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

StockMarketWire.com
Thomas Cook Group narrowed its first-half pretax loss to £390.9 million, from a loss of £584.1 million, and unveiled a £1.6 billion refinancing plan to shore up its future.

Revenue was £3.2 billion, from £3.3 billion. Net debt declined £175.4 million to £1.2 billion at March 31. To balance day, the group has achieved £107 million, or 74%, of its cost cutting target.

"Our progress transforming the business also enables us to undertake our capital refinancing plan," said CEO Harriet Green.

"We look forward to continuing the rapid transformation of the Group so that we fulfil the potential of the Thomas Cook brand for our customers, suppliers and employees," she said in a statement.

The refinancing plan comprised £425 million gross proceeds raised form a fully underwritten placing of 87.6 million shares at 137p each, and a 2-for-5 rights issue of 401.6 million shares.

It also comprises 525 million euros of gross proceeds from the issuance of new bonds maturing in 2020, and £691 million of new debt facilities.

The plan would primarily slash the debt of Thomas Cook's balance sheet, and extend its debt maturity profile.

"This will reduce the very significant debt that we inherited, lengthen its repayment profile and consequently help us deliver the full benefits of the strategic plan we set out in March," Green said.

Half Yearly Report

Capital refinancing to support the continuing transformation of Thomas Cook, announced separately today

· £425 million proposed firm placing and rights issue, fully underwritten

· Euro 525 million New Bond Issue maturing 2020, fully underwritten

· £691 million New Facilities Agreement

Improving financial performance

· First half underlying EBIT on a like for like basis improved by £58.7 million to £(197.5) million compared with the same period last year.

· Underlying gross margin on a like for like basis improved by 110 basis points to 20.7% compared with the same period last year

· Net Debt declined £175.4 million to £1.2 billion at 31 March 2013 compared with 31 March 2012

· Encouraging current trading with strong bookings and gross margins

Delivering against targets and KPIs

· We delivered £47 million of cost out and profit improvement benefits in H1 2013, taking the cumulative achievement by the end of March 2013 to £107 million, ahead of plan. This represents 74% of the target of £145 million that we had planned to achieve by the end of FY13. We have brought forward the timetable in which to realise FY13 benefits, increasing the cumulative target for FY13 from £145 million to £170 million

· We have increased the total cost-out and profit improvement target for FY15 from £350 million to £390 million, reflecting a further £40 million of benefits that have been identified as being deliverable from existing initiatives

· We have completed the disposal of our North American business for net cash proceeds of £3.4 million

· We have appointed a new Global Head of Web, a new Chief Technology Officer, and announced a new partnership with Triporati as we develop our 'high touch high tech' strategy

Financial Highlights

· Underlying EBIT on a like for like basis improved by £58.7 million due to the previously announced UK turnaround plan and Group-wide cost out initiatives and improved capacity management. UK underlying EBIT improved by £29.5 million

· Group underlying gross margin, on a like for like basis, improved by 110 basis points and the UK underlying gross margin, on a like for like basis, improved by 110 basis points, reflecting more focussed capacity management

· Underlying free cash flow improved by £198.1 million

· Net debt declined by £175.4 million primarily reflecting better working capital management processes

I like it and so does the market by the look of the SP moving upwards.

Thomas Cook announces 1.6 bln stg refinancing plan16 May 2013 - 07:20

LONDON, May 16 (Reuters) - British tour operator Thomas Cook on Thursday announced a 1.6 billion pound ($2.4 billion) capital refinancing plan, including a placing, rights issue, a bond issue and new banking facilities. The company said it hoped to raise 425 million pounds through a placing and rights issue and around 441 million pounds from the issuance of new bonds. It also said it had agreed 691 million pounds of new banking facilities. The firm said the initiatives would significantly reduce its debt and help the company in its turnaround plan and enable it to resume dividends payments in the future. Thomas Cook said its loss before tax for the six months to the end of March fell to 390.9 million pounds from a loss of 584.1 million pounds in the same period a year ago, helped by cost cutting measures and a better performance by its UK business. Thomas Cook had said earlier that it reduced debt by 86 million pounds to 1.56 billion pounds over the last year and that it would cut 2,500 UK jobs and close 195 stores in Britain. It also said that it expected to cut costs by a further 60 million pounds this year.[ID:nL5N0B738R] [ID:nL6N0BY79F] The 172-year-old group has struggled over the last two years with a slump in sales that has forced it to renegotiate bank loans and sell off planes and retail outlets to lighten its debt load. [ID:nL6N0C521E] ($1 = 0.6568 British pounds) (Reporting by Rhys Jones, Editing by Brenda Goh) ((brenda.goh@thomsonreuters.com; +44 020 7542 2230; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net)) Keywords: THOMASCOOK/

Increble.

