The Italian Job Supply@ME Capital: 8 billion euro funding by buying a bank: this is just plain fantasy
My earlier notes on Meggitt (MGGT) suggested that the results for last year came in with profits and earnings pretty much in line with earlier expectations; that is to say underlying earnings of 37.5p a share on sales revenue of £1,637 million. Over six months the share price has underperformed the main FTSE 100 Index by 16%; the share price falling just over 13% and the market rising by 2.75%. This looks like a buying opportunity
Meggitt’s (MGGT) interim statement, which came out of a clear blue sky, was not on face value, a profits warning born out of significant longer terms problems. Indeed, was it a profits warning at all?
Meggitt (MGGT) is in part a supplier of military aircraft equipment to the US. This time last year, facing the US ‘fiscal cliff’ (remember that ?) when observers were gloomy about Meggitt’s prospects in that market. Who and how many predicted that Meggitt shares would have outperformed the FTSE 100 in the way it has over the last year (Meggitt’s shares are up 33% and the Index by 12%).
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