The
Times reckons that Trinity has tried to convince investors to disregard its internet losses of £42.3 million. However, this loss is offset by money made from the sale of the
Belfast Telegraph to Independent News & Media. Putting aside the two, performance was ‘decent enough’, according to the
Times. “The question is, should one ignore the internet costs in the same way as one passes over disposal credits? No, is the short answer. The costs incurred are relevant to the continuing business in a way the divestment profit is not,” it says.
The Daily Telegraph says that Trinity’s debt interest repayments, whilst covered by profit fairly comfortably, leave little room for expansion. It says that although Trinity shares are relatively cheap, the advertising outlook is uncertain and so they may not rise a great deal.
The Independent says that future growth for Trinity Mirror will be organic rather than through acquisition. It says the group should concentrate on building its newspaper brands, particularly the Mirror in the face of strong brand rivals like the Sun and Daily Mail. The paper also thinks that the group’s stock is under-priced.
At 3:00pm today Trinity Mirror stock was up 7p at 493p.
Times: Hold Independent: Buy ABN Amro: Add SG Securities: Strong Buy