16 May Thomas Cook Group... TCG Jefferies International Buy 156.10 144.70 155.00 155.00 Reiterates

SP TARGET 155p

Just gone short @160!!

Don't you dare jinx it!

I lied - actually its 160.3 :-)

I will be interested to see what the % return offered on the bonds is.

Lopped the top of mine.

Not missing out on that profit with the market being as it is.

Sounds painful. :-))

That's just rude DC. You're right though, it does sound painful! Taken some profits myself too.

Upbeat Thomas Cook races higher on financing plans

By Philip Whiterow May 16 2013, 8:36am

Investors welcomed the plans, sending the share price 12% higher to 162.2p.
Thomas Cook (LON:TCG) shares roared higher as it unveiled new financing plans designed to make its near collapse two years ago a distant memory.
The UK’s number two travel company unveiled a £1.6bn restructuring that included a £425 mln rights issue.


http://www.proactiveinvestors.co.uk/companies/news/56984/upbeat-thomas-cook-races-higher-on-financing-plans-56984.html

looking at that again yes indeed LOL.

Shore Capital Buy 160.75 - - Retains

Numis Hold 160.75 - 150.00 Retains

Jefferies International Buy 160.75 155.00 155.00 Reiterates

In auction +12.4%

View from the City

'Management has achieved an incredible amount in a relatively short period,' said Nick Batram of broker Peel Hunt, which has a buy recommendation on the stock.


'The refinancing puts the business on a much firmer footing and, with further potential from additional cost savings, the cycle of upgrades looks set to continue. There is still much to be done, but we are growing ever more confident that management will deliver.'

Mark Brumby of Langton Capital said: 'The group’s recovery, though it may be diluted on a per share basis, is much more secure post today’s announcement.

'Thomas Cook has sought to reassure that first half trading, on an underlying basis, remains on an upward trajectory. More costs will be saved than had previously been anticipated and the summer has begun well.


'Disposals have been made, debt reduced and today’s refinancing proposals go much further in securing the group’s recovery than could possibly have been imagined at this time last year.'

Thomas Cook hails 'comprehensive' refinancing


By Lee Hayhurst | 16 May 2013

Thomas Cook has described today’s refinancing as “much more comprehensive” than a proposed package that would have injected £400 million of equity which was rejected last March.

Thomas Cook turned down a bid by former Gold Medal boss Terry Fisher in March 2012 to take a two third stake in the firm for £400 million.

Asked about the similarity to the figure of £425 million the firm will raise with a shares issue as part of the £1.6 billion refinancing chief financial officer Michael Healy said: “This is a much more comprehensive refinancing of the business, not just involving getting equity in to the business but also extending maturity of the debt profile and flattening the debt profile.

“That’s the positive aspect of this refinancing.”

Speaking to the media this morning, Healey said as of Cook’s last financial year end net debt stood at £788 million, so the package of measures announced today reduces that by more than half.

Chief executive Harriet Green said that Cook was increasing its targeted savings this year by £25 million to £170 million.

She said this was largely from working more efficiently as a group in terms of procurement and other activities rather than from further job losses.

The cost reduction programme this year was already three quarters achieved against the original target, hence the decision to raise the level Cook will achieve.

In total Cook has increased its targeted cost savings by 2015, the end of the turnaround period, by £40 million to £319 million.

A review of the UK business portfolio ahead of any decision on disposals was ongoing, said Green, who said only Cook’s share in NATS, the national air traffic organisation, was currently up for sale.

Green said work was progressing in increasing the number of concept hotels exclusive to Thomas Cook and this stood at 93 today, up from 66.

These properties achieve attract twice the gross margin and twice the volume of bookings.

The proportion of business transacted online has hit 35%, and had moved closer to the 2015 target of 50%, said Green.

Green said: “The refinancing has major advantages for the group. It reduces our debt, increases capital and increases our financial headroom by removing the wall of debt we faced in 2015.

“It gives us resources to invest in our profitable growth strategy and it creates a platform for the resumption of dividend payments.”

More information on when dividends would return was promised in 2015.

Green said Cook in the long term had the resources to “unleash the full power of the Thomas Cook brand”.

“We are making great progress. We could not have done this refinancing without that great progress of the business. Not only is Thomas Cook back but we are better and we are there and driving it strongly.”

Prime Markets Buy 164.25 160.00 160.00 Reiterates

I shrewdly bought these at 15p on a spread ber at £100 pp after warren Buffet decided to buy and got out with great glee at 24p - doh.

I just cannot believe how well these have done - good luck to those who stayed the course & well done