Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ABBEY PLC. We currently have 8 research reports from 4 professional analysts.
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Interims – UK still trading well
12 Dec 16
Interims reflected continued good trading conditions in the UK offset by a strong FX translation headwind of 13.7%, given that Abbey reports in Euros. Overall, Abbey completed 252 sales in the first half (2015: 294), split UK 219; Ireland 15; Czech Republic 18 (2015: UK 264; Ireland 15; Czech Republic 15). Reported revenues declined 21% to €88.3m and reported PBT declined 26.7% to €21.76m. The interim dividend has been increased from 6c to 7c.
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%.
‘Billions’ - UK Housebuilding Sector - Q2: Summer 2016
12 Jul 16
The pilot episode of the much-hyped new TV series ‘Billions’ raked up almost three million viewers on debut in January of this year, which was a new record for Showtime. It is a sort of ‘Wall Street’ for a post Global Financial Crisis (GFC) audience. Damian Lewis heads the cast together with Paul Giamatti - and, the often parsimonious, IMDb has awarded the programme a premium 8.4 score. Lewis’s character Bobby Axelrod is an ambitious hedge fund manager and the sole survivor of the part-eponymous, Axe Capital, during the 9/11 attacks. Bobby is clever, charismatic and charitable (but not whiter than white). He is also very rich, lives in a nice house and knows what ‘billions’ is/are - and has a few himself; albeit these billions tend to slip in and out of his grasp, as is their wont. The UK Housebuilding Sector is also ambitious and survived the collapse of Lehman Brothers and the ensuing Global Financial Crisis. Similarly, it is smarter and wealthier than it has ever been; and, yes, charitable but not atramentous. It is also in award- winning form, which is a good job as it acts out another palpable crisis - the Brexit vote - and a £9 billion loss of value in six trading days. But do not despair.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Root & branch review – early margin positive
23 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it will publish the findings of a root and branch review in April 2017. This is stated as being a result of the recent approach made to them by KraftHeinz (KHC US, N/RO), an offer which quickly lapsed.
A compelling global brand roll-out story
22 Feb 17
We believe that SuperGroup remains one of the most undervalued global brand roll-out stories within the UK retail sector. The stock trades at c20% discount to its UK peers on a 1YF EV/EBITDA basis despite best-in-class revenue growth and profit margins. SuperGroup operates a leading multi-channel proposition, has strong sales momentum across each channel and forecast risk remains on the upside. We initiate coverage on the shares with a buy recommendation and price target of 1898p, implying upside of 27.8% over the prevailing market price.
High single digit EPS growth remains on track
17 Feb 17
BAT (BATS LN, HOLD, T/P 5300p) announce their preliminary 2016 results on Thursday 23rd February. We forecast revenue to increase 13% to £14.8bn, in line with Bloomberg consensus, and adjusted diluted EPS to continue its positive momentum to 249p (232p FY2015). Analyst consensus is 246p.
Despite offer lapse, Unilever remains under pressure
20 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it is no longer subject to a £40 per share offer from KraftHeinz, which valued Unilever at 14x EV/EBITDA and a 24x P/E ratio. The announcement was made jointly with Kraft Heinz. While the offer lapse will probably prompt Unilever’s shares to open lower – they rose 13.3% on Friday – longer term changes may be more positive.