This one popped out for me on swing-finder org free site the other day. Genuinely surprised how much value is being given away.
Publishing and news business in the uk priced for very short term bankruptcy for no indication that is coming.
- Trading at 49p, ~2x forward earnings, ~14.5% dividend yield, market cap ~£155M. Priced for short.
- Operating cash flow £103M in FY2025 with 99% cash conversion. Earnings power is real, not accounting
- Net debt £35M against £145M revolver extended to 2029. Survival not in question
- Adjusted EPS grew to 26.8p in FY2025 (up from 25.3p) despite revenue decline, driven by cost discipline and margin expansion
- Pension overhang ending in 2028. £57M annual contributions in 2026 unwinding to near zero, structurally releasing cash flow
- Panmure Liberum forecasts FCF/share moving from negative 2026 to 7.1p in 2027 to 13.1p in 2028 as pension drag rolls off
- £182.6M non-cash impairment in FY2025 has reset book value and removed the goodwill overhang that distorted statutory metrics
- Print resilience surprising to the upside. Q1 2026 print down only 6.6% vs broker assumption of -8.1%
- Subscription rollout accelerating. 11 paid products live (up from 6 in two months), targeting 75,000 subscribers by end 2026
- Analyst consensus price target 126p (~157% upside). Panmure Liberum target 139p (~184% upside)