Trust concerns over club's football knowledge remain
Cardiff City Supporters' Trust (CCST) have highlighted their ongoing concerns around the football knowledge at the top level of the club following a meeting with members of the Bluebirds' hierarchy.
Following confirmation of Cardiff's relegation into League One, the club issued a statement in which they stated they would undertake a "thorough period of review across several structures and practices".
Advertisement
The Fans' Advisory Board (FAB) met with club chairman Mehmet Dalman, executive director and chief executive officer Ken Choo and non-executive director Steve Borley following the conclusion of what was a wretched 2024-25 season for the club.
The CCST says it is "anxious to understand the extent of this review" after confirming the subject of improving the football knowledge at the highest levels within the club was raised during the meeting.
They wrote: "In our view the question of footballing expertise at board level in connection with the review was not answered as positively as we would have liked.
"Firstly, Mehmet Dalman stated that the board of Cardiff City is "unique" in that it cannot decide anything significant without reference to the owner.
Advertisement
"The minutes make it sound as if this uniqueness is a proud boast whereas our view is that it is a major weakness in corporate governance of the club.
"Mehmet Dalman goes on to say that he would welcome more football expertise but introduced caveats, perhaps to temper expectation."
Cardiff remain hopeful of appointing a new manager before the end of May having already interviewed candidates for the role - with the Bluebirds looking for a ninth boss in four years.
It comes amid what is likely to be a significant squad overhaul at Cardiff City Stadium following relegation into the third tier.
Advertisement
The statement concluded: "There's not much for Cardiff City fans to be happy about at the moment, but we hope for positive developments whereby the owner will allow the board the leeway to put in place, in the way the club is run, the sort of improvements that will take Cardiff City in the right direction."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Why Qualcomm's (QCOM) Long-Term Prospects Shine, Even if the Stock Doesn't
Qualcomm (QCOM) has underperformed over the past year, declining 26%, primarily due to macroeconomic factors rather than internal company mechanics. Although the company's fundamentals remain very solid, it has faced some headwinds, such as concerns that its business is too concentrated on Apple (AAPL) for modem revenue, despite its broader operations still being more rooted in the Android ecosystem. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Still, that doesn't stop me from seeing the stock as a long-term Buy—especially since my bullishness comes from Qualcomm's key competitive advantage: its ability to build the Snapdragon platform, which integrates a modem, CPU, and even a GPU chip—something no other competitor can currently match. This positions the company to tap into new business opportunities that could help offset its current customer concentration. Beyond that, Qualcomm's asset-light model allows it to generate very high returns on its investments, highlighting its operational efficiency, strong financial health, and consistent value creation for shareholders. This helps justify the company trading at a slightly stretched valuation when considering its operational profits relative to enterprise value. When looking for value stocks, one of the most important factors—if not the most important—is a company's ability to generate consistent earnings. Examining QCOM's balance sheet reveals a capital-light, high-margin model driven by intellectual property (IP) and characterized by heavy investment in research and development (R&D). As a fabless semiconductor company, Qualcomm relies on external manufacturing partners such as TSMC (TSM) and Samsung (SSNLF) for chip production. Notably, only approximately 7% of its $55.3 billion in total assets is allocated to property, plant, and equipment (PP&E), which is relatively low compared to the industry average. This underscores the efficiency of its asset-light business model and the minimal physical infrastructure required to support its operations. Roughly 18% of its assets are classified as goodwill, indicating a strong track record of acquisitions, which is clearly part of its strategy to acquire intellectual property (IP) or talent rather than build everything in-house. One recent example is the $2.4 billion acquisition of the UK-based semiconductor firm Alphawave. Additionally, approximately 12% of Qualcomm's total assets are tied to IP licensing and chip design. That makes sense, given its dominant position in the Android smartphone chip market, especially in the high-end segment with its Snapdragon lineup. Given that around 37% of Qualcomm's total assets are intangible, it's worth considering the company's actual operational efficiency once these intangibles are excluded. To gain a clearer picture, it is sensible to examine how Qualcomm allocates its limited tangible capital to generate profits. Over the past twelve months, Qualcomm produced an operating profit of $12.3 billion. During the same period, its net working capital was approximately $2.7 billion, and its invested capital—mainly property, plant, and equipment, and other intangibles—totaled roughly $8.28 billion. Dividing the operating profit by this invested capital plus working capital yields an eye-catching ~112% return on capital (ROC). That kind of number highlights Qualcomm's exceptional operational efficiency, something typically only seen in asset-light, IP-driven tech or software companies. For context, most of these firms operate with a return on capital (ROC) well below 50%. In short, despite a balance sheet loaded with intangibles, Qualcomm proves that it's highly efficient with the real capital it uses. And that translates into three key advantages: sustainable value creation, a durable competitive moat, and stronger financial flexibility. Even a company with a high return on capital isn't necessarily a buy—not if you're overpaying for it. That's why it's vital to assess operating profitability in relation to the company's total valuation, not just traditional P/E or P/B metrics. One way to do this is by comparing operating profit to enterprise value (EV), which reflects what the market is actually