Results out soon in August.

Broker recos look very bullish and why not on a P/E of just over 6 to 2011.....

Thomas Cook Group PLC

FORECASTS 2010 2011
Date Rec Pre-tax (�) EPS (p) DPS (p) Pre-tax (�) EPS (p) DPS (p)

Panmure Gordon
02-08-10 BUY 319.00 27.10 11.30 338.00 28.70 12.40

Exane BNP Paribas
02-08-10 BUY 116.00 26.62 10.75 319.00 28.87 11.66

Numis Securities Ltd
02-08-10 ADD 324.20 27.60 11.25 357.10 29.90 11.81

Oriel Securities
02-08-10 BUY 330.40 28.40 11.40 363.50 31.30 12.10

KBC Peel Hunt Ltd
30-07-10 BUY 301.06 25.22 10.75 313.36 26.23 10.93

WestLB
30-07-10 SELL 28.81 11.52 29.91 11.96

Shore Capital
30-07-10 HOLD 312.00 26.50 11.80 347.00 29.50 13.00

Charles Stanley Securities
15-06-10 HOLD

Evolution Securities Ltd
11-02-10 None

Investec Securities [R]
09-02-10 BUY 327.00 27.30 11.74 352.23 29.39 12.49

Fyshe Horton Finney Ltd
25-01-10 BUY

Collins Stewart
24-12-09 BUY

Nomura Research Institute
25-09-09 RED

2010 2011
Pre-tax (�) EPS (p) DPS (p) Pre-tax (�) EPS (p) DPS (p)

Consensus 316.42 26.98 11.36 342.50 29.39 11.96

1 Month Change 1.07 -0.22 0.01 3.43 -0.14 -0.14
3 Month Change -11.92 -1.09 -0.05 -11.79 -1.00 -0.44


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS 2.76% 0.38% 8.92%
DPS 14.03% 10.80% 5.26%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA �574.90m �589.69m �613.90m
EBIT �372.50m �420.55m �447.05m
Dividend Yield 5.38% 5.96% 6.27%
Dividend Cover 2.62x 2.38x 2.46x
PER 7.10x 7.07x 6.49x
PEG 2.57f 18.55f 0.73f
Net Asset Value PS -240.80p 224.47p 240.43p

the numbers sound good to this numbskull, so fingers x'ed that the market et al think likewise

the figures were in line, but the following is horrid and hence the slump .....

British holiday company Thomas Cook said its chief executive Harriet Green was stepping down, two years after leading a turnaround of the group, and would be replaced by chief operating officer Peter Fankhauser.

The company said on Wednesday the leadership change would take place with immediate effect, explaining that Green's remit had been to overhaul the firm.

I'd like to know where Harriet Green is going to next!

it's the "with immediate effect" that is so unsettling .... i suspect she upset too many egos in the boardroom

Can somebody tell me what i'm missing here ,i'm not holding any at the moment but why the drop.

see 1345

Very strange, sp was 14p when she took over. As skinny has mentioned be interesting to see where she goes next. Reading between the lines sounds like she has received a good pay off. Quite right too.

She 's got the company back on it's feet ,so she leaves and the share price slumps ,wish i was that important
Could be a buying op coming up .

Just had a few @106.30p.

Cenkos note:


THOMAS COOK GROUP (TCG LN, 138p, £2.0bn, Buy) has announced FY results in line with ours and consensus expectations reporting £323m EBIT. As expected no dividend is declared. Surprisingly Harriet Green CEO is to leave the group with immediate effect to be replaced by COO Peter Fankhauser.

Whilst we expected Harriet to depart at some point in the next 12 months, the timing will unnerve the market particularly as consensus forecasts for FY 2015 are also too high and need to pull back closer to our £388m EBIT.

The group is guiding towards £100m of wave 1 cost out this year whilst its wave 2 guidance is upweighted for FY16-17 but the total remains unchanged at £400m for FY18 which will disappoint. Net debt guidance has also been modified to £100-150m from flat. Current trading is also tougher with ongoing weakness in Germany and to a lesser extent the Nordics. The UK continues to perform robustly.

Jeffries:


Resetting expectations for FY15 is disappointing and the CEO change is surprising. But standing back from it all, we remain confident in the turnaround prospects and believe an inflection point is not far away, driven by better hotel and airline yield management and further digitisation of the business.

Wave 2 risk-weighted benefits (from FY16) have been increased £30m to £180m. An overly cautious share price reaction could well present a good entry point to this emerging multi-year stock opportunity.

Change at the top. Alongside its in-line FY14 results, TCG has announced that Harriet Green will hand over as CEO to Peter Fankhauser, effective today. We expect this to surprise the market, although the strategy should be unchanged as the business moves from the cost out restructuring phase to executing on more structural operational initiatives.

Fankauser has over 20 years of experience in the travel industry, including a number of senior roles at TCG, most notably turning around the UK business as CEO UK & Continental Europe, before being promoted to Group COO in November 2013.

I got in at 112.57p...

I wonder if she has been snapped up by one of the supermarkets?

Stand by for Tesco taking over TCG.....

Maybe she's going to restart Woolworth

Whatever she does I think she's played a blinder, most CEO's stick in the job for years and companies end up being run like family businesses. I think her decision was right to leave and where-ever she goes investors will follow. What's important to remember was TCG was very fragmented and wasn't watching it's costs before she arrive, problems within the Supermarkets are very different and not within a cost control remit. I think she'd be better suited at M&S maybe..

Jimmy where do you get the Broker Notes from very impressed?.

Oh don't be impressed GF i just copied them from the other side ,i'm always trawling around looking for info.

Barclays Capital Overweight 110.65 - 224.00 Reiterates

Shore Capital Hold 110.65 - - Downgrades

Numis Hold 110.65 135.00 135.00 Reiterates

Ahhhh right, cheers.

Blimey - stopped in a blink @111.3 +5 - waiting to re-enter!