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

.

They could be back on their way to the dead after what I've just read, all shares sold. Standby for the fall out. Shares could plummet depending on reaction.
http://www.portsmouth.co.uk/news/local/morrisons-worker-suspended-after-wearing-poppy-and-badge-in-memory-of-drummer-lee-rigby-1-5137550

Half Yearly Report

Financial summary
· Total turnover £8.9bn in line with last year (2012/13: £8.9bn)
· Total store sales up 0.8% (2012/13: up 1.3%). Like-for-like store sales down 1.6% (2012/13: down 0.9%)
· Underlying profit(1) down 10% to £401m (2012/13: £445m)
· Underlying earnings per share down 2% to 12.86p (2012/13: 13.09p)
· Profit before tax £344m (2012/13: £440m)
· Interim dividend up 10% to 3.84p (2012/13: 3.49p)
· Net debt of £2,529m (2012/13: £1,680m)
· Gearing of 48% (2012/13: 32%)

Financial strategy
· Financial strategy updated
· Reduced capital expenditure targets announced
· New dividend policy confirmed
· Property estate being reviewed

Strategic highlights
· Convenience - 33 M local convenience stores now trading and performing well: on track to have 100 stores operating this year. New convenience distribution centre secured for the North
· Multi-channel - on schedule with online food proposition to launch in January 2014
· IT systems upgrade programme progressing well - providing the foundation for further cost savings in 2014/15
· Fresh Formats - tailored fresh food proposition now in 169 stores: on track for over 200 stores this year
· Significant productivity improvements in store. Electronic ordering introduced
· Good progress on expanding manufacturing capability

Operating highlights
· Seven new supermarkets opened, including one replacement
· 2,800 own brand products successfully launched
· Strengthened management team in place
· Employer of the Year(2)

I think this is the main reason for today's jump in the share price. Their property portfolio is £2 billion more than their market cap', which they intend to realise.

Property

Morrisons property portfolio has an estimated market value of around GBP9bn. Over 90% of our estate is freehold, a considerably greater proportion than our major competitors. We expect to see the proportion of freehold properties reduce naturally as our convenience store programme expands. Additionally, in order to provide flexibility in the way we use our resources, we anticipate that a greater proportion of our new store acquisitions programme will be weighted towards leasehold properties.

We intend to manage our property portfolio more actively in future. We have commenced a review to assess the extent to which there may be opportunities to realise value for shareholders from our estate, whilst maintaining our traditionally prudent approach to financial management. This review is being undertaken within the context that there are clear control and flexibility benefits with freehold ownership and that the majority of our core estate will continue to be owned and managed on that basis.

Interim Management Statement

Christmas Trading Update

The Christmas period has been very challenging with a slowdown in market growth. Hard pressed consumers elected to economise and managed their budgets very tightly, buying less and shopping selectively across a range of formats and retailers. In the 6 weeks to 5 January 2014 total sales* excluding fuel were down by 1.9% (3.3% including fuel). Like- for-like sales* declined by 5.6% (7.1% including fuel).

more...

Ouch

Those share buy backs certainly a shrewd move eh! How much was it again £1b, what a waste.
2517

2517

Just going back through old notes which suggested that when there are buy backs, why don't the directors buy shares.

Suggested, that they don't know what to do with the excess money and don't know what to do with it and don't fancy the risk themselves.

I said umumumummh!

fred - i'm assuredly no accountant, but i'm certain share buy-backs cannot work the way you suggest .... to the best of my knowledge, it is a way of reducing the number of shares in issue and thereby increasing the value of the remainder - or something along those lines

or to eliminate any threats by shareholders who may be looking for a controlling stake

Buy backs are a way of reducing the number of shares in circulation and then held in deposit. It is the sign of a management that is bankrupt of new ideas to grow the business. It is a way to grow the EPS without doing any work. It is a big con trick especially if directors are rewarded with shares as a result of growth in EPS.

Spot on David.
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Nomura Buy 234.50 234.50 360.00 280.00 Reiterates

Jan 10 (Reuters) – WM Morrison Supermarkets PLC :

Natixis cuts target price to 215p from 245p; rating reduce

With MRW down to a 5 year low and reports of raising capital to release value to shareholders the question I am asking is: Is this a good entry price? My instinct says yes but is this the floor!! Remember that this is the UK's fourth largest grocer and is capable of throwing off loads of cash. Is it a buy at 236/236.5?

Makes interesting reading david lucas, about the net asset value. Read this article on Friday.

By Ben Martin

6:49PM GMT 10 Jan 2014




Break-up talk helped to stop the rot in Wm Morrison shares, which were sold off sharply a day earlier when the troubled supermarket group unsettled investors with its grim Christmas trading update.


The FTSE 100 company edged up 1.6, or 0.7pc, to 236.1p, after plunging 7.8pc on Thursday when it warned that like-for-like sales dropped 5.6pc in the run-up to the festive season. Cantor Fitzgerald analyst Mike Dennis today lent the shares support, by arguing the company was “vulnerable to a break-up by outside interests”, given that Morrisons’ net asset value per share of 230p is almost on a par with its current share price, suggesting there is no brand equity.


Some 300 stores worth a combined £7.5bn could be sold off – provided there were no objections from the Competition Commission – and Morrisons “would again become a small regional supermarket group”, he hypothesised. The previous management, possibly including former chairman Sir Ken Morrison, might then make a return to the residual business, the analyst said.

Thanks for the article DC.
It seems that there should be good value at this level. The price edged up on Friday by 1.6 so perhaps the floor has been established. It is a buy for me and I shall see what price it opens at tomorrow (Monday).

Good luck david. Long term I just wonder how they will sort the stores problems, especially losing the all important market share. Morrisons clearly are the most vulnerable supermarket to the likes of competition from the big boys and of course the likes of Aldi etc. I think I am right that they own more property than any of the other supermarkets. I really do not fancy their chances long term. They sat about to long with the likes of internet shopping and the home delivery service. I suppose they have no choice but to start to sell the bricks and mortar, not good long term.