Equity Research, Broker Reports, and media content on SOURCE MSCI WORLD UCITS ETF

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about SOURCE MSCI WORLD UCITS ETF
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
Login

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on SOURCE MSCI WORLD UCITS ETF. We currently have 0 research reports from 0 professional analysts.

Open
0.00
Volume
0.0m
Range
0.00/0.00
Market Cap
0m
52 Week
0.00/0.00

Latest News/RNS

(more news)
Date Source Announcement
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    SOURCE MSCI WORLD UCITS ETF

  • Providers covering

    SOURCE MSCI WORLD UCITS ETF

  • 12 Jul 17

AIM – End of summer term report

We update this table which we first published in early January and highlight the continued progress of the biggest AIM companies so far this year and activity in general. The latest AIM Statistics show that there are 963 companies currently, with 28 new issues year to date raising £441m. What’s more, this momentum has been maintained since June. This demonstrates that despite, the uncertainty surrounding the UK economy, generally investors continue to be active in the AIM market. In Share News & Views we comment on Cohort, ECSC*, Porvair, Quarto*, SQS* and Xafinity.

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

  • 17 Aug 17

Small Cap Breakfast

Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Kosmos Energy—. Secondary listing, currently on NYSE. Oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins. During the first half of 2017, gross sales volumes from Ghana averaged approximately 132,000 barrels of oil per day (net: 26,900 bopd). Due 21 August. No offer. NYSE:KOS. Mkt Cap £2.54bn. Myanmar Strategic Holdings—Intention to float from the independent developer and operator of consumer-focused businesses in Myanmar, one of the fastest growing economies in the world. Expected Mkt Cap $22.7m at $10 per share. No details on funds to be raised. Expected late August. Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

Companies: VOF SRT MED WLF KMK YOLO OXB CLIN IDOX VOG

  • 21 Aug 17

N+1 Singer - Morning Song 21-08-2017

ECO Animal Health Group (EAH LN) Marketing authorisation for Aivlosin® in Egypt | Halfords Group (HFD LN) Positive view on stock re-iterated ahead of update | Rathbone Brothers (RAT LN) Potential merger with Smith and Williamson | Tribal Group (TRB LN) 2 Contracts won, total value £25.3m

Companies: HFD TRB EAH RAT

  • 18 Aug 17

Make it York

Palace Capital has announced it has been granted planning consent subject to conditions by the City of York Council for the redevelopment of Hudson House. Management has not yet decided how to best take the project forward and is exploring all options which maximise shareholder value, with the least amount of risk. Suffice to say management is likely to extract the most value possible for investors. The carrying value of Hudson House is £14.9m and while it is still early days it seems likely that this will be revised upwards at the next revaluation date at the end of September. H1 results will be announced in November.

Companies: Palace Capital
  • 09 Aug 17

Summertime, and the livin’ is easy?

In the middle of the holiday season, when in theory the livin’ is easy, far from taking a breather, markets have continued to rise. All major indices are close to all-time highs. Although the Brexit picture is no clearer, share prices continue to make headway. Both M&A and new issue activity remains to the fore. In contrast, the latest snapshot of the economy shows increasing signs of a slowdown. The reporting season continues apace which will set the near term direction. In Share News & Views, we comment on recent results/news from AdEPT, Clipper Logistics, FDM*, GetBusy*, Quarto* Sprue* and Staffline.

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

  • 16 Aug 17

Online push cont’d

Segro posted its first half 2017 results. Adjusted EPS was up by 3.2% to 9.7p against 9.4p yoy, incorporating the new shares issued in the March rights issue. The vacancy rate remains low at 5.5% against 5.7% in FY16. LTV stood at 29% vs 33% in FY16. EPRA NAV was up by 5.4% to 504p (vs 478p in FY16). The board proposed an interim dividend of 5.25p per share, up by 5% from the previous year. The group’s property portfolio was valued at £7.3bn at H1 17 (+4.9% lfl), of which a £5bn portfolio of warehouse properties in the UK and Continental Europe.

