Company profit reporting 'season' wrap
The FY-15 company profit reporting season is over. See below for the wrap from Dennison Hambling (First Samuel's CIO); which, in W&D abbreviation, was disappointing news for most companies (expected FY-16 profits fall by 3%), but good news for companies in which First Samuel invests (expected FY-16 profits to increase by an average of 10%).
Where is Jennifer Hawkins when needed?
W&D is a student of history. Sometimes nostalgically so.
It seems like only yesterday that the Former Miss something-bigger-than-Australia graced the pages of the prospectus for the re-float of Myer in 2009. In fact, she was in more photos than the then CEO, Bernie Brooks. And there seemed to be more flesh than figures. And it worked.
Ah, those were the days. What a great coup for the vendors. Punters then invested into the Myer re-float at $4.10 per share.
And so W&D was intrigued with this week's $221m (why $221m and not $220m or $225m? Doesn't Myer round everything up or down?) cash raising by Myer, at... $0.94 per share. W&D's hazy maths suggests that's a 77% share price fall.
Bonus: Myer's share price yesterday fell to $0.90. Oh, dear.