Imperial Brands (IMB)

[monabri]

Directors /PDMR buying

https://www.londonstockexchange.com/exc ... 45578.html

[monabri]

Article in The Times today ( might be pay walled)

https://www.thetimes.co.uk/article/brok ... -nvfpzg8kx

"Liberum, a broker that rates the stock a “buy”, said that the FTSE 100 group had reduced the usefulness of its financial statements by including gains on the sales of businesses, pension restructuring and the sale and leaseback of its Bristol headquarters in its adjusted operating profit."

( what's wrong with that...they say it is adjusted profit..as long as they itemise everything? )

The article also mentions the CFO including an adjustment of £30m ( 1% of IMB's profits) in 'other profits' which they questioned (mark-to-market gains of financial assets) which the Broker Liberum described as aggressive accounting.

(They're whinging over the treatment of 1% of their operating profit!)

These adjustments

"helped the company’s management to hit their bonus targets “when they arguably do not deserve it”.

( I can see the directors squeezing the pips to rake in their bonuses, though).

The opening statement in The Times is

"The directors of Imperial Brands have been accused of aggressive accounting, losing credibility and operating a questionable bonus scheme."

That's a bit strong (imho) as an opening statement!

[TheMotorcycleBoy]

I checked and yes the Liberum broker's note is post the SP-knocking announcement.
http://www.stockmarketwire.com/article/ ... s-Plc.html

UBS are less upbeat, re target price
https://investorshares.telegraph.co.uk/ ... oker-views

Matt

[Dod101]

As I said earlier, the problems seem to be company specific since BAT has been largely unaffected and this report cited by monabri would seem to bear that out, although of course we must not place too much credence on broker comments.

Imperial has singlehandedly reduced the otherwise good gains this week in my portfolio. Grrrrrr!

Dod

[monabri]

In answer to IDP earlier, I'll fess up.... I increased my holding in IMB by 1% (3.6% to 4.6% of my HYP).

[monabri]

although of course we must not place too much credence on broker comments.
Dod

I see Liberum knocked a full 50p off their view on the share price from 2950p to 2900p.

Imperial has singlehandedly reduced the otherwise good gains this week in my portfolio. Grrrrrr!
Dod

phew - good job this isn't the HYP-P board

[idpickering]

In answer to IDP earlier, I'll fess up.... I increased my holding in IMB by 1% (3.6% to 4.6% of my HYP).

Thanks for that. iMB stand at 2.6% in capital value terms of my 29 share HYP, they sit alongside BATS, and between them, weigh in at 6,3% of the HYP in capital value terms.

Ian.

[monabri]

An alternate view...

Edict : "Vaping is to be banned universally pending further research "

Result
- Smokers revert to cigarettes.
- IMB loses 4% revenue from sales of NGP but slows down R&D on these products. Uses money to pay down debt, buy back shares?
- threat of the young upstarts such as JUUL reduces (first casualty - Altria ditched at the alter).
- control of the transfer of ownership of the "nicotine delivery system " to ebay /Amazon/vape shop stops.

The last point being the most significant. Hence BATS pointing out that the recent deaths in the US might have been as a result of people buying unregulated poor quality products (as opposed to "regulated"carcinogenic products from big Tobacco? ).

The big companies were caught on the hop by JUUL..it would be convenient if they could buy catch up time to develop their NGPs. I believe they would like to see NGP take up actually slow down. It might be a case of what they say in public to the health authorities and what they really want not quite being in alignment.


Then again, maybe, IMB is this weeks it's " all doom and gloom" joining WPP, AZN, GSK, RDSB,GNK...it's their turn for a kicking.?

[TheMotorcycleBoy]

An alternate view...

Edict : "Vaping is to be banned universally pending further research "

Hmm.. Smoking and 40% alcohol consumption aren't particularly good for health. But neither have ever been banned outright.

Perhaps the likeliest kneejerk reaction by Governments would be higher taxes on these products?

[maximan]

Purchase of Shares in Closed Period.

