a while now as a classic property backed value share because it has been trading at, or just above, book value for some time. Any dividends received are just the cherry on top. I would be surprised if CD&R are the only PE company who have been poking around and considering a bid - this could get interesting...

All the best, Si


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