Thomas Cook (lon:tcg)
Thomas Cook – All Over But We Don’t Know It Or A Great Opportunity?

Thomas Cook Financials

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Title: Thomas Cook – All Over But We Don’t Know It Or A Great Opportunity?
Company: TCG - Thomas Cook
Share Price Then: 10.4p
Author: Ian Smith
Date: Tue 21 May 2019
Comments: After the last few days of share price drops I was surprised to see only four companies with large enough to show short positions on Thomas Cook, with about 5.5% of the shares shorted.

This puts them as the 24th most shorted share, this may be because there is nobody willing to loan the shares or it may be than those who really understand the situation see that it is troublesome but the share price may be close to as low as it is going for a while.

There is no denying the 6 months ended 31 Mar 2019 were worse than the 2018 figures and the trend is towards worse results.

Looking at net debt can be quite confusing in a business with irregular income and large amounts of cash at hand at certain points of the year but it is clear that at over a £1 billion debt is worrying high.

Has the Goodwill Impairment of £1.1billion been over reacted to and seen as a cash loss this year and is part of the spooking?

One of the reasons that the share price had tumbled to 20p or so is that many are expecting a debt for equity swap or a share issue, the extra £300 million of debt makes this more likely but does it justify a 10p price or lower?

Or are there some people in the know who realise that a deal is just down the line that will wipe out the current share holders?
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