In today’s briefing:
- Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds
- Toshiba – Special Dividend Not Enough To Offset Negatives
- Greenhaven Road Capital Q1 2022 Letter
Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds
- Toshiba announces meh-to-weak earnings and surprisingly conservative revenue guidance for next year given better order books and backlog and much higher USD/yen.
- The company announced a slightly higher March 2022 dividend (giving money to past shareholders) and a big special dividend and higher March 2023 dividend.
- The Privatisation Proposal Process continues. It may get a result, or not. New director choices will wait. Now we start a quiet period where privatisation news competes with analyst bearishness.
Toshiba – Special Dividend Not Enough To Offset Negatives
- Toshiba reported results on Friday which were just a touch above their revised February guidance at ¥3.35trn in revenue and ¥159bn in OP.
- Guidance was poor with revenue of ¥3.3trn below consensus ¥3.4trn and OP of ¥170bn noticeably below consensus’ ¥202bn.
- The nomination of directors was also postponed and some segments showed a marked deterioration in profitability.
Greenhaven Road Capital Q1 2022 Letter
- Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
- The three big factors that currently appear to be dominating investors’ focus are rising interest rates/inflation, rising oil prices, and war in Ukraine.
Before it’s here, it’s on Smartkarma
