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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.

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  • 16 Apr 18

£100m milestone in retail deposits achieved

We view today’s news that PCF Bank has reached the £100m milestone in retail deposits as positive. This represents a good uplift from the £81m at 28 February 2018 that was reported at the AGM on 2 March 2018. As we highlighted in the Flash Note at the time of the AGM, this reassures on growth and that the reduced cost of capital is enabling PCF to grow its new business origination and also increase profitability in due course. We maintain our 42p target price and Buy rating.

Companies: Private & Commercial Finance Group
  • 19 Apr 18

LIBERUM: Non-Standard Finance* - Forecasts updated; maintain BUY

Having reflected IFRS 9 in our forecasts, which has a relatively greater impact on higher growth, higher risk-adjusted margin businesses like NSF, the company still screens very attractively, on growth, income and valuation. Our 83p TP implies a 29% TSR and a CY19 P/E multiple of 11.6x, for a business which should deliver a 29% CY17-19 EPS CAGR and a 1.8x covered, 6% CY19 DPS yield.

Companies: Non-Standard Finance
  • 16 Apr 18

LIBERUM: Marwyn Value Investors* - Differentiated discount opportunity

Marwyn Value Investors generated a 5.8% NAV return in 2017 with performance driven by Zegona and BCA Marketplace. Zegona's sale of Telecable de Asturias resulted in a 42% return on capital raised.

Companies: Marwyn Value Investors
  • 04 Sep 15

Media - The story so far

In this edition of our biannual sector review, we summarise the manner in which recent results, trading statements and M&A activity have influenced our forecasts and recommendations. Most updates have met expectations/ provided reassurance on full-year prospects; however, recent share price performance has been disappointing and in many cases, primarily influenced by macro factors. We see value across a range of stocks (our top five positive picks are WPP, ITV, UBM, ITE and Quarto Group*) and regard several others as fairly valued. We have no Sell recommendations in place at present.

Companies: CAU ERM INF ITE ITV MONY NFC PSON QRT RMV UBS WIL WPP DMGT

  • 19 Apr 18

ThinkSmart(er) – the clear way millennials want to pay

A rare opportunity for very early-stage investment in a technology and business model that has been demonstrated as not only viable, but extremely popular in Australia, where market forces, consumer behaviour and economics are all comparable to the UK. We initiate coverage with a 33p target price.

Companies: Thinksmart
  • 19 Apr 18

The Money Bin

In the week to 17 April the FTSE All Share fell -0.3% vs. the Insurance Index at +0.5% and +0.2% for the Lloyd’s Index. The best performer was Lancashire (+4.0%); Helios* (-2.3%) and JLT (-0.8%) were the worst performers. Swiss Re’s sigma analysis of the 2017 insured losses highlights the material protection gap. It estimates the total insured losses from the 2017 catastrophes at US$144bn vs. total economic losses of US$337bn, giving a cat risk protection gap of US$193bn (57%). Herein lies a potential (re)insurance opportunity.

Companies: BEZ HUW HSX JLT LRE

  • 20 Apr 18

Acquires 3 sites on which 214 PRS homes to be built for REIT

Sigma Capital has acquired 3 sites in the North West and West Midlands. Countryside Properties will build 214 privaterented sector (“PRS”) homes at a c.£31m total gross development cost (“GDC”). Once completed and let, we expect that these will be acquired by The PRS REIT and for Sigma to recycle the capital into additional development, capturing a development profit as well as some rental income. We make no changes to our forecasts ahead of final results expected next week. We highlight a current 140p/share intrinsic value, with upside from opportunities not yet secured.

Companies: Sigma Capital Group
  • 07 Mar 18

UK North Sea M&A – Smaller company potential

This book is split into two parts. The first part is thematic and focuses on the UK North Sea, where we discuss the potential for smaller companies to benefit from making acquisitions of producing assets. This is based on a screen of potentially available assets, and their likelihood of being available for sale. In the second part, we include profiles of the oil and gas companies in our coverage, and take the opportunity to update several of our models and recommendations. We intend this to be the first in a series of periodic publications focusing on themes within the oil and gas sector.

