Trinity Mirror - Marked progress on issue resolution
RCH FY23 figures were broadly in line with market expectations. The key messaging, though, is that the two big uncertainties overhanging the stock are being clarified in timescale and in quantum. Firstly, agreement has been reached with the pension trustees, substantially reducing the ongoing funding requirement from FY28. Secondly, December’s High Court ruling on time limitation for the historical legal issues gives far better clarity on the amounts to be paid out and shortens the execution timescale. This gives management much improved context in which to plan the necessary investment from cash flows to continue to boost the data-driven revenue line. We would expect the substantial valuation discount to start to narrow.Reach is a commercial national and regional news publisher in the U.K. Co.'s operating segments include: Publishing, which produces and distributes content to mass market audiences across the U.K., through paid-for and free newspapers and related multi-platform digital sites; Printing, which provides internal print services to the Publishing division and externally to third parties; and Specialist Digital, which contains Co.'s digital classified recruitment business, Trinity Mirror Digital Recruitment, which comprises digital classified sites including TotallyLegal, GAAPweb and SecsintheCity and its digital marketing services business, The Communicator Corporation Limited.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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