Research, Charts & Company Announcements
Research Tree offers CORPORACION FINANCIERA ALBA research coverage from 1 professional analysts, and we have 1 reports on our platform.
Our simple but effective charting function allows for a quick scan of CORPORACION FINANCIERA ALBA's performance over multiple time horizons.
Frequency of research reports
Research reports on CORPORACION FINANCIERA ALBA
Providers covering CORPORACION FINANCIERA ALBA
A portfolio rotation quietly driven
08 Sep 15
H1 15 net result decreased to €151m (compared with €289m at 30/06/2014), due to a lower share of profits of associates and capital gains on asset sales. Concerning the performance of the equity associates, the decrease of their income (-68% to €29.3m) came mainly from the loss recorded by Indra Sistemas (net loss of €436m for a 100% share, including non-recurrent effects consisting of provisions, impairment losses and profit overruns) and Alba’s sale of part of its holdings in ACS and Acerinox. The decrease was only partially offset by the consolidation of the holdings recently acquired in Bolsas y Mercados Espanoles (BME) and Viscofan. Alba continued to sell ACS and Acerinox shares, took the opportunity to sell the 1.2% of Indra acquired in Q4 14 at a favourable price and divested Antevenio, altogether for €315m. The main divestments achieved in H1 15 were the following: • 1.73% of ACS for €173m (IRR of 12% for 17½ years), resulting in capital gains of €85.4m; • 3.10% of Acerinox for €118.3m (IRR of 4.8% for 13½ years) and capital gains of €26.4m; • 1.2% of Indra for €21.7m; • the entire holding (14.5%) in Antevenio for €1.6m (while the holding was valued at €2.7m in our NAV – but the difference in absolute terms is small). During the period, Alba made new investments for a global amount of €296m, by acquiring: • office premises located in Madrid for €147m; • an additional 1.65% in BME for €50.8m; • an 8.02% holding in Euskatel’s share capital for €96.4m as a result of the IPO made by this company on 30 June. Established in 1995, Euskaltel is the leading telecommunications operator in the Basque country offering broadband internet, digital television, landline and mobile telephone services. Since it started, Euskaltel’s accumulated investment amounts to €1.9m. In 2014, the company recorded a turnover of €315m and a net profit of €37m. Alba is Euskatel’s second largest shareholder after Kutxabank. As we expected, Alba distributed in June a final dividend of €0.50 per share, which was recorded on the 2014 profit.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
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%.
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Positive Q2 trading update
25 Oct 16
Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.