J Sainsbury (SBRY) has announced results for its year ended 6th March 2021 and that it has “carried good underlying trading momentum into the new financial year and started the year strongly”.
The year recently ended was with grocery sales up 7.8% and general merchandise sales up 8.3% but impacts from materially reduced fuel sales and direct COVID-19 response-related costs. The latter were £485 million and adjusted pre-tax profit was down from a prior year £586 million to £356 million.
Non-lease net debt was reduced to £640 million, the company emphasises that it is “investing in the areas that matter to customers, underpinned by an accelerated cost saving programme” and that it continues to “expect underlying profit before tax in the financial year to March 2022 to exceed that reported in the year to March 2020 (£586 million) and we are comfortable with consensus forecasts of around £620 million”.
At a 238.1p share price, the market cap is £5.3 billion – and there is also a maintained full-year dividend per share of 10.6p, with 7.4p per share to be paid on 16th July to shareholders on the register at close of 11th June 2021. Although still nicely up from the initial 199.7p November 2020 offer price recommendation, even a 4% dividend yield suggests a 265p share price is justified and, therefore, there still looks income value here.
This first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website for a new share tip from Tom & Steve JUST OUT THIS AFTERNOON and a new shorting piece this week click HERE
Filed under: J Sainsbury, Graham Wood, Versarien, Bidstack, Jadestone Energy, US Oil & Gas, N50 website
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