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Imperial Brands (IMB)

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77ss
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Re: Imperial Brands (IMB)

#301318

Postby 77ss » April 17th, 2020, 12:32 pm

Dod101 wrote:I would not be surprised if they take the opportunity to at least rebase the dividend as well. We'll see.

They write of 'both businesses' Presumably they mean tobacco and NGP.

Dod


I would have thought the 'other' business to be Logista.

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Re: Imperial Brands (IMB)

#301331

Postby Dod101 » April 17th, 2020, 12:57 pm

Thanks for that 77ss. I had forgotten about that. Is it not base in Spain? I wonder how it is getting on.

Dod

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Re: Imperial Brands (IMB)

#301493

Postby Walrus101 » April 18th, 2020, 10:24 am

I wouldn't read too much into this.

In the current environment I'd expect a number of companies to do the same. Preparation and audit is indeed more challenging in this environment. Additional procedures bring required/ new auditor, sounds reasonable to me.

Still long IMB and BATs, retain my view this sector will re rate.

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Re: Imperial Brands (IMB)

#301542

Postby monabri » April 18th, 2020, 1:44 pm

Walrus101 wrote:I wouldn't read too much into this.

In the current environment I'd expect a number of companies to do the same. Preparation and audit is indeed more challenging in this environment. Additional procedures bring required/ new auditor, sounds reasonable to me.

Still long IMB and BATs, retain my view this sector will re rate.


Me neither (regarding time/delays!

(I'd be more worried about the new CEO and what might happen to the dividend....)

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Re: Imperial Brands (IMB)

#303607

Postby idpickering » April 27th, 2020, 2:34 pm

Imperial Brands PLC agrees sale of Worldwide Premium Cigar Business for €1,225 million with proceeds to be used to reduce debt

Imperial Brands PLC ("Imperial") is pleased to announce it has agreed the sale of its worldwide premium cigar businesses ("Premium Cigars") to investment consortia of individual investors in two distinct transactions for a total consideration of €1,225 million (£1,074 million), which represents a multiple of 11.8x FY19 EBITDA on a standalone basis. The disposal reinforces Imperial's focus on simplifying its business and realising value for shareholders.


https://www.investegate.co.uk/imperial- ... 04129490K/

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Re: Imperial Brands (IMB)

#309823

Postby idpickering » May 19th, 2020, 7:11 am

Interims here, including dividend rebasement announcement; https://www.imperialbrandsplc.com/conte ... dasset.pdf

Also posted on HYP Practical.

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Re: Imperial Brands (IMB)

#309830

Postby Dod101 » May 19th, 2020, 7:31 am

Se my post above on 17 April. I will be prepared to consider renting my crystal ball.

Dod

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Re: Imperial Brands (IMB)

#309884

Postby dealtn » May 19th, 2020, 10:19 am

Hard not to feel disappointed by the cash flow statement. You would hope that debt would be falling.

Good to hear that reducing debt is now a stated aim and focus of the Board, and demonstrating this by cutting the dividend has to be a good thing, in fact they could have gone further.

Will have to see how Covid plays out but the suspicion has to be that some of their customers won't be around to enjoy their product, and others might be persuaded of the health benefits of giving up too.

These are probably undervalued at this level, but hard to see how a competitor would be willing or able to launch a takeover in the current environment. It may be some time before meaningful gains happen here.

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Re: Imperial Brands (IMB)

#331302

Postby monabri » August 6th, 2020, 8:33 am

"Imperial Brands PLC today announces that Oliver Tant has decided to retire as Chief Financial Officer and will leave the Company once a suitable successor is found."


https://www.investegate.co.uk/imperial- ... 00033412V/

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Re: Imperial Brands (IMB)

#343326

Postby idpickering » September 28th, 2020, 7:19 am

Update sale of Worldwide Premium Cigar Businesses

As previously announced in April, Imperial Brands plc ("Imperial") agreed the sale of its worldwide premium cigar businesses ("Premium Cigars") for a total consideration of €1,225 million, of which net cash proceeds of €1.1 billion will be used to reduce debt. Given the challenges caused by COVID, Imperial has agreed to complete both transactions on 29 October 2020, slightly delayed from the original timetable.

Gemstone Investment Holding Ltd and Allied Cigar Corporation, S.L. (the "purchasers") have made a non-refundable down payment of €91.7 million to Imperial. In addition, the purchasers have agreed to pay a further non-refundable down payment of approximately €85 million to Imperial by 7 October.

