Not the most exciting share, but with safeway conversion now complete (and how much better the old safeway stores are now) the shares should start to come back. Already started a nice rise from a recent low. Costs for conversions will still hold the price back but when that is out of the way, should be be nice. 190p

i was wrong retail is going to take a big hit the shops are empty and the shopper is not shopping sell retail

MRW Morrisons


Should be an update on above tomorrow.

Anyway by and large most brokers are
saying HOLD.

Morrison (Wm) Supermarkets PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

SG Securities
06-03-12 HOLD 25.28 11.01 29.39 12.83
Exane BNP Paribas
06-03-12 HOLD 912.00 25.39 10.84 953.00 27.42 11.71
ING Financial Markets
06-03-12 BUY 25.65 10.66 30.34 11.93
Panmure Gordon
06-03-12 HOLD 922.00 24.90 10.70 968.00 27.30 12.00
Charles Stanley
05-03-12 ACCU 930.00 25.50 10.64 975.00 28.00 11.71
Shore Capital
02-03-12 HOLD 925.00 25.20 10.50 965.00 28.50 12.10
Numis Securities Ltd
01-02-12 BUY 929.50 25.30 11.00 977.70 31.00 13.50
Seymour Pierce
01-02-12 HOLD 923.30 26.20 981.00 30.20
The Royal Bank of Scotland NV
28-11-11 BUY 923.79 25.77 10.74 969.72 29.34 12.49
Evolution Securities Ltd
08-09-11 ADD 944.00 26.00 1,031.00 30.90
Arbuthnot Securities
19-08-11 BUY

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 922.96 25.46 10.76 969.33 28.95 12.20
1 Month Change -2.10 0.08 0.02 -10.39 -0.18 -0.02
3 Month Change -5.28 -0.05 -0.01 -26.78 -0.73 -0.22


GROWTH
2011 (A) 2012 (E) 2013 (E)

Norm. EPS 24.96% 8.49% 13.70%
DPS 37.34% 28.90% 13.34%

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £1,224.00m £1,309.98m £1,408.58m
EBIT £905.00m £967.74m £1,036.34m
Dividend Yield 2.95% 3.80% 4.31%
Dividend Cover 2.81x 2.36x 2.37x
PER 12.07x 11.13x 9.79x
PEG 0.48f 1.31f 0.71f
Net Asset Value PS 192.73p 220.04p 233.81p

Hemscott premium.

Final Results.

Financial summary

· Turnover up 7% to £17.7bn (2010/11: £16.5bn)
· Like-for-like sales (ex-fuel, ex-VAT) up 1.8% (2010/11: 0.9%)
· Underlying profits before tax up 8% to £935m (2010/11: £869m)(1)
· Profit before tax £947m (2010/11: £874m)
· Operating margin up by 20bps(2)
· Net debt £1,471m (2010/11: £817m) after capital investment of £901m (2010/11: £595m)
· Gearing of 27% (2010/11: 15%)
· Equity retirement £368m
· Basic earnings per share 26.7p (2010/11: 23.9p)
· Underlying earnings per share up 11% to 25.6p (2010/11: 23.0p)
· Total dividend for the year up 11% to 10.7p (2010/11: 9.6p) - dividend cover of 2.4 times

Operating highlights

· Record customer numbers - up 0.4m per week
· 34 new supermarkets opened(3)
· Own brand relaunched successfully through M Kitchen and M savers ranges
· Productivity improvements in stores (2.9%) and distribution (4.3%)
· HOT service programme delivering step-change in customer satisfaction(4)
· Significant progress in the systems replacement programme
· New South West regional distribution centre opened

.

Concensus figures brokers were looking for....

31-Jan-12 17,567.85....... 922.00....... 25.19p


see below results showed these were beaten.

Results beat concensus figures above.

A good set of results and optimism
for going forward.


· Profit before tax £947m (2010/11: £874m)

· Basic earnings per share 26.7p (2010/11: 23.9p)

Any idea when they announce the dividend dates?

Harry - I can't put my hands on it, but it must be imminent - the last 3 years have been 10th,11th & 13th Mar.

Just seen on their website, it will be 16th May 2012 ex-divi. (also 28th Sept 2012 for interim ex-divi date).

http://www.morrisons.co.uk/Corporate/Investor-centre/Financial-calendar/#

Good news then Harry ...Nice.

Morrisons profits rise 8pc

http://tgr.ph/ycHPup

I was alluding to the "announcement date" above :-)

Of course! My question should have read 'what is the ex-divi date?' Strange that the dates are not 6 months apart, or do they pay more than 2 divis per year (I can only see 'Final' & 'Interim')? (Question has been checked for ambiguity!) ;o)

Harry - that's quite common - the 2 dates not being 6 months apart I mean :-)

BRIEF-Morrisons to open 15-20 M Local stores in 2012, 50 in 2013
08 Mar 2012 - 07:45

LONDON, March 8 (Reuters) - WM Morrison Supermarkets PLC :

* Morrisons FD says will open 15-20 more M local stores in 2012,

accelerate roll-out with 50 stores in 2013

* Morrisons FD sees capex spend in 2012 of 1.2 billion stg, 100 million

stg on convenience and online activities

((London Equities Newsroom; +44 20 7542 7717))

They are certainly moving up market with their re-furbs, the ` continental` foods on the Deli` counter are particularly attractive- pity about The Pie Shop though-lol

From HL - Morrison (Wm) Supermarkets

skin i sold 8443 of these at 292 40p or about that

Broker Upgrade......

WM Morrison Supermarkets FTSE 100 Consumer, Non-cyclical Buy 350 292.7 19.6% Jefferies

350p SP Target 19.65% Upside.

From HL - Morrison (Wm) Supermarkets

http://www.hl.co.uk/shares/shares-search-results/m/morrison-wm-supermarkets-ordinary-10p?tab=security_research