Companies: JOG IOG RRE SQZ FPM PMO ENQ PMG AMER BLVN GENL GEEC HDY HTG HUR IOG LAM RKH

  • 20 Mar 18

LIBERUM: Burford Capital* - Upgrading forecasts significantly

The CY17 results were a 34% beat at the EPS line. Given the positive post balance sheet date news regarding the Teinver sale and the $180m bond issue, we have materially increased our forecasts.

Companies: Burford Capital
  • 24 Jan 18

Revenues driven by strong offer

The update was disappointing from a profit perspective, but the root cause was a positive; faster than expected revenue growth leading to faster than expected cost growth. Revenues are growing fast because the business has an attractive offer that is gaining cross-selling success. The Company has also just won its first group level contract, meaning that it is pre-approved to supply any services chosen. Looking forward we lift our revenue assumption for 2018 and maintain our profit expectation. This builds in a little extra cost buffer, something we see as important as the group deals with the practical pressure of fast growth. The Company has also announced board changes. Executive Chairman Peter Scott becomes CEO, NED David Morrison becomes non-executive Chairman and the Company intends to split the CFO/COO roles once they have recruited a new CFO (Robin Price to retain COO role).

Companies: Be Heard Group
  • 15 Mar 18

FY17 results as expected, on a positive trajectory

Final results are in line with our forecasts: f.dil adj. EPS 15.4p vs N+1Se 15.8p (-2.5% variance). This follows a reassuring update in early 2018 after some price volatility on the back of the positive IT announcement in December. The dividend is ahead of our forecast: 6.25p FY payout vs N+1Se 5.5p. The strategic plan is reiterated, ultimately targeting the return to a 30% operating margin (FY17 25%), but no material news since the IT announcement (19/12). We continue to see upside with our base case forecasts assuming no material efficiency gains, which we hope to introduce in due course. We reiterate our BUY recommendation and 370p 12m Target Price

Companies: Curtis Banks Group
  • 21 Feb 18

Small Cap Breakfast

Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd | Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March | GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 March 2018 | Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. expected 21 Feb | Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC

Companies: RRL TMT CNC GHH EVRH IHC BILB EUSP VRS SBTX

  • 27 Mar 18

FY18 results; 19% earnings growth

Earnings growth of 19% in FY18 highlights the inherent “momentum in the system” from loan activity in recent years. This momentum is sustainable with 25% growth in new advances in FY18 driving increased earnings forecasts for FY19 & FY20. The group benefits from a highly resilient business model; whilst competitive activity in the car financing market has had some impact on product mix and impairment, the group is not exposed to the PCP market and, with an average loan of £6,200, the prospect of declining residuals on the business model is minimal. Sector sentiment has weighed on the share price resulting in a single digit rating despite superior growth forecasts. The current valuation presents an attractive buying opportunity for value investors whilst also delivering a superior yield.

Companies: S&U
  • 17 Apr 18

Results of continuation vote and tender offer

The Board of Aberdeen Emerging Markets Investment Company (AEMC) has announced that the continuation resolution was approved with 65.3% of the votes cast voting in favour. There will be a further continuation vote in 2023. The Board has also announced the results of the tender offer. The tender price is 652.6487p per share. Given the number of measures introduced in the last year to increase the attractiveness of AEMC and the combination of strong historic performance and low tracking error we continue to recommend that investors buy AEMC for their core emerging market exposure.

Companies: Aberdeen Emerging Markets Invstmt Co
  • 17 Apr 18

Building share in premium escape rooms

Following the review of the escape room market management undertook in H2 2017, it now believes that the opportunity for a premium offering is greater than it initially thought. Thisreview, coupled with an unwillingness to pay over the odds for sites, meant that the UK rollout of new owned sites began six/nine months later than anticipated at the time of the AIM admission. We believe that Escape Hunt can deliver a rapid return on investment on the rollout and initiate coverage with a 200p DCF-derived target price and Buy rating.

Companies: Escape Hunt