paying for the entire business. In Qualcomm's case, we can measure this by dividing its operating profit by its enterprise value (EV). Over the last twelve months, Qualcomm generated $12.3 billion in operating profit, while its current enterprise value stands at $164.6 billion. That results in an earnings yield of 7.5%. To interpret that number correctly, it should be compared to Qualcomm's cost of capital. Using a 10-year treasury yield of 4.5%, a beta of 1.2, and an equity risk premium of 4–5%, the estimated cost of equity falls between 9% and 10%. Since the earnings yield of 7.5% is below this range, Qualcomm doesn't appear particularly cheap at the moment. However, judged against historic performance against the S&P 500 (SPX), QCOM stock has underperformed. That said, this isn't necessarily a red flag. Even if the stock looks a bit expensive on this metric, Qualcomm continues to create value through its exceptional return on capital and strong cash generation. This is reflected in its sustainable 2.28% dividend yield and $16.5 billion in share buybacks over the past four years. Given Qualcomm's maturity, profitability, and operational efficiency, a lower earnings yield may be viewed as acceptable, reflecting a premium for quality and stability. Analyst sentiment on Qualcomm stock is somewhat mixed. Out of 17 experts who've issued ratings in the past three months, eight are bullish, eight are neutral, and just one is bearish. Still, there's little hesitation when it comes to upside expectations. Qualcomm's average stock price target is at $177.75, suggesting ~14% in potential upside over the next twelve months. While traditional valuation metrics may indicate that Qualcomm is undervalued, I believe that perspective overlooks the company's strong operational efficiency. Qualcomm doesn't need to appear 'cheap' to represent a compelling investment opportunity. Its robust, above-average returns on capital, driven by an asset-light business model, demonstrate its ability to create substantial shareholder value and may, in fact, justify a valuation premium. Viewed through this fundamental lens, and given Qualcomm's consistent track record of long-term value creation, I consider it a solid long-term investment, even at its current, relatively full valuation. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
an hour ago
- Associated Press
Titans embrace Callahan's competition hoping to boost performance, accountability and wins
NASHVILLE, Tenn. (AP) — Drop a ball, lose points. A red zone touchdown catch isn't worth six but still nets points. Jump offside earns a deduction. Lose a wide receiver in coverage also hurts. The Tennessee Titans don't kick off coach Brian Callahan's second season until Sept. 7 at Denver. With the Titans going 3-14 and losing the final six games, Callahan made some changes all designed to help Tennessee win more in 2025. The biggest new offseason feature is an internal competition. Callahan broke up the Titans into eight teams with a captain and assistant with rankings updated daily. Teams earn — or lose — points for what they do particularly on the field. For pro athletes, that's all they needed to hear. Outside linebacker Dre'Mont Jones, an offseason free agent signee going into his seventh NFL season, said Wednesday that the Titans are '100%' bought into Callahan's offseason competition. Jones said everything they do is a competition, keeping energy high. 'We need that competition,' Jones said. 'We have a young football team. We need to keep that edge and that competitive (approach) throughout the whole entire offseason leading into the season.' Tennessee lost six games in Callahan's debut season by eight points or fewer. Combined with a roster stocked with 48 new players, this competition is designed to have the Titans hold each other accountable for mistakes including turnovers, penalties and mental errors that prove so costly in an NFL season. Callahan knows this won't show results that matter until September and October at the earliest. This is all part of his focus on doing everything possible for the Titans to be better. 'A lot of it was kind of through this offseason program that we developed and how do we best win football games? And how do I best put our team in position to do that? How do I coach that better? And how do I do a better job from a leadership perspective for our players and our staff?' Callahan said. Jones is on a team captained by running back Tony Pollard who likes how Callahan also mixed up assignments in the locker room. No longer are position groups sitting together. Wide receiver Calvin Ridley is next to rookie quarterback Cam Ward. 'You got to talk to different guys, get to know people throughout the locker room,' said Pollard, who now has cornerback L'Jarius Sneed and defensive lineman Keondre Coburn to the right. 'So it's just, it's a great thing just connecting with the whole team.' That talking isn't done just inside the locker room. Part of the schedule includes time for each group to get to know each other better by discussing four H's: history, heroes, hopes and heartbreaks. 'That's just a great thing just learning backstories, what guys have been through and what they've had to overcome to be where they are now,' Pollard said. Callahan hasn't shared what the rewards will be for the winners. It doesn't matter. Linebacker Cody Barton, who signed a three-year deal in March, joked that he heard winners got a car and asked for that to be confirmed. A pat on the back also works. Right guard Kevin Zeitler is another newcomer going into his 14th NFL season. He said every NFL team has its own approach to the offseason program with some business-like, others 'super competitive and fiery' with others making it fun. 'Having an extra competition throughout the day to be more on your details. ... it makes it more fun,' Zeitler said. Treylon Burks working Callahan said Treylon Burks, the Titans' 18th pick overall in 2022 as part of the A.J. Brown trade, is doing more in his rehab from a partially torn ACL that limited him to five games and four catches last season. Burks is doing more than Callahan expected at the beginning of the offseason program. Burks is doing more individual drills and routes. Callahan said the hope is Burks will be cleared by the start of training camp. ___ AP NFL:
Washington Post
an hour ago
- Washington Post
With retail cyberattacks on the rise, customers find orders blocked and shelves empty