Imperial has also agreed to provide a six-month vendor loan at completion of up to €250 million while the purchasers finalise long-term financing arrangements. All other terms remain in line with the announcement of 27 April.


https://www.investegate.co.uk/imperial- ... 00052655A/

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Re: Imperial Brands (IMB)

#343329

Postby Dod101 » September 28th, 2020, 7:44 am

This does not sound brilliant does it? The buyer is still trying to arrange long term finance despite that fact that the sale was agreed in April to be completed in 'the third quarter'. Now we have at least a month's delay, down payments and a deferral of about 20% of the price for 6 months. All very messy and it sounds as if the buyers are scrabbling around. Hardly a done deal to be relied upon.

Dod

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Re: Imperial Brands (IMB)

#343347

Postby Wizard » September 28th, 2020, 8:39 am

Dod101 wrote:This does not sound brilliant does it? The buyer is still trying to arrange long term finance despite that fact that the sale was agreed in April to be completed in 'the third quarter'. Now we have at least a month's delay, down payments and a deferral of about 20% of the price for 6 months. All very messy and it sounds as if the buyers are scrabbling around. Hardly a done deal to be relied upon.

Dod

What happens if after completion the buyer cannot raise the long term finance needed to replace the €250m loan? As you say, doesn't inspire confidence.

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Re: Imperial Brands (IMB)

#346055

Postby idpickering » October 8th, 2020, 7:06 am

Full Year Trading Update

The tobacco business has continued to perform well despite an uncertain and disrupted trading environment. We have experienced some COVID-related changes in consumer behaviour with increased overall demand against our expectations, as consumers appear to have allocated more of their spend to tobacco, as well as some demand shifts between different markets and channels. This has resulted in better than expected volumes, driven by improved volume trends in several key European markets and in the US. These positive trends have helped to offset relatively weaker market volumes in the duty free channel and in some traditional summer tourist destinations, where reduced travel has impacted demand. Overall, we expect tobacco net revenue to increase by around 1% at constant currency.

The focus in NGP has been on improving performance, returns and capabilities. As previously announced, we have significantly reduced investment while maintaining a range of options for future growth. Trading has been disappointing, albeit in line with our revised expectations with the level of underlying losses reduced in the second half as we curtailed expenditure. NGP net revenue is expected to be around 30% lower than last year at constant currencies.


Full item here;

https://www.investegate.co.uk/imperial- ... 00024887B/

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Re: Imperial Brands (IMB)

#346079

Postby dealtn » October 8th, 2020, 9:21 am

idpickering wrote:Full Year Trading Update


https://www.investegate.co.uk/imperial- ... 00024887B/


Reads quite well, and no kitchen sinking by the new guy.

Cash conversion ahead of expectations, which is good. Mature business but showing no signs of decline, with a single digit P/E there looks to be plenty of puff left in this "dog end". As a value investment it still looks cheap enough to me to collect the running cash and get the investment back.

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Re: Imperial Brands (IMB)

#346085

Postby Dod101 » October 8th, 2020, 9:45 am

No kitchen sinking yet anyway. Not very inspiring to me with EPS likely to be down around 6% and NGP a basket case with sales down by 30%.

I like the slew of new faces though as that will hopefully bring some new ideas. The new CEO is leading a strategic review and promises some
'initial observations' about the business when they announce their full year results in November. That will hopefully be useful. Cash conversion is the easy bit.

Dod

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Re: Imperial Brands (IMB)

#346093

Postby dealtn » October 8th, 2020, 10:04 am

Dod101 wrote:No kitchen sinking yet anyway.


Yes I should have been clearer, this is only a trading update, albeit a full year one. You wouldn't expect to see such at this stage, but from the language I don't think you will see anything radical, just write downs in line with analysts expectations. The P/L number and the cashflow statement are (again) likely to be different and perceptions on how good the company is will depend on which of these measurements is considered the more appropriate judge.

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Re: Imperial Brands (IMB)

#346152

Postby monabri » October 8th, 2020, 11:35 am

a general market ambivalence with regard to the share price.

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Re: Imperial Brands (IMB)

#346183

Postby Dod101 » October 8th, 2020, 1:34 pm

Ambivalence just about sums up my attitude. Unless I can see some sign of a real direction for Imperial I will probably sell it if and when the price recovers a bit. meanwhile it just sits there paying a decent enough yield not to force my hand to do anything.

Dod

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Re: Imperial Brands (IMB)

#346302

Postby Walrus101 » October 8th, 2020, 8:15 pm

Well what is it they say. If you believe a share is mispriced but the rest of the market doesn't you are wrong.

I fully expect this to get picked up at some point by PE and crystallising the losses I'm sat on. If I'm allowed to hold I'm confident the dividends will cover the mtm losses, unfortunately I fully expect to be taken out at 1500 or some other unpalatable price :(

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Re: Imperial Brands (IMB)

#357242

Postby idpickering » November 17th, 2020, 7:14 am



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