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Solid figures, we maitain our preference for the stock
10 Feb 16
First take: - As announced during preliminary results:, lfl rents invoiced gained +3.4%, o/w 3.5% excl indexation; - FFO gained 5.8% to €108.5m beating the revised +3% guidance. - NAV growth stood at 3.4% €19.48/shr and the total portfolio value gained 6.9% on a lfl basis to €3.54bn. - Dividend distribution announced at €1.33/shr or a payout of 1.14%. - Financial position remains strong with cost of debt down to 2.4% from vs 3.1% at FY14, net debt at €1.36bn (increased by refinancing activities) and an LTV at 41%, well below covenants. - On operations, retailer conditions have remained strong with both sales (+4.5%) and footfall (+1.9%) up. For 2016, management expects lfl invoiced rents growth of 2% excluding indexation and an FFO growth of 2%.
FY15 preliminary results: improving conditions
18 Jan 16
Mercialys just published its FY15 preliminary results. Organic invoiced rents gained 3.4% exceeding the 2% forecast while rental revenues gained 10.6% to €169m. Retailer conditions were strong over the year, with both sales (+4.8%) and footfall (+1.9%) on the rise, despite a slight negative impact from November 13. The overall macro environment remains weak and indexation absent.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.