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Open
2.30
Volume
0.3m
Range
2.30/2.30
Market Cap
2,030,963,086m
52 Week
2.00/2.40

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  • 19 Jun 17

Support Group

In light of the UK election, we highlight our favoured overseas earners, operators in defensive markets and those capable of taking market share, but our main topic is the structure of the UK employment market. The UK has the lowest unemployment rate since 1975 at 4.6%, and there are, consequently, fewer and fewer candidates to fill vacancies. This suggests recruitment companies may struggle to grow, but there are structural changes in the UK labour force that offer growth opportunities. Temporary labour continues to expand relative to the point in the economic cycle, its importance accelerating since 2008, and part-time labour has grown at twice the rate of full-time labour throughout both the last cycle and over the long term. There are, of course, specialist temporary recruiters, but the part-time market appears relatively untapped (at least by the quoted companies) despite being c.5x the size of the temporary segment in terms of numbers.

Companies: FOUR ACL BOOT CLL CMS CNCT FCRM LOK PPH RNWH SVCA STAF UTW WATR

  • 22 Jun 17

N+1 Singer - Morning Song 22-06-2017

Carador Income Fund (CIFU LN) Level of refinancing and reset activity remains high | Imagination Technologies Group (IMG LN) No progress with Apple; Whole group for sale | Uncovered Gems - Speed Dating Lunch Another five sparkling gems

Companies: IMG CIFU ACC CNS LID YU/

  • 21 Jun 17

UCIT showcases performance

In May 2017, CLIG’s UCIT – The Emerging World Fund (EWF), a sub-fund of The World Markets Umbrella Fund plc - reached £104m in assets.

Companies: City Of London Investment Group
  • 21 Jun 17

N+1 Singer - Morning Song 21-06-2017

Ergomed (ERGO LN) Top line PeproStat™ Phase IIb data now expected in Q4 2017 | Touchstone Innovations (IVO LN) IP Group confirms Takeover Offer | Walker Greenbank (WGB LN) Strong o/seas & manufacturing demand counter soft patch in UK in May

Companies: WGB IVO ERGO

  • 22 Jun 17

Finding exciting investment opportunities

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC’s longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.

Companies: Jpmorgan European Smaller Cos Trust
  • 23 Jun 17

Strategic and operational progress

FY17 was a year of continued delivery of the strategy and steady operational progress, with results in line with our expectations. Ongoing investment in digital technology to support product innovation and e-commerce has been at the centre of Park’s growth strategy over a number of years. The strategy has generated a solid record of sales, profits and dividend growth and with a number of new initiatives at an early stage, we expect this trend to continue. Park’s cash-generative business model supports growth and an attractive growing dividend with a debt-free balance sheet.

Companies: Park Group
  • 20 Jun 17

Online brokerage leader

FinTech Group (FTG) is growing strongly. Management has created an integrated online broking business which can offer products across the value chain, from white labelled technology platforms to banking services. In our view, this gives it a significant advantage over its peers. The online broking sector in Germany has been consolidating and the fintech sector remains buoyant. Despite being the fastest growing major broking business in Europe, the shares trade at a discount to the sector.

Companies: FINTECH GROUP AG
  • 23 Jun 17

€810m restructuring charges in Q2 17

Commerzbank said today that it is confident that an overall balance of interests agreement between employees and employers and a severance scheme agreement can be reached shortly. Therefore Commerzbank expects to book restructuring charges of approximately €810m in Q2 17, which compares to the originally planned €550m for 2017 and 2018 respectively. This provision would cover the full restructuring charges required to realise the personnel reductions for the implementation of the Commerzbank 4.0 strategy. Further charges are not expected. Including the above mentioned restructuring charges, Commerzbank expects a negative net result in Q1 17. Given weaker markets, the bank anticipates a lower operating result in the second quarter compared to the first quarter of 2017. The CET1 ratio is expected to be higher than 12.5% in the second quarter. Despite the higher restructuring charges, from today’s perspective Commerzbank does not expect to report a negative net result for financial year 2017. Commerzbank will publish its final figures for Q2 17 on 2 August 2017.

