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    SOURCE MSCI WORLD UCITS ETF

  • 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/

  • 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
  • 26 Jun 17

come together, right now

We think DIVI is a UK income product worth a look at this point in time. We call for holders of FGT to also pay attention as the two vehicles combined have lower volatility than FGT alone. Having analysed the UK income trusts since DIVI’s launch in April 2011, we have identified FGT and DIVI as two distinguished winning strategies. DIVI is a multi-cap balanced strategy, presently with a small/micro cap tilt and FGT is a large cap growth one.

Companies: Diverse Income Trust Finsbury Growth & Income Trust

  • 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

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
  • 28 Jun 17

Northland Capital Partners Morning Report

VELTYCO GROUP (VLTY.L) | ASCENT RESOURCES (AST.L) | AMPHION INNOVATIONS (AMP.L) | SUNRISE RESOURCES (SRES.L) | CONNEMARA MINING COMPANY (CON.L)

Companies: VLTY AST AMP SRES CON

  • 16 Feb 17

UK CHALLENGER BANKS

We initiate coverage of the Challenger banks with BUY recommendations on Aldermore, OneSavings Bank, Shawbrook and Virgin Money, and SELL ratings on CYBG and Metro Bank. We particularly like the specialist lenders as they have avoided direct competition with large UK banks and offer high growth and returns at attractive valuations (helped by the fallout from the Brexit vote) of 2017E PE and P/TBV of 7.5 and 1.6 for RoTE of 23% compared to large UK banks on 18.4 and 0.9 for RoTE of 8%. Among the true challengers we prefer Virgin Money for its 2017E RoTE of 14% for P/BV of 1.1 but are not keen on CYBG as it reminds us of the low growth and returns and continual restructuring costs recently seen at large UK banks, nor Metro Bank for its exorbitant 2017E P/TBV of 3.9 for no profits. Our Top Pick is Shawbrook as it is the most specialised of the lenders.

Companies: ALD CYBG MTRO OSB SHAW VM/

  • 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
  • 28 Jun 17

On the radar

Xafinity, which was listed on the LSE on 16 February 2017, has reported its results for the year to 31 March 2017. Highlights include: Revenue of £52.0m (Zeus forecast of £52.2m); Adjusted EBIT of £16.5m (Zeus forecast: £16.2m); EBIT margin of 31.6% (Zeus forecast 30.9%); Cash conversion of 91% (Zeus forecast 90%); Stub DPS of 0.73p per share (Zeus forecast: 0.70p per share); Development of proprietary Radar software

Companies: Xafinity
  • 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
  • 20 Mar 17

Morning Note

Frenkel Topping* (FEN): Transformed company, transformed markets (CORP) | Maintel* (MAI): Showing the benefits of acquisition (CORP)

Companies: Frenkel Topping Group Maintel

  • 06 Mar 17

Small Cap Breakfast

AFC Energy (AFC.L) | Touchstone Innovations (IVO.L) | 4D Pharma (DDDD.L) | FairFX (FFX.L) | Versarien (VRS.L) | Abzena (ABZA.L) | MetalNRG (NEX:MNRG) | Valiant Investments ( N E X : V A L P ) | Vernalis (VER.L) | Satellite Solutions (SAT.L)

Companies: AFC IVO DDDD FFX VRS ABZA VER SAT

  • 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