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At face value,it would appear that DLG shares are very cheap, seemingly trading with a forward p/e some 37% or so below it's long-term average p/e. It looks tempting to plunge in on that basis. However, the rot seems to have started at least six years ago declining from c£4 per share (long before the last CEO took over). This fact suggests to me that the business model of DLG Plc is fundamentally flawed and I would be scared to invest any of my capital in this company. I hope for the sake of current holders that the new CEO can radically alter the course of the SP in the future,but until I see some tangible evidence of progress, I'm more inclined to invest in companies with proven track records.So for the foreseeable future, DLG will be on my watchlist.
@mbk- what upward trajectory do you believe they will continue on until March? As far as I can see, Dlg have continued on a downward trajectory for the last six years when the SP was over £4 per share. That is a very long negative trend and given the current red flags, it looks more likely to get a lot worse before it gets better. Any potential suitor would recognise this I feel and would probably be keeping their powder dry. After all, if the sp slumps to c£1 or so, dlg could be snapped up for approximately £1.50p/sh imv.
Are you serious Culley01? Capita has suffered a precipitous decline over several years from a high of c£8/share. However, over the last 9months or so,the SP has now stabilised and the company is in a Turnaround phase! To throw in the towel at this stage I would suggest is likely to result in losing out on a minimum of a 3 bagger from the current value of 26pence for want of a bit more patience imv. I'm more inclined to be adding to my holding personally in order to maximise my potential profits.
I don't think it was ever described as a special dividend. There was a return of Capital followed by a share consolidation which followed a previously large share buyback and cancellation. As far as I'm concerned, Aviva is now much stronger as a result of these actions with improving dividends etc.
You are correct Pandy2 as Aviva SP is not at all lower than earlier in the year. It appears so looking at Google's charts and many others who have FAILED to adjust the pre-consolidation graph to synchronise the SP with the post-consolidation SP. The p/e, yield etc also have dramatically improved since post-consolidation and any long -term holders who re-invested their 102p distribution in Aviva will be far better off imo. It's a shame these big organisations fail to re-adjust the sp graph as it causes potential investors to compare apples with pears!
£5 won't do for me robleo. There are many tailwinds that I reckon will drive this to at least £6 in due course. Bulkamania,more free cash flow, faster and greater dividend increases, share buybacks, relaxation of solvency2, Cevian capital on board,director purchases, cost savings, etc.,and not to mention potential takeover of the slimmed down Aviva by a company looking for scaleability savings. Cevian could yet prove correct in there desire for £8 per share.