Companies: SEGRO
  • 21 Aug 17

N+1 Singer - Rathbone Brothers - Potential merger with Smith and Williamson

Rathbones has confirmed press reports that it is in exclusive discussions regarding a possible all-share merger with Smith & Williamson (“S&W”), the £19bn FuM wealth manager. We see the strategic rationale of a combination which would allow the group to pursue economies of scale. On some high level modelling using the transaction value mooted in the weekend press (£600m), we believe that the deal would require material cost synergies to be delivered post-completion in order for the acquisition to deliver compelling EPS accretion to Rathbones’ shareholders. We await further details before making any changes to our existing SELL stance.

Companies: Rathbone Brothers
  • 25 Apr 17

Panmure Morning Note 25-04-2017

We sense-check our 2017 sales forecast for Nortek after Lennox International reported its Q1 results yesterday. We are forecasting 8.5% revenue growth for Nortek, with Air Management, the largest division, growing at 5%. Lennox reported 11% sales growth for its Residential Heating & Cooling business while Commercial Heating & Cooling business rose 15%. Lennox’ Q1/17 revenues were exaggerated by six extra days, therefore, we estimate that underlying growth was more like 5% and 9%, respectively, for Residential and Commercial. At this stage, we are comfortable with our 5% growth forecast for Nortek’s Air Management business.

Companies: Melrose Industries
  • 16 Aug 17

H1 2017 Results

CLS has delivered an excellent set of interim results in what has been a transformational period for the Group. Profit after tax increased to £99.0m (H1 2016: £29.5m) reflecting a property valuation uplift of £48.7m (H1 2016: £2.4m) and profit on sale of properties of £41.7m (H1 2016: £4.4m). The EPRA NAV per share increased to 268.5p (+9.3%) compared to EPRA NAV at 31 December 2016 at 245.6p (restated for the share subdivision). The progressive dividend has delivered an interim dividend at 2.05p (+6.6%) and on the basis of a one third: two thirds split we anticipate the full year dividend to be 6.15p. The shares have performed very well and are up 53% in the last 12 months and 40% YTD. Despite this the shares are still trading at an unwarranted 20% discount to EPRA NAV of 268.5p. We have increased our target price to 248p/share (from 234p) to reflect our view that the shares should not trade at more than a 7.5% discount to EPRA NAV. Buy.

Companies: CLS
  • 15 Aug 17

Panmure Morning Note 15-08-2017

Following the better than anticipated interim results last week we have edged up our IFRS earnings and increased our target price to 2210p from 2061p previously. There has been considerable speculation concerning a possible disposal of the UK business, now including M&G and our take on it is that it would be very good news for shareholders. The disposal of the UK business should make the remaining businesses in the US and Asia look even more attractive than they are currently, particularly for Asian investors. Placing a post UK sale valuation on Pru in line with its Asian peer AIA would result in a valuation north of £28/share. Buy.

Companies: Prudential
  • 18 Aug 17

Adopting a more cautious approach

Fidelity European Values (FEV) aims to achieve long-term capital growth from its European equity portfolio by focusing on companies that are able to deliver medium-term dividend growth. This approach gives FEV a defensive bias as well as a yield close to the sector average. Although he acknowledges a number of positive indicators for the near term, manager Sam Morse sees an upcoming turning point in the economic cycle and the prospect of rising bond yields as negative catalysts for equity valuations. His caution is reflected in FEV’s low gearing and the recent concentration of the portfolio, as a number of holdings with weakening fundamentals have been sold into market strength during the first half of 2017.

Companies: Fidelity European Values
  • 21 Aug 17

Small Cap Breakfast

Kosmos Energy (KOS.L)—Secondary listing (Standard), currently on NYSE. Oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins. During the first half of 2017, gross sales volumes from Ghana averaged approximately 132,000 barrels of oil per day (net: 26,900 bopd). No offer. NYSE:KOS. Mkt Cap £2.54bn. | Pembridge Resources (PERE.L) - the natural resource exploration and development company has today moved from AIM to the Standard List of the Main Market.

