Daily Stock Market Report (Fri 28 Mar 2025) - SMWH, RCDO, SNWS
Good morning,
Happy Friday! Today I'm hoping to look at some backlog items that were requested by readers or are otherwise interesting. So far I have EVPL, INPP and BAG on the list.
Today's Agenda is now complete (added RCDO and SMWH).
Companies Reporting
Name (Mkt Cap)RNSSummaryOur view (Author)WH Smith (LON:SMWH) (£1.4bn)Sale of High Street BusinessSP -4%Gross cash proceeds £52m, net cash £25m. Creates pure play global travel retailer. Trading in line.Background notes: The High Street division generated “trading profit” of £32m on revenues of £452m in FY August 2024. With 500 stores being sold, the average store is valued at £150k.AMBER/GREEN (Graham) [no section below]This sale price strikes me as underwhelming. Perhaps the loss of the name WH Smith from this division (to be rebranded “TG Jones”) is a major reason for the discounted sale? I leave our mildly positive stance unchanged as 85% of SMWH’s trading profit is from the Travel business which will now have management’s undivided attention.BBGI Global Infrastructure SA (LON:BBGI) (£1.0bn)Full Year ResultsNav per share 142.7p. On 6th February, announced a Board-recommended offer at 147p. General meeting on 10th April.PINK (under offer).Ability to make new investments “constrained” by share...