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    PRO REAL ESTATE INVESTMENT T

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    PRO REAL ESTATE INVESTMENT T

  • 14 Aug 19

Cenkos: Duke Royalty Ltd - Revenues and profits coming through

Duke's FY19E pre-close update highlights a step change in YoY financial performance, anticipated by our FY19E forecasts. The royalties from all 12 partners are beginning to come through, met with a stabilising cost base, producing operationally geared profit growth. As royalties from partners annualise over FY20E, we see another large profit uplift ahead.

Companies: Duke Royalty
  • 13 Aug 19

LIBERUM: Plus500* - 11% user growth, low churn, buyback

Full details on H1 reveal a quality Q2 with very low churn, lower customer acquisition costs as competition reduces, and strong new customer numbers even though it was hardly a high newsflow quarter. Then we have a $50m buyback and a change in policy such that half of the core 60% payout can now be buybacks.

Companies: Plus500
  • 16 Aug 19

Cenkos: Equals Group Plc - Adding the fuel for accelerated growth

As Equals broadens its retail and corporate offer beyond its retail FX legacy, the company is transitioning into a global, multi-product, highly profitable e-banking specialist with an integrated supply chain. To drive sales of its promising corporate expense platform, pursue attractively priced payments acquisitions and meet increased collateral requirements, the company is raising £16m (gross) in new equity inclusive of a £2m open offer. We believe these steps will lead to accelerated growth, particularly in FY21E, towards revenues of c£60m.

Companies: Equals Group
  • 05 Aug 19

Results don’t need to be appealed

Burford has announced its interim results for 1H’19 and has produced another excellent set of figures. After stripping out third-party interests, revenue was up 40% to $287m and earnings grew 36% to $225m. Litigation investment was again the star, with income also increasing 36% to $265m. While this saw some benefit from the recent Petersen transaction, there were strong results beyond that with the rest of the portfolio producing a first-half RoIC of 78%. These brought total recoveries to $1.16bn from 99 investments, with a cumulative RoIC of 98% (from 85% to 31 December 2018) and IRR of 32% (from 30%).

Companies: Burford Capital
  • 12 Aug 19

S&U - Trading update confirms positive trends

S&U’s latest trading update confirms the improving trend in the motor finance business in terms of demand, transactions and indicators for credit quality. Aspen property bridging also continues to make progress although at a slightly slower rate. Our estimates are unchanged and the shares appear conservatively valued with an attractive yield.

Companies: S&U
  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 08 Aug 19

Inaccurate Burford comparison

Following the speculation and eventual release of a short report by Muddy Waters (“MW”) on Burford yesterday, LCM’s shares have fallen to 77p having troughed at 58p in early trading. We highlight three areas where LCM’s model differs to Burford and therefore where the same criticisms should not apply. Re-iterate Buy and 140p TP.

Companies: Litigation Capital Management
  • 15 Aug 19

LIBERUM: Alternatives Daily: OCI | SONG | JLEN | RCOI

Oakley Capital Investment - £25m investment in Seven MilesHipgnosis Songs Funds - Capital raise targeted in Q3John Laing Environmental Assets - Reduced power price forecasts impact Q2 NAVRiverstone Credit Opportunities Income - 56% of IPO proceeds committed

Companies: Oakley Capital Investments
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 14 Aug 19

The demerger is confirmed for Q4 19

Prudential announced an operating profit of £2,024m (up 14% like-for-like and 21% as reported) for its continuing operations, excluding M&GPrudential. Even the profitability of the “new” Prudential is driven by Asian operations. The demerger of the group is expected to be completed in Q4 19.

Companies: Prudential
  • 15 Aug 19

Small Cap Feast


Companies: THR TRX KIBO VNET ALS PGR OCI JAN KRS IHC

  • 14 Aug 19

LIBERUM: CLS Holdings* - Reaping the benefits of a geographically diverse business model

CLS has delivered strong first half returns, aided by its European diversity and an income focused approach. H1 NAV per share growth of 5% to 325p was c.4% ahead of our forecast, driven by portfolio valuation gains and a £21m (+5.1p) increase in the value of CLS’ shareholding in Catena.

Companies: CLS
  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L

  • 08 Aug 19

The decline in Solvency is not a concern

L&G’s operating earnings improved significantly in the H1 19 (5.6% to £1,005m). This performance was better than expected. The insurer will revise its mortality hypothesis in the H2 with an additional £200m on operating earnings by the end of the year. The reduction in the capital position is not particularly a source of concerns and it should recover in the H2. The increased interim dividend to 4.93p/share and the growing business confirm the solidity of the Group.

Companies: Legal & General Group
  • 12 Aug 19

Merger with IMA

S4 Capital has announced the merger of MediaMonks with IMA, the largest full-service influencer marketing agency in Europe. Founded in 2010 by Emilie Tabor and Maddie Raedts, with Anneke Schogt joining as CEO in 2016, IMA has grown to a team of 85 digital experts. The agency has built a strong reputation in the fast-growing discipline of influencer marketing, which is forecast to double in size to $15bn over the next three years, and has established a worldwide network of 40,000 influencers across industries including fashion, retail, consumer electronics, automotive, travel, beauty and lifestyle. IMA has a blue-chip client list including Pernod Ricard, Under Armour, Beiersdiorf, Diesel, Microsoft, Heineken, Samsonite and Booking.com. No financial details on the transaction were released. We believe IMA is a strong strategic fit with MediaMonks and further develops its digital content marketing capability. S4 Capital released a very robust H1 trading update on 29th July which indicated that LFL Gross Profit growth had accelerated from +34% in Q1 to around +40% in H1. The group will report interims on 11th September.

Companies: S4 Capital