So the shares are down 10% plus today following the results for the year. I think they could fall further although the company, which is always very cautious in what it says, is talking of the current year being better so no doubt it will. However, on a historic p/e of 12.8 and a yield of 4.5%, I was expecting the final to be increased but it was not, I think the shares might still be over valued at 50p.
Puzzled the second half was not better given a positive trading environment, though last year’s results were flattered by a profitable disposal which perhaps most did not regard (as I did) as an occasional one-off. The balance sheet remains very strong, but over the last decade it has been possible to buy the shares for the value of the cash in the company, which is what I think profdoc and I did (see earliler emails). Will be interested to read his views in due course.