Imperial Brands PLC (the "Company") announces that, as part of its continued execution of the share repurchase programme that was announced by the Company on 8 July 2019 (the "Programme"), it has entered into an irrevocable and non-discretionary arrangement with its broker Barclays Bank PLC ("Barclays"), allowing Barclays to purchase up to 90,139,662 ordinary shares in the Company during the period commencing from 1 October 2019 and ending no later than 4 November 2019.

https://www.investegate.co.uk/imperial- ... 17282373O/

[idpickering]

Imperial Brands Chief Executive Officer to Step Down

Imperial Brands PLC today announces that Chief Executive Officer Alison Cooper and the Board have agreed that she will step down from the role of CEO and from the Board once a suitable successor is found

https://www.investegate.co.uk/imperial- ... 00016319O/

[monabri]

Not entirely unexpected, I'd say...share price change is neutral.

[TheMotorcycleBoy]

Not entirely unexpected, I'd say...share price change is neutral.

If anything it looks slightly negative. I'm not sure what the big time boys who applied the pressure on the governance to implement a change really expected in any case. The whole business (fags+vapes+hash) has been changing over the past couple decades, and don't see how on earth having a different CEO can negate uncertainty regards the long term health impact of what is really just a more pharmaceutical nicotine delivery system (i.e. vapes).

Matt

[Dod101]

Imperial Brands is a prime example of the folly of ignoring capital. There is no point whatever in getting a nice yield and increasing cash dividends if the share price itself tanks. Down 9% as I write this.

The tobaccos have been on my 'for sale' list for some time if only the price would recover a bit. A takeover would rescue me, although as I have held Imperial for upwards of 20 years I think I am still well on the positive side overall, although that is not much comfort at the moment.

The CEO might be looking for a job soon.

Dod

We have yet another thread on Imperial Brands this time reporting the 'stepping down' of the CEO. Remember, you read it here first.

Dod

[TheMotorcycleBoy]

Imperial Brands is a prime example of the folly of ignoring capital. There is no point whatever in getting a nice yield and increasing cash dividends if the share price itself tanks. Down 9% as I write this.

The tobaccos have been on my 'for sale' list for some time if only the price would recover a bit. A takeover would rescue me, although as I have held Imperial for upwards of 20 years I think I am still well on the positive side overall, although that is not much comfort at the moment.

The CEO might be looking for a job soon.

Dod

We have yet another thread on Imperial Brands this time reporting the 'stepping down' of the CEO. Remember, you read it here first.

Dod

A link would be good Dod!

[monabri]

The link is given a few posts earlier.

viewtopic.php?p=255526#p255526

[TheMotorcycleBoy]

The link is given a few posts earlier.

viewtopic.php?p=255526#p255526

But that's a link to a TLF "post" (which itself contains the RNS link) - not a "thread" which Dod mentioned. I assumed he meant an TLF thread, and your post was steering me in that direction. Apologies in advance for my pedantry!

Matt

[PinkDalek]

The link is given a few posts earlier.

viewtopic.php?p=255526#p255526

But that's a link to a TLF "post" (which itself contains the RNS link) - not a "thread" which Dod mentioned. I assumed he meant an TLF thread, and your post was steering me in that direction. Apologies in advance for my pedantry!

Matt

Here’s another Thread elsewhere, which is effectively circular!

viewtopic.php?f=15&t=19776

No idea if that’s what Dod meant.

[idpickering]

Prelims posted here for general chat, also on on HYP Practical for HYPers chat; https://www.imperialbrandsplc.com/conte ... dasset.pdf

[idpickering]

This from TMF may be of interest here;

Imperial Brands shares have fallen 45% in two years. Here’s what I’d do now

It’s fair to say Imperial Brands (LSE: IMB) shares have had a shocking run over the last two years. Back in late 2017, the shares were changing hands for more than 3,000p. Today however, Imperial’s share price stands at just 1,700p.

Personally, I’m down around 40% on my Imperial Brands holding (excluding dividends). It’s the worst-performing share in my dividend portfolio by a long way. That said, I’m not willing to give up on it just yet. Here are a few reasons I believe the FTSE 100 stock has the potential to rebound.

https://www.fool.co.uk/investing/2019/1 ... id-do-now/