NEW YORK — A string of recent cyberattacks and data breaches involving the systems of major retailers have started affecting shoppers. United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said this week that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items. In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer . A cyberattack on Co-op, a U.K. grocery chain, also led to empty shelves in some stores. Cyberattacks have been on the rise across industries. But infiltrations of corporate technology carry their own set of implications when the target is a consumer-facing business. Beyond potentially halting sales of physical goods, breaches can expose customers' personal data to future phishing or fraud attempts. Here's what you need to know. Despite ongoing efforts from organizations to boost their cybersecurity defenses, experts note that cyberattacks continue to increase across the board. In the past year, there's also been an 'uptick in the retail victims' of such attacks, said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance, a U.S. nonprofit. 'Cyber criminals are moving a little quicker than we are in terms of securing our systems,' he said. Ransomware attacks — in which hackers demand a hefty payment to restore hacked systems — account for a growing share of cyber crimes, experts note. And of course, retail isn't the only affected sector. Tracking by NCC Group, a global cybersecurity and software escrow firm, showed that industrial businesses were most often targeted for ransomware attacks in April, followed by companies in the 'consumer discretionary' sector. Attackers know there's a particular impact when going after well-known brands and products that shoppers buy or need every day, experts note. 'Creating that chaos and that panic with consumers puts pressure on the retailer,' Steinhauer said, especially if there's a ransom demand involved. Ade Clewlow, an associate director and senior adviser at the NCC Group, points specifically to food supply chain disruptions. Following the cyberattacks targeting M&S and Co-op, for example, supermarkets in remote areas of the U.K., where inventory already was strained, saw product shortages. 'People were literally going without the basics,' Clewlow said. Along with impacting business operations, cyber breaches may compromise customer data. The information can range from names and email addresses, to more sensitive data like credit card numbers, depending on the scope of the breach. Consumers therefore need to stay alert, according to experts. 'If (consumers have) given their personal information to these retailers, then they just have to be on their guard. Not just immediately, but really going forward,' Clewlow said, noting that recipients of the data may try to commit fraud 'downstream.' Fraudsters might send look-alike emails asking a retailer's account holders to change their passwords or promising fake promotions to get customers to click on a sketchy link. A good rule of thumb is to pause before opening anything and to visit the company's recognized website or call an official customer service hotline to verify the email, experts say. It's also best not to reuse the same passwords across multiple websites — because if one platform is breached, that login information could be used to get into other accounts, through a tactic known as 'credential stuffing.' Steinhauer adds that using multifactor authentication, when available, and freezing your credit are also useful for added lines of defense. A range of consumer-facing companies have reported cybersecurity incidents recently — including breaches that have caused some businesses to halt operations. United Natural Foods, a major distributor for Whole Foods and other grocers across North America, took some of its systems offline after discovering 'unauthorized activity' on June 5. In a securities filing , the company said the incident had impacted its 'ability to fulfill and distribute customer orders.' United Natural Foods said in a Wednesday update that it was 'working steadily' to gradually restore the services. Still, that's meant leaner supplies of certain items this week. A Whole Foods spokesperson told The Associated Press via email that it was working to restock shelves as soon as possible. The Amazon-owned grocer's partnership with United Natural Foods currently runs through May 2032. Meanwhile, a security breach detected by Victoria's Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria's Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings . Several British retailers — M&S , Harrods and Co-op — have all pointed to impacts of recent cyberattacks. The attack targeting M&S, which was first reported around Easter weekend, stopped it from processing online orders and also emptied some store shelves. The company estimated last month that the it would incur costs of 300 million pounds ($400 million) from the attack. But progress towards recovery was shared Tuesday, when M&S announced that some of its online order operations were back — with more set to be added in the coming weeks. Other breaches exposed customer data, with brands like Adidas, The North Face and reportedly Cartier all disclosing that some contact information was compromised recently. In a statement, The North Face said it discovered a 'small-scale credential stuffing attack' on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was 'quickly contained.' Meanwhile, Adidas disclosed last month that an 'unauthorized external party' obtained some data, which was mostly contact information, through a third-party customer service provider. Whether or not the incidents are connected is unknown. Experts like Steinhauer note that hackers sometimes target a piece of software used by many different companies and organizations. But the range of tactics used could indicate the involvement of different groups. Companies' language around cyberattacks and security breaches also varies — and may depend on what they know when. But many don't immediately or publicly specify whether ransomware was involved. Still, Steinhauer says the likelihood of ransomware attacks is 'pretty high' in today's cybersecurity landscape — and key indicators can include businesses taking their systems offline or delaying financial reporting. Overall, experts say it's important to build up 'cyber hygiene' defenses and preparations across organizations. 'Cyber is a business risk, and it needs to be treated that way,' Clewlow said.
