W H Smith - 7% yield + modest capital appreciation = 25% within a year

Well that's the anticipated profit warning out of the way, next question is how much has the decline in the share price already factored it in (350 to 275)? My bet is that the shares will go lower and if so I will be buying - if you strip the emotion out of the statement ( new ceo takes over ailing retail side immediately etc), the statement actually says the publishing and news distribution businesses are performing well and the retail side is flat (so what - who expected anything else?). Presumably she will do a kitchen sink job on the figures in April and if the company is still independant, the only direction will be up, question is when will the market start to anticipate the recovery? Here's hoping for a sub 240 price today!