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15 Jan 15
Booker has announced a Q3 IMS with trading in line with our expectations. LFL sales growth increased 2.5%, with tobacco sales up 2.4% (a significant improvement on the last quarter) with non-tobacco sales increasing 2.6%. The turnaround of Makro continues and non-tobacco sales declined by 6.5% as Booker exit’s unprofitable lines, whilst 9 Makro stores have converted into a new, improved format. The outlook for profits and net cash for the year remains in line with management’s expectations. Following today update we leave our 2015 forecasts unchanged. We retain our Hold recommendation and 150p target price.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.