Companies: PHE EAH SPSY FDEV SSY MERC AVN MUBL ITM DCTA

  • 18 Aug 17

Small Cap Breakfast

Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September.| Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Kosmos Energy— Secondary listing, currently on NYSE. Oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins. During the first half of 2017, gross sales volumes from Ghana averaged approximately 132,000 barrels of oil per day (net: 26,900 bopd). Due 21 August. No offer. NYSE:KOS. Mkt Cap £2.54bn. | Myanmar Strategic Holdings—Intention to float from the independent developer and operator of consumer-focused businesses in Myanmar, one of the fastest growing economies in the world. Expected Mkt Cap $22.7m at $10 per share. $4.2m gross raise. Due 22 August. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

Companies: MMC RLH MCL ARTL SRT PCA VAST SYS1 BOS

  • 16 Aug 17

Challenge taken up

A year ago, we wrote that GBL was about to succeed in its challenge of evolving its portfolio towards greater geographic and sector diversification (see our Latest dated 02/08/2016). The appointments of Ian Gallienne and Gérard Lamarche as Group Managing directors in 2012 have effectively led to a change in GBL’s strategy. Even though the new managers declared that they would keep a patrimonial approach and a long-term view, GBL’s portfolio has significantly evolved over the last five years. As announced, the shift in the portfolio was gradual, while maintaining the principles of a “ friendly ” approach, a main shareholder position (1st or 2nd largest) and a sound financial situation (with a net cash position or a time-limited debt). One of GBL’s strategic priorities remains to “ optimise the balance between growth and yield investments ” with the view to creating value for its shareholders over the long term. “ GBL invests and disinvests depending on the development of the companies and on market opportunities to reach its objective of value creation, while maintaining a solid financial structure. ” To implement the portfolio diversification, GBL strengthened its financial flexibility by the launch of two exchangeable bonds, respectively into Suez Environnement shares in September 2012 and into GDF Suez (ENGIE) shares in January 2013, while continuing to collect the dividends of the holdings for three and four years. The proactive rotation of the portfolio was accelerated through a mix of spot and forward sales of historic assets (Total, ENGIE, Iberdrola, Arkema). The position held in Lafarge (21.1% since 2008) became 9.4% in LafargeHolcim in 2015, after the merger (supported by GBL) of Lafarge with the Swiss company Holcim. The cash issued from the divestments and GBL’s indebtedness position allowed the company to purchase new investments. In June 2013, GBL announced that it had reached an agreement with the Agnelli family’s holding Exor to acquire its interest in the capital of SGS, the world’s leading testing, inspection and certification group – becoming its reference shareholder, next to the von Finck family. Other investments followed, GBL buying a stake in some listed companies and then intending to increase its stakes further, the timing dependent on the share prices. In this way, GBL acquired a first stake in Umicore (in 2014), Ontex and Adidas (2015), Burberry (2016) and Parques Reunidos (2017) and increased its shareholding in these companies during the four-year period.

Companies: Groupe Bruxelles Lambert
  • 15 Aug 17

A third set of reassuring quarterly figures

Jackpotjoy plc (JPJ) has produced another set of robust quarterly earnings, with Q217 revenues increasing 17% to £75.2m and a 39.9% EBITDA margin. The core Jackpotjoy division grew 18% and is gaining market share. Q3 has started well, management has reiterated its expectations for FY17 and our forecasts remain unchanged. The stock trades at a significant discount to peers, with 2018e multiples of 7.2x EV/EBITDA, 6.1x P/E and 15.0% free cash flow yield. The balance sheet is simplifying following a major earn-out payment and, as the company continues to demonstrate its market dominance, we would expect a re-rating in the shares.

Companies: Jackpotjoy