Companies: COMMERZBANK AG
  • 21 Jun 17

Guidance lifted after Q1 profit jump

Vonovia posted a successful start to FY2017. Q1 rents were up by 6.4% yoy (3.4% lfl growth), EBITDA was up by 2.6% with the margin up by 150bp. EPRA NAV per share climbed from €30.15 at Q1 16 to €37.43 at Q1 17. EPS stood at €0.25 vs. €0.12 a year ago. The group’s GAV came to €29.6bn compared with €27.1bn in December 2016. Reduction in vacancy rate to 2.7% vs. 2.8% yoy. LTV at 44.4% vs. 41.6% as of 31/12/2016.

Companies: Vonovia
  • 22 Jun 17

N+1 Singer - Carador Income Fund - Level of refinancing and reset activity remains high

The level of refinancing activity across the CLO market was still strong during May, although lower than in April. Portfolio activity remained high with continued level of resets and refinancing opportunities delivering good uplifts. NAV as at end of May was 75.49c, up by 0.91% on a TR basis from last month. Shares were trading on a discount of 4.3% as at the month end, and currently on 4.6% discount based upon price of 72c.

Companies: Carador Income Fund
  • 30 May 17

N+1 Singer - Sigma Capital Group - £250m REIT: transformational, enhances visibility

Sigma Capital has successfully raised £250m equity for The PRS REIT (“REIT”) from blue chip institutional investors and the Homes and Communities Agency (“HCA”). Sigma will receive fees for delivering and managing assets, as well as development profits on assets completed for the REIT using PLC capital. We estimate that the £250m REIT will generate c.£32m income and development profit for Sigma over 5 years. The measures necessary to secure the REIT launch result in a one off impact to FY17e PBT (-70%) in order to launch the REIT which provides superior visibility and quality of earnings with significant value expected to accrue as the model is scaled.

Companies: Sigma Capital Group
  • 28 Apr 17

N+1 Singer - T3 Trend spotting - Strategy update

In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.

Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL

  • 20 Jun 17

Panmure Morning Note 20-06-2017

Morses Club AGM statement out this morning highlights an encouraging start to the year. Trading performance from 26 Feb to 19 June 2017 is in line with management’s expectations with net loan book and customer numbers continuing to increase and impairments remaining within the guidance range (of 22-27% of revenues) reflecting strong focus on higher quality lending. Territory builds have contributed to loan book growth and continue to represent an attractive opportunity. Dot Dot loans was launched in March this year and customer applications are on track. Based on relative valuation metrics we continue to believe that at FY2018E P/BV of 2.7 for RoE of 24.0% Morses Club is undervalued and hence maintain our BUY rating with TP of 150p.

Companies: Morses Club
  • 13 Jun 17

“A week is a long time in politics …. now and then”

It was true then and is even more so now: a week is indeed a long time in politics. Now, a minority government in the UK must start Brexit negotiations, which inevitably will have become a more complicated process. This, together with interest rate decisions in the US, UK and Japan this week should point to caution among investors. Yet despite some recent declines, indices remain close to their highs. In Share News & Views we have covered Carclo, Establishment Investment Trust*, Helios*, Northbridge* PCFG* and Tricorn*.

Companies: BMS CRPR ECSC EUSP FDM PCF PPIX QRT SNX SPRP SQS TCN TRI W7L

  • 19 Jun 17

Small Cap Breakfast

FFI Holdings— specialist in the provision of completion contracts to the entertainment industry for films, television, miniseries and streaming product. Offer TBA. Expected 30 June. QUIZ— omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets . Expected late June. Offer TBA. Jangada Mines—Schedule 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, as well as being the only pre-development PGM project, in South America. Offer TBA. Expected late June. Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. sidential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe

Companies: IDP SKIN IVO MSYS CTH SAR ARL PTSG MWE MAFL