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

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!

http://www.cityam.com/1416997632/harriet-green-told-conference-last-week-thomas-cooks-transformation-absolutely-not-done

Thomas Cook chief executive Harriet Green has resigned, saying her work at the travel firm "is complete".
Shares in the travel company plunged more than 20% in reaction to the news. The company also warned of tougher market conditions in the coming year.
Ms Green will be replaced by chief operating officer Peter Fankhauser, who will take over with immediate effect.
Harriet Green joined the company two years ago when its share price was 14p. It closed on Tuesday night at 139.9p.
Ms Green said: "I always said that I would move on to another company with fresh challenges once my work was complete. That time is now."
As expected, the company reported a 44% jump in earnings before interest and tax to £323m ($507m) for the year ended September.
However, it warned that growth in the coming year would be slower due to a tougher trading environment.
'Huge shock'
Ms Green's decision to step down took the markets by surprise.
In a tweet, BBC business editor Kamal Ahmed described the news as a "huge shock".
Shares were trading around 110p on Wednesday morning. In March they reached a high of 190p.
Brenda Kelly, chief market strategist at IG Markets, said: "The resignation is bound to have a negative effect.
"But there are other problems out of Thomas Cook's control. Over the last few months the market has not looked so good - with the weaker UK currency and a struggling eurozone all having a negative effect."

Analysis: Kamal Ahmed, Business Editor
The travel industry has gone back to one of their own.
Harriet Green - new to the travel business - took over Thomas Cook when it was on its knees, fixed it at a whirlwind pace and has left, I am sure, earlier than she thought she would.
Her replacement is a travel sector veteran who has been at Thomas Cook for 13 years, including when it suffered its near death experience in 2011. Before that he was at Kuoni.
Although Ms Green has always made it clear that being a long haul chief executive was not for her (she told the BBC last year "I generally think [chief executives] spend far too long in the same business") her abrupt departure points to some tensions in the business that could not be reconciled.
The chairman, Frank Meysman, said this morning that Thomas Cook now moves into a "fresh phase" where the strategy put in place by Ms Green is executed by her successor. "Everybody has their qualities," he said this morning.
That suggests that the board felt that the new chief executive, Peter Fankhauser, is better suited to running the business.
Investors are voting with their wallets over the departure of a chief executive who saw the share price rise by nearly ten times in two years. Since the announcement of her resignation at 7am, the shares have collapsed by more than 20%. Chief executives who transform businesses are clearly valued.

Company rebooted
Thomas Cook underwent a thorough reorganisation under Ms Green that reflected new trends in the travel business.
"Her great achievement was to restructure the company, realising that having so many Thomas Cook outlets around the country was based in history not reality," said Ms Kelly.
"She recognised that people were going on line and looking for deals, that holiday booking tradition was different from Thomas Cook's heyday in the 70s and 80s.
"It meant huge closures here in the UK and in Ireland, but those difficult decisions meant getting to grips with what's happening today in the travel market," according to Ms Kelly.

BBC Business

We all know that booking holidays are mostly done via internet, makes you wonder how high street shops can compete. For instance, I checked out my xmas break on line to get an idea of cost. Then went to Thompson/thomas cook shops, neither had flights available from my local airport yet moneysupermarkets had thompson and easyjet flights available which have been duly booked and hotel booked via "Booking.com". Sorry but it's got to be done.,.

Last one today :- Credit Suisse Neutral 113.70 137.90 225.00 148.00 Downgrades

Transition of CEO and Board change dates

RNS

RNS Number : 1215Y
Thomas Cook Group PLC
26 November 2014
 
26 November 2014
 
Thomas Cook Group plc
 
Transition of CEO and Board change dates
 

Further to the announcement earlier today that Peter Fankhauser has been appointed Chief Executive Officer of Thomas Cook Group with immediate effect, the following information is given in respect of the changes to the Board:

·    Peter Fankhauser has been appointed to the Board as of today; and
·    Harriet Green will step down from the Board on 31 December 2014.

There are no disclosures to be made pursuant to paragraph 9.6.13R (1)-(6) of the Listing Rules.

Website disclosure: a statement required by section 430(2B) of the Companies Act 2006 has been placed on the Company's website: https://www.thomascookgroup.com/category/corporate-news/

I think she has departed to sharp, to sudden announcement . I hope its not like Mr Leahy leaving Tesco . Time will tell.

Something isn't right dreamcatcher, that late RNS sounds like an attempt at damage limitation.

Future bad news in my honest opinion.

More than £350m wiped off Thomas Cook after chief Harriet Green steps down
Harriet Green could qualify for long-term share awards worth as much as £8m at today's prices despite her shock departure from Thomas Cook

Harriet Green has presided over a 829pc increase in Thomas Cook's share price
From Telegraph.co.uk
By Nathalie Thomas, and Graham Ruddick8:05PM GMT 26 Nov 2014

More than £350m was wiped from the value of tour operator Thomas Cook on Wednesday after the surprise exit of chief executive Harriet Green after just two-and-a-half years in the role.
The 173-year-old holiday company stunned the market with an announcement that Ms Green, who has presided over a 829pc increase in Thomas Cook’s share price during her tenure, would step down on December 31.
She will formally leave the company on June 30, after going on gardening leave from January 1.
Although analysts had been expecting the ambitious turnaround specialist to head for the exit at some stage in the next 12 months, her departure comes significantly earlier than expected.
Just last week she told a conference “we’re absolutely not done” in reviving Thomas Cook following its near collapse in 2011.
Simon French, an analyst at Cenkos Securities, said: “While we expected Harriet to depart at some point in the next 12 months, the timing will unnerve the market.”
Frank Meysman, Thomas Cook’s chairman, insisted the decision had been taken “unanimously with the full board” and Ms Green was “totally in line with that decision”.
Ms Green is understood to have been mulling her departure for several weeks after receiving approaches from a number of large corporates in need of her turnaround skills.
It is expected that Ms Green will return to the City in another big role, potentially at a FTSE 100 company. She is believed to have received approaches from several retailers, in particular.
Ms Green, who did not take part in media and analyst calls on Wednesday, said in a statement: “I always said that I would move on to another company with fresh challenges once my work was complete. That time is now.”
The tour boss, who received almost £2.9m in pay and benefits last year, will be treated as a “good leaver” by the holiday company and will still qualify for long-term awards, worth more than £8m at today’s prices, even though she will be leaving a year before the first of her lucrative share plans had originally been due to vest.
In a statement on Wednesday night, Thomas Cook said she could still qualify for a maximum of more than 7.1m shares under two long-term share plans, which will vest on June 30 next year, although she will not receive a performance-related bonus for the 2013/14 financial year or for 2014/2015. The share plans are subject to performance criteria.
Ms Green also has 251,266 bonus shares under a deferred bonus plan, which will vest after March next year.
Mr Meysman said he was glad Ms Green’s awards would be “substantial” given her achievements at Thomas Cook. When she joined in 2012, Thomas Cook’s share price was just 14p and the struggling company had a market capitalisation of £148m. During her tenure, the share price rose to more than 130p, leading to a market capitalisation of almost £2bn.
Ms Green has been succeeded by Peter Fankhauser, a travel industry veteran with more than 20 years of experience in the sector, who was last year promoted to chief operating officer at Thomas Cook.