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

Date Broker name New Price Old price target New price target Broker change
13-Dec-13 Nomura Reduce 162.50p 136.00p 152.00p DownGrade
11-Dec-13 Credit Suisse Outperform 170.20p 195.00p 195.00p Reiteration
05-Dec-13 Panmure Gordon Buy 171.80p 200.00p 230.00p Reiteration
03-Dec-13 Investec Securities Hold 168.30p 155.00p 185.00p Reiteration
02-Dec-13 Citigroup Buy 175.30p 195.00p 230.00p Reiteration
02-Dec-13 Barclays Neutral 175.30p 180.00p 200.00p DownGrade
29-Nov-13 JP Morgan Cazenove Overweight 173.80p 180.00p 180.00p Reiteration
28-Nov-13 Jefferies Buy 175.70p 200.00p 200.00p Reiteration
28-Nov-13 Numis Securities Add 175.70p 175.00p 175.00p Reiteration
25-Nov-13 Numis Securities Add 151.60p 150.00p 175.00p Upgrade
22-Nov-13 Panmure Gordon Buy 148.40p 180.00p 180.00p Reiteration
22-Nov-13 AlphaValue Reduce 148.40p 154.80p 155.50p DownGrade
20-Nov-13 Jefferies Buy 151.10p 200.00p 200.00p Reiteration

They have also gone from neutral to reduce - but so what.

One downgrade,, , ,i don't much like broker rec's anyway.

Waste of space the lot of them. Covering their arsxs as usual.

Panmure Gordon rated this as worth only 8p to 13p until the sp climbed from 20p up to over £1, then I think they realised the battery in their calculator had gone flat.

Strange how some put down brokers but then use them when its to their advantage.

I'm not a great fan GF ,,i used to watch them carefully years ago ,but some of them go up and down with the share price .

I always post them (if I see them) on shares that I hold/follow - it makes it easier when coming back to a share (research) later.

I always use them aswel.

I dont think they are hurting anyone. If youve done your own research what do you have to lose.

skinny, I agree. I was just pointing out the Panmure Gordon scenario as an example of when broker's can have very differing views on the value of a share. In that particular case one broker was completely out of tune with others.

Yes and one broker seems to have knocked this back .

Weve got one broker with a 230p Sp target jimmy so one rouge broker isnt going to spoil the party. i reckon we need the fed to get this tapering statement out wed and away we will go.

Yes GF not too bothered ,the general markets not helping . Still hoping for your xmas rally :)

JP Morgan Cazenove Overweight 168.10 168.20 - 200.00 Reiterates

Thomas Cook Group Stock Rating Reaffirmed by JPMorgan Chase & Co. (TCG)
Posted by Tammy Falkenburg on Dec 20th, 2013

Thomas Cook Group logoThomas Cook Group (LON:TCG)‘s stock had its “overweight” rating reaffirmed by JPMorgan Chase & Co. in a research note issued on Friday, Analyst Ratings.Net reports. They currently have a GBX 200 ($3.26) target price on the stock. JPMorgan Chase & Co.’s price target would indicate a potential upside of 18.91% from the stock’s previous close.
Shares of Thomas Cook Group (LON:TCG) opened at 167.30 on Friday. Thomas Cook Group has a one year low of GBX 36.626 and a one year high of GBX 179.50. The stock has a 50-day moving average of GBX 155. and a 200-day moving average of GBX 147.1. The company’s market cap is £2.505 billion.
A number of other analysts have also recently weighed in on TCG. Analysts at Nomura downgraded shares of Thomas Cook Group to a “reduce” rating in a research note to investors on Friday, December 13th. They now have a GBX 152 ($2.48) price target on the stock, up previously from GBX 136 ($2.22). Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Thomas Cook Group in a research note to investors on Wednesday, December 11th. They now have a GBX 195 ($3.18) price target on the stock. Finally, analysts at Panmure Gordon raised their price target on shares of Thomas Cook Group from GBX 200 ($3.26) to GBX 230 ($3.75) in a research note to investors on Thursday, December 5th. They now have a “buy” rating on the stock. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. Thomas Cook Group currently has a consensus rating of “Hold” and an average target price of GBX 163.77 ($2.67).
Thomas Cook Group plc operates under six geographic segments: UK, Central Europe, West & East Europe, Northern Europe, North America and Airlines Germany

I.C.today

EXPECTING GREAT THINGS



Thomas Cook

Recovery wonder-stock Thomas Cook (TCG) is the great expectations screen's runaway favourite. The shares have rocketed over the past year by a giddying 370 per cent, while broker forecasts have also soared. For a travel agent, the shares hardly look cheap on a forward PE basis, given the low quality nature of earnings due to limited bookings visibility and vulnerability to numerous outside factors - from fuel prices to Icelandic volcanic ash clouds, to political uprisings such as the Arab Spring. But package holidays have proven popular with holidaymakers recently and Cook, under the stewardship of recently appointed chief executive Harriet Green, is proving very adept at pushing through cost savings. The company has also successfully refinanced and almost every trading update seems to bring with it further earnings upgrades.

The prospect of the reinstatement of Cook's dividend could provide the shares with further impetus in 2014. And a second wave of cost savings out to 2018 has recently been put in place which, if achieved, would produce what broker Investec describes as "never-been-seen-before (not even close)" margins. Only time will tell whether this proves an overly-ambitious target for a company in such a notoriously unpredictable sector. For now, though, Cook appears firmly in the ascendant.

TCG on verge of a breakout..........

Id say they have already broken out GF :)

Yep Jimmy.......

TCG breakout.......

JP Morgan Cazenove Overweight 170.00 175.40 200.00 230.00 Reiterates