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Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I tipped Flybe (FLYB) at 116.5p here a couple of months ago HERE. The shares are now 100p following interims. I admit it, it was a bad share tip as the results were – as Tom Winnifrith pointedly noted on his BearCast on results day – less than impressive. I apologise to one and all for this tip.
The numbers themselves were not quite what I had hoped for and there were other shocks, notably the write downs including that of the JV in Finland which is history.
One can make excuses by saying that all airline stocks are a bit unloved partly down to Ebola even though domestic UK flights are not affected. But the reality is that despite the benefits of a falling oil price on costs Flybe has not delivered.
Thus, upon reflection, it seems to me that there is now no way that Flybe can make £20 million profit in 2015 and the £50 million forecast for 2016 looks a struggle too.
Is the bad news in the price now? I think it is and thus retain a holding but can I argue that it is a recovery buy? No. There are better opportunities out there and so I have sold some of my shares to switch into better bets. I suggest you do the same.
Full year results are the next major event although investor’s day is this month which should prove interesting.
Until the next time more ramblings from the castle can be seen @chrisoil
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