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Alongside its primary franchised dealerships businesses (Vertu Motors, Bristol Street Motors and Macklin Motors), Vertu operates a number of ancillary businesses. These include car parts and accessories, cosmetic repairs, van retail broking to commercial customers, online lease advertising, and taxi supply. We think there is a great deal of growth potential and hidden value in these businesses – in this note we provide an overview of each business, before discussing our refreshed valuation estim
Companies: Vertu Motors PLC
JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
Since the pandemic struck the global economy in the first quarter of 2020, aviation has been one of the hardest hit sectors globally, with billions of dollars wiped from balance sheets and equity valuations. However, we have also surely placed a greater recognition on the value of and need to travel; cargo in particular has been at the forefront of these needs. The strategic importance of aviation to the global economy and national interests is clear to us. We believe that those who have survive
Companies: John Menzies plc
Marks & Spencer (“M&S”) has issued another strong trading update for its Q3 FY22, the thirteen weeks (“13W”) to 1 January 2022, with overall guidance firmed up from its H1 FY22 results. So, management is stating that: “as a result of the performance in the balance of period, we are now more confident of our ability to deliver the increased guidance we set, and now expect full year profit before tax and adjusting items of at least £500m”, this figure being unadjusted for business rate relief of £
Companies: Marks and Spencer Group plc
Lookers recently announced a trading update for the full year to 31 December 2021 with an expectation of record underlying PBT that will exceed consensus of £82m. We have increased our FY21 PBT forecasts by 5.9% to £86.2m. The Group ended the year in a net cash position of c. £8m (vs. FY20 net debt of £40.7m) and it now intends to reinstate dividends when it announces full year results. With Lookers trading at only 6.8x FY22 earnings and with a forecast FY1 dividend yield of 2.7%, we think the i
Companies: Lookers plc
M&S has delivered good Q3 21/22 sales, mainly driven by the strong Christmas trading performance. The Food business maintained solid momentum, and the C&H also experienced positive growth for the second consecutive quarter.
Despite the strong Christmas trading, the ongoing higher freight costs and inflationary environment has led the group to maintain its FY guidance for a pre-tax profit of £500m (vs. consensus of £516m).
Escape Hunt (EH) to be renamed XP Factory (XP) has announced the proposed acquisition of Boom
Battle Bar (Boom) from MFT Capital, subject to shareholder approval at a general meeting to be held
on 22 November 2021 and will become a leading player in the UK’s fast-growing experiential leisure
market. It will combine a nascent competitive socialising bar concept, Boom (6 sites) with EH’s escape
rooms (15UK sites). Key attractions of the deal is the advanced pipeline of 21 new sites and using MF
Companies: XP Factory PLC
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
No Joiners Today.
Ridgecrest (Formerly Nakama Group) has left AIM.
What’s cooking in the IPO kitchen?
Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company's proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems,
Companies: SYS1 AML AML CWR ESNT GML JDG RENX RRR AIR
Companies: Tortilla Mexican Grill Ltd.
Companies: Topps Tiles Plc
M&B’s Q1 trading performance was in line with our expectations. The group’s lfl sales were quite strong (led by the food segment) until the surge in COVID-19 infections in December 2021. Despite a weak show during the Christmas trading period, we reiterate that the publican is well placed to clock top-line growth as the pandemic subsides. Cost inflation is also a headwind but M&B is better positioned to bear the brunt due to its premium positioning. Positive recommendation is reconfirmed.
Companies: Mitchells & Butlers plc
Dixons Carphone’s FY20/21 results were in line with our expectations. The adjusted PBT came in at £156m, led by a strong show in the UK&I electrical business. The turnaround of the mobile business remains on track. The current trading has been positive in both UK&I and international segments. We believe DC will be able to achieve the guidance of 4% EBIT margin in the forecast years. No change in the stock recommendation.
Companies: Currys PLC
ANG has given notice of an unauthorised cyber security incident which shut down its websites late Friday, and compromised some social media accounts. External specialists have been appointed to investigate, and regulators notified. ANG does NOT hold customer financial data, though, and stores remain open. As highlighted in previous notes, ANG has already been through its peak trading period – and Q4 is a less important/low season. While there may feasibly be some cost exposure beyond its insuran
Companies: Angling Direct Plc