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CORPORACION FINANCIERA ALBA
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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare