Today's news & views, plus announcements from NWG, WPP, SMDS, BDEV, CSP, EMG, HICL, QTX, RLE, MTEC, BOOM, CAPD & THG.
Companies: Barratt Developments PLC (BDEV:LON)HICL Infrastructure Company (HICL:LON)
Today's news & views, plus announcements from BDEV, NXT, DLN, RAT, TRN, TYMN
Companies: Barratt Developments PLC
Today's news & views, plus announcements from BT, BDEV, ULVR, WOSG, MDC, ESO, MRL, SEIT
Companies: BDEV MDC SEIT
Today's news & views, plus announcements from Barratt Developments, Rentokil Initial, Marks & Spencer, Pets at Home, Marston's and Premier Miton Investors.
Looking Ahead At The Next Week
Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).
Companies: WJG BKG CSP CRST INL BDEV RDW GLE SPR TW/ PSN VTY GLV CRN ABBY BWY
For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t
Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL PSN RDW SPR TW/ WJG
Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.
Companies: ABBY CSP WJG TW/ BWY PSN GLV BDEV RDW BKG VTY CRN GLE SPR GFRD
Due to a change in Analyst role, Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon.
Companies: BDEV BWY BKG VTY COST CRST BBY FERG GLE KLR KIE MSLH MER MTO NXR PSN RDW RNWH SFR SHI MGNS TW/ CTO TEF TPK GFRD
Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it
Companies: TW/ PSN BDEV ABBY CSP WJG VTY TEF INL GLV GLE CRST BWY BKG
Y2K is a numeronym and was the common abbreviation for the year 2000 software problem; and, for the benefit of millennial readers, the abbreviation combines the letter ‘Y’ for year and ‘K’ for the SI unit prefix kilo, meaning 1000. Hence, 2K signifies 2000.
Companies: WJG CSP CRST BDEV PSN SPR TW/ VTY TEF GLV CRN INL BKG BWY RDW
‘From the deserts of East Ham to the gardens of Cottenham’, the UK Housebuilding Sector was whacked to the tune of 27% in 2018; and not one share price (out of 18) rose on the London Stock Exchange.
Companies: BWY CRST BDEV WJG PSN TW/ CSP TEF BKG ABBY GLE RDW
“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.
Companies: ABBY TEF CSP TW/ BWY PSN BDEV BKG GLE SPR RDW
Research Tree provides access to ongoing research coverage, media content and regulatory news on Barratt Developments PLC.
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The market (and FDEV) is projecting an ambitious step-change in financial performance in FY 22 and FY23. Investors however may recall that Elite Odyssey updates have been delayed. For a variety of reasons, we believe there is some residual risk of disappointment here. Hence, we prefer to sit on the side-lines. Buy
Companies: Frontier Developments Plc
Mixed feelings following the Q3 results: the maintained FY margin guidance reassured in the current inflationary environment, but the Q3 volume decline raises questions about the trade-off between pricing and volumes.
Companies: Unilever PLC
Zytronic’s pre-close update confirms a considerable turnaround in performance in H2. Whilst partially flagged in the September update, the full year outturn is better than expected, driven by a significant improvement in sales (+44% H2 versus H1) and careful cost control. Operating profit of £0.5m is comfortably ahead of our break-even forecast and net cash of £9.2m is £1m ahead. Although mindful of industry supply chain issues, we consider the recent run rate a sensible guide for FY22 and intro
Companies: Zytronic plc
Companies: MJ Gleeson PLC
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
Companies: Accrol Group Holdings plc
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What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
Accrol has issued a trading update confirming that cost pressures both from input and distribution costs has intensified over recent weeks echoing trends we have seen in other industries. Revenue pressures have also built as fulfilment becomes more challenging. These headwinds are reflected in our downgrade to EPS forecasts of 37.4% and 18.3% in FY22E and FY23E respectively. Over the long term we continue to believe Accrol is a strategically important asset with a key position in a resilient mar
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a robust update covering the six-month period to 30 September 2021, with the Willow and Active Silicon acquisitions performing ahead of management expectations. The order book as at the end of September stood at a record level of £61.5m, an increase of 48% since the beginning of the financial year and leading to the Board's confide
Companies: Solid State plc
The group has announced an encouraging half-year update, with a strong increase in revenues profits and order book seen. Unsurprisingly, there have been some supply chain challenges, although these have also resulted in customers placing longer-term orders thus giving the group better visibility as well as necessitating higher levels of stocking. Management indicates it is confident of achieving market FY expectations, with the potential for some upside in H2 dependant on component supply chain
Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices.
FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg
Companies: Reckitt Benckiser Group plc
Companies: IG Design Group plc
Hermès published consensus-beating results. All business lines and all geographical regions experienced a better-than-expected quarter. Unlike its industry peer, which recorded softer growth in Asia due to the COVID-19-related restrictions, Hermès reached 29% of sales growth in Asia, mainly driven by China.
While we had been worried that the Chinese government’s ambition for wealth redistribution would hold back luxury spending, Hermès has proved with solid figures that, even though the growth
Companies: Hermes International SCA (RMS:EPA)Hermes International SCA (RMS:PAR)
Tesla has been one of the hottest stocks this week after the major announcement from Hertz of ordering 100,000 Teslas by the end of 2022. The car rental company making a significant investment to build a large EV rental fleet has propelled Tesla’s stock above the $1000 threshold and well above our last target price. The company’s recent financial performance has also been strong with a 57% top-line growth and a 73% year-over-year increase in vehicle deliveries. Its low-cost models i.e., Model 3
Companies: TESLA MOTORS (TSLA:NYSE)Tesla Inc (TSLA:NAS)